Amendment ASA1-AB569

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AB569-ASA1, s. 6 Section 6. 186.01 (4) of the statutes is repealed.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AB569-ASA1, s. 9 Section 9. 186.01 (6) of the statutes is repealed and recreated to read: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AB569-ASA1, s. 10 Section 10. 186.01 (7) of the statutes is repealed.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.

AB569-ASA1, s. 22 Section 22. 186.015 (2) (c) of the statutes, as created by 1995 Wisconsin Act .... (this act), is amended to read:

AB569-ASA1,8,3 186.015 (2) (c) Respond promptly on credit union matters and to questions submitted to the review board by the commissioner office of credit unions or by a credit union.

AB569-ASA1, s. 23 Section 23. 186.015 (3) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is amended to read:

AB569-ASA1,8,8 186.015 (3) Approval of actions. The review board may require the commissioner office of credit unions to submit any of the commissioner's office's official actions to the review board for its approval.

AB569-ASA1, s. 24 Section 24. 186.015 (3) (a) of the statutes is renumbered 186.015 (3) and amended to read:

AB569-ASA1,8,13 186.015 (3) (title) Approval of actions. The review board may require the commissioner to submit any of the commissioner's official actions to the review board for its approval. The board may make rules of procedure as provided in ch. 227.

AB569-ASA1, s. 25 Section 25. 186.015 (3) (b) of the statutes is renumbered 186.015 (5) and amended to read:

AB569-ASA1,9,12 186.015 (5) (title) Reviews. Any interested person aggrieved by any act, order or determination of the commissioner that relates to credit unions may, within 60 days after the date of the act, order or determination, apply for review thereof by filing a petition with the secretary of the board within 30 days after the act, order or determination to be reviewed. The petition shall state the nature of the petitioner's interest, facts showing that the petitioner is aggrieved and directly affected by the act, order or determination to be reviewed and the ground or grounds upon which the petitioner claims that the act, order or determination should be modified or reversed. The issues raised by the petition for review shall be considered by the board upon giving at least 10 days' written notice of the time and place when said matter will be heard to the commissioner and the person applying for review or the applying person's attorney and upon any other person who participated in the proceedings before the commissioner or that other person's attorney. Notice of hearing may be given by registered mail, return receipt requested, and the return receipt signed by the addressee or the addressee's agent shall be presumptive evidence that such notice was received by the addressee on the day stated on the receipt. Any other interested party shall have the right to appear in any proceeding before by the review board. The review board shall determine if the commissioner acted within the scope of the commissioner's authority, has not acted in an arbitrary or capricious manner and has based the act, order or determination on evidence supported by the record. The review board shall dispose of a review application within 60 days after the date on which it is received.

AB569-ASA1, s. 26 Section 26. 186.015 (3) (c) of the statutes is renumbered 186.015 (4) and amended to read:

AB569-ASA1,9,25 186.015 (4) (title) Witness fees. The board shall base its determination upon the record made by the commissioner and may also receive additional evidence to supplement such record if it finds it necessary. The board shall affirm, modify or reverse the act, order or determination under review. The burden of overcoming the act, order or determination of the commissioner under review shall be on the person seeking the review. Any findings of fact made by the commissioner shall be sustained if supported by substantial evidence in the record made by the commissioner or in such record supplemented by evidence taken by the board. The board shall have the powers granted by s. 885.01 (4). (a) Any person causing a witness to be subpoenaed shall advance and pay the fees and mileage of such the witness, which shall be the same as in circuit court.

AB569-ASA1,10,5 (b) The fees and mileage of witnesses who are called at the instance of the commissioner review board shall be paid by the state in the same manner that other expenses are audited and paid, upon presentation of properly verified proper vouchers approved by at least one member of the review board and charged to the appropriation of the office of the commissioner.

AB569-ASA1, s. 27 Section 27. 186.015 (3) (d) of the statutes is renumbered 186.015 (6) (a) and amended to read:

AB569-ASA1,10,11 186.015 (6) (a) Three members of the review board shall constitute a quorum and a majority vote of those present shall decide. No A member of such the review board shall be is not qualified to act in any matter involving a credit union in which the member is an officer, director or stockholder, or to which the member is indebted.

AB569-ASA1, s. 28 Section 28. 186.015 (3) (e) of the statutes is repealed.

AB569-ASA1, s. 29 Section 29. 186.015 (3) (f) of the statutes is renumbered 186.015 (6) (b) and amended to read:

AB569-ASA1,10,16 186.015 (6) (b) Any final order or determination of the review board shall be subject to review in the manner provided in ch. 227.

AB569-ASA1, s. 30 Section 30. 186.015 (3g) of the statutes is created to read:

AB569-ASA1,10,19 186.015 (3g) Procedure. The review board may promulgate rules of procedure under ch. 227.

AB569-ASA1, s. 31 Section 31. 186.015 (3r) of the statutes is created to read:

AB569-ASA1,10,23 186.015 (3r) Hearing appearances, subpoenas. (a) Any interested person may appear at a hearing of the review board, participate in the examination of witnesses and present evidence.

AB569-ASA1,10,24 (b) The review board shall have the subpoena powers under s. 885.01 (4).

AB569-ASA1, s. 32 Section 32. 186.015 (4) (b) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is amended to read:

AB569-ASA1,11,7 186.015 (4) (b) The fees and mileage of witnesses who are called at the instance of the review board shall be paid by the state in the same manner that other expenses are paid, upon presentation of proper vouchers approved by at least one member of the review board and charged to the appropriation of the office of the commissioner credit unions.

AB569-ASA1, s. 33 Section 33. 186.015 (5) of the statutes, as affected by 1995 Wisconsin Act .... (this act), is amended to read:

AB569-ASA1,11,17 186.015 (5) Reviews. Any interested person aggrieved by any act, order or determination of the commissioner office of credit unions that relates to credit unions may, within 60 days after the date of the act, order or determination, apply for review by the review board. The review board shall determine if the commissioner office of credit unions acted within the scope of the commissioner's office's authority, has not acted in an arbitrary or capricious manner and has based the act, order or determination on evidence supported by the record. The review board shall dispose of a review application within 60 days after the date on which it is received.

AB569-ASA1, s. 34 Section 34. 186.015 (6) (title) of the statutes is created to read:

AB569-ASA1,11,19 186.015 (6) (title) Decisions.

AB569-ASA1, s. 35 Section 35. 186.02 (1) of the statutes is amended to read:

AB569-ASA1,12,2 186.02 (1) (title) Incorporation. Seven or more residents of this state may organize a credit union by filing with the commissioner the proposed articles of incorporation in duplicate and a verified copy of the proposed original bylaws, together with a $5 $100 filing fee. The articles of incorporation shall state the name and purpose of the credit union, the location of county in which its initial principal office, the par value of its shares, is located and the names, residences and occupations addresses of the incorporators.

AB569-ASA1, s. 36 Section 36. 186.02 (1) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

AB569-ASA1,12,10 186.02 (1) Incorporation. Seven or more residents of this state may organize a credit union by filing with the office of credit unions the proposed articles of incorporation in duplicate and the proposed bylaws, together with a $100 filing fee. The articles of incorporation shall state the name and purpose of the credit union, the county in which its initial principal office is located and the names and addresses of the incorporators.

AB569-ASA1, s. 37 Section 37. 186.02 (2) (title) of the statutes is created to read:

AB569-ASA1,12,12 186.02 (2) (title) Bylaws.

AB569-ASA1, s. 38 Section 38. 186.02 (2) (a) 2. of the statutes is amended to read:

AB569-ASA1,12,15 186.02 (2) (a) 2. The par value of the shares of capital stock not exceeding $25 $50 per share.

AB569-ASA1, s. 39 Section 39. 186.02 (2) (a) 5d. of the statutes is created to read:

AB569-ASA1,12,17 186.02 (2) (a) 5d. The responsibilities and qualifications of the directors.

AB569-ASA1, s. 40 Section 40. 186.02 (2) (a) 5h. of the statutes is created to read:

AB569-ASA1,12,19 186.02 (2) (a) 5h. The nomination and election procedures for directors.

AB569-ASA1, s. 41 Section 41. 186.02 (2) (a) 5k. of the statutes is created to read:

AB569-ASA1,12,22 186.02 (2) (a) 5k. The type and amount of a bond required to be maintained on behalf of a director.

AB569-ASA1, s. 42 Section 42. 186.02 (2) (a) 5p. of the statutes is created to read:

AB569-ASA1,12,24 186.02 (2) (a) 5p. Meeting notification procedures.

AB569-ASA1, s. 43 Section 43. 186.02 (2) (a) 5t. of the statutes is created to read:

AB569-ASA1,13,1 186.02 (2) (a) 5t. Procedures for removing directors from the board of directors.