AB892, s. 12 22Section 12. 186.11 (4) (title) of the statutes is amended to read:
AB892,13,2423 186.11 (4) (title) Investment in credit union service corporations
24organizations.
AB892, s. 13
1Section 13. 186.11 (4) (a) of the statutes is renumbered 186.11 (4) (a) (intro.)
2and amended to read:
AB892,14,63 186.11 (4) (a) (intro.) A Unless the office of credit unions approves a higher
4percentage, a
credit union may invest not more than 1.5% of its total assets in the
5capital shares or obligations of a credit union service corporation organizations that
6satisfy all of the following:
AB892,14,8 72. Are organized primarily to provide goods and services to credit unions, credit
8union organizations, and credit union members.
AB892, s. 14 9Section 14. 186.11 (4) (a) 1. of the statutes is created to read:
AB892,14,1210 186.11 (4) (a) 1. Are corporations, limited partnerships, limited liability
11companies, or other entities that are permitted under the laws of this state and that
12are approved by the office of credit unions.
AB892, s. 15 13Section 15. 186.11 (4) (b) (intro.) and 1. of the statutes are amended to read:
AB892,14,1514 186.11 (4) (b) (intro.) A credit union service corporation organization under par.
15(a) may provide goods and services including any of the following:
AB892,14,2116 1. Credit union operations services, including service centers, credit and debit
17card services, automated teller and remote terminal services, electronic transaction
18services,
accounting systems, data processing, management training and support,
19payment item processing, record retention and storage, locator services, research,
20debt collection, credit analysis and loan servicing, coin and currency services, and
21marketing and advertising services.
AB892, s. 16 22Section 16. 186.11 (4) (c) of the statutes is amended to read:
AB892,14,2423 186.11 (4) (c) A credit union service corporation organization may be subject
24to audit by the office of credit unions.
AB892, s. 17 25Section 17. 186.113 (1) of the statutes is amended to read:
AB892,15,6
1186.113 (1) Branch offices. If the need and necessity exist and with With the
2approval of the office of credit unions, establish branch offices inside this state or no
3more than 25 miles
or outside of this state. Permanent records may be maintained
4at branch offices established under this subsection. In this subsection, the term
5"branch office" does not include a remote terminal, a limited services office, or a
6service center.
AB892, s. 18 7Section 18. 186.113 (1m) (a) (intro.) of the statutes is amended to read:
AB892,15,108 186.113 (1m) (a) (intro.) Establish Before the effective date of this paragraph
9.... [revisor inserts date], establish
limited services offices outside this state to serve
10any member of the credit union if all of the following requirements are met:
AB892, s. 19 11Section 19. 186.113 (6) (b) and (c) of the statutes are amended to read:
AB892,15,1412 186.113 (6) (b) Act as trustees or custodians of member tax deferred retirement
13funds, individual retirement accounts, medical savings accounts, or other employee
14benefit accounts or funds
permitted by federal law to be deposited in a credit union.
AB892,15,1615 (c) Act as a depository for member-deferred member qualified and
16nonqualified deferred
compensation funds as permitted by federal law.
AB892, s. 20 17Section 20. 186.113 (24) of the statutes is created to read:
AB892,15,1918 186.113 (24) Funeral trusts. Accept deposits made by members for the
19purpose of funding burial agreements by trusts created pursuant to s. 445.125.
AB892, s. 21 20Section 21. 186.20 of the statutes is created to read:
AB892,15,23 21186.20 Financial privacy. A credit union shall comply with any applicable
22requirements under 15 USC 6801 to 6803 and any applicable regulations prescribed
23by the national credit union administration under 15 USC 6804.
AB892, s. 22 24Section 22. 186.235 (7) (a) (intro.) of the statutes is amended to read:
AB892,16,6
1186.235 (7) (a) (intro.) Employees of the office of credit unions and members
2of the review board shall keep secret all the facts and information obtained in the
3course of examinations, except or contained in any report provided by a credit union
4other than any semiannual or quarterly financial report that is regularly filed with
5the office of credit unions. This requirement does not apply
in any of the following
6situations:
AB892, s. 23 7Section 23. 186.235 (7) (c) of the statutes is created to read:
AB892,16,138 186.235 (7) (c) If any person mentioned in par. (a) discloses any information
9about the private account or transactions of a credit union or any information
10obtained in the course of an examination of a credit union, except as provided in pars.
11(a) and (b), that person may be required to forfeit his or her office or position and may
12be fined not less than $100 nor more than $1,000, or imprisoned for not less than 6
13months nor more than 3 years, or both.
