Date of enactment: July 5, 2013
2013 Assembly Bill 58   Date of publication*: July 6, 2013
* Section 991.11, Wisconsin Statutes: Effective date of acts. "Every act and every portion of an act enacted by the legislature over the governor's partial veto which does not expressly prescribe the time when it takes effect shall take effect on the day after its date of publication."
An Act to repeal 221.1101 (3); to amend 221.1101 (1) (b); and to create 221.1101 (6) and 227.01 (13) (yw) and (yy) of the statutes; relating to: bank service corporations and credit union service organizations.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
22,1 Section 1. 221.1101 (1) (b) of the statutes is amended to read:
221.1101 (1) (b) "Bank services" means check and deposit sorting and posting, computation and posting of interest and other credits and charges, preparation and mailing of checks, statements, notices and similar items, or any other clerical, bookkeeping, accounting, statistical, auditing, compliance, loan documentation, administrative, technology, or other similar functions performed for a bank, or any other service established under sub. (6).
22,2 Section 2. 221.1101 (3) of the statutes is repealed.
22,3 Section 3. 221.1101 (6) of the statutes is created to read:
221.1101 (6) Additional bank services. (a) The division may establish additional services as bank services under sub. (1) (b) if the services are related to the routine daily operations of banks.
(b) A bank may file a written request with the division to exercise its authority under par. (a) and may include, along with the request, a description of any proposed bank service and an explanation of how that service is related to the routine daily operations of banks. Within 60 days after receiving a request under this paragraph, the division shall approve or disapprove the request.
22,4 Section 4. 227.01 (13) (yw) and (yy) of the statutes are created to read:
227.01 (13) (yw) Establishes additional services as bank services as provided in s. 221.1101 (6).
(yy) Expands the list of services that a credit union service organization may provide, as provided in s. 186.11 (4) (bd).