AB1-SSA1-SA2,364,2419
1. Credit union operations services, including service centers, credit and debit
20card services, automated teller and remote terminal services,
electronic transaction
21services, accounting systems, data processing, management training and support,
22payment item processing, record retention and storage, locator services, research,
23debt collection, credit analysis and loan servicing, coin and currency services
, and
24marketing and advertising services.
AB1-SSA1-SA2,365,2
1186.11
(4) (c) A
credit union service
corporation organization may be subject
2to audit by the office of credit unions.
AB1-SSA1-SA2,365,94
186.113
(1) Branch offices. If the need and necessity exist and with With the
5approval of the office of credit unions, establish branch offices inside
this state or no
6more than 25 miles or outside of this state. Permanent records may be maintained
7at branch offices established under this subsection. In this subsection, the term
8"branch office" does not include a remote terminal, a limited services office
, or a
9service center.
AB1-SSA1-SA2,365,1311
186.113
(1m) (a) (intro.)
Establish
Before the effective date of this paragraph
12.... [revisor inserts date], establish limited services offices outside this state to serve
13any member of the credit union if all of the following requirements are met:
AB1-SSA1-SA2,365,1715
186.113
(6) (b) Act as trustees
or custodians of member tax deferred
retirement 16funds
, individual retirement accounts, medical savings accounts, or other employee
17benefit accounts or funds permitted by federal law to be deposited in a credit union.
AB1-SSA1-SA2,365,1918
(c) Act as a depository for
member-deferred member qualified and
19nonqualified deferred compensation funds as permitted by federal law.
AB1-SSA1-SA2,365,2221
186.113
(24) Funeral trusts. Accept deposits made by members for the
22purpose of funding burial agreements by trusts created pursuant to s. 445.125.
AB1-SSA1-SA2,366,3
1186.20 Financial privacy. A credit union shall comply with any applicable
2requirements under
15 USC 6801 to
6803 and any applicable regulations prescribed
3by the national board under
15 USC 6804.
AB1-SSA1-SA2,366,105
186.235
(7) (a) (intro.) Employees of the office of credit unions and members
6of the review board shall keep secret all the facts and information obtained in the
7course of examinations
, except or contained in any report provided by a credit union
8other than any semiannual or quarterly financial report that is regularly filed with
9the office of credit unions. This requirement does not apply in any of the following
10situations:
AB1-SSA1-SA2,366,1712
186.235
(7) (c) If any person mentioned in par. (a) discloses any information
13about the private account or transactions of a credit union or any information
14obtained in the course of an examination of a credit union, except as provided in pars.
15(a) and (b), that person may be required to forfeit his or her office or position and may
16be fined not less than $100 nor more than $1,000, or imprisoned for not less than 6
17months nor more than 3 years, or both.
AB1-SSA1-SA2, s. 346dr
18Section 346dr. 186.235 (7) (c) of the statutes, as created by 2001 Wisconsin
19Act .... (this act), is repealed and recreated to read:
AB1-SSA1-SA2,366,2320
186.235
(7) (c) If any person mentioned in par. (a) discloses any information
21about the private account or transactions of a credit union or any information
22obtained in the course of an examination of a credit union, except as provided in pars.
23(a) and (b), that person is guilty of a Class I felony.
AB1-SSA1-SA2,367,3
1186.235
(7m) Return of examination reports. Examination reports possessed
2by a credit union are confidential, remain the property of the office of credit unions,
3and shall be returned to the office of credit unions immediately upon request.
AB1-SSA1-SA2,367,136
186.235
(16) (bm) Except as otherwise provided in this paragraph, the
7examination of a credit union under par. (a) shall include an examination of the credit
8union's compliance with s. 186.20. The examination under par. (a) need not include
9an examination of the credit union's compliance with s. 186.20 if, during the 12
10months preceding the date of the examination under par. (a), the credit union
11received from the national board a consumer compliance examination that contains
12information regarding the credit union's compliance with
15 USC 6801 to
6803 and
13any applicable regulations prescribed under
15 USC 6804.
AB1-SSA1-SA2,367,18
15186.36 Sale of insurance in credit unions. Any officer or employee of a
16credit union, when acting as an agent for the sale of insurance on behalf of the credit
17union, shall pay all commissions received from the sale of
credit life insurance or
18credit accident and sickness insurance to the credit union.
AB1-SSA1-SA2,367,21
20186.41 (title)
Interstate acquisition acquisitions and merger mergers
21of credit unions.
AB1-SSA1-SA2, s. 346ej
22Section 346ej. 186.41 (1) (a) of the statutes is renumbered 186.41 (1) (bm) and
23amended to read:
AB1-SSA1-SA2,367,2524
186.41
(1) (bm) "
In-state Wisconsin credit union" means a credit union having
25its principal office located in this state.
