215.62 (1) Form. The bylaws of a stock association shall be approved by the commissioner division. The commissioner division shall, with the approval of the review board, promulgate rules governing bylaws.
27,5775
Section 5775
. 215.62 (2) of the statutes is amended to read:
215.62 (2) Filing and approval. Duplicate originals of the bylaws and amendments thereto shall be filed with and approved by the commissioner division.
27,5776
Section 5776
. 215.62 (3) of the statutes is amended to read:
215.62 (3) Effective date. The effective date of bylaws and subsequent amendments thereto shall be the date on which such bylaws or amendments are approved by the commissioner division.
27,5777
Section 5777
. 215.64 (1) of the statutes is amended to read:
215.64 (1) A savings and loan holding company shall be deemed to be engaged in the savings and loan business and shall be subject to the supervision and control of the office of the commissioner division. Such savings and loan holding company shall file reports of its financial condition when requested by the commissioner
division, and the commissioner division may order an examination of its solvency and economic condition whenever, in the commissioner's division's opinion, an examination is required. The cost of the examination shall be paid by the savings and loan holding company. Whenever in the opinion of the commissioner division, the condition of the savings and loan holding company shall endanger the safety of the savings capital of any savings and loan association which it owns or in any manner controls, or the operation of such savings and loan holding company shall be carried on in a manner which endangers the safety of such savings and loan association or its savers, or is contrary to the public interest, the commissioner
division may order the savings and loan holding company to remedy such condition or policy within 90 days. If the commissioner's division's order is not complied with, the commissioner division may fully direct the operation of such savings and loan association or savings and loan holding company until the order is complied with, and may withhold all dividends from the institution whose operation the commissioner division directs during the period in which the commissioner division exercises such authority.
27,5778
Section 5778
. 215.67 of the statutes is amended to read:
215.67 Dividends. The board of a stock association may declare and pay dividends, subject to the orders and rules of the commissioner division.
27,5779
Section 5779
. 215.70 (1) of the statutes is amended to read:
215.70 (1) Management responsibility. The management of a stock association shall be vested in a board of directors, who are charged with the responsibility of complying with this chapter, orders of the commissioner division, rules of the commissioner division promulgated under ch. 227, the articles of incorporation and bylaws of the association, and other laws applicable to savings and loan operations.
27,5780
Section 5780
. 215.70 (4) of the statutes is amended to read:
215.70 (4) Promulgation of rules. The board may by resolution adopt rules for the conduct of business by the association, provided they are consistent with this chapter, the rules of the commissioner division, and the articles of incorporation and bylaws of the association.
27,5781
Section 5781
. 215.73 (1) (a) (intro.) of the statutes is amended to read:
215.73 (1) (a) (intro.) With the consent of the
commissioner division and subject to any condition that the commissioner division prescribes, a stock association organized under this chapter may, by an affirmative vote of at least two-thirds of the board of each association, do any of the following:
27,5782
Section
5782. 215.73 (3) of the statutes is amended to read:
215.73 (3) Withdrawal requests. Any saver in an absorbed association or savings bank, who intends to file a written withdrawal request for savings accounts within one year after the date of approval of such absorption by the commissioner division, may do so by giving 90 days' written notice of such intention, and the savings accounts shall be withdrawn as provided in s. 215.17.
27,5783
Section 5783
. 215.76 (1) (b) 1. of the statutes is amended to read:
215.76 (1) (b) 1. Certified to the commissioner division under the seal of the association, by its president and secretary.
27,5784
Section 5784
. 215.76 (2) of the statutes is amended to read:
215.76 (2) Period of liquidation. A stock association so liquidating shall dispose of its assets within 10 years from the date of liquidation, unless the commissioner division orders otherwise.
27,5785
Section 5785
. 215.76 (6) of the statutes is amended to read:
215.76 (6) Resumption of business. A stock association in liquidation may resume business with the approval of the commissioner division upon conditions approved by the commissioner division.
27,5786
Section 5786
. 215.76 (7) (a) of the statutes is amended to read:
215.76 (7) (a) Unclaimed liquidating dividends and all funds remaining unpaid in the hands of the association or its board at or immediately prior to the date of final distribution, together with all final liquidating costs, shall be delivered to the commissioner division to be deposited in one or more state banks, state savings banks or state-chartered savings and loan associations, to the credit of the commissioner division, in trust for the various stockholders, owners of savings accounts or creditors entitled thereto. The commissioner division shall include in the annual report under s. 215.02 (11) the names of the associations so liquidated and the sums of unclaimed and unpaid liquidating dividends and unclaimed funds with respect to each of them respectively, including a statement of interest or dividends earned upon such funds.
27,5787
Section 5787
. 215.76 (7) (b) (intro.) of the statutes is amended to read:
215.76 (7) (b) (intro.) The commissioner division may:
27,5788
Section 5788
. 215.76 (7) (b) 3. of the statutes is amended to read:
215.76 (7) (b) 3. Apply the interest and dividends earned by the moneys so held toward defraying the expenses of the office division.
27,5789
Section 5789
. 215.76 (8) of the statutes is amended to read:
215.76 (8) (title) Reserved authority
of commissioner. This section does not prohibit the commissioner division from proceeding against any association as provided in s. 215.32.
27,5790
Section 5790
. 215.77 (1) (b) of the statutes is amended to read:
215.77 (1) (b) At such meeting, the stockholders may by the affirmative vote, in person or by proxy, of not less than two-thirds of the outstanding capital stock of the association the stockholders may by resolution declare to convert the association into a federal association, or in the case of a federal capital stock association into a state-chartered association. A copy of the minutes of the meeting, verified by the affidavit of the chairperson and the secretary of the meeting, shall be filed in the office of the commissioner with the division within 10 days after the meeting.
27,5791
Section 5791
. 215.77 (1) (d) 1. of the statutes is amended to read:
215.77 (1) (d) 1. Within 6 months after the adjournment of a meeting to convert into a federal association, the association shall do what is necessary to make it a federal association. Within 10 days after receipt of the federal charter, the association shall file with the commissioner division a copy of the federal charter, certified by the federal home loan bank board. Upon such filing the association shall cease to be a state-chartered association and shall thereafter be a federal association.
27,5792
Section 5792
. 215.77 (1) (d) 2. of the statutes is amended to read:
215.77 (1) (d) 2. Within 6 months after the adjournment of a meeting of the stockholders of a federal stock association called for the purpose of converting the association into a state-chartered association, the commissioner division shall examine such association and shall determine the action necessary to qualify the converting federal stock association for a state charter. Upon complying with the necessary requirements, a state charter shall be issued to such association.
27,5793
Section 5793
. 215.77 (4) of the statutes is amended to read:
215.77 (4) (title) Commissioner's approval Approval required before conversion becomes effective. Before any conversion under this section is final and in effect, the written approval of the commissioner division must be secured by the converting association.
27,5794
Section 5794
. 217.02 (2m) of the statutes is created to read:
217.02 (2m) “Division" means the division of banking.
27,5795
Section 5795
. 217.02 (3) of the statutes is amended to read:
217.02 (3) “General order" means an order of the office division other than a special order.
27,5796
Section 5796
. 217.02 (6) of the statutes is repealed.
27,5797
Section 5797
. 217.02 (10) of the statutes is amended to read:
217.02 (10) “Special order" means an order of the office division to or affecting a person.
27,5798
Section 5798
. 217.03 (1) of the statutes is amended to read:
217.03 (1) No person shall, as a service or for a fee or other consideration, engage in the business as a seller of checks without first securing a license from the office division to do so. Any person lawfully engaged in said business on March 18, 1968 may continue to engage therein without a license until the office has acted upon the person's application for a license, provided such application is filed within 30 days after March 18, 1968.
27,5799
Section 5799
. 217.03 (2) of the statutes is amended to read:
217.03 (2) The licensee shall be liable on checks duly issued for it by each authorized agent and shall furnish each such agent not exempt under s. 217.04 with an authorization in the form approved by the office
division in lieu of a license from the office division, to be displayed in the agent's place of business indicating that it is an authorized agent of the licensee. An agent so authorized by a licensee shall not be required to secure a license.
27,5800
Section 5800
. 217.05 (intro.) of the statutes is amended to read:
217.05 Application and fees. (intro.) Each application for a license shall be made in writing and under oath to the office division and shall contain such information and be in such form as it the division prescribes. The application shall state the full name and business address of:
27,5801
Section 5801
. 217.05 (5) (a) of the statutes is amended to read:
217.05 (5) (a) Financial statements. Financial statements reasonably satisfactory to the office division.
27,5802
Section 5802
. 217.05 (5) (c) of the statutes is amended to read:
217.05 (5) (c) Investigation fee. A nonrefundable fee of $100 $300 to the office for investigating the application. If the cost of the investigation exceeds $100
$300, the applicant shall, upon demand of the office, pay the excess cost. No investigation fee shall be required for renewal of a license. Any person holding a license as a community currency exchange or a foreign exchange company on March 18, 1968, is not required to pay an investigation fee nor a license fee for a single location for the remainder of the current licensing year.
27,5803
Section 5803
. 217.05 (5) (c) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is amended to read:
217.05 (5) (c) Investigation fee. A nonrefundable fee of $300 to the office division for investigating the application. If the cost of the investigation exceeds $300, the applicant shall, upon demand of the office
division, pay the excess cost. No investigation fee shall be required for renewal of a license.
27,5804
Section 5804
. 217.05 (5) (d) of the statutes is amended to read:
217.05 (5) (d) License fee. An annual license fee of $50 for each location not exceeding 6. If the applicant has more than 6 locations, a license fee of $50 each for the first 6 locations plus $2 for each location in excess of 6 locations up to and including a total of 100 locations and $1 for each location in excess of 100 with a maximum annual fee of $1,000. For each single location license issued between January 1 and June 30 of any year, the licensee shall pay the full annual license fee for the year ending December 31; for each license issued between July 1 and December 31 of any year, the licensee shall pay one-half of the annual license fee except for multiple office locations, for which the full annual fee shall be charged. No license fee shall be payable with respect to the location of any agent who is exempted from this chapter by s. 217.04 $500 plus $5 for each location within this state at which a licensee sells or issues checks, with a maximum annual fee of $1,500.
27,5805
Section 5805
. 217.06 (intro.) of the statutes is amended to read:
217.06 Licenses, how granted; conditions. (intro.) Every license issued shall be in the form prescribed by the office division and shall be issued to the applicant if:
27,5806
Section 5806
. 217.06 (2) of the statutes is amended to read:
217.06 (2) The financial responsibility, financial condition, business experience, character and general fitness of the applicant are such, in the opinion of the office division, as to command the confidence of the public and to warrant belief that the business will be conducted honestly and efficiently. The office division may investigate and consider the qualifications, character and general fitness of officers and directors or others associated with the applicant in determining whether this qualification has been met.
27,5807
Section 5807
. 217.06 (3) (a) of the statutes is amended to read:
217.06 (3) (a) A surety bond issued by a bonding company or insurance company authorized to do business in this state has been filed in the minimum principal sum of $10,000 for the first location and an additional sum of $5,000 for each additional location unless the office division determines that a bond in such amount is insufficient in which event it may require a bond in a larger sum, but in no event shall the bond exceed $300,000. The bond shall be in a form satisfactory to the office
division and shall run to the state for the benefit of any claimants against the applicant or the applicant's agents to secure the faithful performance of the obligations of the applicant and the applicant's agents with respect to the receipt, handling, transmission and payment of money in connection with the sale of checks and to reimburse the office division for any examination or liquidation expense. The aggregate liability of the surety in no event shall exceed the principal sum of the bond. The surety shall have the right to cancel such bond upon giving not less than 60 days' written notice to the office division, but such cancellation shall not release the surety from any liability that may arise with respect to obligations of the licensee outstanding on or prior to the effective day that such bond is canceled. Such claimants against the applicant or the applicant's agents may themselves bring suit directly on the bond, or the attorney general may bring suit thereon in behalf of such claimants, either in one action or successive actions.
