Amendment SSA1-SB349

SB349-SSA1,9,3 215.21 (16) (a) (intro.) An association may not make a mortgage loan on the security of vacant land, except if the loan is any of the following:

SB349-SSA1, s. 32 Section 32. 215.21 (16) (a) 5. of the statutes is created to read:

SB349-SSA1,9,6 215.21 (16) (a) 5. A loan to develop or to acquire and develop land for commercial or industrial use.

SB349-SSA1, s. 33 Section 33. 215.21 (16) (d) of the statutes is created to read:

SB349-SSA1,9,9 215.21 (16) (d) An association may not make a mortgage loan on the security of or to finance the purchase of vacant land that is acquired or held for speculation.

SB349-SSA1, s. 34 Section 34. 215.21 (28) of the statutes is amended to read:

SB349-SSA1,9,18 215.21 (28) (title) Loans outside the lending area. Subject to the rules issued by of the commissioner and without regard to the limitation set forth in sub. (2), an association may make or invest its funds in loans, originated and serviced by or through an institution, the accounts or deposits of which are insured by the federal savings and loan insurance corporation or the federal deposit insurance corporation or by or through an approved federal housing administration mortgagee, in an aggregate amount not exceeding 10% of such association's assets on the security of real estate or leasehold interests.

SB349-SSA1, s. 35 Section 35. 215.21 (28) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

SB349-SSA1,9,24 215.21 (28) Loans. Subject to the rules of the division, an association may make or invest its funds in loans, originated and serviced by or through an institution, the accounts or deposits of which are insured by the deposit insurance corporation or by or through an approved federal housing administration mortgagee, in an aggregate amount not exceeding 10% of such association's assets on the security of real estate or leasehold interests.

SB349-SSA1, s. 36 Section 36. 215.26 (8) (b) 3. of the statutes is amended to read:

SB349-SSA1,10,6 215.26 (8) (b) 3. Any The deposit insurance corporation or any federal agency or other instrumentality approved by the commissioner which is authorized to inspect and examine books and records of an insured association.

SB349-SSA1, s. 37 Section 37. 215.26 (8) (b) 3. of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

SB349-SSA1,10,11 215.26 (8) (b) 3. The deposit insurance corporation or any federal agency or other instrumentality approved by the division which is authorized to inspect and examine books and records of an insured association.

SB349-SSA1, s. 38 Section 38. 215.32 (15) (title) of the statutes is amended to read:

SB349-SSA1,10,15 215.32 (15) (title) Procedure upon taking possession of association whose savings accounts are insured by federal savings and loan deposit insurance corporation.

SB349-SSA1, s. 39 Section 39. 215.32 (15) (a) of the statutes is amended to read:

SB349-SSA1,11,7 215.32 (15) (a) The commissioner may, if the commissioner takes possession of any association, the savings accounts of which are to any extent insured by the federal savings and loan deposit insurance corporation, tender to said the deposit insurance corporation the appointment as statutory liquidator of such association. If the commissioner does not make such tender, the commissioner shall tender to said the deposit insurance corporation the appointment as statutory co-liquidator to act jointly with the commissioner, but such the co-liquidatorship shall not be for more than one year from the date of such tender, at the expiration of which time the commissioner shall become the sole liquidator except as herein otherwise provided. The commissioner shall tender to said the deposit insurance corporation the appointment as sole statutory liquidator of such association whenever said the deposit insurance corporation has become subrogated to the rights of 90 per cent % of the liability of such the association on savings accounts. If the deposit insurance corporation becomes subrogated as to all the savings accounts in such the association, it may then exercise all the powers and privileges herein conferred upon it without court approval.

