SB55-ASA1-AA1,1012,2320
185.981
(4t) A sickness care plan operated by a cooperative association is
21subject to ss. 252.14, 631.17, 631.89, 631.95, 632.72 (2), 632.745 to 632.749, 632.85,
22632.853, 632.855, 632.87 (2m), (3), (4)
, and (5),
632.872, 632.895 (10) to (14)
, and
23632.897 (10) and chs. 149 and 155.
SB55-ASA1-AA1,1013,7
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),
632.872, 632.895 (5) and (9) to (14), 632.896
, 6and 632.897 (10) and chs. 609, 630, 635, 645
, and 646, but the sponsoring association
7shall:".
SB55-ASA1-AA1,1013,1210
194.04
(6) Disposition of fees collected. All moneys received under this
11section shall be paid into the
state and local highways account in the transportation
12fund.
SB55-ASA1-AA1,1014,2
14194.51 Suit to recover protested tax. No suit shall be maintained in any
15court to restrain or delay the collection or payment of the taxes levied in this chapter.
16The aggrieved taxpayer shall pay the tax as and when due, and, if paid under protest,
17may at any time within 90 days from the date of such payment, sue the state in an
18action at law to recover the tax so paid. If it is finally determined that said tax, or
19any part thereof, was wrongfully collected for any reason, it shall be the duty of the
20department of administration to issue a warrant on the state treasurer for the
21amount of such tax so adjudged to have been wrongfully collected, and the treasurer
22shall pay the same out of the
state and local highways account in the transportation
23fund. A separate suit need not be filed for each separate payment made by any
24taxpayer, but a recovery may be had in one suit for as many payments as may have
1been made within any 90-day period preceding the commencement of such an action.
2Such suits shall be commenced as provided in s. 775.01.".
SB55-ASA1-AA1,1014,75
186.094
(2) Legal counsel,
certified public accountants
licensed or certified
6under ch. 442, or other persons as to matters the director or officer believes in good
7faith are within the person's professional or expert competence.
SB55-ASA1-AA1,1014,129
186.15
(1) Annual audit. Except as provided in sub. (2), the board of directors
10shall hire a
licensed certified public accountant
licensed or certified under ch. 442 or
11other qualified person to conduct a comprehensive annual audit of the records,
12accounts and affairs of the credit union.
SB55-ASA1-AA1,1014,1714
187.31
(2) Legal counsel,
certified public accountants
licensed or certified
15under ch. 442, or other professional persons or experts employed by the incorporated
16Roman Catholic church, as to matters the director or officer believes in good faith are
17within the person's professional or expert competence.
SB55-ASA1-AA1,1014,2219
187.41
(2) Legal counsel,
certified public accountants
licensed or certified
20under ch. 442, or other professional persons or experts employed by the religious
21organization, as to matters the director or officer believes in good faith are within the
22person's professional or expert competence.".
SB55-ASA1-AA1,1015,5
1186.01
(2) "Credit union" means
, except as specifically provided under ss.
2186.41 (1) and 186.45 (1), a cooperative, nonprofit corporation, incorporated under
3this chapter to encourage thrift among its members, create a source of credit at a fair
4and reasonable cost
, and provide an opportunity for its members to improve their
5economic and social conditions.
SB55-ASA1-AA1,1015,87
186.02
(2) (a) 1. The conditions
of residence or occupation which qualify persons 8that determine eligibility for membership.
SB55-ASA1-AA1,1015,1710
186.02
(2) (b) 2.
Residents Except as otherwise provided in this subdivision,
11individuals who reside or are employed within
a well-defined
neighborhood,
12community or rural district and contiguous neighborhoods and communities. If the
13office of credit unions, subsequent to a credit union merger, determines that it would
14be inappropriate under the circumstances to require members of the credit union
15that results from the merger to reside or be employed in contiguous neighborhoods
16and communities, the requirement that these neighborhoods and communities be
17contiguous does not apply.
SB55-ASA1-AA1,1015,2019
186.02
(2) (b) 2m. Individuals who reside or are employed within well-defined
20and contiguous rural districts or multicounty regions.
SB55-ASA1-AA1,1016,222
186.02
(2) (c) Members of the immediate family of all qualified persons are
23eligible for membership.
In this paragraph, "members of the immediate family"
24include the wife, husband, parents, stepchildren and children of a member whether
1living together in the same household or not and any other relatives of the member
2or spouse of a member living together in the same household as the member.
