AB569-ASA1,32,1410
186.113
(1) (title)
Branch offices. If the need and necessity exists
, establish
11subsidiary offices where permanent and with the approval of the commissioner,
12establish branch offices inside this state or no more than 25 miles outside of this
13state. Permanent records may be maintained
within the state with the approval of
14the commissioner at branch offices established under this subsection.
AB569-ASA1, s. 126
15Section
126. 186.113 (1) of the statutes, as affected by 1995 Wisconsin Acts 27
16and .... (this act), is repealed and recreated to read:
AB569-ASA1,32,2017
186.113
(1) Branch offices. If the need and necessity exist and with the
18approval of the office of credit unions, establish branch offices inside this state or no
19more than 25 miles outside of this state. Permanent records may be maintained at
20branch offices established under this subsection.
AB569-ASA1,33,322
186.113
(1s) Service centers. Upon notice to the commissioner, establish and
23maintain service centers that are reasonably necessary to furnish services to
24members. A credit union may operate a shared service center with one or more credit
25unions and may participate in a shared service center network that is operated from
1inside or outside of this state. This subsection does not prohibit a credit union from
2referring to a service center as a branch office. A service center shall be under the
3supervision of the commissioner.
AB569-ASA1, s. 128
4Section
128. 186.113 (1s) of the statutes, as created by 1995 Wisconsin Act ....
5(this act), is amended to read:
AB569-ASA1,33,126
186.113
(1s) Service centers. Upon notice to the
commissioner office of credit
7unions, establish and maintain service centers that are reasonably necessary to
8furnish services to members. A credit union may operate a shared service center with
9one or more credit unions and may participate in a shared service center network
10that is operated from inside or outside of this state. This subsection does not prohibit
11a credit union from referring to a service center as a branch office. A service center
12shall be under the supervision of the
commissioner
office of credit unions.
AB569-ASA1, s. 129
13Section
129. 186.113 (2) of the statutes is repealed and recreated to read:
AB569-ASA1,33,1714
186.113
(2) Credit union center corporation. With other credit unions,
15organize a credit union center corporation that provides facilities, equipment and
16personnel. A credit union center corporation shall be under the supervision of the
17commissioner.
AB569-ASA1, s. 130
18Section
130. 186.113 (2) of the statutes, as affected by 1995 Wisconsin Acts 27
19and .... (this act), is repealed and recreated to read:
AB569-ASA1,33,2320
186.113
(2) Credit union center corporation. With other credit unions,
21organize a credit union center corporation that provides facilities, equipment and
22personnel. A credit union center corporation shall be under the supervision of the
23office of credit unions.
AB569-ASA1,33,2525
186.113
(3) (title)
Financial counseling.
AB569-ASA1,34,22
186.113
(4) (title)
Fees.
AB569-ASA1,34,54
186.113
(5) (title)
Third-party checks. Issue third-party checks
from an
5account of a member upon request of the member.
AB569-ASA1,34,77
186.113
(6) (title)
Trust services.
AB569-ASA1, s. 136
9Section
136. 186.113 (6) (a) and (b) of the statutes are amended to read:
AB569-ASA1,34,1410
186.113
(6) (a) Contract
for the provision of trust services to its members with
11a trust
company or other organization
with trust powers authorized to do business
12in this state
. For this purpose, the trust company or other organization with trust
13powers may serve credit union members at credit union facilities on a full-time or
14part-time basis to provide trust services to the credit union's members.
AB569-ASA1,34,1615
(b) Act as trustees of member
tax deferred funds permitted by federal law to
16be deposited in a credit union
as a deferred compensation or tax-deferral device.
AB569-ASA1,34,1918
186.113
(6) (c) Act as a depository for member-deferred compensation funds
19as permitted by federal law.
AB569-ASA1,34,2121
186.113
(7) (title)
Conditional sales contracts.
AB569-ASA1,34,2523
186.113
(8) (title)
Donations. Make
donations and grants
in the aggregate not
24to, the total of which may not exceed
one-half of one per cent 0.5% of regular reserves
25within a given year.
AB569-ASA1,35,52
186.113
(9) (title)
Financial services. Collect, receive and disburse moneys in
3connection with the sale
or provision of
share drafts, travelers checks, money orders
4and, credit cards
, debit cards or, with the approval of the commissioner, similar
5instruments.
AB569-ASA1, s. 141
6Section
141. 186.113 (9) of the statutes, as affected by 1995 Wisconsin Act ....
7(this act), is repealed and recreated to read:
AB569-ASA1,35,118
186.113
(9) Financial services. Collect, receive and disburse moneys in
9connection with the sale or provision of share drafts, travelers checks, money orders,
10credit cards, debit cards or, with the approval of the office of credit unions, similar
11instruments.
AB569-ASA1, s. 142
12Section
142. 186.113 (10) (title) of the statutes is created to read:
AB569-ASA1,35,1313
186.113
(10) (title)
Additional powers.
AB569-ASA1,35,1615
186.113
(11) (title)
Accounts. Have deposit accounts
such as Christmas,
16vacation, education, deferred income, pension and similar types.
AB569-ASA1,35,2018
186.113
(12) (title)
Elections. Conduct
annual board of director elections
by
19mail ballot which shall be valid only for the meeting designated
in the manner
20provided by the bylaws.
AB569-ASA1,36,222
186.113
(13) (title)
Multiparty accounts. Issue multiple accounts in joint
23tenancy with any person designated by the
credit union member. The person first
24named
in any such joint on the account shall be a member of the credit union. A
1nonmember named in the joint account shall not acquire the right to vote, obtain
2loans or hold office because of the nonmember's inclusion in the joint account.
AB569-ASA1,36,44
186.113
(14) (title)
Government loans.
AB569-ASA1, s. 147
5Section
147. 186.113 (14) of the statutes is renumbered 186.113 (14) (a) and
6amended to read:
AB569-ASA1,36,87
186.113
(14) (a) Process applications, act as closing agent and service loans
8made under s. 45.79
, with the approval of the department of veterans affairs.
AB569-ASA1,36,1210
186.113
(14) (b) Make loans to members that are guaranteed by this state or
11by the federal government, with the approval of the appropriate state or federal
12administering agency.
AB569-ASA1,36,1814
186.113
(14m) Safe deposit boxes. (a) Rent safe deposit receptacles upon its
15premises for an agreed upon fee. A credit union may store for safekeeping valuable
16or personal property of any member or of any person who is eligible to be a member.
17The credit union shall have a lien for its charges on any property received by it for
18safekeeping.
AB569-ASA1,36,2319
(b) Sell any property subject to a lien under par. (a) at public auction in
20accordance with procedures under ch. 815. A credit union may retain from the
21proceeds of the sale all lien fees and charges due including reasonable expenses of
22the sale. A credit union shall pay the remaining balance to the person depositing the
23property or to the legal representatives or assigns.
AB569-ASA1, s. 150
24Section
150. 186.113 (15) (title) of the statutes is created to read:
AB569-ASA1,36,2525
186.113
(15) (title)
Automated teller machines.
AB569-ASA1, s. 151
1Section
151. 186.113 (16) of the statutes is repealed and recreated to read:
AB569-ASA1,37,32
186.113
(16) Dormant accounts. Subject to ch. 177, establish a policy,
3including a fee schedule, for disposing of dormant accounts.
AB569-ASA1,37,65
186.113
(17) (title)
Contracts. Make contracts necessary and proper to
effect 6meet its purpose and
to conduct its business.
AB569-ASA1,37,108
186.113
(18) (title)
Legal actions. To sue and be sued, and to appear and
9defend in all actions and proceedings under its corporate name
to the same extent
10as a natural person.
AB569-ASA1,37,1712
186.113
(19) (title)
Client fund accounts. Maintain real estate broker trust
13accounts under
s. 452.13 for brokers
otherwise who are eligible for membership in
14the credit union, attorney trust accounts under s. 757.293 for attorneys
otherwise 15who are eligible for membership in the credit union and collection agency trust
16accounts under s. 218.04 (9g) for persons
otherwise
who are eligible for membership
17in the credit union.
AB569-ASA1,37,2019
186.113
(20) (title)
Public depository. Act as
depositories a depository of state
20and local public funds.
AB569-ASA1,38,422
186.113
(21) (title)
Federal depository. On request of the federal secretary of
23the treasury, act as federal depository, fiscal agent or both of the federal government
24and perform. A credit union may perform such services as the federal secretary of
25the treasury may
require authorize in connection with the collection of taxes and
1other obligations due the federal government and the lending, borrowing and
2repayment of money by the federal government, including the issue, sale,
3redemption or repurchase of bonds, notes, treasury certificates of indebtedness, or
4other obligations of the federal government.
AB569-ASA1, s. 157
5Section
157. 186.113 (22) of the statutes, as affected by 1995 Wisconsin Act
6.... (this act), is amended to read:
AB569-ASA1,38,157
186.113
(22) Community currency exchange and seller of checks. Engage
8in the business and functions provided for in s. 218.05 and ch. 217 upon receiving a
9certificate of authority from the
commissioner office of credit unions. An applicant
10shall meet the same requirements as other applicants under ch. 217, but no
11investigation fee may be charged of credit union applicants. The
commissioner office
12of credit unions may revoke a certificate of authority following a hearing held upon
1310 days' notice to the credit union for any reason which would have justified the
14rejection of an application or on the ground that the continued operation of the
15business threatens the solvency of the credit union.
AB569-ASA1,38,1717
186.115
(1) (title)
Scope of authority.
AB569-ASA1,39,219
186.115
(2) (title)
Rules. The activities, powers, products and services that
20may be undertaken, exercised or offered by credit unions under sub. (1) are limited
21to those specified by rule of the commissioner. The commissioner may direct any
22credit union to cease any activity, the exercise of any power or the offering of any
23product or service authorized by rule
under this subsection. Among the factors that
24the commissioner may consider in so directing a credit union are the credit union's
1net worth, assets, management rating and liquidity ratio and its ratio of net worth
2to assets.
AB569-ASA1, s. 160
3Section
160. 186.115 (2) of the statutes, as affected by 1995 Wisconsin Acts 27
4and .... (this act), is repealed and recreated to read:
AB569-ASA1,39,115
186.115
(2) Rules. The activities, powers, products and services that may be
6undertaken, exercised or offered by credit unions under sub. (1) are limited to those
7specified by rule of the office of credit unions. The office of credit unions may direct
8any credit union to cease any activity, the exercise of any power or the offering of any
9product or service authorized by rule. Among the factors that the office of credit
10unions may consider in so directing a credit union are the credit union's net worth,
11assets, management rating and liquidity ratio and its ratio of net worth to assets.
AB569-ASA1,39,1313
186.115
(3) (title)
Insurance underwriting not authorized.
AB569-ASA1,39,1615
186.117
(1) (title)
Definition.
As used in In this section, "business day" means
16a business day as defined in s. 421.301 (6) that is not a federal legal holiday.
AB569-ASA1,39,1818
186.117
(2) (title)
Funds availability.
AB569-ASA1, s. 164
19Section
164. 186.118 (1) (title), (2) (title), (3) (title) and (4) (title) of the statutes
20are created to read:
AB569-ASA1,39,2121
186.118
(1) (title)
Disclosure statement.
AB569-ASA1,39,22
22(2) (title)
When required.
AB569-ASA1,39,23
23(3) (title)
Available on request.
AB569-ASA1,39,24
24(4) (title)
Other information.
AB569-ASA1, s. 166
1Section
166. 186.12 (1) (title), (2) (title) and (3) (title) of the statutes are
2created to read:
AB569-ASA1,40,33
186.12
(1) (title)
Board members.
AB569-ASA1,40,4
4(2) (title)
Sureties.
AB569-ASA1,40,5
5(3) (title)
Expenditures.