SB349-SSA1, s. 40 Section 40. 215.32 (15) (a) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

SB349-SSA1,11,23 215.32 (15) (a) The division may, if the division takes possession of any association, the savings accounts of which are to any extent insured by the deposit insurance corporation, tender to the deposit insurance corporation the appointment as statutory liquidator of such association. If the division does not make such tender, the division shall tender to the deposit insurance corporation the appointment as statutory co-liquidator to act jointly with the division, but the co-liquidatorship shall not be for more than one year from the date of such tender, at the expiration of which time the division shall become the sole liquidator except as herein otherwise provided. The division shall tender to the deposit insurance corporation the appointment as sole statutory liquidator of such association whenever the deposit insurance corporation has become subrogated to the rights of 90% of the liability of the association on savings accounts. If the deposit insurance corporation becomes subrogated as to all the savings accounts in the association, it may then exercise all the powers and privileges conferred upon it without court approval.

SB349-SSA1, s. 41 Section 41. 215.33 (3) (b) 2. of the statutes is amended to read:

SB349-SSA1,12,5 215.33 (3) (b) 2. The accounts of the association are insured by the federal savings and loan deposit insurance corporation or any other insurer acceptable to the commissioner, or that adequate and sufficient securities have been deposited with the state treasurer to assure that the association will meet its obligations to the residents of this state.

SB349-SSA1, s. 42 Section 42. 215.33 (3) (b) 2. of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

SB349-SSA1,12,11 215.33 (3) (b) 2. The accounts of the association are insured by the deposit insurance corporation or any other insurer acceptable to the division, or that adequate and sufficient securities have been deposited with the state treasurer to assure that the association will meet its obligations to the residents of this state.

SB349-SSA1, s. 43 Section 43. 215.33 (6) of the statutes is amended to read:

SB349-SSA1,12,22 215.33 (6) Reciprocity. If the laws of another jurisdiction prohibit an association chartered by this state and insured by the federal savings and loan deposit insurance corporation from doing business in that jurisdiction, no association organized under the laws of that jurisdiction may be authorized to do business in this state. If the laws of another jurisdiction require the posting of securities or impose other additional requirements as a condition of permitting an association chartered by this state to do business in that jurisdiction, the commissioner may impose similar requirements on an association organized under the laws of that jurisdiction before issuing the association a certificate of authority to do business in this state.

SB349-SSA1, s. 44 Section 44. 215.33 (6) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

SB349-SSA1,13,9 215.33 (6) Reciprocity. If the laws of another jurisdiction prohibit an association chartered by this state and insured by the deposit insurance corporation from doing business in that jurisdiction, no association organized under the laws of that jurisdiction may be authorized to do business in this state. If the laws of another jurisdiction require the posting of securities or impose other additional requirements as a condition of permitting an association chartered by this state to do business in that jurisdiction, the division may impose similar requirements on an association organized under the laws of that jurisdiction before issuing the association a certificate of authority to do business in this state.

SB349-SSA1, s. 45 Section 45. 215.35 (2) (b) of the statutes is amended to read:

SB349-SSA1,13,13 215.35 (2) (b) Section 215.36 does not limit any authority of the federal home loan bank board or federal savings and loan regulatory agency or deposit insurance corporation in connection with an acquisition under this section.

SB349-SSA1, s. 46 Section 46. 215.36 (1) (d) of the statutes is amended to read:

SB349-SSA1,13,20 215.36 (1) (d) "Regional savings and loan" means a foreign association, if its accounts are insured by the federal savings and loan deposit insurance corporation, or a federal savings and loan association, both having their home offices located in one of the regional states and that, if owned or controlled by a company, is owned or controlled by a regional state savings and loan holding company or by an in-state savings and loan holding company.

SB349-SSA1, s. 47 Section 47. 215.40 (13) (a) 9. of the statutes is amended to read:

SB349-SSA1,13,25 215.40 (13) (a) 9. That necessary action has been taken to obtain membership in the federal home loan bank, and insurance of savings accounts from the federal savings and loan deposit insurance corporation or other instrumentality approved by the commissioner.