SB55-ASA1-AA1, s. 2942
3Section 2942. 186.02 (2) (d) of the statutes is renumbered 186.02 (2) (d) 1. and
4amended to read:
SB55-ASA1-AA1,1016,85
186.02
(2) (d) 1.
Organizations and associations An organization or association 6of individuals, the majority of
whom the directors, owners, or members of which are
7eligible for membership, may be admitted to membership in the same manner and
8under the same conditions as individuals.
SB55-ASA1-AA1,1016,1210
186.02
(2) (d) 2. An organization or association that has its principal business
11location within any geographic limits of the credit union's field of membership may
12be admitted to membership.
SB55-ASA1-AA1,1016,1514
186.11
(4) (title)
Investment in credit union service corporations
15organizations.
SB55-ASA1-AA1, s. 2945
16Section 2945. 186.11 (4) (a) of the statutes is renumbered 186.11 (4) (a) (intro.)
17and amended to read:
SB55-ASA1-AA1,1016,2118
186.11
(4) (a) (intro.)
A Unless the office of credit unions approves a higher
19percentage, a credit union may invest not more than 1.5% of its total assets in the
20capital shares or obligations of
a credit union service
corporation organizations that
21satisfy all of the following:
SB55-ASA1-AA1,1016,23
222. Are organized primarily to provide goods and services to credit unions, credit
23union organizations
, and credit union members.
SB55-ASA1-AA1,1017,3
1186.11
(4) (a) 1. Are corporations, limited partnerships, limited liability
2companies, or other entities that are permitted under the laws of this state and that
3are approved by the office of credit unions.
SB55-ASA1-AA1,1017,65
186.11
(4) (b) (intro.) A
credit union service
corporation organization under par.
6(a) may provide goods and services including any of the following:
SB55-ASA1-AA1,1017,127
1. Credit union operations services, including service centers, credit and debit
8card services, automated teller and remote terminal services,
electronic transaction
9services, accounting systems, data processing, management training and support,
10payment item processing, record retention and storage, locator services, research,
11debt collection, credit analysis and loan servicing, coin and currency services
, and
12marketing and advertising services.
SB55-ASA1-AA1,1017,1514
186.11
(4) (c) A
credit union service
corporation organization may be subject
15to audit by the office of credit unions.
SB55-ASA1-AA1,1017,2217
186.113
(1) Branch offices. If the need and necessity exist and with With the
18approval of the office of credit unions, establish branch offices inside
this state or no
19more than 25 miles or outside of this state. Permanent records may be maintained
20at branch offices established under this subsection. In this subsection, the term
21"branch office" does not include a remote terminal, a limited services office
, or a
22service center.
SB55-ASA1-AA1,1018,3
1186.113
(1m) (a) (intro.)
Establish Before the effective date of this paragraph
2.... [revisor inserts date], establish limited services offices outside this state to serve
3any member of the credit union if all of the following requirements are met:
SB55-ASA1-AA1,1018,75
186.113
(6) (b) Act as trustees
or custodians of member tax deferred
retirement 6funds
, individual retirement accounts, medical savings accounts, or other employee
7benefit accounts or funds permitted by federal law to be deposited in a credit union.
SB55-ASA1-AA1,1018,98
(c) Act as a depository for
member-deferred member qualified and
9nonqualified deferred compensation funds as permitted by federal law.
SB55-ASA1-AA1,1018,1211
186.113
(24) Funeral trusts. Accept deposits made by members for the
12purpose of funding burial agreements by trusts created pursuant to s. 445.125.
SB55-ASA1-AA1,1018,16
14186.20 Financial privacy. A credit union shall comply with any applicable
15requirements under
15 USC 6801 to
6803 and any applicable regulations prescribed
16by the national credit union administration under
15 USC 6804.
SB55-ASA1-AA1,1018,2318
186.235
(7) (a) (intro.) Employees of the office of credit unions and members
19of the review board shall keep secret all the facts and information obtained in the
20course of examinations
, except or contained in any report provided by a credit union
21other than any semiannual or quarterly financial report that is regularly filed with
22the office of credit unions. This requirement does not apply in any of the following
23situations:
SB55-ASA1-AA1,1019,6
1186.235
(7) (c) If any person mentioned in par. (a) discloses any information
2about the private account or transactions of a credit union or any information
3obtained in the course of an examination of a credit union, except as provided in pars.
4(a) and (b), that person may be required to forfeit his or her office or position and may
5be fined not less than $100 nor more than $1,000, or imprisoned for not less than 6
6months nor more than 3 years, or both.
