Amendment ASA-AB150

AB150-ASA, s. 5956 Section 5956. 218.05 (10) (c) of the statutes is amended to read:

AB150-ASA,1774,21 218.05 (10) (c) Whenever a licensee shall wish to change the licensee's place of business to any location other than that originally set forth in the license, the licensee shall give written notice thereof to the commissioner division and if the change is approved the commissioner division shall attach to the license, in writing, a rider stating the new address or location of the community currency exchange.

AB150-ASA, s. 5957 Section 5957. 218.05 (11) of the statutes is amended to read:

AB150-ASA,1775,2 218.05 (11) Renewal. Every licensee shall, on or before December 20, pay to the commissioner the sum of $50 $300 as an annual license fee for the next succeeding calendar year and shall, at the same time, shall file with the commissioner the annual bond and insurance policy or policies in the same amount and of the same character as required by subs. (3) (c) and (6).

AB150-ASA, s. 5958 Section 5958 . 218.05 (11) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is amended to read:

AB150-ASA,1775,9 218.05 (11) Renewal. Every licensee shall, on or before December 20, pay to the commissioner division the sum of $300 as an annual license fee for the next succeeding calendar year and, at the same time, shall file with the commissioner division the annual bond and insurance policy or policies in the same amount and of the same character as required by subs. (3) (c) and (6).

AB150-ASA, s. 5959 Section 5959. 218.05 (12) (a) (intro.) of the statutes is amended to read:

AB150-ASA,1775,15 218.05 (12) (a) (intro.) The commissioner division may, upon 10 days' notice to the licensee by mail directed to the licensee at the address set forth in the license, stating the contemplated action and in general the grounds therefor, and upon reasonable opportunity to be heard prior to such action, revoke any license issued hereunder if the commissioner division shall find that:

AB150-ASA, s. 5960 Section 5960. 218.05 (12) (a) 1. of the statutes is amended to read:

AB150-ASA,1775,20 218.05 (12) (a) 1. The licensee has failed to pay the annual license fee or to maintain in effect the required bond or insurance policy or policies or to comply with any order, decision or finding of the commissioner division made pursuant to this section.

AB150-ASA, s. 5961 Section 5961. 218.05 (12) (a) 2. of the statutes is amended to read:

AB150-ASA,1775,23 218.05 (12) (a) 2. The licensee has violated any provision of this section or any regulation or direction made by the commissioner division under this section.

AB150-ASA, s. 5962 Section 5962. 218.05 (12) (a) 3. of the statutes is amended to read:

AB150-ASA,1776,3 218.05 (12) (a) 3. Any fact or condition exists which, if it had existed at the time of the original application for such license, would have warranted the commissioner division in refusing the issuance of the license.

AB150-ASA, s. 5963 Section 5963. 218.05 (12) (b) of the statutes is amended to read:

AB150-ASA,1776,10 218.05 (12) (b) The commissioner division may revoke only the particular license with respect to which grounds for revocation may occur or exist, or if the commissioner division shall find that such grounds for revocation are of general application to all offices or to more than one office operated by such licensee, the commissioner division may revoke all of the licenses issued to such licensee or such number of licenses to which such grounds apply.

AB150-ASA, s. 5964 Section 5964. 218.05 (12) (c) of the statutes is amended to read:

AB150-ASA,1776,16 218.05 (12) (c) A licensee may surrender any license by delivering to the commissioner division written notice that the licensee surrenders such license, but such surrender shall not affect such licensee's civil or criminal liability for acts committed prior to such surrender, or affect the licensee's bond, or entitle such licensee to a return of any part of the annual license fee.

AB150-ASA, s. 5965 Section 5965. 218.05 (12) (d) of the statutes is amended to read:

AB150-ASA,1776,23 218.05 (12) (d) Every license issued hereunder shall remain in force until the same has been surrendered or revoked in accordance with this section, but the commissioner division may on the commissioner's division's own motion issue new licenses to a licensee whose license or licenses shall have been revoked if no fact or condition then exists which clearly would have warranted the commissioner division in refusing originally the issuance of such license under this section.

AB150-ASA, s. 5966 Section 5966. 218.05 (12) (e) of the statutes is amended to read:

AB150-ASA,1777,8 218.05 (12) (e) No license shall be revoked until the licensee has had notice of a hearing thereon and an opportunity to be heard. When any license is so revoked, the commissioner division shall within 20 days thereafter, prepare and keep on file in the commissioner's office with the division, a written order or decision of revocation which shall contain the commissioner's division's findings with respect thereto and the reasons supporting the revocation and shall send by mail a copy thereof to the licensee at the address set forth in the license within 5 days after the filing in the commissioner's office with the division of such order, finding or decision.

AB150-ASA, s. 5967 Section 5967. 218.05 (13) of the statutes is amended to read:

AB150-ASA,1777,12 218.05 (13) Review of orders. Any person aggrieved by any order of the commissioner division made under this section may have a review thereof by the consumer credit review board under s. 220.037.

AB150-ASA, s. 5968 Section 5968. 218.05 (14) (a) of the statutes is amended to read:

AB150-ASA,1777,20 218.05 (14) (a) A licensee shall annually, on or before February 15, file a report with the commissioner division that shall be used only for the official purposes of the commissioner division giving relevant information that the commissioner division may reasonably require concerning, and for the purpose of examining, the business and operations during the preceding calendar year of each licensed place of business conducted by the licensee within this state. The report shall be made under oath and shall be in the form prescribed by the commissioner division.

AB150-ASA, s. 5969 Section 5969. 218.05 (14) (b) 1. of the statutes is amended to read:

AB150-ASA,1777,24 218.05 (14) (b) 1. A licensee shall keep books, accounts and records to enable the commissioner division to determine if the licensee is complying with this section and with rules promulgated by and orders issued by the commissioner division.

AB150-ASA, s. 5970 Section 5970. 218.05 (14) (b) 2. of the statutes is amended to read:

AB150-ASA,1778,3 218.05 (14) (b) 2. A licensee shall keep within this state the books, accounts and records required by this paragraph at the licensee's place of business or a place readily accessible to the commissioner or examiners division.

AB150-ASA, s. 5971 Section 5971. 218.05 (14) (c) 1. of the statutes is amended to read:

AB150-ASA,1778,13 218.05 (14) (c) 1. The commissioner division may investigate the business and examine the books, accounts and records of a licensee at any time. For that purpose, the commissioner division shall have free access to the offices and places of business and to the books, accounts and records of a licensee. The commissioner division may examine any person under oath or affirmation whose testimony the commissioner division requires relative to the licensee. The commissioner or a designated representative An employe of the division may administer an oath or affirmation to a person called as a witness. The commissioner or the commissioner's representative An employe of the division may conduct the examination.

AB150-ASA, s. 5972 Section 5972. 218.05 (14) (c) 2. of the statutes is amended to read:

AB150-ASA,1778,17 218.05 (14) (c) 2. The commissioner division shall determine the cost of an examination. A licensee shall pay the cost of an examination within 30 days after the commissioner division demands payment.

AB150-ASA, s. 5973 Section 5973. 218.14 (1) (a) of the statutes is amended to read:

AB150-ASA,1778,22 218.14 (1) (a) That the primary housing unit meets those standards prescribed by law or administrative rule of the department of administration or of the department of industry, labor and human relations development, which are in effect at the time of its manufacture.

AB150-ASA, s. 5976 Section 5976. 219.09 of the statutes is amended to read:

AB150-ASA,1779,4 219.09 (title) Local exposition Certain district and authority bonds as legal investments and security. (1) A bank, trust company, savings bank or institution, savings and loan association, credit union or investment company or a personal representative, guardian, trustee or other fiduciary may legally invest any moneys or funds belonging to or within that person's control in bonds issued by a any of the following:

AB150-ASA,1779,5 (a) A local exposition district under subch. II of ch. 229.

AB150-ASA,1779,7 (2) This section shall not be construed as relieving any person of any duty of exercising any required level of care in selecting securities.

AB150-ASA, s. 5977 Section 5977. 219.09 (1) (b) of the statutes is created to read:

AB150-ASA,1779,9 219.09 (1) (b) The University of Wisconsin Hospitals and Clinics Authority.

AB150-ASA, s. 5978 Section 5978. 220.01 (1m) of the statutes is created to read:

AB150-ASA,1779,11 220.01 (1m) "Division" means the division of banking.

AB150-ASA, s. 5979 Section 5979. 220.02 (title) of the statutes is amended to read:

AB150-ASA,1779,13 220.02 (title) Commissioner of banking Division; duties.

AB150-ASA, s. 5980 Section 5980. 220.02 (1) of the statutes is repealed.

AB150-ASA, s. 5981 Section 5981. 220.02 (2) (intro.) of the statutes is amended to read:

AB150-ASA,1779,18 220.02 (2) (intro.) The commissioner of banking division shall enforce all laws relating to banks and banking in this state, and shall enforce and cause to be enforced every law relating to the supervision and control thereof, including those relating to:

AB150-ASA, s. 5982 Section 5982. 220.02 (3) of the statutes is amended to read:

AB150-ASA,1780,3 220.02 (3) It is the intent of sub. (2) to give the commissioner of banking division jurisdiction to enforce and carry out all laws relating to banks or banking in this state, including those relating to state banks, trust company banks, and also all laws relating to small loan companies or other loan companies or agencies, finance companies, motor vehicle dealers, adjustment service companies, community currency exchanges and collection agencies and those relating to sellers of checks under ch. 217, whether doing business as corporations, individuals or otherwise, but to exclude laws relating to credit unions, savings banks and savings and loan associations.

AB150-ASA, s. 5983 Section 5983. 220.02 (5) of the statutes is amended to read:

AB150-ASA,1780,11 220.02 (5) Except as otherwise provided in s. 220.037, any interested person or any bank or banking corporation aggrieved by an act, order or determination of the commissioner division may, within 10 days from the date thereof, apply to the banking review board to review the same. All such applications for review shall be considered and disposed of as speedily as possible. The banking review board may require the commissioner division to submit any of the commissioner's official division's actions subject to such review to said board for its approval.

AB150-ASA, s. 5984 Section 5984. 220.02 (6) of the statutes is repealed.

AB150-ASA, s. 5985 Section 5985. 220.035 (1) (a) of the statutes is amended to read:

AB150-ASA,1780,22 220.035 (1) (a) The banking review board shall advise the commissioner of banking division and others in respect to improvement in the condition and service of banks and banking business in this state and shall review the acts and decisions of the commissioner of banking division with respect to banks, except for such acts and decisions subject to review under s. 220.037, and shall perform such other review functions in relation to banking as are provided by law. The banking review board may require the commissioner of banking division to submit any of the commissioner's official division's actions to it for its approval. The board may make rules of procedure as provided in ch. 227.

AB150-ASA, s. 5986 Section 5986. 220.035 (1) (b) of the statutes is amended to read:

AB150-ASA,1781,15 220.035 (1) (b) Any interested person aggrieved by any act, order or determination of the commissioner of banking division may apply for review thereof by filing a petition with the secretary of the board within 10 days after the act, order or determination to be reviewed, which petition shall state the nature of the petitioner's interest, facts showing that petitioner is aggrieved and directly affected by the act, order or determination to be reviewed and the ground or grounds upon which 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 division and the person applying for review or that person's attorney and upon any other person who participated in the proceedings before the commissioner division 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.

AB150-ASA, s. 5987 Section 5987. 220.035 (1) (c) of the statutes is amended to read:

AB150-ASA,1782,6 220.035 (1) (c) The board shall base its determination upon the record made by the commissioner division 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 division under review shall be on the person seeking the review. Any findings of fact made by the commissioner division shall be sustained if supported by substantial evidence in the record made by the commissioner division 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 division 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 of banking division.

AB150-ASA, s. 5988 Section 5988. 220.035 (1) (d) of the statutes is amended to read:

AB150-ASA,1782,10 220.035 (1) (d) Each member of the board and all employes of the board shall, with respect to the disclosure of information concerning banks, be subject to the same requirements and penalties as the commissioner of banking employes of the division.

AB150-ASA, s. 5989 Section 5989. 220.035 (4) of the statutes is amended to read:

AB150-ASA,1782,19 220.035 (4) The board shall have an office in the quarters of the commissioner of banking division. The board's secretary shall keep a record of the meetings of the board and of all hearings, decisions, orders and determinations of the board. The board may make reasonable rules not inconsistent with law as to the time of meetings, time of hearings, notice of hearings and manner of conducting same and of deciding the matters presented. The board may direct that hearings and testimony be taken by any member of the board or by an examiner designated by the board.

AB150-ASA, s. 5990 Section 5990. 220.037 (1) of the statutes is amended to read:

AB150-ASA,1782,23 220.037 (1) The commissioner shall delegate a A department employe to shall keep and preserve the records of the consumer credit review board. The division administrator may call a special meeting of the consumer credit review board.

AB150-ASA, s. 5991 Section 5991. 220.037 (2) of the statutes is amended to read:

AB150-ASA,1783,6 220.037 (2) The consumer credit review board shall counsel, advise with and review the acts and decisions of the commissioner of banking division under chs. 138, 217 and 218. In performing such review functions, the board shall have all the powers granted to the banking review board under s. 220.035 (1) and its final orders and determinations shall be subject to judicial review under ch. 227. The board may establish rules of procedure in accordance with ch. 227.

AB150-ASA, s. 5992 Section 5992. 220.04 (title) of the statutes is amended to read:

AB150-ASA,1783,8 220.04 (title) Powers of commissioner division.

AB150-ASA, s. 5993 Section 5993. 220.04 (1) (a) of the statutes is amended to read:

AB150-ASA,1783,18 220.04 (1) (a) The commissioner of banking or any deputy or examiner division shall examine at least once in each year the cash, bills, collaterals, securities, assets, books of account, condition and affairs of each bank and trust company bank doing business in this state, except national banks. For that purpose the commissioner division may examine on oath any of the officers, agents, directors, clerks, stockholders, customers or depositors thereof, touching the affairs and business of such institution. In making such examinations of banks, the commissioner division shall determine the fair valuation of all assets in accordance with the schedules, rules and regulations prescribed by the banking review board.

AB150-ASA, s. 5994 Section 5994. 220.04 (1) (b) of the statutes is amended to read:

AB150-ASA,1783,24 220.04 (1) (b) In lieu of any examination required to be made by the commissioner division, the commissioner division may accept any examination that may have been made of any bank or trust company bank within a reasonable period by the federal deposit insurance corporation or a federal reserve bank, provided a copy of the examination is furnished the commissioner division.

AB150-ASA, s. 5995 Section 5995. 220.04 (2) of the statutes is amended to read:

AB150-ASA,1784,5 220.04 (2) The commissioner division shall examine, or cause to be examined, any bank when requested by the board of directors of such bank. The commissioner division shall also ascertain whether such bank transacts its business at the place designated in the articles of incorporation, and whether its business is conducted in the manner prescribed by law.

AB150-ASA, s. 5996 Section 5996. 220.04 (3) of the statutes is amended to read:

AB150-ASA,1784,13 220.04 (3) The commissioner or deputy commissioner division may, in the performance of his or her official duties, issue subpoenas and administer oaths. In case of any refusal to obey a subpoena issued by the commissioner or deputy commissioner division, the refusal shall be reported at once to the circuit court of the circuit in which the bank is located. The court shall enforce obedience to the subpoena in the manner provided by law for enforcing obedience to subpoenas of the court.

AB150-ASA, s. 5997 Section 5997. 220.04 (4) of the statutes is amended to read:

AB150-ASA,1785,15 220.04 (4) Whenever the commissioner division is of the opinion that the loaning, investing or other banking policies or practices of any officer or director of any bank have been prejudicial to the best interests of such bank or its depositors, or that such policies or practices, if put into operation or continued, will endanger the safety or solvency of said bank or impair the interests of its depositors, the commissioner division may, with the approval of the banking review board, request the removal of such officer or director. Such request shall be served on the bank and on such officer or director in the manner provided by law for serving a summons in a court of record or shall be transmitted to said bank and officer or director by registered mail with return receipt requested. If such request for removal is not complied with within a reasonable time fixed by the commissioner division, the commissioner division may by order, with like approval of the banking review board, remove such officer or director, but no order of removal shall be entered until after an opportunity for hearing before the banking review board is given to such officer or director upon not less than 10 days' notice. An order of removal shall take effect as of the date issued. A copy of such order shall be served upon the bank and upon such officer or director in the manner provided by law for service of a summons in a court of record or by mailing such copy to the bank or officer or director at the bank's or officer's or director's last-known post-office address. Any removal under this subsection shall be effective in all respects the same as if made by the board of directors or stockholders of said bank. Any officer or director removed from office under the provisions of this subsection shall not be reelected as an officer or director of any bank without the approval of the commissioner division and the banking review board. An order of removal under this subsection shall be deemed a final order or determination of the banking review board within the meaning and contemplation of s. 220.035 (3).

AB150-ASA, s. 5998 Section 5998. 220.04 (5) of the statutes is amended to read:

AB150-ASA,1786,2 220.04 (5) The commissioner division, in connection with the liquidation of any bank or banking corporation or when called upon to approve any plan of reorganization and stabilization thereof or when the commissioner division is satisfied the interests of the depositors and creditors in assets held under any trust arrangement so require in connection with such reorganization and stabilization, may cause the bank or banking corporation or trust to be audited. The expense of the audit shall, upon the certificate of the commissioner division, be refunded forthwith to the office of the commissioner of banking division by the bank, banking corporation or the trustees out of the assets of the bank, banking corporation or trust. Such charges shall be a preferred claim against the assets.

AB150-ASA, s. 5999 Section 5999. 220.04 (6) (a) of the statutes is amended to read:

AB150-ASA,1786,14 220.04 (6) (a) The commissioner division, with the approval of the banking review board, may establish uniform savings rules which shall be adopted by every bank and trust company bank. Such rules may provide the conditions under which banks or trust company banks may accept time deposits and the methods of figuring interest. Such rules may also provide the term of notice of withdrawal and the amounts which may be withdrawn by depositors, which conditions the bank may put in force in times of financial stress by action of its board of directors. The maximum rate of interest on deposits paid by banks whose deposits are not insured by the federal deposit insurance corporation, whether certificates of deposit or book savings deposits, shall be the same as the rate set by the federal deposit insurance corporation for banks whose deposits are insured by it.

AB150-ASA, s. 6000 Section 6000. 220.04 (6) (d) of the statutes is amended to read:

AB150-ASA,1786,23 220.04 (6) (d) The commissioner of banking division, with the approval of the banking review board, may establish rules regulating the kind and amount of foreign bonds or bonds and securities offered for sale by the international bank for reconstruction and development, the inter-American development bank, the international finance corporation, the African development bank and the Asian development bank which state banks and trust company banks may purchase, except that such rules shall not apply to bonds and securities of the Canadian government and Canadian provinces, which are payable in American funds.

AB150-ASA, s. 6001 Section 6001. 220.04 (7) (b) (intro.) of the statutes is amended to read:

AB150-ASA,1787,3 220.04 (7) (b) (intro.) The commissioner of banking division may, with the approval of the banking review board, establish uniform rules regulating organizations engaging in fiduciary operations. Such rules may: