Amendment ASA1-AB569

AB569-ASA1,34,14 186.113 (6) (a) Contract for the provision of trust services to its members with a trust company or other organization with trust powers authorized to do business in this state. For this purpose, the trust company or other organization with trust powers may serve credit union members at credit union facilities on a full-time or part-time basis to provide trust services to the credit union's members.

AB569-ASA1,34,16 (b) Act as trustees of member tax deferred funds permitted by federal law to be deposited in a credit union as a deferred compensation or tax-deferral device.

AB569-ASA1, s. 137 Section 137. 186.113 (6) (c) of the statutes is created to read:

AB569-ASA1,34,19 186.113 (6) (c) Act as a depository for member-deferred compensation funds as permitted by federal law.

AB569-ASA1, s. 138 Section 138. 186.113 (7) (title) of the statutes is created to read:

AB569-ASA1,34,21 186.113 (7) (title) Conditional sales contracts.

AB569-ASA1, s. 139 Section 139. 186.113 (8) of the statutes is amended to read:

AB569-ASA1,34,25 186.113 (8) (title) Donations. Make donations and grants in the aggregate not to, the total of which may not exceed one-half of one per cent 0.5% of regular reserves within a given year.

AB569-ASA1, s. 140 Section 140. 186.113 (9) of the statutes is amended to read:

AB569-ASA1,35,5 186.113 (9) (title) Financial services. Collect, receive and disburse moneys in connection with the sale or provision of share drafts, travelers checks, money orders and, credit cards, debit cards or, with the approval of the commissioner, similar instruments.

AB569-ASA1, s. 141 Section 141. 186.113 (9) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is repealed and recreated to read:

AB569-ASA1,35,11 186.113 (9) Financial services. Collect, receive and disburse moneys in connection with the sale or provision of share drafts, travelers checks, money orders, credit cards, debit cards or, with the approval of the office of credit unions, similar instruments.

AB569-ASA1, s. 142 Section 142. 186.113 (10) (title) of the statutes is created to read:

AB569-ASA1,35,13 186.113 (10) (title) Additional powers.

AB569-ASA1, s. 143 Section 143. 186.113 (11) of the statutes is amended to read:

AB569-ASA1,35,16 186.113 (11) (title) Accounts. Have deposit accounts such as Christmas, vacation, education, deferred income, pension and similar types.

AB569-ASA1, s. 144 Section 144. 186.113 (12) of the statutes is amended to read:

AB569-ASA1,35,20 186.113 (12) (title) Elections. Conduct annual board of director elections by mail ballot which shall be valid only for the meeting designated in the manner provided by the bylaws.

AB569-ASA1, s. 145 Section 145. 186.113 (13) of the statutes is amended to read:

AB569-ASA1,36,2 186.113 (13) (title) Multiparty accounts. Issue multiple accounts in joint tenancy with any person designated by the credit union member. The person first named in any such joint on the account shall be a member of the credit union. A nonmember named in the joint account shall not acquire the right to vote, obtain loans or hold office because of the nonmember's inclusion in the joint account.

AB569-ASA1, s. 146 Section 146. 186.113 (14) (title) of the statutes is created to read:

AB569-ASA1,36,4 186.113 (14) (title) Government loans.

AB569-ASA1, s. 147 Section 147. 186.113 (14) of the statutes is renumbered 186.113 (14) (a) and amended to read:

AB569-ASA1,36,8 186.113 (14) (a) Process applications, act as closing agent and service loans made under s. 45.79, with the approval of the department of veterans affairs.

AB569-ASA1, s. 148 Section 148. 186.113 (14) (b) of the statutes is created to read:

AB569-ASA1,36,12 186.113 (14) (b) Make loans to members that are guaranteed by this state or by the federal government, with the approval of the appropriate state or federal administering agency.

AB569-ASA1, s. 149 Section 149. 186.113 (14m) of the statutes is created to read:

AB569-ASA1,36,18 186.113 (14m) Safe deposit boxes. (a) Rent safe deposit receptacles upon its premises for an agreed upon fee. A credit union may store for safekeeping valuable or personal property of any member or of any person who is eligible to be a member. The credit union shall have a lien for its charges on any property received by it for safekeeping.

AB569-ASA1,36,23 (b) Sell any property subject to a lien under par. (a) at public auction in accordance with procedures under ch. 815. A credit union may retain from the proceeds of the sale all lien fees and charges due including reasonable expenses of the sale. A credit union shall pay the remaining balance to the person depositing the property or to the legal representatives or assigns.

AB569-ASA1, s. 150 Section 150. 186.113 (15) (title) of the statutes is created to read:

AB569-ASA1,36,25 186.113 (15) (title) Automated teller machines.

AB569-ASA1, s. 151 Section 151. 186.113 (16) of the statutes is repealed and recreated to read:

AB569-ASA1,37,3 186.113 (16) Dormant accounts. Subject to ch. 177, establish a policy, including a fee schedule, for disposing of dormant accounts.

AB569-ASA1, s. 152 Section 152. 186.113 (17) of the statutes is amended to read:

AB569-ASA1,37,6 186.113 (17) (title) Contracts. Make contracts necessary and proper to effect meet its purpose and to conduct its business.

AB569-ASA1, s. 153 Section 153. 186.113 (18) of the statutes is amended to read:

AB569-ASA1,37,10 186.113 (18) (title) Legal actions. To sue and be sued, and to appear and defend in all actions and proceedings under its corporate name to the same extent as a natural person.

AB569-ASA1, s. 154 Section 154. 186.113 (19) of the statutes is amended to read:

AB569-ASA1,37,17 186.113 (19) (title) Client fund accounts. Maintain real estate broker trust accounts under s. 452.13 for brokers otherwise who are eligible for membership in the credit union, attorney trust accounts under s. 757.293 for attorneys otherwise who are eligible for membership in the credit union and collection agency trust accounts under s. 218.04 (9g) for persons otherwise who are eligible for membership in the credit union.

AB569-ASA1, s. 155 Section 155. 186.113 (20) of the statutes is amended to read:

AB569-ASA1,37,20 186.113 (20) (title) Public depository. Act as depositories a depository of state and local public funds.

AB569-ASA1, s. 156 Section 156. 186.113 (21) of the statutes is amended to read:

AB569-ASA1,38,4 186.113 (21) (title) Federal depository. On request of the federal secretary of the treasury, act as federal depository, fiscal agent or both of the federal government and perform. A credit union may perform such services as the federal secretary of the treasury may require authorize in connection with the collection of taxes and other obligations due the federal government and the lending, borrowing and repayment of money by the federal government, including the issue, sale, redemption or repurchase of bonds, notes, treasury certificates of indebtedness, or other obligations of the federal government.

AB569-ASA1, s. 157 Section 157. 186.113 (22) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is amended to read:

AB569-ASA1,38,15 186.113 (22) Community currency exchange and seller of checks. Engage in the business and functions provided for in s. 218.05 and ch. 217 upon receiving a certificate of authority from the commissioner office of credit unions. An applicant shall meet the same requirements as other applicants under ch. 217, but no investigation fee may be charged of credit union applicants. The commissioner office of credit unions may revoke a certificate of authority following a hearing held upon 10 days' notice to the credit union for any reason which would have justified the rejection of an application or on the ground that the continued operation of the business threatens the solvency of the credit union.

AB569-ASA1, s. 158 Section 158. 186.115 (1) (title) of the statutes is created to read:

AB569-ASA1,38,17 186.115 (1) (title) Scope of authority.

AB569-ASA1, s. 159 Section 159. 186.115 (2) of the statutes is amended to read:

AB569-ASA1,39,2 186.115 (2) (title) Rules. The activities, powers, products and services that may be undertaken, exercised or offered by credit unions under sub. (1) are limited to those specified by rule of the commissioner. The commissioner may direct any credit union to cease any activity, the exercise of any power or the offering of any product or service authorized by rule under this subsection. Among the factors that the commissioner may consider in so directing a credit union are the credit union's net worth, assets, management rating and liquidity ratio and its ratio of net worth to assets.

AB569-ASA1, s. 160 Section 160. 186.115 (2) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB569-ASA1,39,11 186.115 (2) Rules. The activities, powers, products and services that may be undertaken, exercised or offered by credit unions under sub. (1) are limited to those specified by rule of the office of credit unions. The office of credit unions may direct any credit union to cease any activity, the exercise of any power or the offering of any product or service authorized by rule. Among the factors that the office of credit unions may consider in so directing a credit union are the credit union's net worth, assets, management rating and liquidity ratio and its ratio of net worth to assets.

AB569-ASA1, s. 161 Section 161. 186.115 (3) (title) of the statutes is created to read:

AB569-ASA1,39,13 186.115 (3) (title) Insurance underwriting not authorized.

AB569-ASA1, s. 162 Section 162. 186.117 (1) of the statutes is amended to read:

AB569-ASA1,39,16 186.117 (1) (title) Definition. As used in In this section, "business day" means a business day as defined in s. 421.301 (6) that is not a federal legal holiday.

AB569-ASA1, s. 163 Section 163. 186.117 (2) (title) of the statutes is created to read:

AB569-ASA1,39,18 186.117 (2) (title) Funds availability.

AB569-ASA1, s. 164 Section 164. 186.118 (1) (title), (2) (title), (3) (title) and (4) (title) of the statutes are created to read:

AB569-ASA1,39,21 186.118 (1) (title) Disclosure statement.

AB569-ASA1,39,22 (2) (title) When required.

AB569-ASA1,39,23 (3) (title) Available on request.

AB569-ASA1,39,24 (4) (title) Other information.

AB569-ASA1, s. 165 Section 165. 186.119 of the statutes is repealed.

AB569-ASA1, s. 166 Section 166. 186.12 (1) (title), (2) (title) and (3) (title) of the statutes are created to read:

AB569-ASA1,40,3 186.12 (1) (title) Board members.

AB569-ASA1,40,4 (2) (title) Sureties.

AB569-ASA1,40,5 (3) (title) Expenditures.

AB569-ASA1, s. 167 Section 167. 186.13 of the statutes is amended to read:

AB569-ASA1,40,16 186.13 Expulsion. The If the board of directors adopts a written policy, a credit union may expel a member from the credit union who if the member neglects or refuses to comply with this chapter or the credit union bylaws, or for any if the board has other just cause; but no member may be expelled until the member has been informed in writing of the charges against the member, and given an opportunity, after reasonable notice, to be heard thereon. The credit union shall provide notice to the member in writing of the reason for expulsion. The notice shall include a description of the member's right to a hearing. If a member requests a hearing in writing, the board shall give the member an opportunity to be heard on the expulsion within 90 days after the date of the expulsion notice.

AB569-ASA1, s. 168 Section 168. 186.14 of the statutes is amended to read:

AB569-ASA1,40,23 186.14 (title) Expelled member, rights and liabilities. The amounts paid in on shares by members who have withdrawn or have been expelled shall be paid to them, but in the order of withdrawal or expulsion and only as funds therefor become available and after deducting any amounts due by said from the members to the credit union; but such expulsion. Expulsion or withdrawal shall not operate to relieve a member from any remaining liability to the credit union.

AB569-ASA1, s. 169 Section 169. 186.15 of the statutes is repealed and recreated to read:

AB569-ASA1,41,4 186.15 Auditing. (1) Annual audit. Except as provided in sub. (2), the board of directors shall hire a licensed public accountant or other qualified person to conduct a comprehensive annual audit of the records, accounts and affairs of the credit union.

AB569-ASA1,41,8 (2) Audit committee. The board of directors may appoint an auditing committee of one or more capable persons to annually audit the records, accounts and cash of the credit union and to verify member accounts. Verification procedures shall be conducted according to the credit union's bylaws or the rules of the commissioner.

AB569-ASA1,41,11 (3) Independent audit. The commissioner may order an independent audit at the credit union's expense if the commissioner finds an annual audit to be unsatisfactory.

AB569-ASA1,41,13 (4) Audit reports. Audit reports under this section shall be submitted to the board of directors and retained as records of the credit union.

AB569-ASA1, s. 170 Section 170. 186.15 (2) and (3) of the statutes, as affected by 1995 Wisconsin Act .... (this act), are amended to read:

AB569-ASA1,41,20 186.15 (2) Audit committee. The board of directors may appoint an auditing committee of one or more capable persons to annually audit the records, accounts and cash of the credit union and to verify member accounts. Verification procedures shall be conducted according to the credit union's bylaws or the rules of the commissioner office of credit unions.

AB569-ASA1,41,23 (3) Independent audit. The commissioner office of credit unions may order an independent audit at the credit union's expense if the commissioner office of credit unions finds an annual audit to be unsatisfactory.

AB569-ASA1, s. 171 Section 171. 186.16 (1) (title) of the statutes is created to read:

AB569-ASA1,41,25 186.16 (1) (title) Board establishes dividends.

AB569-ASA1, s. 172 Section 172. 186.16 (2) of the statutes is amended to read:

AB569-ASA1,42,4 186.16 (2) (title) Maximum set by commissioner. The commissioner may establish the maximum dividend that a credit union and a corporate central credit union may pay in each classification of its savings.

AB569-ASA1, s. 173 Section 173. 186.16 (2) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB569-ASA1,42,9 186.16 (2) Maximum set by office of credit unions. The office of credit unions may establish the maximum dividend that a credit union and a corporate central credit union may pay in each classification of its savings.

AB569-ASA1, s. 174 Section 174. 186.17 (1) of the statutes is repealed and recreated to read:

AB569-ASA1,42,13 186.17 (1) Regular reserves. Semiannually, a credit union shall determine its gross income. From gross income, the credit union shall transfer to regular reserve amounts required under a schedule set by the national board.

AB569-ASA1, s. 175 Section 175. 186.17 (2) of the statutes is amended to read:

AB569-ASA1,42,18 186.17 (2) (title) Special reserves. Special reserves may be required by the commissioner on an individual credit union basis for purchased accounts or when serious threat of impairment threatens regular reserve or for a corporate central credit union.