AB892, s. 24 14Section 24. 186.235 (7m) of the statutes is created to read:
AB892,16,1715 186.235 (7m) Return of examination reports. Examination reports possessed
16by a credit union are confidential, remain the property of the office of credit unions,
17and shall be returned to the office of credit unions immediately upon request.
AB892, s. 25 18Section 25. 186.235 (16) (a) of the statutes is renumbered 186.235 (16).
AB892, s. 26 19Section 26. 186.235 (16) (b) of the statutes is repealed.
AB892, s. 27 20Section 27. 186.235 (16m) of the statutes is created to read:
AB892,16,2221 186.235 (16m) Financial privacy examination. The office of credit unions shall
22examine a credit union to determine the credit union's compliance with s. 186.20.
AB892, s. 28 23Section 28. 186.36 of the statutes is amended to read:
AB892,17,2 24186.36 Sale of insurance in credit unions. Any officer or employee of a
25credit union, when acting as an agent for the sale of insurance on behalf of the credit

1union, shall pay all commissions received from the sale of credit life insurance or
2credit accident and sickness
insurance to the credit union.
AB892, s. 29 3Section 29. 186.41 (title) of the statutes is amended to read:
AB892,17,5 4186.41 (title) Interstate acquisition acquisitions and merger mergers
5of credit unions.
AB892, s. 30 6Section 30. 186.41 (1) (a) of the statutes is renumbered 186.41 (1) (bm) and
7amended to read:
AB892,17,98 186.41 (1) (bm) "In-state Wisconsin credit union" means a credit union having
9its principal office located in this state.
AB892, s. 31 10Section 31. 186.41 (1) (c) of the statutes is renumbered 186.41 (1) (am) and
11amended to read:
AB892,17,1412 186.41 (1) (am) "Regional Out-of-state credit union" means a state or federal
13credit union that has its, the principal office of which is located in one of the regional
14states
a state other than this state.
AB892, s. 32 15Section 32. 186.41 (1) (d) of the statutes is repealed.
AB892, s. 33 16Section 33. 186.41 (2) and (3) of the statutes are amended to read:
AB892,17,1817 186.41 (2) In-state Wisconsin credit union. (a) An in-state A Wisconsin credit
18union may do any of the following:
AB892,17,2019 1. Acquire an interest in, or some or all of the assets and liabilities of, one or
20more regional out-of-state credit unions.
AB892,17,2121 2. Merge with one or more regional out-of-state credit unions.
AB892,17,2522 (b) An in-state A Wisconsin credit union proposing any action under par. (a)
23shall provide the office of credit unions a copy of any original application seeking
24approval by a federal agency or by an agency of the regional another state and of any
25supplemental material or amendments filed in connection with any application.
AB892,18,2
1(3) Regional Out-of-state credit unions. Except as provided in sub. (4), a
2regional
an out-of-state credit union may do any of the following:
AB892,18,43 (a) Acquire an interest in, or some or all of the assets of, one or more in-state
4Wisconsin credit unions.
AB892,18,55 (b) Merge with one or more in-state Wisconsin credit unions.
AB892, s. 34 6Section 34. 186.41 (4) (intro.), (a) to (d) and (f) of the statutes are amended to
7read:
AB892,18,98 186.41 (4) Limitations. (intro.) A regional An out-of-state credit union may
9not take any action under sub. (3) until all of the following conditions have been met:
AB892,18,1310 (a) The office of credit unions finds that the statutes of the regional state in
11which the regional out-of-state credit union has its principal office permit in-state
12Wisconsin credit unions to both acquire regional out-of-state credit union assets and
13merge with one or more regional out-of-state credit unions in the regional that state.
AB892,18,1614 (b) The office of credit unions has not disapproved the acquisition of in-state
15Wisconsin credit union assets or the merger with the in-state Wisconsin credit union
16under sub. (5).
AB892,18,2517 (c) The office of credit unions gives a class 3 notice, under ch. 985, in the official
18state newspaper, of the application to take an action under sub. (3) and of the
19opportunity for a hearing and, if at least 25 residents of this state petition for a
20hearing within 30 days of the final notice or if the office of credit unions on its own
21motion calls for a hearing within 30 days of the final notice, the office of credit unions
22holds a public hearing on the application, except that a hearing is not required if the
23office of credit unions finds that an emergency exists and that the proposed action
24under sub. (3) is necessary and appropriate to prevent the probable failure of an
25in-state
a Wisconsin credit union that is closed or in danger of closing.
AB892,19,4
1(d) The office of credit unions is provided a copy of any original application
2seeking approval by a federal agency of the acquisition of in-state Wisconsin credit
3union assets or of the merger with an in-state a Wisconsin credit union and of any
4supplemental material or amendments filed with the application.
