Amendment JR2 SA2-SSA1-AB1

AB1-SSA1-SA2,365,17 186.113 (6) (b) Act as trustees or custodians of member tax deferred retirement funds, individual retirement accounts, medical savings accounts, or other employee benefit accounts or funds permitted by federal law to be deposited in a credit union.

AB1-SSA1-SA2,365,19 (c) Act as a depository for member-deferred member qualified and nonqualified deferred compensation funds as permitted by federal law.

AB1-SSA1-SA2, s. 346dL Section 346dL. 186.113 (24) of the statutes is created to read:

AB1-SSA1-SA2,365,22 186.113 (24) Funeral trusts. Accept deposits made by members for the purpose of funding burial agreements by trusts created pursuant to s. 445.125.

AB1-SSA1-SA2, s. 346dn Section 346dn. 186.20 of the statutes is created to read:

AB1-SSA1-SA2,366,3 186.20 Financial privacy. A credit union shall comply with any applicable requirements under 15 USC 6801 to 6803 and any applicable regulations prescribed by the national board under 15 USC 6804.

AB1-SSA1-SA2, s. 346dp Section 346dp. 186.235 (7) (a) (intro.) of the statutes is amended to read:

AB1-SSA1-SA2,366,10 186.235 (7) (a) (intro.) Employees of the office of credit unions and members of the review board shall keep secret all the facts and information obtained in the course of examinations, except or contained in any report provided by a credit union other than any semiannual or quarterly financial report that is regularly filed with the office of credit unions. This requirement does not apply in any of the following situations:

AB1-SSA1-SA2, s. 346dq Section 346dq. 186.235 (7) (c) of the statutes is created to read:

AB1-SSA1-SA2,366,17 186.235 (7) (c) If any person mentioned in par. (a) discloses any information about the private account or transactions of a credit union or any information obtained in the course of an examination of a credit union, except as provided in pars. (a) and (b), that person may be required to forfeit his or her office or position and may be fined not less than $100 nor more than $1,000, or imprisoned for not less than 6 months nor more than 3 years, or both.

AB1-SSA1-SA2, s. 346dr Section 346dr. 186.235 (7) (c) of the statutes, as created by 2001 Wisconsin Act .... (this act), is repealed and recreated to read:

AB1-SSA1-SA2,366,23 186.235 (7) (c) If any person mentioned in par. (a) discloses any information about the private account or transactions of a credit union or any information obtained in the course of an examination of a credit union, except as provided in pars. (a) and (b), that person is guilty of a Class I felony.

AB1-SSA1-SA2, s. 346dt Section 346dt. 186.235 (7m) of the statutes is created to read:

AB1-SSA1-SA2,367,3 186.235 (7m) Return of examination reports. Examination reports possessed by a credit union are confidential, remain the property of the office of credit unions, and shall be returned to the office of credit unions immediately upon request.

AB1-SSA1-SA2, s. 346dx Section 346dx. 186.235 (16) (b) of the statutes is repealed.

AB1-SSA1-SA2, s. 346ed Section 346ed. 186.235 (16) (bm) of the statutes is created to read:

AB1-SSA1-SA2,367,13 186.235 (16) (bm) Except as otherwise provided in this paragraph, the examination of a credit union under par. (a) shall include an examination of the credit union's compliance with s. 186.20. The examination under par. (a) need not include an examination of the credit union's compliance with s. 186.20 if, during the 12 months preceding the date of the examination under par. (a), the credit union received from the national board a consumer compliance examination that contains information regarding the credit union's compliance with 15 USC 6801 to 6803 and any applicable regulations prescribed under 15 USC 6804.

AB1-SSA1-SA2, s. 346ef Section 346ef. 186.36 of the statutes is amended to read:

AB1-SSA1-SA2,367,18 186.36 Sale of insurance in credit unions. Any officer or employee of a credit union, when acting as an agent for the sale of insurance on behalf of the credit union, shall pay all commissions received from the sale of credit life insurance or credit accident and sickness insurance to the credit union.

AB1-SSA1-SA2, s. 346eh Section 346eh. 186.41 (title) of the statutes is amended to read:

AB1-SSA1-SA2,367,21 186.41 (title) Interstate acquisition acquisitions and merger mergers of credit unions.

AB1-SSA1-SA2, s. 346ej Section 346ej. 186.41 (1) (a) of the statutes is renumbered 186.41 (1) (bm) and amended to read:

AB1-SSA1-SA2,367,25 186.41 (1) (bm) "In-state Wisconsin credit union" means a credit union having its principal office located in this state.

AB1-SSA1-SA2, s. 346eL Section 346eL. 186.41 (1) (c) of the statutes is renumbered 186.41 (1) (am) and amended to read:

AB1-SSA1-SA2,368,5 186.41 (1) (am) "Regional Out-of-state credit union" means a state or federal credit union that has its, the principal office of which is located in one of the regional states a state other than this state.

AB1-SSA1-SA2, s. 346en Section 346en. 186.41 (1) (d) of the statutes is repealed.

AB1-SSA1-SA2, s. 346ep Section 346ep. 186.41 (2) and (3) of the statutes are amended to read:

AB1-SSA1-SA2,368,9 186.41 (2) In-state Wisconsin credit union. (a) An in-state A Wisconsin credit union may do any of the following:

AB1-SSA1-SA2,368,11 1. Acquire an interest in, or some or all of the assets and liabilities of, one or more regional out-of-state credit unions.

AB1-SSA1-SA2,368,12 2. Merge with one or more regional out-of-state credit unions.

AB1-SSA1-SA2,368,16 (b) An in-state A Wisconsin credit union proposing any action under par. (a) shall provide the office of credit unions a copy of any original application seeking approval by a federal agency or by an agency of the regional another state and of any supplemental material or amendments filed in connection with any application.

AB1-SSA1-SA2,368,18 (3) Regional Out-of-state credit unions. Except as provided in sub. (4), a regional an out-of-state credit union may do any of the following:

AB1-SSA1-SA2,368,20 (a) Acquire an interest in, or some or all of the assets of, one or more in-state Wisconsin credit unions.

AB1-SSA1-SA2,368,21 (b) Merge with one or more in-state Wisconsin credit unions.

AB1-SSA1-SA2, s. 346er Section 346er. 186.41 (4) (intro.), (a) to (d) and (f) of the statutes are amended to read:

AB1-SSA1-SA2,368,25 186.41 (4) Limitations. (intro.) A regional An out-of-state credit union may not take any action under sub. (3) until all of the following conditions have been met:

AB1-SSA1-SA2,369,4 (a) The office of credit unions finds that the statutes of the regional state in which the regional out-of-state credit union has its principal office permit in-state Wisconsin credit unions to both acquire regional out-of-state credit union assets and merge with one or more regional out-of-state credit unions in the regional that state.

AB1-SSA1-SA2,369,7 (b) The office of credit unions has not disapproved the acquisition of in-state Wisconsin credit union assets or the merger with the in-state Wisconsin credit union under sub. (5).

AB1-SSA1-SA2,369,16 (c) The office of credit unions gives a class 3 notice, under ch. 985, in the official state newspaper, of the application to take an action under sub. (3) and of the opportunity for a hearing and, if at least 25 residents of this state petition for a hearing within 30 days of the final notice or if the office of credit unions on its own motion calls for a hearing within 30 days of the final notice, the office of credit unions holds a public hearing on the application, except that a hearing is not required if the office of credit unions finds that an emergency exists and that the proposed action under sub. (3) is necessary and appropriate to prevent the probable failure of an in-state a Wisconsin credit union that is closed or in danger of closing.

AB1-SSA1-SA2,369,20 (d) The office of credit unions is provided a copy of any original application seeking approval by a federal agency of the acquisition of in-state Wisconsin credit union assets or of the merger with an in-state a Wisconsin credit union and of any supplemental material or amendments filed with the application.

AB1-SSA1-SA2,369,23 (f) With regard to an acquisition of assets of an in-state a Wisconsin credit union that is chartered on or after May 9, 1986, the in-state Wisconsin credit union has been in existence for at least 5 years before the date of acquisition.