27,5808
Section 5808
. 217.06 (3) (b) of the statutes is amended to read:
217.06 (3) (b) In lieu of such corporate surety bond, or of any portion of the principal thereof as required by this section, the applicant may deposit with such banks or trust companies in this state as the applicant designates and the office division approves, interest-bearing obligations of the United States or any agency or instrumentality thereof, or guaranteed by the United States, or of this state, or of a city, county, town, village, school district or instrumentality of this state, or guaranteed by this state, to an aggregate amount, based upon principal amount or market value, whichever is lower, of not less than the amount of the required corporate surety bond or portion thereof. The securities shall be held to secure the same obligations as would the surety bond but the depositor shall be entitled to receive all interest thereon, shall have the right with the approval of the office division to substitute other securities for those deposited, and shall be required to do so on written order of the office
division. The licensee shall pay all expenses of maintaining the deposit of obligations deposited in lieu of a corporate surety bond.
27,5809
Section 5809
. 217.07 of the statutes is amended to read:
217.07 Order denying application. If the office division is not satisfied as to all matters specified in s. 217.06, it shall enter a special order denying the application for a license and shall return the license fee to the applicant and retain the investigation fee. The office division shall make findings of fact as part of and in support of its orders denying any application for a license.
27,5810
Section 5810
. 217.08 (2) of the statutes is amended to read:
217.08 (2) Annual license fee; additions and deletions of locations. Each licensee shall file with the office division on or before December 1 of each year a statement listing the locations of the offices of the licensee and the names and locations of the agents authorized by the licensee. Every licensee shall also on or before December 1 of each year file a financial statement of its assets and liabilities as of a date not earlier than the preceding August 31 or, if the licensee is audited annually by an independent public accountant at the end of each fiscal year, the licensee may submit financial statements certified by said accountant for the licensee's latest fiscal year. Such statement shall be accompanied by the annual licensee fee for the calendar year beginning the following January 1 in an amount determined under s. 217.05. The amount of the surety bond or deposit of securities required by s. 217.06 shall be adjusted to reflect the number of such locations. Licensees which do not pay the maximum license fee under s. 217.05 and which do not maintain a bond or deposit of securities in the maximum sum of $300,000 as provided in s. 217.06 shall also file a supplemental statement setting forth any changes in the list of offices and agents with the office division on or before April 1, July 1 and October 1 of each year, and the principal sum of the corporate surety bond or deposit of securities required by s. 217.06 shall be adjusted to reflect any increase or decrease in the number of such locations. Any additional license fees which may become due under s. 217.05 shall be paid to the office division.
27,5811
Section 5811
. 217.08 (3) of the statutes is amended to read:
217.08 (3) Removal consent. Whenever a licensee changes its single or principal office location to another location it shall give written notice thereof to the office division, which shall amend the license accordingly without charge.
27,5812
Section 5812
. 217.09 (1) (intro.) of the statutes is amended to read:
217.09 (1) (intro.) The office
division shall, after complaint, notice and hearing, following the procedure in s. 217.19 so far as applicable, revoke any license in the following cases:
27,5813
Section 5813
. 217.09 (1) (c) of the statutes is amended to read:
217.09 (1) (c) If any fact or condition exists which, if it had existed at the time of the original application for such license, clearly would have warranted the office division to refuse to issue such license.
27,5814
Section 5814
. 217.09 (2) of the statutes is amended to read:
217.09 (2) If the office division finds cause for revocation of a license, it shall issue a special order revoking the license, which includes its findings of fact upon which such order is based.
27,5815
Section 5815
. 217.09 (3) of the statutes is amended to read:
217.09 (3) The office division may, for reasonable cause and after a hearing on 5 days' notice, suspend any license for a period not exceeding 30 days, pending further investigation, and in so doing shall issue a special order including its findings of fact upon which such order is based.
27,5816
Section 5816
. 217.09 (4) of the statutes is amended to read:
217.09 (4) The office division shall revoke or suspend only the authorization to operate at the location with respect to which grounds for revocation or suspension apply, but if the office division finds that such grounds for revocation or suspension apply to more than one location operated by such licensee, then the office
division shall revoke or suspend all of the authorizations of the licensee to which such grounds apply.
27,5817
Section 5817
. 217.09 (5) of the statutes is amended to read:
217.09 (5) Any licensee may surrender any license by giving written notice to the office division that the licensee surrenders such license and returns the license therewith.
27,5818
Section 5818
. 217.09 (6) of the statutes is amended to read:
217.09 (6) The office division may on its own motion issue a new license when a license has been revoked.
27,5819
Section 5819
. 217.10 (intro.) of the statutes is amended to read:
