Initial Regulatory Flexibility Analysis
The proposed rule order does not have a significant economic impact on a substantial number of small businesses.
Fiscal Estimate
The rule order updates the Department of Revenue's administrative code with respect to the sales and use tax treatment of sales and purchases by financial institutions. The rule reflects the Department's current position regarding services provided by financial institutions, clarifies existing language, and makes changes in style and format to conform with Legislative Council Rules Clearinghouse standards. These changes do not have a fiscal effect.
Notice of Hearing
Commissioner of Savings and Loan
(Savings Banks)
Notice is hereby given that pursuant to s. 215.02 (7) (a), Stats., the Office of the Commissioner of Savings and Loan will hold a public hearing at the time and place indicated below, to consider amending s. SB 3.06 (1) (e), relating to increasing the maximum commercial loan aggregate which is authorized for an outside director.
Hearing Information
June 18, 1996 Suite 202
Tuesday Office of Comm. of Sav. & Loan
At 10:00 a.m. 4785 Hayes Rd.
MADISON, WI
Analysis Prepared By The Office of the Commissioner of Savings and Loan
Statutory authority: s. 214.715 (1) (d)
Statutes interpreted: ss. 214.335 and 214.345
Under current rule, a savings bank may extend credit for commercial purposes to an affiliated person (ex., a director, officer or controlling person; see s. 214.01 (2), Stats.) up to an aggregate of $100,000.
This rule increases the maximum aggregate loan for commercial purposes to an “outside director” (i.e., a director who is not a savings bank employe), to the greater of $100,000 or 10% of the savings bank's net worth but not greater than $2,500,000.
Other conditions applicable to extending credit to all affiliated persons continue to apply. For example, the credit shall not involve more than the normal risk of collectibility or present other unfavorable features; and it shall be at terms, amount and interest rate substantially the same as those prevailing at the same time for comparable loans made to members of the general public.
Fiscal Estimate
This rule will have no fiscal impact on the Office of the Commissioner of Savings and Loan. The required reviews of loans to outside directors will be done with existing personnel and resources.
Initial Regulatory Flexibility Analysis
This rule will provide all savings banks' outside directors -- including savings banks covered by the definition of “small business” under s. 227.114 (1) (a), Stats. -- with the maximum commercial loan authorization. Exempting small businesses from this rule would be contrary to the rule's objectives which are to encourage high-calibre people to serve as outside directors of savings banks.
Text of Rule
SECTION 1. SB 3.06 (1) (e) is amended to read:
SB 3.06 (1) (e) A savings bank may extend credit for commercial purposes to an affiliated person which may not exceed an aggregate of $100,000 except that the maximum for a director who is not employed by the savings bank may be the greater of $100,000 or 10% of the savings bank's net worth but not greater than $2,500,000. This extension of credit shall not involve more than the normal risk of collectibility or present other unfavorable features, and shall be at terms, amount, and interest rate substantially the same as those prevailing at the same time for comparable loans made to members of the general public of similar credit status. A savings bank shall comply with par. (d) with respect to any extensions of commercial credit exceeding an aggregate amount of $10,000. A savings bank shall, at the time of approval by the board of directors, notify the commissioner of the transaction and all other outstanding extensions of commercial credit to the affiliated person.
Notice of Hearing
Commissioner of Savings and Loan
(Savings Banks)
Notice is hereby given that pursuant to s. 214.715 (1) (d), Stats., the Office of the Commissioner of Savings and Loan will hold a public hearing at the time and place indicated below to consider amending s. SB 3.08 (4) (e), relating to the definition of “primary liquid assets” in the liquidity rule for savings banks.
Hearing Information
June 18, 1996 Suite 202
Tuesday Office of Comm. of Sav. & Loan
At 10:00 a.m. 4785 Hayes Rd.
MADISON, WI
Analysis Prepared By The Office of the Commissioner of Savings and Loan
Statutory authority: s. 214.715 (1) (d)
Statute interpreted: s. 214.715 (1) (d)
This rule makes a minor adjustment to the definition of “primary liquid assets” in the liquidity rule for savings banks which became effective on April 1, 1996. In the definition of “primary liquid assets”, this rule specifies that included should be accrued interest receivable from specified commercial paper, bankers acceptances and shares in open-end investment funds.
Fiscal Estimate
This rule will have no fiscal impact on the Office of the Commissioner of Savings and Loan. The required reviews of a savings bank's compliance with this rule will be done with existing personnel and resources.
Initial Regulatory Flexibility Analysis
This rule will provide all savings banks -- including savings banks covered by the definition of “small business” under s. 227.114 (1) (a), Stats. -- with the requirement of maintaining sufficient liquidity to meet cash demands. Exempting small businesses from this rule would be contrary to this objective of the rule.
Text of Rule
SECTION 1. SB 3.08 (4) (e) is amended to read:
SB 3.08 (4) (e) Accrued interest receivable on any item in par. (a), (b) or ,(c),(f), (g) or (h).
Notice of Hearing
Transportation, Dept. of
Notice is hereby given that pursuant to ss. 85.16, 227.11, and 343.02, 343.305 (11), Stats., the Department of Transportation will hold a public hearing at the time and place indicated below, to consider the revision of ch. Trans 107, Wis. Adm. Code, relating to driver licensing of persons with chemical abuse or dependency problems.
Hearing Information
June 19, 1996 Room 88
Wednesday Hill Farms State Trans. Bldg.
At 1:30 p.m. 4802 Sheboygan Ave.
MADISON, WI
Parking for people with disabilities and an accessible entrance are available on the north and south sides of the Hill Farms State Transportation Building.
Written Comments
The public record on this proposed rule-making will be held open until June 26, 1996, to permit the submission of written comments from people unable to attend the public hearing or who wish to supplement testimony offered at the hearing. Any such written comments should be submitted to:
Wes Geringer
Bureau of Driver Services, Room 351
Department of Transportation
P. O. Box 7920
Madison, WI 53707-7920
Copies of Proposed Rule
A copy of the proposed rule may be obtained, without cost, upon request from:
Bureau of Driver Services
Telephone (608) 266-2233
Division of Motor Vehicles
P. O. Box 7920
Madison, WI 53707-7920
For further information, contact Karen Smith, (608) 264-7143 or Linda Sunstad, (608) 266-0194. Hearing-impaired individuals may contact the Department using TDD (608) 266-0396. Alternate formats of the proposed rule will be provided to individuals at their request.
Analysis Prepared by the Wisconsin Department of Transportation
Statutory Authority: ss. 85.16, 227.11, and 343.02, and 343.305 (11)
Statutes Interpreted: ss. 343.16, 343.30 (1q) and 343.305
General Summary of Proposed Rule