AB1-SSA1-SA2, s. 346et Section 346et. 186.41 (5) (a), (b), (c) and (cr) of the statutes are amended to read:

AB1-SSA1-SA2,370,4 186.41 (5) (a) Considering the financial and managerial resources and future prospects of the applicant and of the in-state Wisconsin credit union concerned, the action would be contrary to the best interests of the members of the in-state Wisconsin credit union.

AB1-SSA1-SA2,370,7 (b) The action would be detrimental to the safety and soundness of the applicant or of the in-state Wisconsin credit union concerned, or to a subsidiary or affiliate of the applicant or of the in-state Wisconsin credit union.

AB1-SSA1-SA2,370,12 (c) Because the applicant, its executive officers, or directors have not established a record of sound performance, efficient management, financial responsibility, and integrity, the action would be contrary to the best interests of the creditors, the members or, the other customers of the applicant or of the in-state , the Wisconsin credit union, or contrary to the best interests of the public.

AB1-SSA1-SA2,370,16 (cr) The applicant has failed to propose to provide adequate and appropriate services of the type contemplated by the community reinvestment act of 1977 in the community in which the in-state Wisconsin credit union which the applicant proposes to acquire or merge with is located.

AB1-SSA1-SA2, s. 346ev Section 346ev. 186.41 (6) (a) of the statutes is renumbered 186.41 (6).

AB1-SSA1-SA2, s. 346ex Section 346ex. 186.41 (6) (b) of the statutes is repealed.

AB1-SSA1-SA2, s. 346fd Section 346fd. 186.41 (8) of the statutes is repealed.

AB1-SSA1-SA2, s. 346ff Section 346ff. 186.45 of the statutes is created to read:

AB1-SSA1-SA2,370,22 186.45 Non-Wisconsin credit union, Wisconsin offices. (1) Definitions. In this section:

AB1-SSA1-SA2,370,24 (a) "Non-Wisconsin credit union" means a credit union organized under the laws of and with its principal office located in a state other than this state.

AB1-SSA1-SA2,370,25 (b) "Wisconsin credit union" has the meaning given in s. 186.41 (1) (bm).

AB1-SSA1-SA2,371,5 (2) Approval. A non-Wisconsin credit union may open an office and conduct business as a credit union in this state if the office of credit unions finds that Wisconsin credit unions are allowed to do business in the other state under conditions similar to those contained in this section and that all of the following apply to the non-Wisconsin credit union:

AB1-SSA1-SA2,371,7 (a) It is a credit union organized under laws similar to the credit union laws of this state.

AB1-SSA1-SA2,371,8 (b) It is financially solvent based upon national board ratings.

AB1-SSA1-SA2,371,9 (c) It has member savings insured with federal share insurance.

AB1-SSA1-SA2,371,11 (d) It is effectively examined and supervised by the credit union authorities of the state in which it is organized.

AB1-SSA1-SA2,371,13 (e) It has received approval from the credit union authorities of the state in which it is organized.

AB1-SSA1-SA2,371,15 (f) It has a need to place an office in this state to adequately serve its members in this state.

AB1-SSA1-SA2,371,17 (g) It meets all other relevant standards or qualifications established by the office of credit unions.

AB1-SSA1-SA2,371,19 (3) Requirements. A non-Wisconsin credit union shall agree to do all of the following:

AB1-SSA1-SA2,371,21 (a) Grant loans at rates not in excess of the rates permitted for Wisconsin credit unions.

AB1-SSA1-SA2,371,22 (b) Comply with this state's laws.

AB1-SSA1-SA2,371,23 (c) Designate and maintain an agent for the service of process in this state.

AB1-SSA1-SA2,372,2 (4) Records. As a condition of a non-Wisconsin credit union doing business in this state under this section, the office of credit unions may require copies of examination reports and related correspondence regarding the non-Wisconsin credit union.

AB1-SSA1-SA2, s. 346fg Section 346fg. 186.80 of the statutes is created to read:

AB1-SSA1-SA2,372,5 186.80 False statements. (1) No officer, director, or employee of a credit union may do any of the following:

AB1-SSA1-SA2,372,7 (a) Willfully and knowingly subscribe to or make, or cause to be made, a false statement or entry in the books of the credit union.

AB1-SSA1-SA2,372,9 (b) Knowingly subscribe to or exhibit false information with the intent to deceive any person authorized to examine the affairs of the credit union.

AB1-SSA1-SA2,372,11 (c) Knowingly make, state, or publish any false report or statement of the credit union.

AB1-SSA1-SA2,372,13 (2) Any person who violates sub. (1) may be fined not more than $5,000, or imprisoned for not less than one year nor more than 15 years, or both.

AB1-SSA1-SA2, s. 346fh Section 346fh. 186.80 (2) of the statutes, as created by 2001 Wisconsin Act .... (this act), is repealed and recreated to read:

AB1-SSA1-SA2,372,16 186.80 (2) Any person who violates sub. (1) is guilty of a Class F felony.".

AB1-SSA1-SA2,372,17 402. Page 177, line 14: after that line insert:

AB1-SSA1-SA2,372,18 " Section 346cm. 185.981 (4t) of the statutes is amended to read:

AB1-SSA1-SA2,372,22 185.981 (4t) A sickness care plan operated by a cooperative association is subject to ss. 252.14, 631.17, 631.89, 631.95, 632.72 (2), 632.745 to 632.749, 632.85, 632.853, 632.855, 632.87 (2m), (3), (4), and (5), 632.89, 632.895 (10) to (14) (15), and 632.897 (10) and chs. 149 and 155.

AB1-SSA1-SA2, s. 346dr Section 346dr. 185.983 (1) (intro.) of the statutes is amended to read:

AB1-SSA1-SA2,373,7 185.983 (1) (intro.) Every such voluntary nonprofit sickness care plan shall be exempt from chs. 600 to 646, with the exception of ss. 601.04, 601.13, 601.31, 601.41, 601.42, 601.43, 601.44, 601.45, 611.67, 619.04, 628.34 (10), 631.17, 631.89, 631.93, 631.95, 632.72 (2), 632.745 to 632.749, 632.775, 632.79, 632.795, 632.85, 632.853, 632.855, 632.87 (2m), (3), (4), and (5), 632.89, 632.895 (5) and (9) to (14) (15), 632.896, and 632.897 (10) and chs. 609, 630, 635, 645, and 646, but the sponsoring association shall:".

AB1-SSA1-SA2,373,8 403. Page 177, line 14: after that line insert:

AB1-SSA1-SA2,373,9 " Section 346b. 196.196 (3) (a) of the statutes is amended to read:

AB1-SSA1-SA2,373,15 196.196 (3) (a) Except to the extent expressly permitted by this section and ss. 196.19 (1m), 196.194, 196.195, 196.1995, 196.20 (1m), 196.204, 196.209 and, 196.219, and 196.37, the commission may not have jurisdiction over the prices or terms and conditions for the offering of any other services, including new telecommunications services, offered by a price-regulated telecommunications utility.

AB1-SSA1-SA2, s. 346d Section 346d. 196.196 (6) (title) of the statutes is created to read:

AB1-SSA1-SA2,373,17 196.196 (6) (title) Mandatory credits.

AB1-SSA1-SA2, s. 346f Section 346f. 196.196 (6) (a) of the statutes is created to read:

AB1-SSA1-SA2,373,19 196.196 (6) (a) Definitions. In this subsection:

AB1-SSA1-SA2,373,22 1. "Customer" means any person, including a telecommunications provider, that uses the services, products, or facilities provided by a telecommunications utility.

AB1-SSA1-SA2,374,2 2. "End-user customer" means a person that receives local exchange service from a telecommunications utility or another telecommunications provider, and that does not resell the local exchange service or use such service to provide telecommunications service to any other customer.

AB1-SSA1-SA2,374,5 3. "Large telecommunications utility" means a telecommunications utility that has more than 500,000 access lines in use in this state at the time of electing to become price regulated.