SB55-ASA1-AA1,1019,108
186.235
(7m) Return of examination reports. Examination reports possessed
9by a credit union are confidential, remain the property of the office of credit unions,
10and shall be returned to the office of credit unions immediately upon request.
SB55-ASA1-AA1,1019,1514
186.235
(16m) Financial privacy examination. The office of credit unions shall
15examine a credit union to determine the credit union's compliance with s. 186.20.
SB55-ASA1-AA1,1019,20
17186.36 Sale of insurance in credit unions. Any officer or employee of a
18credit union, when acting as an agent for the sale of insurance on behalf of the credit
19union, shall pay all commissions received from the sale of
credit life insurance or
20credit accident and sickness insurance to the credit union.
SB55-ASA1-AA1,1019,23
22186.41 (title)
Interstate acquisition acquisitions and merger mergers
23of credit unions.
SB55-ASA1-AA1, s. 2962
24Section 2962. 186.41 (1) (a) of the statutes is renumbered 186.41 (1) (bm) and
25amended to read:
SB55-ASA1-AA1,1020,2
1186.41
(1) (bm) "
In-state Wisconsin credit union" means a credit union having
2its principal office located in this state.
SB55-ASA1-AA1, s. 2963
3Section 2963. 186.41 (1) (c) of the statutes is renumbered 186.41 (1) (am) and
4amended to read:
SB55-ASA1-AA1,1020,75
186.41
(1) (am) "
Regional Out-of-state credit union" means a state or federal
6credit union
that has its, the principal office
of which is located in
one of the regional
7states a state other than this state.
SB55-ASA1-AA1,1020,1110
186.41
(2) In-state
Wisconsin credit union. (a)
An in-state A Wisconsin credit
11union may do any of the following:
SB55-ASA1-AA1,1020,1312
1. Acquire an interest in, or some or all of the assets and liabilities of, one or
13more
regional out-of-state credit unions.
SB55-ASA1-AA1,1020,1414
2. Merge with one or more
regional out-of-state credit unions.
SB55-ASA1-AA1,1020,1815
(b)
An in-state A Wisconsin credit union proposing any action under par. (a)
16shall provide the office of credit unions a copy of any original application seeking
17approval by a federal agency or by an agency of
the regional another state and of any
18supplemental material or amendments filed in connection with any application.
SB55-ASA1-AA1,1020,20
19(3) Regional Out-of-state credit unions. Except as provided in sub. (4),
a
20regional an out-of-state credit union may do any of the following:
SB55-ASA1-AA1,1020,2221
(a) Acquire an interest in, or some or all of the assets of, one or more
in-state 22Wisconsin credit unions.
SB55-ASA1-AA1,1020,2323
(b) Merge with one or more
in-state Wisconsin credit unions.
SB55-ASA1-AA1, s. 2966
24Section 2966. 186.41 (4) (intro.), (a) to (d) and (f) of the statutes are amended
25to read:
SB55-ASA1-AA1,1021,2
1186.41
(4) Limitations. (intro.)
A regional An out-of-state credit union may
2not take any action under sub. (3) until all of the following conditions have been met:
SB55-ASA1-AA1,1021,63
(a) The office of credit unions finds that the statutes of the
regional state in
4which the
regional out-of-state credit union has its principal office permit
in-state 5Wisconsin credit unions to both acquire
regional out-of-state credit union assets and
6merge with one or more
regional out-of-state credit unions in
the regional that state.
SB55-ASA1-AA1,1021,97
(b) The office of credit unions has not disapproved the acquisition of
in-state 8Wisconsin credit union assets or the merger with the
in-state Wisconsin credit union
9under sub. (5).
SB55-ASA1-AA1,1021,1810
(c) The office of credit unions gives a class 3 notice, under ch. 985, in the official
11state newspaper, of the application to take an action under sub. (3) and of the
12opportunity for a hearing and, if at least 25 residents of this state petition for a
13hearing within 30 days of the final notice or if the office of credit unions on its own
14motion calls for a hearing within 30 days of the final notice, the office of credit unions
15holds a public hearing on the application, except that a hearing is not required if the
16office of credit unions finds that an emergency exists and that the proposed action
17under sub. (3) is necessary and appropriate to prevent the probable failure of
an
18in-state a Wisconsin credit union that is closed or in danger of closing.
SB55-ASA1-AA1,1021,2219
(d) The office of credit unions is provided a copy of any original application
20seeking approval by a federal agency of the acquisition of
in-state Wisconsin credit
21union assets or of the merger with
an in-state a Wisconsin credit union and of any
22supplemental material or amendments filed with the application.