AB1-SSA1-SA2, s. 346eL
1Section 346eL. 186.41 (1) (c) of the statutes is renumbered 186.41 (1) (am) and
2amended to read:
AB1-SSA1-SA2,368,53
186.41
(1) (am) "
Regional Out-of-state credit union" means a state or federal
4credit union
that has its, the principal office
of which is located in
one of the regional
5states a state other than this state.
AB1-SSA1-SA2,368,98
186.41
(2) In-state
Wisconsin credit union. (a)
An in-state A Wisconsin credit
9union may do any of the following:
AB1-SSA1-SA2,368,1110
1. Acquire an interest in, or some or all of the assets and liabilities of, one or
11more
regional out-of-state credit unions.
AB1-SSA1-SA2,368,1212
2. Merge with one or more
regional out-of-state credit unions.
AB1-SSA1-SA2,368,1613
(b)
An in-state A Wisconsin credit union proposing any action under par. (a)
14shall provide the office of credit unions a copy of any original application seeking
15approval by a federal agency or by an agency of
the regional another state and of any
16supplemental material or amendments filed in connection with any application.
AB1-SSA1-SA2,368,18
17(3) Regional Out-of-state credit unions. Except as provided in sub. (4),
a
18regional an out-of-state credit union may do any of the following:
AB1-SSA1-SA2,368,2019
(a) Acquire an interest in, or some or all of the assets of, one or more
in-state 20Wisconsin credit unions.
AB1-SSA1-SA2,368,2121
(b) Merge with one or more
in-state Wisconsin credit unions.
AB1-SSA1-SA2, s. 346er
22Section 346er. 186.41 (4) (intro.), (a) to (d) and (f) of the statutes are amended
23to read:
AB1-SSA1-SA2,368,2524
186.41
(4) Limitations. (intro.)
A regional An out-of-state credit union may
25not take any action under sub. (3) until all of the following conditions have been met:
AB1-SSA1-SA2,369,4
1(a) The office of credit unions finds that the statutes of the
regional state in
2which the
regional out-of-state credit union has its principal office permit
in-state 3Wisconsin credit unions to both acquire
regional out-of-state credit union assets and
4merge with one or more
regional out-of-state credit unions in
the regional that state.
AB1-SSA1-SA2,369,75
(b) The office of credit unions has not disapproved the acquisition of
in-state 6Wisconsin credit union assets or the merger with the
in-state Wisconsin credit union
7under sub. (5).
AB1-SSA1-SA2,369,168
(c) The office of credit unions gives a class 3 notice, under ch. 985, in the official
9state newspaper, of the application to take an action under sub. (3) and of the
10opportunity for a hearing and, if at least 25 residents of this state petition for a
11hearing within 30 days of the final notice or if the office of credit unions on its own
12motion calls for a hearing within 30 days of the final notice, the office of credit unions
13holds a public hearing on the application, except that a hearing is not required if the
14office of credit unions finds that an emergency exists and that the proposed action
15under sub. (3) is necessary and appropriate to prevent the probable failure of
an
16in-state a Wisconsin credit union that is closed or in danger of closing.
AB1-SSA1-SA2,369,2017
(d) The office of credit unions is provided a copy of any original application
18seeking approval by a federal agency of the acquisition of
in-state Wisconsin credit
19union assets or of the merger with
an in-state a Wisconsin credit union and of any
20supplemental material or amendments filed with the application.
AB1-SSA1-SA2,369,2321
(f) With regard to an acquisition of assets of
an in-state a Wisconsin credit
22union that is chartered on or after May 9, 1986, the
in-state Wisconsin credit union
23has been in existence for at least 5 years before the date of acquisition.
AB1-SSA1-SA2, s. 346et
24Section 346et. 186.41 (5) (a), (b), (c) and (cr) of the statutes are amended to
25read:
AB1-SSA1-SA2,370,4
1186.41
(5) (a) Considering the financial and managerial resources and future
2prospects of the applicant and of the
in-state Wisconsin credit union concerned, the
3action would be contrary to the best interests of the members of the
in-state 4Wisconsin credit union.
AB1-SSA1-SA2,370,75
(b) The action would be detrimental to the safety and soundness of the
6applicant or of the
in-state Wisconsin credit union concerned, or to a subsidiary or
7affiliate of the applicant or of the
in-state Wisconsin credit union.
AB1-SSA1-SA2,370,128
(c) Because the applicant, its executive officers
, or directors have not
9established a record of sound performance, efficient management, financial
10responsibility
, and integrity, the action would be contrary to the best interests of the
11creditors,
the members
or, the other customers of the applicant
or of the in-state
, the
12Wisconsin credit union
, or
contrary to the best interests of the public.
AB1-SSA1-SA2,370,1613
(cr) The applicant has failed to propose to provide adequate and appropriate
14services of the type contemplated by the community reinvestment act of 1977 in the
15community in which the
in-state Wisconsin credit union which the applicant
16proposes to acquire or merge with is located.
AB1-SSA1-SA2,370,22
21186.45 Non-Wisconsin credit union, Wisconsin offices. (1) Definitions. 22In this section:
AB1-SSA1-SA2,370,2423
(a) "Non-Wisconsin credit union" means a credit union organized under the
24laws of and with its principal office located in a state other than this state.
AB1-SSA1-SA2,370,2525
(b) "Wisconsin credit union" has the meaning given in s. 186.41 (1) (bm).
AB1-SSA1-SA2,371,5
1(2) Approval. A non-Wisconsin credit union may open an office and conduct
2business as a credit union in this state if the office of credit unions finds that
3Wisconsin credit unions are allowed to do business in the other state under
4conditions similar to those contained in this section and that all of the following apply
5to the non-Wisconsin credit union:
AB1-SSA1-SA2,371,76
(a) It is a credit union organized under laws similar to the credit union laws of
7this state.
AB1-SSA1-SA2,371,88
(b) It is financially solvent based upon national board ratings.
AB1-SSA1-SA2,371,99
(c) It has member savings insured with federal share insurance.
AB1-SSA1-SA2,371,1110
(d) It is effectively examined and supervised by the credit union authorities of
11the state in which it is organized.
AB1-SSA1-SA2,371,1312
(e) It has received approval from the credit union authorities of the state in
13which it is organized.
AB1-SSA1-SA2,371,1514
(f) It has a need to place an office in this state to adequately serve its members
15in this state.
AB1-SSA1-SA2,371,1716
(g) It meets all other relevant standards or qualifications established by the
17office of credit unions.
AB1-SSA1-SA2,371,19
18(3) Requirements. A non-Wisconsin credit union shall agree to do all of the
19following:
AB1-SSA1-SA2,371,2120
(a) Grant loans at rates not in excess of the rates permitted for Wisconsin credit
21unions.
AB1-SSA1-SA2,371,2222
(b) Comply with this state's laws.
AB1-SSA1-SA2,371,2323
(c) Designate and maintain an agent for the service of process in this state.
AB1-SSA1-SA2,372,2
24(4) Records. As a condition of a non-Wisconsin credit union doing business in
25this state under this section, the office of credit unions may require copies of
1examination reports and related correspondence regarding the non-Wisconsin
2credit union.
AB1-SSA1-SA2,372,5
4186.80 False statements. (1) No officer, director, or employee of a credit
5union may do any of the following:
AB1-SSA1-SA2,372,76
(a) Willfully and knowingly subscribe to or make, or cause to be made, a false
7statement or entry in the books of the credit union.
AB1-SSA1-SA2,372,98
(b) Knowingly subscribe to or exhibit false information with the intent to
9deceive any person authorized to examine the affairs of the credit union.
AB1-SSA1-SA2,372,1110
(c) Knowingly make, state, or publish any false report or statement of the credit
11union.
AB1-SSA1-SA2,372,13
12(2) Any person who violates sub. (1) may be fined not more than $5,000, or
13imprisoned for not less than one year nor more than 15 years, or both.
AB1-SSA1-SA2, s. 346fh
14Section 346fh. 186.80 (2) of the statutes, as created by 2001 Wisconsin Act ....
15(this act), is repealed and recreated to read:
AB1-SSA1-SA2,372,1616
186.80
(2) Any person who violates sub. (1) is guilty of a Class F felony.".
AB1-SSA1-SA2,372,2219
185.981
(4t) A sickness care plan operated by a cooperative association is
20subject to ss. 252.14, 631.17, 631.89, 631.95, 632.72 (2), 632.745 to 632.749, 632.85,
21632.853, 632.855, 632.87 (2m), (3), (4)
, and (5),
632.89, 632.895 (10) to
(14) (15), and
22632.897 (10) and chs. 149 and 155.
AB1-SSA1-SA2,373,7
1185.983
(1) (intro.) Every such voluntary nonprofit sickness care plan shall be
2exempt from chs. 600 to 646, with the exception of ss. 601.04, 601.13, 601.31, 601.41,
3601.42, 601.43, 601.44, 601.45, 611.67, 619.04, 628.34 (10), 631.17, 631.89, 631.93,
4631.95, 632.72 (2), 632.745 to 632.749, 632.775, 632.79, 632.795, 632.85, 632.853,
5632.855, 632.87 (2m), (3), (4)
, and (5),
632.89, 632.895 (5) and (9) to
(14) (15), 632.896
, 6and 632.897 (10) and chs. 609, 630, 635, 645
, and 646, but the sponsoring association
7shall:".
