Amendment ASA1-AB569

LRBs0308/3

KSH&JJL:kg:km

1995 - 1996 LEGISLATURE

ASSEMBLY SUBSTITUTE AMENDMENT 1, To 1995 ASSEMBLY BILL 569

November 8, 1995 - Offered by Committee on Financial Institutions.

AB569-ASA1,3,25 An Act to repeal 186.01 (4), 186.01 (7), 186.012 (3), 186.015 (3) (e), 186.02 (2) (a) 10., 186.08 (1) (e), 186.08 (2), 186.098 (6) (a) 1. to 6., 186.098 (9), 186.113 (6) (intro.), 186.119, 186.17 (3), 186.235 (1m), 186.24, 186.26 (title), 186.26 (2), 186.29 (1) (d) and (f), 186.29 (1p) (a) (title), 186.29 (1p) (b) (title), 186.30, 186.34 (2) and (3), 186.35 (11), 186.38 and 186.41 (1) (b); to renumber 186.012 (4), 186.27 (title), 186.29 (title), 186.29 (1p) (title) and 186.29 (9); to renumber and amend 186.012 (title), 186.012 (1), 186.012 (2), 186.015 (2), 186.015 (3) (a), 186.015 (3) (b), 186.015 (3) (c), 186.015 (3) (d), 186.015 (3) (f), 186.04, 186.08 (1) (intro.), 186.08 (1) (a) to (d), 186.08 (1) (f), 186.098 (6) (a) (intro.), 186.11 (1), 186.113 (14), 186.23, 186.25, 186.26 (1), 186.27 (intro.), (1) and (2), 186.27 (3), 186.28, 186.29 (1) (intro.), (a) to (c), (e) and (g) to (k), 186.29 (1m), 186.29 (1p) (a), 186.29 (1p) (b), 186.29 (2) (intro.) and (a), 186.29 (2) (b), 186.29 (2) (c), 186.29 (2) (d), 186.29 (3), 186.29 (4), 186.29 (5), 186.29 (6), 186.29 (7), 186.29 (8), 186.29 (10), 186.29 (11) (intro.) and (a) to (d), 186.29 (12), 186.29 (13), 186.33 and 186.37; to amend 186.01 (2), 186.01 (3), 186.01 (3m), 186.01 (5), 186.015 (1), 186.015 (2) (a) and (b), 186.015 (2) (c), 186.015 (3), 186.015 (4) (b), 186.015 (5), 186.02 (1), 186.02 (2) (a) 2., 186.02 (2) (a) 7., 186.02 (2) (a) 8., 186.02 (2) (a) 9., 186.02 (2) (c), 186.02 (2) (em), 186.02 (2) (f), 186.02 (3) (a), 186.02 (3) (b), 186.02 (4) (a), 186.02 (4) (b), 186.03 (3), 186.06 (4), 186.08 (3), 186.095 (1), 186.096 (2) (a), 186.098 (1), 186.098 (2), 186.098 (3), 186.098 (4), 186.098 (5), 186.098 (8) (b), 186.098 (9m), 186.10 (2), 186.11 (2) (b), 186.11 (4) (a), 186.11 (4) (b) (intro.), 1., 3. and 4., 186.112, 186.113 (title), 186.113 (1), 186.113 (1s), 186.113 (5), 186.113 (6) (a) and (b), 186.113 (8), 186.113 (9), 186.113 (11), 186.113 (12), 186.113 (13), 186.113 (17), 186.113 (18), 186.113 (19), 186.113 (20), 186.113 (21), 186.113 (22), 186.115 (2), 186.117 (1), 186.13, 186.14, 186.15 (2) and (3), 186.16 (2), 186.17 (2), 186.18, 186.21 (1), 186.21 (2), 186.21 (3), 186.21 (4), 186.22 (11), 186.235 (1), 186.235 (3), 186.235 (3m), 186.235 (4), 186.235 (5), 186.235 (7) (a) (intro.), 186.235 (7) (b), 186.235 (9), 186.235 (10) (a) (intro.), 186.235 (10) (a) 2., 186.235 (10) (b), 186.235 (10) (c), 186.235 (10) (d), 186.235 (12), 186.235 (13), 186.235 (14) (a), (b) and (e), 186.235 (15) (a), 186.235 (16), 186.235 (17), 186.235 (18), 186.235 (19), 186.235 (20), 186.31, 186.31 (2m), 186.314, 186.315, 186.32, 186.34 (1), 186.34 (4), 186.35 (8), 186.35 (10) (c), 186.35 (12) (a), 186.35 (12m) (intro.), 186.35 (14), 186.36, 186.41 (5m), 186.60, 217.04 (2) and 227.24 (1) (b) and (d); to repeal and recreate 186.01 (6), 186.015 (1), 186.02 (1), 186.02 (3) (a), 186.02 (3) (b), 186.02 (4) (a), 186.02 (4) (b), 186.03, 186.06 (title), (1) and (2), 186.06 (3), 186.07 (title), (1) and (2), 186.098 (6) (b), 186.098 (7), 186.098 (8) (b), 186.11 (1) (e), 186.11 (2) (b), 186.112, 186.113 (1), 186.113 (2), 186.113 (2), 186.113 (9), 186.113 (16), 186.115 (2), 186.15, 186.16 (2), 186.17 (1), 186.17 (2), 186.18, 186.19, 186.21 (1), 186.21 (2), 186.21 (3), 186.21 (4), 186.22 (11), 186.235 (title), 186.235 (2), 186.235 (8), 186.235 (11), 186.31 (1), 186.31 (2), 186.314 (2), (3) and (4), 186.315, 186.34 (4) and 186.35 (8); to create 186.01 (3c), 186.01 (3g), 186.01 (4m), 186.01 (7m), 186.015 (2) (c), 186.015 (3g), 186.015 (3r), 186.015 (6) (title), 186.02 (2) (title), 186.02 (2) (a) 5d., 186.02 (2) (a) 5h., 186.02 (2) (a) 5k., 186.02 (2) (a) 5p., 186.02 (2) (a) 5t., 186.02 (2) (a) 11m., 186.02 (3) (title), 186.02 (4) (title), 186.02 (4) (c), 186.06 (1m), 186.06 (2m), 186.07 (1m), 186.07 (3) (title), 186.07 (4) to (7), 186.071, 186.08 (1m) (f), 186.08 (1m) (g), 186.083 (1) (title), (2) (title), (3) (title) and (4) (title), 186.086 (1) (title), 186.086 (2) (title), 186.087 (1) (title), (2) (title) and (3) (title), 186.088 (1) (title) and (2) (title), 186.096 (1) (title), 186.096 (2) (title), 186.096 (3) (title), 186.098 (6) (c), 186.098 (8) (title), 186.098 (9m), 186.098 (11) (title), 186.098 (12) (title), 186.098 (13), 186.10 (1) (title), 186.11 (4) (c), 186.113 (1s), 186.113 (3) (title), 186.113 (4) (title), 186.113 (6) (title), 186.113 (6) (c), 186.113 (7) (title), 186.113 (10) (title), 186.113 (14) (title), 186.113 (14) (b), 186.113 (14m), 186.113 (15) (title), 186.115 (1) (title), 186.115 (3) (title), 186.117 (2) (title), 186.118 (1) (title), (2) (title), (3) (title) and (4) (title), 186.12 (1) (title), (2) (title) and (3) (title), 186.16 (1) (title), 186.235 (1), 186.235 (3), 186.235 (3m), 186.235 (4), 186.235 (9), 186.235 (10), 186.235 (11) (m) 3., 186.235 (12), 186.235 (13), 186.235 (15), 186.235 (17), 186.235 (20), 186.235 (21) (title), 186.31 (2m), 186.325, 186.34 (5) (title), 186.35 (14) and 186.60 of the statutes; and to affect 1995 Wisconsin Act 27, sections 4881 to 4884, 1995 Wisconsin Act 27, sections 4890 to 4894, 1995 Wisconsin Act 27, sections 4915 to 4920, 1995 Wisconsin Act 27, sections 4937 to 4988, 1995 Wisconsin Act 27, sections 4995 to 4998, 1995 Wisconsin Act 27, sections 5009 to 5017, 1995 Wisconsin Act 27, section 4878, 1995 Wisconsin Act 27, section 4898 and 1995 Wisconsin Act 27, section 9459 (7); relating to: credit union operation and authority, reorganizing the credit union chapter, granting rule-making authority and providing a penalty.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

AB569-ASA1, s. 1 Section 1. 186.01 (2) of the statutes is amended to read:

AB569-ASA1,4,5 186.01 (2) "Credit union" means a cooperative, nonprofit corporation, incorporated under this chapter to encourage thrift among its members, create a source of credit at a fair and reasonable rate of interest cost and provide an opportunity for its members to improve their economic and social conditions.

AB569-ASA1, s. 2 Section 2. 186.01 (3) of the statutes is amended to read:

AB569-ASA1,4,9 186.01 (3) "Deposit account" means an account limited to members and treated as a any form of savings. Deposit accounts are subject to conditions established by the board of directors.

AB569-ASA1, s. 3 Section 3. 186.01 (3c) of the statutes is created to read:

AB569-ASA1,4,12 186.01 (3c) "Federal share insurance" means the national credit union share insurance fund under 12 USC 1783.

AB569-ASA1, s. 4 Section 4. 186.01 (3g) of the statutes is created to read:

AB569-ASA1,4,14 186.01 (3g) "Fixed assets" has the meaning given in 12 CFR 701.36 (b).

AB569-ASA1, s. 5 Section 5. 186.01 (3m) of the statutes is amended to read:

AB569-ASA1,4,19 186.01 (3m) "National board" means the national credit union administration board of the national credit union administration established under 12 USC 1752 or the managing body of any successor that is authorized to provide federal share insurance for state-chartered credit unions.

AB569-ASA1, s. 6 Section 6. 186.01 (4) of the statutes is repealed.

AB569-ASA1, s. 7 Section 7. 186.01 (4m) of the statutes is created to read:

AB569-ASA1,4,22 186.01 (4m) "Public depositor" has the meaning given in s. 34.01 (4).

AB569-ASA1, s. 8 Section 8. 186.01 (5) of the statutes is amended to read:

AB569-ASA1,5,2 186.01 (5) "Regular reserve" means the an irrevocable reserve set aside to cover losses.

AB569-ASA1, s. 9 Section 9. 186.01 (6) of the statutes is repealed and recreated to read:

AB569-ASA1,5,4 186.01 (6) "Risk assets" has the meaning given in 12 CFR 700.1 (i).

AB569-ASA1, s. 10 Section 10. 186.01 (7) of the statutes is repealed.

AB569-ASA1, s. 11 Section 11. 186.01 (7m) of the statutes is created to read:

AB569-ASA1,5,9 186.01 (7m) "Share deposit" means a balance that is established and maintained by a person at a credit union that confers membership rights to that person.

AB569-ASA1, s. 12 Section 12. 186.012 (title) of the statutes is renumbered 186.235 (title) and amended to read:

AB569-ASA1,5,13 186.235 (title) Commissioner Office of the commissioner of credit unions.

AB569-ASA1, s. 13 Section 13. 186.012 (1) of the statutes is renumbered 186.235 (1m) and amended to read:

AB569-ASA1,6,2 186.235 (1m) (title) Deputy commissioner. The commissioner shall appoint a deputy commissioner subject to s. 15.04 (2) and (3) who. The deputy commissioner shall possess all powers and perform the duties attached to the office of the commissioner during a vacancy thereof and during the absence or inability of the commissioner to serve. No person may be appointed deputy commissioner who has not had at least one year of actual experience either in the operation of a credit union, or serving in a credit union supervisory capacity, or a combination of both. The commissioner may also employ such examiners and clerks to assist him or her and the deputy in the discharge of the several duties imposed upon of the commissioner by under this chapter as he or she finds necessary, and who shall perform such other duties as the commissioner directs.

AB569-ASA1, s. 14 Section 14. 186.012 (2) of the statutes is renumbered 186.235 (2) and amended to read:

AB569-ASA1,6,6 186.235 (2) (title) Enforcement. The commissioner of credit unions shall enforce the laws of this chapter and other laws relating to credit unions.

AB569-ASA1, s. 15 Section 15. 186.012 (3) of the statutes is repealed.

AB569-ASA1, s. 16 Section 16. 186.012 (4) of the statutes is renumbered 186.235 (21).

AB569-ASA1, s. 17 Section 17. 186.015 (1) of the statutes is amended to read:

AB569-ASA1,6,15 186.015 (1) (title) Confer with commissioner. The commissioner shall confer with the credit union review board on matters affecting credit unions and the commissioner's office of the commissioner. Detailed minutes of each review board meeting shall be kept, and the decision of the review board with reference to all orders issued, or policies established by the commissioner pursuant to this chapter is final, except for judicial review as provided in ch. 227.

AB569-ASA1, s. 18 Section 18. 186.015 (1) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB569-ASA1,6,23 186.015 (1) Confer with office. The office of credit unions shall confer with the credit union review board on matters affecting credit unions and the office. Detailed minutes of each review board meeting shall be kept, and the decision of the review board with reference to all orders issued, or policies established by the office of credit unions pursuant to this chapter is final, except for judicial review as provided in ch. 227.

AB569-ASA1, s. 19 Section 19. 186.015 (2) of the statutes is renumbered 186.015 (2) (intro.) and amended to read:

AB569-ASA1,7,2 186.015 (2) (title) Duties. (intro.) The review board shall advise do all of the following:

AB569-ASA1,7,4 (a) Advise the commissioner, the deputy commissioner and others in improving the condition and service of credit unions. In addition, the board shall review

AB569-ASA1,7,6 (b) Review the acts and decisions of the commissioner in relation to credit unions and shall serve and conduct reviews under sub. (5).

AB569-ASA1,7,8 (d) Serve as an appeal board for credit unions with the same procedure and powers as the banking review board has under ch. 220 and perform.

AB569-ASA1,7,10 (e) Perform other credit union review functions in relation to credit unions as provided by law. The board may issue subpoenas or rule.

AB569-ASA1,7,12 (f) Conduct hearings, take testimony, issue subpoenas and administer oaths to witnesses.

AB569-ASA1, s. 20 Section 20. 186.015 (2) (a) and (b) of the statutes, as affected by 1995 Wisconsin Act .... (this act), are amended to read:

AB569-ASA1,7,16 186.015 (2) (a) Advise the commissioner, the deputy commissioner office of credit unions and others in improving the condition and service of credit unions.

AB569-ASA1,7,18 (b) Review the acts and decisions of the commissioner office of credit unions and conduct reviews under sub. (5).

AB569-ASA1, s. 21 Section 21. 186.015 (2) (c) of the statutes is created to read:

AB569-ASA1,7,21 186.015 (2) (c) Respond promptly on credit union matters and to questions submitted to the review board by the commissioner or by a credit union.