186.015 (3) (b) Any interested person aggrieved by any act, order or determination of the commissioner office of credit unions may apply for review thereof by filing a petition with the secretary of the board within 30 days after the act, order or determination to be reviewed. The petition shall state the nature of the petitioner's interest, facts showing that the petitioner is aggrieved and directly affected by the act, order or determination to be reviewed and the ground or grounds upon which the petitioner claims that the act, order or determination should be modified or reversed. The issues raised by the petition for review shall be considered by the board upon giving at least 10 days' written notice of the time and place when said matter will be heard to the commissioner office of credit unions and the person applying for review or the applying person's attorney and upon any other person who participated in the proceedings before the commissioner office or that other person's attorney. Notice of hearing may be given by registered mail, return receipt requested, and the return receipt signed by the addressee or the addressee's agent shall be presumptive evidence that such notice was received by the addressee on the day stated on the receipt. Any other interested party shall have the right to appear in any proceeding before the board.
27,4884 Section 4884 . 186.015 (3) (c) of the statutes is amended to read:
186.015 (3) (c) The board shall base its determination upon the record made by the commissioner office of credit unions and may also receive additional evidence to supplement such record if it finds it necessary. The board shall affirm, modify or reverse the act, order or determination under review. The burden of overcoming the act, order or determination of the commissioner office of credit unions under review shall be on the person seeking the review. Any findings of fact made by the commissioner office of credit unions shall be sustained if supported by substantial evidence in the record made by the commissioner office or in such record supplemented by evidence taken by the board. The board shall have the powers granted by s. 885.01 (4). Any person causing a witness to be subpoenaed shall advance and pay the fees and mileage of such witness which shall be the same as in circuit court. The fees and mileage of witnesses who are called at the instance of the commissioner office of credit unions shall be paid by the state in the same manner that other expenses are audited and paid upon presentation of properly verified vouchers approved by at least one member of the board and charged to the appropriation of the office of the commissioner.
27,4885 Section 4885 . 186.02 (1) of the statutes is amended to read:
186.02 (1) Seven or more residents of this state may organize a credit union by filing with the commissioner office of credit unions the proposed articles of incorporation in duplicate and a verified copy of the proposed original bylaws, together with a $5 filing fee. The articles of incorporation shall state the name and purpose of the credit union, the location of its initial principal office, the par value of its shares, and the names, residences and occupations of the incorporators.
27,4886 Section 4886 . 186.02 (3) (a) of the statutes is amended to read:
186.02 (3) (a) Subject to par. (b), a credit union may not be organized unless the articles and bylaws are approved by the commissioner office of credit unions. If the commissioner office of credit unions approves the articles and bylaws, the commissioner office shall return one duplicate original of the articles of incorporation to the incorporators endorsed with his or her approval, and the incorporators shall within 30 days record the articles of incorporation in the office of the register of deeds of the county in which the credit union is to be located. The legal existence of the credit union commences on the date and time the articles are recorded. The register of deeds shall transmit to the commissioner office of credit unions a certificate stating the date and time when the articles were recorded, and the commissioner office of credit unions shall issue a certificate of incorporation to the credit union.
27,4887 Section 4887 . 186.02 (3) (b) of the statutes is amended to read:
186.02 (3) (b) If the commissioner office of credit unions refuses to approve the articles or bylaws, the incorporators may appeal the refusal to the credit union review board and the decision of the board is final, subject to judicial review under ch. 227.
27,4888 Section 4888 . 186.02 (4) (a) of the statutes is amended to read:
186.02 (4) (a) Amendments to the articles of incorporation adopted by a vote of two-thirds of the members of the credit union present at an annual meeting or a special meeting called for that purpose may be filed with the commissioner office of credit unions upon payment of a $5 fee. If approved by the commissioner office of credit unions, amendments to the articles are effective on recording in the office of the register of deeds in the same manner as the original articles.
27,4889 Section 4889 . 186.02 (4) (b) of the statutes is amended to read:
186.02 (4) (b) All amendments to the bylaws shall be filed with the commissioner office of credit unions and shall take effect only after being approved by the commissioner office.