SB349-SSA1, s. 48 Section 48. 215.40 (13) (a) 9. of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

SB349-SSA1,14,5 215.40 (13) (a) 9. That necessary action has been taken to obtain insurance of savings accounts from the deposit insurance corporation or other instrumentality approved by the division.

SB349-SSA1, s. 49 Section 49. 215.53 (title) of the statutes is amended to read:

SB349-SSA1,14,7 215.53 (title) Absorption involving mutual associations.

SB349-SSA1, s. 50 Section 50. 215.53 (1) (a) (intro.) of the statutes is amended to read:

SB349-SSA1,14,12 215.53 (1) (a) (intro.) With the consent of the commissioner and subject to any condition that the commissioner prescribes, a mutual association organized under this chapter may, by an affirmative vote of at least two-thirds of the board of each association institution, do any of the following:

SB349-SSA1, s. 51 Section 51. 215.53 (1) (a) (intro.) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

SB349-SSA1,14,18 215.53 (1) (a) (intro.) With the consent of the division and subject to any condition that the division prescribes, a mutual association organized under this chapter may, by an affirmative vote of at least two-thirds of the board of each institution, do any of the following:

SB349-SSA1, s. 52 Section 52. 215.53 (1) (a) 1. of the statutes is amended to read:

SB349-SSA1,14,22 215.53 (1) (a) 1. Absorb a federal savings and loan association or federal savings bank or a state-chartered association or state-chartered savings bank or be absorbed by any thrift institution.

SB349-SSA1, s. 53 Section 53. 215.53 (1) (a) 2. of the statutes is repealed.

SB349-SSA1, s. 54 Section 54. 215.53 (1) (a) 3. of the statutes is repealed.

SB349-SSA1, s. 55 Section 55. 215.53 (1) (b) of the statutes is amended to read:

SB349-SSA1,15,4 215.53 (1) (b) The absorbed association, savings bank thrift institution, mutual savings and loan holding company or mutual savings bank holding company shall transfer its assets and liabilities to the absorbing association thrift institution but not to defeat or defraud creditors.

SB349-SSA1, s. 56 Section 56. 215.53 (2) (a) of the statutes is amended to read:

SB349-SSA1,15,21 215.53 (2) (a) All the rights, franchises and property interests of the absorbed association or savings bank thrift institution or, subject to sub. (1) (a) 4., of the absorbed mutual savings and loan holding company or mutual savings bank holding company shall be deemed to be transferred to the absorbing association thrift institution, which shall hold and enjoy same and all rights of property, franchises and interest in the same manner and to the same extent as was held and enjoyed by the absorbed association, savings bank thrift institution, mutual savings and loan holding company or mutual savings bank holding company. Except as provided in s. 215.01 (17), the savers of the absorbed association or savings bank thrift institution or of a subsidiary of an absorbed mutual savings and loan holding company or mutual savings bank holding company shall be members of the absorbing association thrift institution or, if the absorbing association thrift institution is a subsidiary of a mutual savings and loan holding company, members of the mutual savings and loan holding company, and possess and be subject to all rights, privileges and duties as provided in the bylaws of the absorbing association thrift institution or mutual savings and loan holding company.

SB349-SSA1, s. 57 Section 57. 215.53 (2) (b) of the statutes is amended to read:

SB349-SSA1,16,3 215.53 (2) (b) Stockholders of an association or savings bank a thrift institution absorbed under this section may be compensated by converting the shares of the absorbed association or savings bank thrift institution into, in whole or in part: obligations or other securities of the absorbing association thrift institution or shares, obligations or other securities of any other association thrift institution or corporation; or cash or other thing of value.

SB349-SSA1, s. 58 Section 58. 215.53 (3) of the statutes is amended to read:

SB349-SSA1,16,17 215.53 (3) Withdrawal requests. Any saver in an absorbed association or savings bank thrift institution or in a subsidiary of an absorbed mutual savings and loan holding company or mutual savings bank holding company, who intends to file a written withdrawal request for savings accounts within one year after the date of approval of such absorption by the commissioner, may do so by giving 90 days' written notice of such intention, and the savings accounts shall be withdrawn as provided in s. 215.17. Any person who has filed such written withdrawal request shall remain a member and be subject to all rights, privileges and duties under this chapter and the bylaws and the rules and regulations of the absorbing association thrift institution or, if the absorbing association thrift institution is a subsidiary of a mutual savings and loan holding company, of the mutual savings and loan holding company, until the withdrawal value of the savings accounts has been paid to the person.

SB349-SSA1, s. 59 Section 59. 215.53 (3) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

SB349-SSA1,17,6 215.53 (3) Withdrawal requests. Any saver in an absorbed thrift institution or in a subsidiary of an absorbed mutual savings and loan holding company or mutual savings bank holding company, who intends to file a written withdrawal request for savings accounts within one year after the date of approval of such absorption by the division, may do so by giving 90 days' written notice of such intention, and the savings accounts shall be withdrawn as provided in s. 215.17. Any person who has filed such written withdrawal request shall remain a member and be subject to all rights, privileges and duties under this chapter and the bylaws and the rules and regulations of the absorbing thrift institution or, if the absorbing thrift institution is a subsidiary of a mutual savings and loan holding company, of the mutual savings and loan holding company, until the withdrawal value of the savings accounts has been paid to the person.

SB349-SSA1, s. 60 Section 60. 215.57 (1) (d) 1. of the statutes is amended to read:

SB349-SSA1,17,14 215.57 (1) (d) 1. Within 6 months after the adjournment of a meeting to convert into a federal association, the association shall do what is necessary to make it a federal association. Within 10 days after the receipt of the federal charter, the association shall file with the commissioner a copy of the federal charter certified by the federal home loan bank board deposit insurance corporation. Upon such filing the association shall cease to be a state-chartered association and shall thereafter be a federal association.

SB349-SSA1, s. 61 Section 61. 215.57 (1) (d) 1. of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

SB349-SSA1,17,22 215.57 (1) (d) 1. Within 6 months after the adjournment of a meeting to convert into a federal association, the association shall do what is necessary to make it a federal association. Within 10 days after the receipt of the federal charter, the association shall file with the division a copy of the federal charter certified by the deposit insurance corporation. Upon such filing the association shall cease to be a state-chartered association and shall thereafter be a federal association.

SB349-SSA1, s. 62 Section 62. 215.60 (11) (a) 7. of the statutes is amended to read:

SB349-SSA1,18,3 215.60 (11) (a) 7. That insurance of savings accounts has been obtained from the federal savings and loan deposit insurance corporation or other instrumentality approved by the commissioner; and

SB349-SSA1, s. 63 Section 63. 215.60 (11) (a) 7. of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

SB349-SSA1,18,8 215.60 (11) (a) 7. That insurance of savings accounts has been obtained from the deposit insurance corporation or other instrumentality approved by the division; and

SB349-SSA1, s. 64 Section 64. 215.73 (title) of the statutes is amended to read:

SB349-SSA1,18,11 215.73 (title) Absorption of or by other association involving stock associations.

SB349-SSA1, s. 65 Section 65. 215.73 (1) (a) (intro.) of the statutes is renumbered 215.73 (1) (a) and amended to read:

SB349-SSA1,18,18 215.73 (1) (a) With the consent of the commissioner and subject to any condition that the commissioner prescribes, a stock association organized under this chapter may, by an absorb or be absorbed by a thrift institution, with the affirmative vote of at least two-thirds of the board of each association, do any of the following: the association and of the thrift institution.

SB349-SSA1, s. 66 Section 66. 215.73 (1) (a) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

SB349-SSA1,18,24 215.73 (1) (a) With the consent of the division and subject to any condition that the division prescribes, a stock association organized under this chapter may absorb or be absorbed by a thrift institution, with the affirmative vote of at least two-thirds of the board of the association and of the thrift institution.

SB349-SSA1, s. 67 Section 67. 215.73 (1) (a) 1. of the statutes is repealed.

SB349-SSA1, s. 68 Section 68. 215.73 (1) (a) 2. of the statutes is repealed.

SB349-SSA1, s. 69 Section 69. 215.73 (1) (a) 3. of the statutes is repealed.

SB349-SSA1, s. 70 Section 70. 215.73 (1) (b) of the statutes is amended to read:

SB349-SSA1,19,6 215.73 (1) (b) The absorbed association or savings bank thrift institution shall transfer its assets and liabilities to the absorbing association thrift institution but not to defeat or defraud creditors.

SB349-SSA1, s. 71 Section 71. 215.73 (2) (a) of the statutes is amended to read:

SB349-SSA1,19,12 215.73 (2) (a) Upon absorption the rights, franchises and property interests of the absorbed association or savings bank thrift institution shall be deemed to be transferred to the absorbing stock association thrift institution, which shall hold and enjoy same, in the same manner and to the same extent as the absorbed association or savings bank thrift institution.

SB349-SSA1, s. 72 Section 72. 215.73 (2) (b) of the statutes is amended to read:

SB349-SSA1,19,19 215.73 (2) (b) Stockholders of a stock association or stock savings bank thrift institution absorbed under this section may be compensated by converting the shares of the absorbed association or savings bank thrift institution into, in whole or in part: shares, obligations or other securities of the absorbing association thrift institution or of any other association thrift institution or corporation; or cash or other thing of value.

SB349-SSA1, s. 73 Section 73. 215.73 (2) (c) of the statutes is amended to read:

SB349-SSA1,19,23 215.73 (2) (c) All savers in the absorbed association or savings bank thrift institution shall be owners of savings accounts of the same withdrawal value in the absorbing association thrift institution.

SB349-SSA1, s. 74 Section 74. 215.73 (3) of the statutes is amended to read:

SB349-SSA1,20,5 215.73 (3) Withdrawal requests. Any saver in an absorbed association or savings bank thrift institution, who intends to file a written withdrawal request for savings accounts within one year after the date of approval of such absorption by the commissioner, may do so by giving 90 days' written notice of such intention, and the savings accounts shall be withdrawn as provided in s. 215.17.

SB349-SSA1, s. 75 Section 75. 215.73 (3) of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

SB349-SSA1,20,12 215.73 (3) Withdrawal requests. Any saver in an absorbed thrift institution, who intends to file a written withdrawal request for savings accounts within one year after the date of approval of such absorption by the division, may do so by giving 90 days' written notice of such intention, and the savings accounts shall be withdrawn as provided in s. 215.17.

SB349-SSA1, s. 76 Section 76. 215.77 (1) (d) 1. of the statutes is amended to read:

SB349-SSA1,20,20 215.77 (1) (d) 1. Within 6 months after the adjournment of a meeting to convert into a federal association, the association shall do what is necessary to make it a federal association. Within 10 days after receipt of the federal charter, the association shall file with the commissioner a copy of the federal charter, certified by the federal home loan bank board deposit insurance corporation. Upon such filing the association shall cease to be a state-chartered association and shall thereafter be a federal association.

SB349-SSA1, s. 77 Section 77. 215.77 (1) (d) 1. of the statutes, as affected by 1995 Wisconsin Acts 27 and .... (this act), is repealed and recreated to read:

SB349-SSA1,21,3 215.77 (1) (d) 1. Within 6 months after the adjournment of a meeting to convert into a federal association, the association shall do what is necessary to make it a federal association. Within 10 days after receipt of the federal charter, the association shall file with the division a copy of the federal charter, certified by the deposit insurance corporation. Upon such filing the association shall cease to be a state-chartered association and shall thereafter be a federal association.

SB349-SSA1, s. 78 Section 78. 1995 Wisconsin Act 27, sections 5512 and 5513 are repealed.