AB892,19,75 (f) With regard to an acquisition of assets of an in-state a Wisconsin credit
6union that is chartered on or after May 9, 1986, the in-state Wisconsin credit union
7has been in existence for at least 5 years before the date of acquisition.
AB892, s. 35 8Section 35. 186.41 (5) (a), (b), (c) and (cr) of the statutes are amended to read:
AB892,19,129 186.41 (5) (a) Considering the financial and managerial resources and future
10prospects of the applicant and of the in-state Wisconsin credit union concerned, the
11action would be contrary to the best interests of the members of the in-state
12Wisconsin credit union.
AB892,19,1513 (b) The action would be detrimental to the safety and soundness of the
14applicant or of the in-state Wisconsin credit union concerned, or to a subsidiary or
15affiliate of the applicant or of the in-state Wisconsin credit union.
AB892,19,2016 (c) Because the applicant, its executive officers, or directors have not
17established a record of sound performance, efficient management, financial
18responsibility, and integrity, the action would be contrary to the best interests of the
19creditors, the members or, the other customers of the applicant or of the in-state , the
20Wisconsin
credit union, or contrary to the best interests of the public.
AB892,19,2421 (cr) The applicant has failed to propose to provide adequate and appropriate
22services of the type contemplated by the community reinvestment act of 1977 in the
23community in which the in-state Wisconsin credit union which the applicant
24proposes to acquire or merge with is located.
AB892, s. 36 25Section 36. 186.41 (6) (a) of the statutes is renumbered 186.41 (6).
AB892, s. 37
1Section 37. 186.41 (6) (b) of the statutes is repealed.
AB892, s. 38 2Section 38. 186.41 (8) of the statutes is repealed.
AB892, s. 39 3Section 39. 186.45 of the statutes is created to read:
AB892,20,5 4186.45 Non-Wisconsin credit union, Wisconsin offices. (1) Definitions.
5In this section:
AB892,20,76 (a) "Non-Wisconsin credit union" means a credit union organized under the
7laws of and with its principal office located in a state other than this state.
AB892,20,88 (b) "Wisconsin credit union" has the meaning given in s. 186.41 (1) (bm).
AB892,20,13 9(2) Approval. A non-Wisconsin credit union may open an office and conduct
10business as a credit union in this state if the office of credit unions finds that
11Wisconsin credit unions are allowed to do business in the other state under
12conditions similar to those contained in this section and that all of the following apply
13to the non-Wisconsin credit union:
AB892,20,1514 (a) It is a credit union organized under laws similar to the credit union laws of
15this state.
AB892,20,1616 (b) It is financially solvent based upon national board ratings.
AB892,20,1717 (c) It has member savings insured with federal share insurance.
AB892,20,1918 (d) It is effectively examined and supervised by the credit union authorities of
19the state in which it is organized.
AB892,20,2120 (e) It has received approval from the credit union authorities of the state in
21which it is organized.
AB892,20,2322 (f) It has a need to place an office in this state to adequately serve its members
23in this state.
AB892,20,2524 (g) It meets all other relevant standards or qualifications established by the
25office of credit unions.
AB892,21,2
1(3) Requirements. A non-Wisconsin credit union shall agree to do all of the
2following:
AB892,21,43 (a) Grant loans at rates not in excess of the rates permitted for Wisconsin credit
4unions.
AB892,21,55 (b) Comply with this state's laws.
AB892,21,66 (c) Designate and maintain an agent for the service of process in this state.
AB892,21,10 7(4) Records. As a condition of a non-Wisconsin credit union doing business in
8this state under this section, the office of credit unions may require copies of
9examination reports and related correspondence regarding the non-Wisconsin
10credit union.
AB892, s. 40 11Section 40. 186.80 of the statutes is created to read:
AB892,21,13 12186.80 False statements. (a) No officer, director, or employee of a credit
13union may do any of the following:
AB892,21,1514 1. Willfully and knowingly subscribe to or make, or cause to be made, a false
15statement or entry in the books of the credit union.
AB892,21,1716 2. Knowingly subscribe to or exhibit false information with the intent to deceive
17any person authorized to examine the affairs of the credit union.
AB892,21,1918 3. Knowingly make, state, or publish any false report or statement of the credit
19union.
AB892,21,2120 (b) Any person who violates par. (a) may be fined not less than $1,000 nor more
21than $5,000, or imprisoned for not less than one year nor more than 15 years, or both.
AB892, s. 41 22Section 41. 220.04 (9) (a) 2. of the statutes is amended to read:
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