Amendment ASA-AB150

AB150-ASA, s. 5276 Section 5276. 214.04 (21) (a) of the statutes is amended to read:

AB150-ASA,1600,24 214.04 (21) (a) Directly or indirectly, to acquire, place and operate, or participate in the acquisition, placement and operation of, at locations other than its home office and branch offices, remote service units, in accordance with rules established by the commissioner division.

AB150-ASA, s. 5277 Section 5277. 214.04 (21) (b) of the statutes is amended to read:

AB150-ASA,1601,20 214.04 (21) (b) The rules of the commissioner division shall provide that any remote service unit shall be available for use, on a nondiscriminatory basis, by any state or federal savings bank which has its principal place of business in this state, by any other state or federal savings bank obtaining the consent of a state or federal savings bank that has its principal place of business in this state and is using the terminal and by all customers designated by a savings bank using the unit. This paragraph does not authorize a savings bank which has its principal place of business outside this state to conduct business as a savings bank in this state. A remote service unit shall be available for use, on a nondiscriminatory basis, by any credit union, state or national bank or state or federal savings and loan association, whose home office is located in this state, if the credit union, bank or savings and loan association requests to share its use, subject to joint rules established by the commissioner division of banking, the commissioner office of credit unions and the commissioner division. The rules of the commissioner division and the joint rules shall each 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 bank or group of savings banks 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.

AB150-ASA, s. 5278 Section 5278. 214.04 (21) (c) of the statutes is amended to read:

AB150-ASA,1602,3 214.04 (21) (c) 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 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.

AB150-ASA, s. 5279 Section 5279. 214.04 (21) (d) of the statutes is amended to read:

AB150-ASA,1602,11 214.04 (21) (d) 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, laws governing such institutions or rules established by the commissioner division shall not 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.

AB150-ASA, s. 5280 Section 5280. 214.04 (25) of the statutes is amended to read:

AB150-ASA,1602,15 214.04 (25) Subject to rules of the commissioner division, to issue credit cards, extend open-end credit and otherwise engage in or participate in credit card operations.

AB150-ASA, s. 5281 Section 5281. 214.04 (26) of the statutes is amended to read:

AB150-ASA,1602,18 214.04 (26) With the prior approval of the commissioner division, establish a limited office.

AB150-ASA, s. 5282 Section 5282. 214.04 (27) of the statutes is amended to read:

AB150-ASA,1602,21 214.04 (27) After giving notice to the commissioner division, establish an extended office.

AB150-ASA, s. 5283 Section 5283. 214.045 of the statutes is amended to read:

AB150-ASA,1603,2 214.045 Status as internal revenue service qualified thrift lender. A savings bank shall qualify for and maintain either the 60% asset test of section 7701 (a) (19) of the internal revenue code, or an asset test prescribed by rule of the commissioner division that is not less than the percentage prescribed by section 7701 (a) (19) of the internal revenue code.

AB150-ASA, s. 5284 Section 5284. 214.06 (1) (intro.) of the statutes is amended to read:

AB150-ASA,1603,6 214.06 (1) (intro.) With the prior written approval of the commissioner division, a savings bank may establish one or more branch offices. A branch office may be located in any of the following:

AB150-ASA, s. 5285 Section 5285. 214.07 of the statutes is amended to read:

AB150-ASA,1603,9 214.07 Authorized activities. A savings bank holding company may engage in activities that are authorized by the commissioner division.

AB150-ASA, s. 5286 Section 5286. 214.08 of the statutes is amended to read:

AB150-ASA,1603,19 214.08 Registration. A savings bank holding company and each subsidiary of a savings bank holding company shall register with the commissioner division within 180 days after May 7, 1992, or within 90 days after becoming a savings bank holding company or subsidiary, whichever is later. A savings bank holding company and each subsidiary of a savings bank holding company shall register on forms prescribed by the commissioner division. A registration form shall include information with respect to the financial condition, ownership, management, and intercompany relations of the holding company and its subsidiaries and such related matters as the commissioner division considers necessary.

AB150-ASA, s. 5287 Section 5287. 214.085 (1) (a) of the statutes is amended to read:

AB150-ASA,1603,25 214.085 (1) (a) File with the commissioner division reports as required by the commissioner division. A report shall be on a form prescribed by the commissioner division and may require whatever information the commissioner division considers to be necessary concerning the operations of each savings bank holding company and subsidiary.

AB150-ASA, s. 5288 Section 5288. 214.085 (1) (b) of the statutes is amended to read:

AB150-ASA,1604,3 214.085 (1) (b) Maintain such books and records as may be prescribed by the commissioner division.

AB150-ASA, s. 5289 Section 5289. 214.085 (1) (c) of the statutes is amended to read:

AB150-ASA,1604,5 214.085 (1) (c) Be subject to examination by the commissioner division.

AB150-ASA, s. 5290 Section 5290. 214.085 (2) of the statutes is amended to read:

AB150-ASA,1604,11 214.085 (2) The commissioner division shall assess a savings bank holding company fees and charges as necessary to cover the cost of the commissioner's division's examination and supervision under this chapter. The commissioner division may promulgate rules to establish fees and payment schedules to support registration, examination and supervision under this chapter.

AB150-ASA, s. 5291 Section 5291. 214.09 of the statutes is amended to read:

AB150-ASA,1604,20 214.09 Acquisitions. Subject to rules of the commissioner division, a savings bank holding company may acquire control of a savings bank or of a savings bank holding company upon application to and with the prior written approval of the commissioner division. The application shall be in a form prescribed by the commissioner division. The commissioner division shall approve the application if the commissioner division determines that the acquisition is consistent with the interest of maintaining a sound financial system and that the proposed acquisition does not afford a basis for supervisory objection.

AB150-ASA, s. 5292 Section 5292. 214.095 (3) of the statutes is amended to read:

AB150-ASA,1604,25 214.095 (3) The commissioner division shall promulgate rules to regulate the formation of and the ongoing business of the subsidiaries and the savings bank holding company, including the rights of members or stockholders, levels of investment in holding company subsidiaries, and stock sales.

AB150-ASA, s. 5293 Section 5293. 214.155 (2) of the statutes is amended to read:

AB150-ASA,1605,6 214.155 (2) A savings bank proposing any action under sub. (1) shall file an application with the commissioner division for approval of the transaction and shall provide the commissioner division with copies of all applications and materials filed with a federal agency or agency of another state in seeking approval of the transaction.

AB150-ASA, s. 5294 Section 5294. 214.16 (2) of the statutes is amended to read:

AB150-ASA,1605,12 214.16 (2) An in-state savings bank holding company proposing any action under sub. (1) shall file an application with the commissioner division for approval of the transaction and shall provide the commissioner division with copies of all applications and materials filed with a federal agency or agency of another state in seeking approval of the transaction.

AB150-ASA, s. 5295 Section 5295. 214.17 (1) (intro.) of the statutes is amended to read:

AB150-ASA,1605,16 214.17 (1) (intro.) The commissioner division finds that the statutes of the state in which the regional institution or regional holding company has its principal place of business permit all of the following:

AB150-ASA, s. 5296 Section 5296. 214.17 (2) of the statutes is amended to read:

AB150-ASA,1605,20 214.17 (2) The commissioner division has not disapproved the acquisition of the savings bank or the acquisition or merger with the in-state savings bank holding company under s. 214.18.

AB150-ASA, s. 5297 Section 5297. 214.17 (3) of the statutes is amended to read:

AB150-ASA,1606,6 214.17 (3) The commissioner division publishes under ch. 985 a class 3 notice, in the official state newspaper, of the application to take an action under s. 214.165 and of the opportunity for a hearing and, if at least 25 residents of this state petition for a hearing within 30 days of the final notice or if the commissioner division on the commissioner's division's own motion calls for a hearing within 30 days of the final notice, the commissioner division holds a public hearing on the application, except that a hearing is not required if the commissioner division finds that an emergency exists and that the proposed action under s. 214.165 is necessary and appropriate to prevent the probable failure of an in-state savings bank that is closed or in danger of closing.

AB150-ASA, s. 5298 Section 5298. 214.17 (4) of the statutes is amended to read:

AB150-ASA,1606,11 214.17 (4) The commissioner division is provided a copy of any application seeking approval by a federal agency of the acquisition of an in-state savings bank or acquisition of or merger with an in-state savings bank holding company and of any supplemental material or amendments filed with the application.

AB150-ASA, s. 5299 Section 5299. 214.17 (5) of the statutes is amended to read:

AB150-ASA,1606,15 214.17 (5) The applicant has paid the commissioner division a fee of $1,000 together with the actual costs incurred by the commissioner division in holding any hearing on the application.

AB150-ASA, s. 5300 Section 5300. 214.18 (intro.) of the statutes is amended to read:

AB150-ASA,1606,19 214.18 Standards for disapproval. (intro.) The commissioner division may disapprove any action under s. 214.165 if the commissioner division finds any of the following:

AB150-ASA, s. 5301 Section 5301. 214.18 (6) of the statutes is amended to read:

AB150-ASA,1606,24 214.18 (6) The applicant has failed to enter into an agreement prepared by the commissioner division to comply with laws and rules of this state regulating consumer credit finance charges and of the charges and related disclosure requirements, except to the extent preempted by federal law or regulation.

AB150-ASA, s. 5302 Section 5302. 214.18 (8) of the statutes is amended to read:

AB150-ASA,1607,2 214.18 (8) The applicant fails to meet any other standard established by rule of the commissioner division.

AB150-ASA, s. 5303 Section 5303. 214.20 of the statutes is amended to read:

AB150-ASA,1607,12 214.20 Divestiture. A savings bank holding company that ceases to be an in-state savings bank holding company or regional holding company shall immediately notify the commissioner division of the change in its status and shall, as soon as practical and no later than 2 years after the event causing it to no longer be one of these entities, divest itself of control of all in-state savings banks and in-state savings bank holding companies. A savings bank holding company that fails to immediately notify the commissioner division shall be subject to a forfeiture of $500 per day, beginning on the day its status changes and ending on the day the commissioner division receives notification.

AB150-ASA, s. 5304 Section 5304. 214.24 (1) of the statutes is amended to read:

AB150-ASA,1607,15 214.24 (1) An adult resident of this state may, with the approval of the commissioner division, organize a savings bank.

AB150-ASA, s. 5305 Section 5305. 214.24 (2) of the statutes is amended to read:

AB150-ASA,1607,21 214.24 (2) For stock savings banks, the commissioner division shall determine the minimum required capital which shall be at least the minimum required to obtain insurance of accounts from a deposit insurance corporation and may include additional amounts as the commissioner division may require, based on rules promulgated by the commissioner division.

AB150-ASA, s. 5306 Section 5306. 214.24 (3) of the statutes is amended to read:

AB150-ASA,1608,5 214.24 (3) For mutual savings banks, the commissioner division shall determine the aggregate minimum amount of funds to be paid into the savings bank's deposit accounts by persons subscribing for deposit accounts and the length of time for which the incorporators shall guarantee payment of savings bank operating expenses. The minimum amount of capital required shall be at least the minimum required to obtain insurance of the accounts from a deposit insurance corporation and may include additional amounts as the commissioner division may require, based on rules promulgated by the commissioner division.

AB150-ASA, s. 5307 Section 5307. 214.245 (intro.) of the statutes is amended to read:

AB150-ASA,1608,11 214.245 Content of application to organize. (intro.) The incorporators shall file an application for a certificate to organize a savings bank on forms prescribed by the commissioner division. The application shall include any information the commissioner division considers necessary but shall include at least all of the following:

AB150-ASA, s. 5308 Section 5308. 214.25 (1) of the statutes is amended to read:

AB150-ASA,1608,14 214.25 (1) The commissioner division shall approve the articles of incorporation of a savings bank.

AB150-ASA, s. 5309 Section 5309. 214.25 (2) of the statutes is amended to read:

AB150-ASA,1608,19 214.25 (2) Duplicate originals of the articles of incorporation executed by the incorporators, and any subsequent amendments to the articles that are adopted by the members or stockholders of the savings bank shall be filed with and approved by the commissioner division.

AB150-ASA, s. 5310 Section 5310. 214.25 (3) of the statutes is amended to read:

AB150-ASA,1608,23 214.25 (3) Upon their approval by the commissioner division, articles of incorporation and amendments to the articles shall be recorded in the office of the register of deeds in the county in which the home office of the savings bank is located.

AB150-ASA, s. 5311 Section 5311. 214.25 (5) of the statutes is amended to read:

AB150-ASA,1609,4 214.25 (5) The effective date of the articles of incorporation and amendments to the articles shall be the date of recording in the office of the register of deeds or a later date if the document provides for a different date. The register of deeds shall forward a certificate of recording to the commissioner division.

AB150-ASA, s. 5312 Section 5312. 214.255 (1) of the statutes is amended to read:

AB150-ASA,1609,7 214.255 (1) The commissioner division shall approve the bylaws of a savings bank.

AB150-ASA, s. 5313 Section 5313. 214.255 (2) of the statutes is amended to read:

AB150-ASA,1609,10 214.255 (2) Duplicate originals of the bylaws and any subsequent amendments to the bylaws shall be filed with and approved by the commissioner division.

AB150-ASA, s. 5314 Section 5314. 214.255 (3) of the statutes is amended to read:

AB150-ASA,1609,14 214.255 (3) The effective date of the bylaws and amendments to the bylaws shall be the date on which they are approved by the commissioner division or a later date if the document provides for a different date.

AB150-ASA, s. 5315 Section 5315. 214.26 (1) of the statutes is amended to read:

AB150-ASA,1609,20 214.26 (1) The commissioner division may require additional information and shall conduct whatever investigation necessary, including subpoenaing books and records, taking public testimony and conducting hearings, to determine if the commissioner division should issue a certificate to organize. The incorporators shall share jointly and severally the expense of an investigation.

AB150-ASA, s. 5316 Section 5316. 214.26 (2) (a) of the statutes is amended to read:

AB150-ASA,1609,24 214.26 (2) (a) The expense fund shall be an asset of the proposed mutual savings bank if the commissioner division approves the application, and shall be reflected on the books as a liability under the caption "subsidy by incorporators".

AB150-ASA, s. 5317 Section 5317. 214.26 (2) (c) of the statutes is amended to read:

AB150-ASA,1610,6 214.26 (2) (c) After 3 years of corporate existence, the board of directors may petition the commissioner division for authority to repay the incorporators, on a proportional basis, any unused portion remaining in the expense fund. If the commissioner division determines that the operations of the mutual savings bank at that point are of such degree as so enable the mutual savings bank to operate without the subsidy, the commissioner division may authorize repayment.

AB150-ASA, s. 5318 Section 5318. 214.26 (2) (d) of the statutes is amended to read:

AB150-ASA,1610,15 214.26 (2) (d) After the 4th year of corporate existence, and each subsequent year, the board of directors of the mutual savings bank may petition the commissioner division for authority to pay out of current income of any period to the incorporators on a proportional basis, the amount remaining after payment of expenses, provision for taxes and the provision for distribution of earnings as a recovery of previous charges made to the expense fund account. The commissioner division may approve or deny the petition for recovery payments. Recovery payments may not exceed the total of the charges made to the expense fund account.

AB150-ASA, s. 5319 Section 5319. 214.26 (3) (a) of the statutes is amended to read:

AB150-ASA,1611,2 214.26 (3) (a) Within 30 days after receiving a completed application, the commissioner division shall furnish a notice of application to the incorporators and to each savings bank authorized to operate an office within 4 miles of the proposed home office if it is to be located in Milwaukee county, or within 20 miles of the proposed home office if it is to be located outside of Milwaukee county. The notice shall describe the location and nature of the proposed home office and any other proposed office and shall solicit written comments on the application. If a hearing on the application has been scheduled, the notice shall indicate the time and place of the hearing. If a hearing has not been scheduled, the notice shall describe the right of interested persons to request a hearing.

AB150-ASA, s. 5320 Section 5320. 214.26 (3) (b) of the statutes is amended to read: