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.
SB55-ASA1-AA1,1021,2523
(f) With regard to an acquisition of assets of
an in-state a Wisconsin credit
24union that is chartered on or after May 9, 1986, the
in-state Wisconsin credit union
25has been in existence for at least 5 years before the date of acquisition.
SB55-ASA1-AA1,1022,63
186.41
(5) (a) Considering the financial and managerial resources and future
4prospects of the applicant and of the
in-state Wisconsin credit union concerned, the
5action would be contrary to the best interests of the members of the
in-state 6Wisconsin credit union.
SB55-ASA1-AA1,1022,97
(b) The action would be detrimental to the safety and soundness of the
8applicant or of the
in-state Wisconsin credit union concerned, or to a subsidiary or
9affiliate of the applicant or of the
in-state Wisconsin credit union.
SB55-ASA1-AA1,1022,1410
(c) Because the applicant, its executive officers
, or directors have not
11established a record of sound performance, efficient management, financial
12responsibility
, and integrity, the action would be contrary to the best interests of the
13creditors,
the members
or, the other customers of the applicant
or of the in-state
, the
14Wisconsin credit union
, or
contrary to the best interests of the public.
SB55-ASA1-AA1,1022,1815
(cr) The applicant has failed to propose to provide adequate and appropriate
16services of the type contemplated by the community reinvestment act of 1977 in the
17community in which the
in-state Wisconsin credit union which the applicant
18proposes to acquire or merge with is located.
SB55-ASA1-AA1,1022,24
23186.45 Non-Wisconsin credit union, Wisconsin offices. (1) Definitions. 24In this section:
SB55-ASA1-AA1,1023,2
1(a) "Non-Wisconsin credit union" means a credit union organized under the
2laws of and with its principal office located in a state other than this state.
SB55-ASA1-AA1,1023,33
(b) "Wisconsin credit union" has the meaning given in s. 186.41 (1) (bm).
SB55-ASA1-AA1,1023,8
4(2) Approval. A non-Wisconsin credit union may open an office and conduct
5business as a credit union in this state if the office of credit unions finds that
6Wisconsin credit unions are allowed to do business in the other state under
7conditions similar to those contained in this section and that all of the following apply
8to the non-Wisconsin credit union:
SB55-ASA1-AA1,1023,109
(a) It is a credit union organized under laws similar to the credit union laws of
10this state.
SB55-ASA1-AA1,1023,1111
(b) It is financially solvent based upon national board ratings.
SB55-ASA1-AA1,1023,1212
(c) It has member savings insured with federal share insurance.
SB55-ASA1-AA1,1023,1413
(d) It is effectively examined and supervised by the credit union authorities of
14the state in which it is organized.
SB55-ASA1-AA1,1023,1615
(e) It has received approval from the credit union authorities of the state in
16which it is organized.
SB55-ASA1-AA1,1023,1817
(f) It has a need to place an office in this state to adequately serve its members
18in this state.
SB55-ASA1-AA1,1023,2019
(g) It meets all other relevant standards or qualifications established by the
20office of credit unions.
SB55-ASA1-AA1,1023,22
21(3) Requirements. A non-Wisconsin credit union shall agree to do all of the
22following:
SB55-ASA1-AA1,1023,2423
(a) Grant loans at rates not in excess of the rates permitted for Wisconsin credit
24unions.
SB55-ASA1-AA1,1023,2525
(b) Comply with this state's laws.
SB55-ASA1-AA1,1024,1
1(c) Designate and maintain an agent for the service of process in this state.
SB55-ASA1-AA1,1024,5
2(4) Records. As a condition of a non-Wisconsin credit union doing business in
3this state under this section, the office of credit unions may require copies of
4examination reports and related correspondence regarding the non-Wisconsin
5credit union.
SB55-ASA1-AA1,1024,8
7186.80 False statements. (a) No officer, director, or employee of a credit
8union may do any of the following:
SB55-ASA1-AA1,1024,109
1. Willfully and knowingly subscribe to or make, or cause to be made, a false
10statement or entry in the books of the credit union.
SB55-ASA1-AA1,1024,1211
2. Knowingly subscribe to or exhibit false information with the intent to deceive
12any person authorized to examine the affairs of the credit union.
SB55-ASA1-AA1,1024,1413
3. Knowingly make, state, or publish any false report or statement of the credit
14union.
SB55-ASA1-AA1,1024,1715
(b) Any person who violates par. (a) may be fined not less than $1,000 nor more
16than $5,000, or imprisoned for not less than one year nor more than 15 years, or
17both.".
SB55-ASA1-AA1,1024,21
19"(bm) "Public utility" means a public utility that in 2000, based on data
20provided by the public utility to the commission, provided retail electric service to
21customers that had an aggregate load of 1,200 megawatts or more.".
SB55-ASA1-AA1,1025,3
1196.218
(3) (e)
Except as provided in s. 196.196 (2) (d), a A telecommunications
2provider or other person may not establish a surcharge on customers' bills to collect
3from customers contributions required under this subsection.".