27,4890 Section 4890 . 186.03 of the statutes is amended to read:
186.03 Use of name exclusive. No person, partnership, limited liability company, association or corporation, except corporations formed under this chapter, may transact within this state the business authorized by this chapter or any other business whatever under any name or title which includes the 2 words “credit" and “union", except that any organization whose membership is made up of credit unions may use the name, with the consent of the commissioner office of credit unions. Violations of this section may be enjoined at the instance of the commissioner office of credit unions or of any credit union. A violator of this section may be fined not less than $300 nor more than $1,000 or imprisoned for not less than 60 days nor more than one year in the county jail or both.
27,4891 Section 4891 . 186.04 (1) of the statutes is amended to read:
186.04 (1) The commissioner office of credit unions, with the approval of the credit union review board, shall fix the amounts to be assessed against credit unions for their supervision and the examination under and by virtue of this chapter. Such amounts shall be determined and paid as provided in this section.
27,4892 Section 4892 . 186.04 (2) of the statutes is amended to read:
186.04 (2) On or before July 15 of each year, each credit union shall pay to the office of the commissioner credit unions an annual fee to be determined as provided in sub. (1), which shall represent as nearly as practicable its fair share of the maintenance of the office of the commissioner.
27,4893 Section 4893 . 186.04 (5) of the statutes is amended to read:
186.04 (5) If the amounts collected under this section are in excess of the actual amounts necessary for the supervision and examination of credit unions in each year, the excess shall be retained by the commissioner office of credit unions and applied in reducing the amounts chargeable for ensuing years.
27,4894 Section 4894 . 186.098 (7) of the statutes is amended to read:
186.098 (7) The commissioner office of credit unions may reduce the loan limits specified in sub. (6) on an individual basis.
27,4895 Section 4895 . 186.098 (8) (b) of the statutes is amended to read:
186.098 (8) (b) With the approval of the commissioner office of credit unions, credit unions may utilize credit cards, including point-of-purchase credit, providing the credit committee or loan officer, upon their own motion or upon application by a member, has predetermined the extent of credit extension.
27,4896 Section 4896 . 186.098 (10) of the statutes is amended to read:
186.098 (10) Loans to members secured by mortgages on real estate may be made subject to the rules prescribed by the commissioner office of credit unions. Such loans may provide for additional advances, but any additional advance made to a member, if the mortgage and mortgage note so provide, may not exceed an amount specified in the mortgage.
27,4897 Section 4897 . 186.098 (12) of the statutes is amended to read:
186.098 (12) A credit union may make loans to members secured by assignment or transfer of stock certificates or other evidence of the borrower's ownership interest in a corporation formed for the cooperative ownership of real estate. Sections 846.10 and 846.101, as they apply to a foreclosure of a mortgage involving a one-family residence, apply to a proceeding to enforce the lender's rights in security given for a loan under this subsection. The commissioner office of credit unions shall promulgate joint rules with the commissioners divisions of savings and loan and of banking that establish procedures for enforcing a lender's rights in security given for a loan under this subsection.
27,4898 Section 4898 . 186.11 (1) of the statutes is amended to read:
186.11 (1) General. The board of directors may invest credit union funds in U.S. government direct and agency obligations, municipal bonds issued by municipalities of the state, central credit unions, banks, savings banks and savings and loans associations located in Wisconsin and may, with the approval of the commissioner office of credit unions, make other investments including investments in credit unions.
27,4899 Section 4899 . 186.11 (2) (b) of the statutes is amended to read:
186.11 (2) (b) The board of directors may purchase, lease or construct a building for the operation of the credit union, provided the aggregate cost of the building, remodeling of the building, land improvements and land acquisition does not exceed 100% of the credit union's regular reserve unless prior approval for greater amounts is given by the commissioner office of credit unions. The cost of land acquisition may include vicinal property for future expansion but may not exceed the aggregate cost limitation. Nothing in this subsection authorizes a credit union to lease a building owned by a director or by a corporation, limited liability company, partnership or association controlled by a director. The credit union may rent or lease a portion of its building or property.
27,4900 Section 4900 . 186.112 of the statutes is amended to read:
186.112 Credit union borrowing. The board of directors may borrow money from any source if the amount borrowed does not exceed 50% of the credit union's total savings, deposits and reserves and the loan is not for a period longer than 12 months. The limitations of this subsection do not apply to national corporate central credit unions. The 12-month limitation under this subsection does not apply to money borrowed by a credit union to acquire credit union property, buildings, remodeling or equipment. The commissioner office of credit unions may exempt any credit union from the limitations of this subsection.
27,4901 Section 4901 . 186.113 (1) of the statutes is amended to read:
186.113 (1) If the need and necessity exists, establish subsidiary offices where permanent records may be maintained within the state with the approval of the commissioner office of credit unions.
27,4902 Section 4902 . 186.113 (1m) (a) 3. of the statutes is amended to read:
186.113 (1m) (a) 3. The establishment of such offices has been approved by the commissioner office of credit unions.
27,4903 Section 4903 . 186.113 (1m) (a) 4. of the statutes is amended to read:
186.113 (1m) (a) 4. Such offices are established and operated in accordance with rules promulgated by the commissioner office of credit unions.
27,4904 Section 4904 . 186.113 (2) of the statutes is amended to read:
186.113 (2) Share office space with one or more credit unions and contract with a corporation to provide facilities or personnel. Such service center corporation shall be deemed thereby to be under the supervision of the commissioner office of credit unions.
27,4905 Section 4905 . 186.113 (15) (a) of the statutes is amended to read:
186.113 (15) (a) Directly or indirectly, acquire, place and operate, or participate in the acquisition, placement and operation of, at locations other than its offices, remote terminals, in accordance with rules established by the commissioner office of credit unions. The rules of the commissioner shall provide that any remote terminal shall be available for use, on a nondiscriminatory basis, by any state or federal credit union which has its principal place of business in this state, by any other credit union obtaining the consent of a state or federal credit union which has its principal place of business in this state and is using the terminal and by all members designated by a credit union using the terminal. This subsection does not authorize a credit union which has its principal place of business outside the state to conduct business as a credit union in this state. The remote terminals also shall be available for use, on a nondiscriminatory basis, by any state or national bank, state or federal savings bank or state or federal savings and loan association, whose home office is located in this state, if the bank, savings bank or savings and loan association requests to share its use, subject to the joint rules established under s. 221.04 (1) (k). The rules of the commissioner office of credit unions shall prohibit any advertising with regard to a shared remote terminal which suggests or implies exclusive ownership or control of the shared terminal by any credit union or group of credit unions operating or participating in the operation of the terminal. The commissioner office of credit unions by order may authorize the installation and operation of a remote terminal in a mobile facility, after notice and hearing upon the proposed service stops of the mobile facility.
27,4906 Section 4906 . 186.113 (15) (c) of the statutes is amended to read:
186.113 (15) (c) If any person primarily engaged in the retail sale of goods or services owns or operates a remote terminal on such person's premises and allows access to the unit by any financial institution, group of financial institutions or their customers, nothing in this subsection or in rules established by the commissioner office of credit unions shall, or shall be construed or interpreted to, require such person to accept any connection to or use of the unit on its premises for any other purpose or function or to accept any connection to the unit on its premises by any other financial institution.
27,4907 Section 4907 . 186.113 (15) (d) of the statutes is amended to read:
186.113 (15) (d) If a person primarily engaged in the retail sale of goods or services owns or operates a remote terminal on such person's premises and allows access to the unit by any financial institution, group of financial institutions or their customers for any purpose or function, no laws governing such institutions or rules established by the commissioner office of credit unions shall apply to such person other than those laws or rules directly related to the particular function performed by the unit on such person's premises for a financial institution.
27,4908 Section 4908 . 186.115 (1) of the statutes is amended to read:
186.115 (1) Subject to any regulatory approval required by law and subject to sub. (2), a credit union directly or through a subsidiary, may undertake any activity, exercise any power or offer any financially related product or service in this state that any other provider of financial products or services may undertake, exercise or provide or that the commissioner office of credit unions finds to be financially related.
27,4909 Section 4909 . 186.115 (2) of the statutes is amended to read:
186.115 (2) The activities, powers, products and services that may be undertaken, exercised or offered by credit unions under sub. (1) are limited to those specified by rule of the commissioner office of credit unions. The commissioner office of credit unions may direct any credit union to cease any activity, the exercise of any power or the offering of any product or service authorized by rule under this subsection. Among the factors that the commissioner office of credit unions may consider in so directing a credit union are the credit union's net worth, assets, management rating and liquidity ratio and its ratio of net worth to assets.
27,4910 Section 4910 . 186.116 of the statutes is amended to read:
186.116 Financially related services tie-ins. In any transaction conducted by a credit union or a subsidiary of a credit union with a customer who is also a customer of any other subsidiary of the credit union, the customer shall be given a notice in 12-point boldface type in substantially the following form:
NOTICE OF RELATIONSHIP
This company, .... (insert name and address of credit union or subsidiary), is related to .... (insert name and address of credit union or subsidiary) of which you are also a customer. You may not be compelled to buy any product or service from either of the above companies or any other related company in order to participate in this transaction.
If you feel that you have been compelled to buy any product or service from either of the above companies or any other related company in order to participate in this transaction, you should contact the management of either of the above companies at either of the above addresses or the office of the commissioner credit unions at .... (insert address).
27,4911 Section 4911 . 186.119 of the statutes is repealed.
27,4912 Section 4912 . 186.16 (2) of the statutes is amended to read:
186.16 (2) The commissioner office of credit unions may establish the maximum dividend that a credit union and a central credit union may pay in each classification of its savings.
27,4913 Section 4913 . 186.17 (2) of the statutes is amended to read:
186.17 (2) Special reserves may be required by the commissioner office of credit unions on an individual credit union basis for purchased accounts or when serious threat of impairment threatens regular reserve.
27,4914 Section 4914 . 186.18 of the statutes is amended to read:
186.18 Dissolution. Upon the unanimous recommendation of the board of directors, the members may vote to dissolve the credit union. If a majority of the total membership vote by ballot in person or by letter or other written communication in favor of dissolution, and if not more than 15 members or 10% of the total membership, whichever is greater, by written notice vote against dissolution, the credit union shall be dissolved. If both the number of votes in favor of dissolution and the number of votes against dissolution are each less than 50% of the total number of members the board of directors may, with the permission of the commissioner office of credit unions, cause written notice to be mailed to each member at the member's last-known address which expressly states that the board's proposal to dissolve the credit union will be approved or disapproved at a special or annual meeting to be held at the time and place specified in the notice. The credit union shall be dissolved only if a majority of the members present at the meeting vote in favor of the board's proposal to dissolve the credit union. If the members vote to dissolve the credit union, a committee of 3 shall be elected by the members to liquidate the assets of the credit union. After assets are liquidated and debts paid members shall be paid a liquidating dividend in proportion to their savings from remaining assets. The committee in charge of liquidation may sell or dispose of the assets in whole or in part at a public or private sale subject to confirmation by the board of directors and the commissioner office of credit unions.
27,4915 Section 4915 . 186.19 (1) of the statutes is amended to read:
186.19 (1) As a condition precedent to qualification or entry upon the discharge of his or her duties, every person appointed or elected to any position requiring the receipt, payment or custody of money or other personal property owned by a credit union or in its custody or control as collateral or otherwise shall give a bond in some responsible corporate surety company, licensed to do business in this state, in such adequate sum as the directors shall require and approve. In lieu of individual bonds the commissioner office of credit unions may accept a schedule or blanket bond which covers all of the officers and employes of any credit union whose duties include the receipt, payment or custody of money or other personal property for or on behalf of the credit union. All such bonds shall be in the form prescribed by the commissioner office of credit unions.
27,4916 Section 4916 . 186.19 (2) of the statutes is amended to read:
186.19 (2) No officer or employe who is required to give bond shall be deemed qualified nor shall be permitted to enter upon the discharge of that officer's or employe's duties until that officer's or employe's bond shall have been approved by a majority of the board of directors. Such bonds shall be filed with the commissioner office of credit unions within 10 days next after approval thereof by the board of directors. The minute books of each credit union shall contain a record of each bond executed and approved.
27,4917 Section 4917 . 186.19 (3) of the statutes is amended to read:
186.19 (3) Such bond shall be sufficient in amount to protect the credit union from loss by reason of acts of fraud or dishonesty including forgery, theft, embezzlement, wrongful abstraction or misapplication on the part of the person, directly or through connivance with others. At any time the commissioner office of credit unions may require additional bond or security, when, in the commissioner's office's opinion, the bonds then executed and approved are insufficient.
27,4918 Section 4918 . 186.19 (4) (a) of the statutes is amended to read:
186.19 (4) (a) No cancellation or other termination of this bond shall be effective unless the surety gives in advance at least 10 days' written notice by registered mail to the commissioner office of credit unions. If this bond is canceled or terminated at the request of the insured (employer) this provision nevertheless shall apply, it being the duty of the surety to give the required written notice to the commissioner office of credit unions, such notice to be given promptly and in any event within 10 days after the receipt of such request.
27,4919 Section 4919 . 186.19 (4) (b) of the statutes is amended to read:
186.19 (4) (b) The surety agrees to furnish the commissioner office of credit unions a copy of all riders and indorsements executed subsequently to the effective date of this bond.
27,4920 Section 4920 . 186.19 (5) of the statutes is amended to read:
186.19 (5) For reasons which the commissioner office of credit unions deems valid and sufficient the commissioner office may waive as to the cancellation or termination of any such bond the 10-day written notice in advance required by sub. (4) (a) and the commissioner office may give written consent to the termination or cancellation being made effective as of a date agreed upon and requested by the surety and credit union.
27,4921 Section 4921 . 186.21 (1) of the statutes is amended to read:
186.21 (1) It shall be the duty of the office of the commissioner of credit unions to promote the extension of credit at the lowest possible rates and cooperate with every group of people who may be or may become interested in the formation and development of a credit union in this state for that purpose, and it may do all things reasonably necessary for the discharge of this duty.
27,4922 Section 4922 . 186.21 (2) of the statutes is amended to read:
186.21 (2) The office of the commissioner of credit unions shall carry on advertising of whatever character is most suitable and effective to acquaint the people of this state with the agencies and organizations dealing in consumer credit, and of the rates of interest, the condition of loans, the benefits and safeguards and the savings features of each such type, agency and organization.
27,4923 Section 4923 . 186.21 (3) of the statutes is amended to read:
186.21 (3) The office of the commissioner of credit unions shall further offer without charge to any group, either joined in a credit union or considering such an organization, whatever advice and direction on accounting practice and managerial problems that may be needful.
27,4924 Section 4924 . 186.21 (4) of the statutes is amended to read:
186.21 (4) The office of the commissioner of credit unions shall provide application blanks, model bylaws, and whatever other material may be needful or helpful in the organization, efficient functioning and expansion of credit unions.
27,4925 Section 4925 . 186.22 (1) (intro.) of the statutes is amended to read:
186.22 (1) Organization. (intro.) When authorized by the commissioner office of credit unions, 10 or more credit unions, the aggregate resources of which shall not be less than $50,000, may form the “Credit Union Finance Corporation". Each of such credit unions shall subscribe, acknowledge and submit to the commissioner office of credit unions an organization certificate in duplicate which shall specifically state:
27,4926 Section 4926. 186.22 (2) (intro.) of the statutes is amended to read:
186.22 (2) Proposed bylaws. (intro.) The incorporators shall subscribe and acknowledge and submit to the commissioner office of credit unions proposed bylaws in duplicate, which shall prescribe the manner in which the business of such credit union finance corporation shall be conducted with reference to the following matters:
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