215.11 (4) (a) No 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 division. If this bond is terminated at the request of the insured (employer) this provision shall apply nevertheless, it being the duty of the surety to give the required written notice to the commissioner division, such notice to be given promptly and within 10 days after the receipt of such request;
27,5568
Section 5568
. 215.11 (4) (b) of the statutes is amended to read:
215.11 (4) (b) The surety agrees to furnish the
commissioner, at Madison, division a copy of all riders and indorsements executed subsequently to the effective date of this bond.
27,5569
Section 5569
. 215.11 (5) of the statutes is amended to read:
215.11 (5) (title) Commissioner Division may consent to termination and waive notice thereof. The commissioner division may waive, as to the termination of any bond, the 10-day written notice in advance and may give written consent to the termination being made effective as of a date agreed upon by the surety and the association.
27,5570
Section 5570
. 215.13 (21) of the statutes is amended to read:
215.13 (21) Acquiring assets of other associations. Acquire all or any part of the assets of any other association with prior approval of the commissioner
division.
27,5571
Section 5571
. 215.13 (22) of the statutes is amended to read:
215.13 (22) Selling of assets to other associations. Sell all or any part of its assets to any other association with prior approval of the commissioner
division.
27,5572
Section 5572
. 215.13 (26) (intro.) of the statutes is amended to read:
215.13 (26) Investment securities. (intro.) Invest in the following types of securities, subject to such limitations as may be fixed by the commissioner division:
27,5573
Section
5573. 215.13 (26) (f) of the statutes is amended to read:
215.13 (26) (f) Such other types of securities which may be approved and authorized by the commissioner
division.
27,5574
Section 5574
. 215.13 (27) of the statutes is amended to read:
215.13 (27) Lend money to other associations. Lend money to other savings and loan associations incorporated and operating under this chapter, subject to approval of the commissioner division.
27,5575
Section 5575
. 215.13 (28) of the statutes is amended to read:
215.13 (28) Borrowing money. Borrow money and issue its obligations for the borrowed money, including but not limited to obligations, bonds, notes or other debt securities. The aggregate amount borrowed under this subsection may not exceed 50% of the association's total assets, except with the prior written approval of the commissioner division. An obligation, bond, note or other debt security may include a written provision subordinating the debt to claims of other creditors or of savers.
27,5576
Section 5576
. 215.13 (31) of the statutes is amended to read:
215.13 (31) Insurance of savings accounts. Insure the savings accounts of savers with the federal savings and loan insurance corporation or with another instrumentality approved by the commissioner division.
27,5577
Section 5577
. 215.13 (36) of the statutes is amended to read:
215.13 (36) Limited office. With the prior written approval of the commissioner division, establish a limited office providing lending or other services. Deposits to savings accounts may not be accepted at a limited office except as permitted under sub. (46).
27,5578
Section 5578
. 215.13 (39) of the statutes is amended to read:
215.13 (39) Branches. Subject to the approval of the commissioner division, any savings and loan association may establish and maintain one or more branch offices within the normal lending area of the home office, as defined in s. 215.21 (2), in this state or in any one of the regional states, as defined in s. 215.36 (1) (f). In the commissioner's division's approval, the commissioner division may limit the powers of the branch. Savings and loan associations may promote thrift in their local schools by accepting payments in the school upon savings accounts of the teachers and pupils.
27,5579
Section 5579
. 215.13 (40) of the statutes is amended to read:
215.13 (40) Location of branches. Whenever an association is absorbed or a branch office is acquired under s. 215.36, 215.53 or 215.73, maintain and operate a branch office at the location of the absorbed association or of the acquired branch office, if the commissioner division finds that the continued operation of a branch office at the location of the absorbed association or of the acquired branch office would be in the public interest. This subsection does not permit continued operation of an office of an absorbed association which received its certificate of incorporation less than 5 years prior to its absorption.
27,5580
Section 5580
. 215.13 (41) of the statutes is amended to read:
215.13 (41) Seller of checks. To engage as an authorized agent in the business and functions provided for in ch. 217 for their members upon receiving a certificate of authority from the commissioner division. Such applicants shall be under the jurisdiction and supervision of the commissioner division and meet the same requirements as other applicants under ch. 217, but no license or investigation fee shall be charged savings and loan association applicants. The commissioner division has the authority to enforce ch. 217 as it applies to savings and loan associations, the same as that granted the commissioner of banking in enforcing ch. 217. The commissioner division shall determine the records that shall be maintained and shall require the segregation of such funds as is necessary for operations permitted savings and loan associations under this subsection and ch. 217.
27,5581
Section 5581
. 215.13 (42) of the statutes is amended to read:
215.13 (42) Invest in real property. Invest in, or in interests in, real property, subject to such rules as the commissioner division shall issue.
27,5582
Section 5582
. 215.13 (46) (a) 1. of the statutes is amended to read:
215.13 (46) (a) 1. Directly or indirectly, acquire, place and operate, or participate in the acquisition, placement and operation of, at locations other than its home or branch offices, remote service units, in accordance with rules established by the commissioner division. Remote service units established in accordance with such rules are not subject to sub. (36), (39), (40) or (47) or s. 215.03 (8). The rules of the commissioner division shall provide that any such remote service unit shall be available for use, on a nondiscriminatory basis, by any state or federal savings and loan association which has its principal place of business in this state, by any other savings and loan association obtaining the consent of a state or federal savings and loan association which has its principal place of business in this state and is using the terminal and by all customers designated by a savings and loan association using the unit. This paragraph does not authorize a savings and loan association which has its principal place of business outside this state to conduct business as a savings and loan association in this state. The remote service units also shall be available for use, on a nondiscriminatory basis, by any credit union, state or national bank or state or federal savings bank, whose home office is located in this state, if the credit union, bank or savings bank requests to share its use, subject to the joint rules established under s. 221.04 (1) (k). The rules of the
commissioner division shall prohibit any advertising with regard to a shared remote service unit which suggests or implies exclusive ownership or control of the shared unit by any savings and loan association or group of savings and loan associations operating or participating in the operation of the unit. The commissioner division by order may authorize the installation and operation of a remote service unit in a mobile facility, after notice and hearing upon the proposed service stops of the mobile facility.
27,5583
Section 5583
. 215.13 (46) (a) 3. of the statutes is amended to read:
215.13 (46) (a) 3. If any person primarily engaged in the retail sale of goods or services owns or operates a remote service unit 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 paragraph or in rules established by the commissioner division 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.
27,5584
Section 5584
. 215.13 (46) (a) 4. of the statutes is amended to read:
215.13 (46) (a) 4. If a person primarily engaged in the retail sale of goods or services owns or operates a remote service unit 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 division 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.
27,5585
Section 5585
. 215.13 (47) of the statutes is amended to read:
215.13 (47) Extended office. With the approval of the commissioner division, extend its home office or branch by purchasing or leasing real estate for the purpose of establishing, identifying and maintaining an extended office, but only if the extended office is located within 1,000 feet of the home office or branch. All measurements under this subsection shall be made in a straight line from the nearest adjacent points in the respective property lines. The authority under this subsection is in addition to the authority to establish branch offices under s. 215.03 (8).
27,5586
Section 5586
. 215.13 (51) of the statutes is amended to read:
215.13 (51) Contract for financial services. Contract with a bank that is owned by a bank holding company which also owns the contracting association, to provide products or services under s. 221.04 (1) (pm). The bank shall be subject to regulation and examination by the commissioner division with regard to services performed under the contract to the same extent as if the services were being performed by the association itself on its own premises.
27,5587
Section 5587
. 215.135 (1) of the statutes is amended to read:
215.135 (1) Subject to any regulatory approval required by law and subject to sub. (2), a savings and loan association, 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
division finds to be financially related.
27,5588
Section 5588
. 215.135 (2) of the statutes is amended to read:
215.135 (2) The activities, powers, products and services that may be undertaken, exercised or offered by savings and loan associations under sub. (1) are limited to those specified by rule of the commissioner
division. The commissioner division may direct any savings and loan association 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 division may consider in so directing a savings and loan association are the savings and loan association's net worth, assets, management rating and liquidity ratio and its ratio of net worth to assets.
27,5589
Section 5589
. 215.141 of the statutes is amended to read:
215.141 Financially related services tie-ins. In any transaction conducted by an association, a savings and loan holding company or a subsidiary of either with a customer who is also a customer of any other subsidiary of any of them, 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 association, savings and loan holding company or subsidiary), is related to .... (insert name and address of association, savings and loan holding company 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 division of savings and loan at .... (insert address).
27,5590
Section 5590
. 215.15 (1) of the statutes is amended to read:
215.15 (1) Savings account forms. The association shall issue to each saver a written summary of the terms of the saver's account or, if permitted by the commissioner division, a receipt. The commissioner division may promulgate rules prescribing the form of or otherwise regulating issuance and use of evidences of savings accounts, summaries of savings accounts and receipts.
27,5591
Section 5591
. 215.15 (3) (a) (intro.) of the statutes is amended to read:
215.15 (3) (a) (intro.) The board of directors may, subject to the rules of the commissioner division and par. (b), provide for the following:
27,5592
Section 5592
. 215.15 (3) (b) of the statutes is amended to read:
215.15 (3) (b) Unless the commissioner division approves, a mutual association may not issue negotiable certificates of deposit which are not in registered form in an aggregate amount exceeding 20% of the total amount in savings accounts.
27,5593
Section 5593
. 215.15 (3) (c) of the statutes is amended to read:
215.15 (3) (c) The commissioner
division may promulgate rules governing the transfer of savings accounts or the replacement of lost or destroyed evidences of savings accounts.
27,5594
Section 5594
. 215.16 (intro.) of the statutes is amended to read:
215.16 Savings account earnings. (intro.) Subject to the rules of the commissioner division, the board of directors of an association may:
27,5595
Section 5595
. 215.18 (3) of the statutes is amended to read:
215.18 (3) An association may agree in writing not to close a savings account. The commissioner
division may promulgate rules restricting the authority of an association to close savings accounts.
27,5596
Section 5596
. 215.20 (2) of the statutes is amended to read:
215.20 (2) An association may make, buy, sell and hold property improvement loans to such persons, for such purposes, in such individual and aggregate amounts, and upon such terms as the commissioner division by rule prescribes.
27,5597
Section 5597
. 215.205 (intro.) of the statutes is amended to read:
215.205 Other loans and investments. (intro.) Subject to such rules as the commissioner division prescribes, an association may make, buy, sell and hold the following loans and investments:
27,5598
Section 5598
. 215.205 (4) of the statutes is amended to read:
215.205 (4) Loans or interests in loans to financial institutions with respect to which the United States, or any agency or instrumentality thereof, has any function of examination or supervision, or to any broker or dealer registered with the securities and exchange commission, secured by loans, obligations or investments in which it has any statutory authority to invest directly, subject to such rules as the commissioner division may issue.
27,5599
Section 5599
. 215.21 (1) (intro.) of the statutes is amended to read:
215.21 (1) Basic security required. (intro.) Subject to such additional limitations as the commissioner division may prescribe, associations may make loans on the security of any of the following:
27,5600
Section 5600
. 215.21 (1) (c) of the statutes is amended to read:
215.21 (1) (c) An 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 paragraph. The commissioner division shall promulgate joint rules with the commissioners office of credit unions and banking that establish procedures for enforcing a lender's rights in security given for a loan under this paragraph.
27,5601
Section 5601
. 215.21 (5) (a) of the statutes is amended to read:
215.21 (5) (a) The aggregate of loans that an association may make to any one borrower is subject to such limits as determined and prescribed by the commissioner
division and review board, but not exceeding 10% of the aggregate savings accounts or the net worth of the association, whichever is less.
27,5602
Section 5602
. 215.21 (6) (a) of the statutes is amended to read:
215.21 (6) (a) Direct reduction mortgage loans. The total monthly contractual payment on a direct reduction mortgage shall appear in the mortgage note. The commissioner division shall by regulation establish the maximum terms for the various types of direct reduction mortgages. The interest charges on loans of this type may be adjusted monthly or semiannually in accordance with the terms of the mortgage note.
27,5603
Section 5603
. 215.21 (7) (intro.) of the statutes is amended to read:
215.21 (7) Types of real estate security. (intro.) An association may make loans on the following types of real estate security as defined by the commissioner
division:
27,5604
Section 5604
. 215.21 (7) (c) of the statutes is amended to read:
215.21 (7) (c) Commercial type properties, the aggregate of which shall be fixed by the commissioner
division;
27,5605
Section 5605
. 215.21 (14) of the statutes is amended to read:
215.21 (14) Selling loans. Except as otherwise prescribed in s. 215.13 (22) an association may sell mortgage loans, without recourse, to any person, and service such loans for the purchaser in accordance with a duly executed servicing agreement. The aggregate of loans sold in any calendar year shall not exceed such limits as may be set by the commissioner division and review board.
27,5606
Section 5606
. 215.21 (15) of the statutes is amended to read:
215.21 (15) Participation loans. Any association may participate with other lenders in mortgage loans of any type that such association may otherwise make, subject to such rules as the commissioner division issues, including the interest in participation loans to be retained by the originator. The normal lending area, prescribed in sub. (2), shall not apply to any association purchasing a participating interest in such loan, provided the real estate securing such loan is located within the United States.
27,5607
Section 5607
. 215.21 (17) (b) (intro.) of the statutes is amended to read:
215.21 (17) (b) (intro.) Without the prior written approval of the commissioner division, no association may directly or indirectly make a mortgage loan to:
27,5608
Section 5608
. 215.21 (17) (b) 2. of the statutes is amended to read:
215.21 (17) (b) 2. Such other persons as the
commissioner division may by rule designate to avoid conflicts between the best interests of the association and the interests of its officers, directors or employes.
27,5609
Section 5609
. 215.21 (17) (d) 2. of the statutes is amended to read:
215.21 (17) (d) 2. To a nonprofit, religious, charitable or fraternal organization or a corporation in which the association has been authorized to invest by the commissioner division.
27,5610
Section 5610
. 215.21 (28) of the statutes is amended to read:
