Amendment ASA-AB150

AB150-ASA, s. 6183 Section 6183. 221.58 (4) (d) of the statutes is amended to read:

AB150-ASA,1863,20 221.58 (4) (d) The commissioner of banking division is provided a copy of any original application seeking approval by a federal agency of the acquisition of an in-state bank or acquisition of or merger with an in-state bank holding company and of any supplemental material or amendments filed with the application.

AB150-ASA, s. 6184 Section 6184. 221.58 (4) (e) of the statutes is amended to read:

AB150-ASA,1863,25 221.58 (4) (e) The applicant has paid the commissioner of banking division a fee of $5,000, together with the actual costs incurred by the commissioner division in making an investigation related to the application and in holding any hearing on the application.

AB150-ASA, s. 6185 Section 6185. 221.58 (6) (intro.) of the statutes is amended to read:

AB150-ASA,1864,4 221.58 (6) Standards for disapproval. (intro.) The commissioner division may disapprove any action under sub. (3) if the commissioner division finds any of the following:

AB150-ASA, s. 6186 Section 6186. 221.58 (6) (em) of the statutes is amended to read:

AB150-ASA,1864,9 221.58 (6) (em) 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 other charges and related disclosure requirements, except to the extent preempted by federal law or regulation.

AB150-ASA, s. 6187 Section 6187. 221.58 (6) (g) of the statutes is amended to read:

AB150-ASA,1864,12 221.58 (6) (g) The applicant fails to meet any other standards established by rule of the commissioner division.

AB150-ASA, s. 6188 Section 6188. 221.58 (8) (a) of the statutes is amended to read:

AB150-ASA,1864,16 221.58 (8) (a) Subsections (1) to (6) do not apply prior to January 1, 1987, except that the commissioner division may promulgate rules under sub. (6) (g) to be applicable no earlier than the date that subs. (1) to (6) apply.

AB150-ASA, s. 6189 Section 6189. 221.58 (10) of the statutes is amended to read:

AB150-ASA,1865,2 221.58 (10) Divestiture. Any bank holding company that ceases to be either an in-state bank holding company or a regional state bank holding company shall immediately notify the commissioner of banking division of the change in its status and shall, as soon as practical and within not more than 2 years after the event causing it to no longer be either an in-state bank holding company or a regional state bank holding company, divest itself of control of all in-state banks and in-state bank holding companies. A bank or bank holding company that fails to immediately notify the commissioner division is liable for a forfeiture of $500 for each day beginning with the day its status changes and ending with the day notification is received by the commissioner division.

AB150-ASA, s. 6189m Section 6189m. 223.02 (title) of the statutes is amended to read:

AB150-ASA,1865,5 223.02 (title) Indemnity fund; deposit with state treasurer secretary of administration.

AB150-ASA, s. 6190 Section 6190. 223.02 (1) of the statutes is amended to read:

AB150-ASA,1866,3 223.02 (1) Before any such corporation shall commence business it shall deposit with the state treasurer secretary of administration not less than 50 per cent of the amount of its capital stock, but no such corporation shall be required to deposit more than $100,000, such deposit to be in cash, or securities eligible for trust investments under ch. 881 and approved by the commissioner of banking division and shall be held by the state treasurer secretary of administration in trust as security for the faithful execution of any trust which may be lawfully imposed upon and accepted by it; such corporation may from time to time withdraw the said securities as well as the cash, or any part thereof; provided that securities or cash of the amount and value required by this section shall, at all times, during the existence of such corporation remain in the possession of the state treasurer secretary of administration for the purpose aforesaid and until otherwise ordered by a court of competent jurisdiction, unless released pursuant to sub. (2). The said treasurer secretary of administration shall pay over to such corporation the interest, dividends or other income which the treasurer secretary collects upon such securities, or may authorize the said corporation to collect the same for its own benefit. Upon such deposit being made and approved, the state treasurer secretary of administration shall issue a certificate of such fact and an amount equal to the sum stated in such certificate shall remain with the treasurer secretary in the manner provided above; in case the capital stock is increased or diminished the amount of such deposit shall be increased or diminished to comply herewith and a new certificate of such fact shall be issued accordingly.

AB150-ASA, s. 6191 Section 6191. 223.02 (2) of the statutes is amended to read:

AB150-ASA,1866,10 223.02 (2) The securities and cash deposited pursuant to sub. (1) by any bank shall be released by the state treasurer secretary of administration and returned to the bank, whenever the commissioner of banking division shall certify to the state treasurer secretary of administration that the bank no longer exercises fiduciary powers and that he or she the division is satisfied that there are no outstanding trust liabilities.

AB150-ASA, s. 6191m Section 6191m. 223.02 (3) of the statutes is amended to read:

AB150-ASA,1866,19 223.02 (3) In lieu of the securities to be deposited with the state treasurer secretary of administration under sub. (1), the state treasurer secretary of administration may designate an agent to hold the securities in safekeeping. The agent shall be a banking corporation having an authorized capital of $1,000,000 or more. The agent shall furnish to the state treasurer secretary of administration a safekeeping receipt for all securities received by it, which shall describe the securities covered thereby and shall be payable on demand without conditions to the state treasurer secretary of administration.

AB150-ASA, s. 6192 Section 6192. 223.025 of the statutes is amended to read:

AB150-ASA,1867,8 223.025 Capital necessary to qualify as fiduciary. Notwithstanding any other provision of law, a corporation organized, continued or reorganized under this chapter, a majority of the outstanding voting stock of which is controlled directly or indirectly by a holding company organized under ch. 180, which has complied with s. 223.02 and which has combined unimpaired capital stock and surplus of $200,000 or more or, if located in a city, town or village of less than 100,000 inhabitants, unimpaired capital stock of not less than $50,000, shall not be required to provide additional capital and surplus if the parent holding company of the corporation files with the commissioner of banking division an undertaking, in a form approved by the commissioner division, to be fully responsible for the existing and future fiduciary acts and omissions of the corporation and the commissioner division determines that, under the circumstances, the combined and unimpaired capital stock and surplus of the parent holding company of the corporation are adequate.

AB150-ASA, s. 6193 Section 6193. 223.03 (10) of the statutes is amended to read:

AB150-ASA,1867,18 223.03 (10) Any such corporation may, with the approval of the court having jurisdiction, but without profit to itself, transfer to trust estates any mortgages or other securities owned by it which comply with the requirements of legal investments for trust funds under the statutes. The commissioner of banking division shall at each examination of said corporation, examine all mortgages and other securities held by said corporation as assets of trust estates, excepting the trust estates where investment of trust funds is not required of the trustee, and for the purpose of such examination the commissioner division shall possess all the power and authority conferred upon the commissioner division by this chapter.

AB150-ASA, s. 6194 Section 6194. 223.03 (14) of the statutes is amended to read:

AB150-ASA,1867,23 223.03 (14) To establish and maintain a branch trust company bank with the approval of the commissioner of banking division. Section 221.04 (1) (jm) 2. to 8., as it applies to bank branch offices under that paragraph, applies to trust company bank branch offices under this subsection.

AB150-ASA, s. 6195 Section 6195. 223.07 (1) of the statutes is amended to read:

AB150-ASA,1868,5 223.07 (1) Any trust company bank may, with the approval of the commissioner of banking division, establish and maintain a trust service office at any office in this state of a state or national bank if the establishment of the trust service office has been approved by the board of directors of the state or national bank at a meeting called for that purpose.

AB150-ASA, s. 6196 Section 6196. 223.07 (3) of the statutes is amended to read:

AB150-ASA,1869,11 223.07 (3) If the state or national bank at which a trust service office is to be established has exercised trust powers, the trust company bank and the state or national bank shall enter into an agreement respecting those fiduciary powers to which the trust company bank shall succeed and shall file the agreement with the commissioner of banking division. The trust company bank shall cause a notice of the filing, in a form prescribed by the commissioner division, to be published as a class 1 notice, under ch. 985, in the city, village or town where the state or national bank is located. After filing and publication, the trust company bank establishing the office shall, as of the date the office first opens for business, without further authorization of any kind, succeed to and be substituted for the state or national bank as to all fiduciary powers, rights, duties, privileges and liabilities of the bank in its capacity as fiduciary for all estates, trusts, guardianships and other fiduciary relationships of which the bank is then serving as fiduciary, except as may be otherwise specified in the agreement between the trust company bank and the state or national bank. The trust company bank shall also be deemed named as fiduciary in all writings, including, but not limited to, wills, trusts, court orders and similar documents and instruments naming the state or national bank as fiduciary, signed before the date the trust office first opens for business, unless expressly negated by the writing or otherwise specified in the agreement between the trust company bank and the state or national bank. On the effective date of the substitution, the state or national bank shall be released and absolved from all fiduciary duties and obligations under such writings and shall discontinue its exercise of trust powers on all matters not specifically retained by the agreement. This subsection does not effect a discharge in the manner of s. 701.16 (6) or other applicable statutes and does not absolve a state or national bank exercising trust powers from liabilities arising out of any breach of fiduciary duty or obligation occurring prior to the date the trust service office first opens for business at the bank. This subsection does not affect the authority, duties or obligations of a bank with respect to relationships which may be established without trust powers, including escrow arrangements, whether the relationships arise before or after the establishment of the trust service office.

AB150-ASA, s. 6197 Section 6197. 223.105 (2) (a) of the statutes is amended to read:

AB150-ASA,1869,14 223.105 (2) (a) Such rules as may be established by the commissioner of banking division under s. 220.04 (7); and

AB150-ASA, s. 6198 Section 6198. 223.105 (3) (a) of the statutes is amended to read:

AB150-ASA,1869,23 223.105 (3) (a) To assure compliance with such rules as may be established under s. 220.03 (7) the office of the commissioner division of banking, commissioner, the office of credit unions and commissioner the division of savings and loan shall, at least once every 18 months, examine the fiduciary operations of each organization which is under its respective jurisdiction and is subject to examination under sub. (2). If a particular organization subject to examination under sub. (2) is not otherwise under the jurisdiction of one of the foregoing agencies, such examination shall be conducted by the office of the commissioner division of banking.

AB150-ASA, s. 6199 Section 6199. 223.105 (4) of the statutes is amended to read:

AB150-ASA,1870,11 223.105 (4) Notice of fiduciary operation. Except for those organizations licensed under ch. 221 or this chapter, any organization engaged in fiduciary operations as defined in this section shall, as required by rule, notify the commissioner division of banking, the commissioner office of credit unions or the commissioner of savings and loan of that fact, directing the notice to the commissioner agency then exercising regulatory authority over the organization or, if there is none, to the commissioner division of banking. Any organization which intends to engage in fiduciary operations shall, prior to engaging in such operations, notify the appropriate commissioner agency of this intention. The notifications required under this subsection shall be on forms and contain information required by the rules promulgated by the commissioner division of banking.

AB150-ASA, s. 6200 Section 6200. 223.105 (5) of the statutes is amended to read:

AB150-ASA,1870,20 223.105 (5) Enforcement remedy. The commissioner division of banking or other appropriate commissioner under this section the division of savings and loan or office of credit unions shall upon the failure of such organization to submit notifications or reports required under this section or otherwise to comply with the provisions of this section, or rules established by the commissioner division of banking under s. 220.04 (7), upon due notice, order such defaulting organization to cease and desist from engaging in fiduciary activities and may apply to the appropriate court for enforcement of such order.

AB150-ASA, s. 6201 Section 6201. 223.105 (6) of the statutes is amended to read:

AB150-ASA,1871,3 223.105 (6) Sunset. Except for an organization regulated by the office of the commissioner of credit unions or the commissioner division of savings and loan or an organization authorized by the commissioner division of banking to operate as a bank or trust company bank under ch. 221 or this chapter, an organization may not begin activity as a fiduciary operation under this section after May 12, 1992. An organization engaged in fiduciary operations under this section on May 12, 1992, may continue to engage in fiduciary operations after that date.

AB150-ASA, s. 6202 Section 6202. 223.12 (1) of the statutes is amended to read:

AB150-ASA,1871,23 223.12 (1) Any trust company, incorporated under the laws of any other state, named by any resident of this state, as executor or trustee, or both, under that person's last will and testament or any codicil thereto, may be appointed and may accept appointment and may act as executor of, or trustee under, the last will and testament of any such person in this state, or both, provided trust companies of this state are permitted to act as such executor or trustee, or both, in the state where such foreign corporation has its domicile, and such foreign corporation shall have executed and filed in the office of the commissioner with the division of banking a written instrument appointing the commissioner in the commissioner's name of office division its true and lawful attorney upon whom all process may be served in any action or proceeding against such executor or trustee, affecting or relating to the estate represented or held by such executor or trustee, or the acts or defaults of such corporation in reference to such estate, with the same effect as if it existed in this state and had been lawfully served with process therein, and shall also have filed in the office of such commissioner with the division a copy of its charter, articles of organization and all amendments thereto certified to by the secretary of state or other proper officer of said foreign state under the seal of office together with the post-office address of its principal office and shall further have complied with s. 223.02.

AB150-ASA, s. 6203 Section 6203. Subchapter I (title) of chapter 224 [precedes 224.02] of the statutes is created to read:

AB150-ASA,1872,1 Chapter 224

AB150-ASA,1872,3 Subchapter I Banking provisions

AB150-ASA, s. 6204 Section 6204. 224.06 (1) of the statutes is amended to read:

AB150-ASA,1872,14 224.06 (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 bank or in its custody or control as collateral or otherwise, shall give a bond from an insurer qualified under s. 610.11 to do business in this state, in such adequate sum as the directors shall require and approve. In lieu of individual bonds the commissioner division may accept a schedule or blanket bond which covers all of the officers and employes of any bank whose duties include the receipt, payment or custody of money or other personal property for or on behalf of the bank. All such bonds shall be in the form prescribed by the commissioner of banking division.

AB150-ASA, s. 6205 Section 6205. 224.06 (3) of the statutes is amended to read:

AB150-ASA,1872,21 224.06 (3) Such bond shall be sufficient in amount to protect the bank 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 division may require additional bond or security, when in the commissioner's division's opinion, the bonds then executed and approved are insufficient.

AB150-ASA, s. 6206 Section 6206. 224.06 (4) of the statutes is amended to read:

AB150-ASA,1873,3 224.06 (4) Every such bond shall provide that no cancellation or other termination of the bond shall be effective unless the surety gives in advance at least 10 days' written notice by registered mail to the commissioner division. If the bond is canceled or terminated at the request of the insured (employer), the surety shall give the written notice to the commissioner division within 10 days after the receipt of such request.

AB150-ASA, s. 6207 Section 6207. 224.06 (5) of the statutes is amended to read:

AB150-ASA,1873,9 224.06 (5) For reasons which the commissioner division deems valid and sufficient the commissioner division may waive as to the cancellation or termination of any such bond the 10-day written notice in advance required by sub. (4) and may give written consent to the termination or cancellation being made effective as of a date agreed upon and requested by the surety and the bank.

AB150-ASA, s. 6208 Section 6208. 224.075 of the statutes is amended to read:

AB150-ASA,1873,14 224.075 Financially related services tie-ins. In any transaction conducted by a bank, bank 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:

AB150-ASA,1873,15 NOTICE OF RELATIONSHIP

AB150-ASA,1873,20 This company, .... (insert name and address of bank, bank holding company or subsidiary), is related to .... (insert name and address of bank, bank 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.

AB150-ASA,1873,25 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 banking at .... (insert address).

AB150-ASA, s. 6209 Section 6209. 224.70 of the statutes is created to read:

AB150-ASA,1874,3 224.70 Administration. This subchapter shall be administered by the department.

AB150-ASA, s. 6210 Section 6210. 224.72 (8) of the statutes is created to read:

AB150-ASA,1874,8 224.72 (8) Fees. (a) Each applicant shall pay an initial registration fee of $39 to the department. If an examination is required, the applicant shall pay an examination fee, in an amount set by the department, in addition to the initial registration fee.

AB150-ASA,1874,10 (b) An applicant for registration as a mortgage banker shall pay a temporary registration fee of $10 to the department.

AB150-ASA,1874,11 (c) (intro.) The renewal dates and renewal fees for registrations are as follows:

AB150-ASA,1874,12 (d) The fee for a transfer of a loan originator registration is $5.

AB150-ASA, s. 6218m Section 6218m. 227.01 (13) (v) of the statutes is amended to read:

AB150-ASA,1874,15 227.01 (13) (v) Establishes procedures used for the determination of allocations as charges to agencies under s. 20.865 (1) (f) or (fm).

AB150-ASA, s. 6220 Section 6220. 227.01 (13) (zk) of the statutes is amended to read:

AB150-ASA,1874,18 227.01 (13) (zk) Establishes guidelines under s. 101.38 106.21 (2), (4) or (6) for the Wisconsin service corps program under s. 101.38 106.21.

AB150-ASA, s. 6222 Section 6222. 227.01 (13) (zq) of the statutes is amended to read:

AB150-ASA,1874,21 227.01 (13) (zq) Designates the Kickapoo valley reserve under s. 16.21 41.41 (2).

AB150-ASA, s. 6223 Section 6223. 227.03 (1) of the statutes is amended to read:

AB150-ASA,1874,24 227.03 (1) This chapter applies to cases arising under ss. 76.38, 76.39 and 76.48.

AB150-ASA, s. 6224 Section 6224. 227.03 (3m) (a) of the statutes is amended to read:

AB150-ASA,1875,4 227.03 (3m) (a) This chapter does not apply to proceedings before the department of industry, labor and human relations relating to housing discrimination under s. 101.22 106.04 (1) to (8), except as provided in s. 101.22 106.04 (6).

AB150-ASA, s. 6225 Section 6225. 227.03 (3m) (b) of the statutes is amended to read:

AB150-ASA,1875,8 227.03 (3m) (b) Only the provisions of this chapter relating to rules are applicable to matters arising out of protection against discrimination in a public place of accommodation or amusement under s. 101.22 106.04 (9) and (10).

AB150-ASA, s. 6226 Section 6226. 227.03 (4) of the statutes, as affected by 1993 Wisconsin Act 377, is amended to read:

AB150-ASA,1875,17 227.03 (4) The provisions of this chapter relating to contested cases do not apply to proceedings involving the revocation of aftercare supervision under s. 48.357 (5) or 48.366 (5) or corrective sanctions supervision under s. 48.357 (5) or youthful offender supervision under s. 48.537 (4), the revocation of parole or probation, the grant of probation, prison discipline, mandatory release under s. 302.11 or any other proceeding involving the care and treatment of a resident or an inmate of a correctional institution.

AB150-ASA, s. 6226m Section 6226m. 227.03 (4) of the statutes, as affected by 1993 Wisconsin Act 377 and 1995 Wisconsin Act .... (this act), is repealed and recreated to read:

AB150-ASA,1876,2 227.03 (4) The provisions of this chapter relating to contested cases do not apply to proceedings involving the revocation of aftercare supervision under s. 48.357 (5) or 48.366 (5) or corrective sanctions supervision under s. 48.357 (5) or serious juvenile offender supervision under s. 48.358 (4), the revocation of parole or probation, the grant of probation, prison discipline, mandatory release under s. 302.11 or any other proceeding involving the care and treatment of a resident or an inmate of a correctional institution.

AB150-ASA, s. 6226g Section 6226g. 227.116 (4) (intro.) of the statutes is amended to read:

AB150-ASA,1876,8 227.116 (4) (intro.) If an agency fails to review and make a determination on a permit application within the time period specified in a rule or law, for each such failure the agency shall prepare a report and submit it to the permit information center and regulatory assistance bureau within 5 business days of the last day of the time period specified, setting forth all of the following:

AB150-ASA, s. 6226j Section 6226j. 227.116 (5) of the statutes is amended to read:

AB150-ASA,1876,13 227.116 (5) If an agency fails to review and make a determination on a permit application within the time period specified in a rule or law, upon completion of the review and determination for that application, the agency shall notify the permit information center and regulatory assistance bureau.

AB150-ASA, s. 6227 Section 6227. 227.40 (2) (e) of the statutes is amended to read:

AB150-ASA,1876,19 227.40 (2) (e) Proceedings under s. 66.191, 1981 stats., or s. 40.65 (2), 101.22 106.04, 303.07 (7) or 303.21 or ss. 227.52 to 227.58 or under ch. 102, 108 or 949 for review of decisions and orders of administrative agencies if the validity of the rule involved was duly challenged in the proceeding before the agency in which the order or decision sought to be reviewed was made or entered.