AB133-ASA1-AA2,376,2 2215.02 (title) Division of savings and loan institutions.
AB133-ASA1-AA2, s. 2341a 3Section 2341a. 215.141 of the statutes is amended to read:
AB133-ASA1-AA2,376,8 4215.141 Financially related services tie-ins. In any transaction conducted
5by an association, a savings and loan holding company or a subsidiary of either with
6a customer who is also a customer of any other subsidiary of any of them, the
7customer shall be given a notice in 12-point boldface type in substantially the
8following form:
AB133-ASA1-AA2,376,99 NOTICE OF RELATIONSHIP
AB133-ASA1-AA2,376,1510 This company, ..... (insert name and address of association, savings and loan
11holding company or subsidiary), is related to ..... (insert name and address of
12association, savings and loan holding company or subsidiary) of which you are also
13a customer. You may not be compelled to buy any product or service from either of
14the above companies or any other related company in order to participate in this
15transaction.
AB133-ASA1-AA2,376,2016 If you feel that you have been compelled to buy any product or service from
17either of the above companies or any other related company in order to participate
18in this transaction, you should contact the management of either of the above
19companies at either of the above addresses or the division of savings and loan
20institutions at .... (insert address).".
AB133-ASA1-AA2,376,21 21891. Page 1186, line 9: after that line insert:
AB133-ASA1-AA2,376,22 22" Section 2336s. 197.04 (1) (b) and (2) of the statutes are amended to read:
AB133-ASA1-AA2,377,1123 197.04 (1) (b) If within either of the 90-day periods described in par. (a) a
24petition conforming to the requirements of s. 8.40 is filed with the clerk of the

1municipality and the petition has been signed by 5% of the electors of a 1st class city
2or by 10% of the electors of all other municipalities requesting that the question of
3discontinuing the proceeding to acquire the plant or equipment of the public utility
4be submitted to the electors of the municipality, the applicable question under par.
5(c) shall be submitted to the electors at any general or regular municipal the
6succeeding
election authorized under s. 8.065 (2) or an election authorized under s.
78.065 (3)
that may be is held not less than 30, and not more than 35, days from the
8date of the filing of the petition. If no general election or regular municipal election
9is to be held within the stated periods, the governing body of the municipality shall
10order the holding of a special election for the purpose of submitting the question to
11the electors.
AB133-ASA1-AA2,377,21 12(2) The governing body of the municipality may provide for notice of, the
13manner of holding s, the method of voting on, the method of making returns of, and
14the method of canvassing and determining the result of, the election required under
15sub. (1). Notice of the election to the electors shall be given by a brief notice of that
16fact once a week for 3 weeks in some newspaper of general circulation published in
17the municipality. If no newspaper of general circulation is published in the
18municipality, publication may be made in any newspaper of general circulation in the
19county seat of the county in which the municipality is located. The notice of holding
20any special election shall be incorporated as a part of the notice given under this
21subsection.
AB133-ASA1-AA2, s. 2336u 22Section 2336u. 197.10 (2) of the statutes is amended to read:
AB133-ASA1-AA2,378,923 197.10 (2) Such contract when adopted by the common council of said city and
24accepted by the owner or owners of such public utility shall be submitted to the public
25service commission for its approval and upon such approval the same shall be

1submitted in such manner as the common council shall determine to a vote of the
2electors of such city at the next regular municipal election or at a special election
3called for that purpose
authorized under s. 8.065 (2) or an election authorized under
4s. 8.065 (3) to be held not sooner than 45 days after approval of the commission
, and
5such contract shall not become binding upon such city until approved by a majority
6vote of the qualified electors of such city voting thereon. No bonds shall in any case
7be issued by said city under the contract or contracts mentioned in sub. (1), until the
8proposition of their issue shall have been submitted to the people of such city and
9adopted by a majority of the electors voting thereon.
AB133-ASA1-AA2, s. 2336w 10Section 2336w. 198.19 (1) of the statutes is amended to read:
AB133-ASA1-AA2,378,2511 198.19 (1) Any territory, constituting one or more municipalities contiguous to
12a district may be annexed to and become a part of such district to all intents and
13purposes and with like effect as though originally included therein upon such terms
14and conditions as the board of directors of the district shall fix by ordinance adopted
15by the affirmative vote of two-thirds of the directors-elect, provided that before such
16ordinance becomes effective the same shall be accepted and ratified by the
17affirmative vote of a majority of the qualified electors entitled to vote and voting in
18a special election referendum called and held for that purpose, in accordance with
19s. 8.065,
in each municipality proposed in such ordinance to be annexed to the
20district. Such ordinance shall be published and such election shall be noticed, held
21and conducted, as nearly as may be, in the manner provided by this chapter for the
22noticing, holding and conduct of elections upon the organization of a municipal power
23district, except that the returns of such election and the ballots therein shall be
24delivered to the clerk of the district. The results of said election shall be canvassed
25publicly by the directors of the district.".
AB133-ASA1-AA2,379,1
1892. Page 1186, line 9: after that line insert:
AB133-ASA1-AA2,379,2 2" Section 2342bc. 218.01 (2) (L) of the statutes is created to read:
AB133-ASA1-AA2,379,43 218.01 (2) (L) 1. Words and phrases defined in sub. (2c) (am) have the same
4meaning in this paragraph.
AB133-ASA1-AA2,379,85 2. The department may not issue a dealer license under this section, unless the
6department has determined that no factory will hold an ownership interest in or
7operate or control the dealership or that one of the exceptions under sub. (2c) (cm)
8applies.
AB133-ASA1-AA2,379,129 3. If the applicant asserts that sub. (2c) (cm) 2. applies, the department shall
10require the applicant to provide a copy of the written agreement described in sub. (2c)
11(cm) 2. d. for examination by the department to ensure that the agreement meets the
12requirements of sub. (2c) (cm) 2.
AB133-ASA1-AA2,379,1713 4. If the division of hearings and appeals determines, after a hearing on the
14matter at the request of the department or any licensee, that a factory holds an
15ownership interest in a dealership or operates or controls a dealership in violation
16of this subsection, the division shall order the denial or revocation of the dealership's
17license.
AB133-ASA1-AA2, s. 2342bf 18Section 2342bf. 218.01 (2c) (intro.) of the statutes is renumbered 218.01 (2c)
19(bm) and amended to read:
AB133-ASA1-AA2,379,2220 218.01 (2c) (bm) A manufacturer, importer or distributor, or a subsidiary
21thereof,
factory shall not own,, directly or indirectly, hold an ownership interest in
22or
operate or control a motor vehicle dealership in this state.
AB133-ASA1-AA2,379,23 23(cm) This subsection does not prohibit any of the following:
AB133-ASA1-AA2, s. 2342bi
1Section 2342bi. 218.01 (2c) (a) of the statutes is renumbered 218.01 (2c) (cm)
21. and amended to read:
AB133-ASA1-AA2,380,63 218.01 (2c) (cm) 1. The ownership and operation by a manufacturer, importer
4or distributor, or a subsidiary thereof, of
A factory from holding an ownership
5interest in or operating
a dealership for a temporary period, not to exceed one year,
6during the transition from one owner or dealer operator to another.
AB133-ASA1-AA2, s. 2342bL 7Section 2342bL. 218.01 (2c) (am) of the statutes is created to read:
AB133-ASA1-AA2,380,88 218.01 (2c) (am) In this subsection:
AB133-ASA1-AA2,380,119 1. "Agent" means a person who is employed by or affiliated with a factory or who
10directly or through an intermediary is controlled by or under common control of a
11factory.
AB133-ASA1-AA2,380,1412 2. "Control" means the possession, direct or indirect, of the power to direct or
13cause the direction of the management or policies of a person, whether through the
14ownership of voting securities, by contract or otherwise.
AB133-ASA1-AA2,380,1615 3. "Dealer operator" means an individual who is vested with the power and
16authority to operate a dealership.
AB133-ASA1-AA2,380,1817 4. "Dealership" means a person licensed or required to be licensed as a motor
18vehicle dealer under this section.
AB133-ASA1-AA2,380,1919 4m. "Department" means the department of transportation.
AB133-ASA1-AA2,380,2120 5. "Factory" means a manufacturer, distributor or importer, or an agent of a
21manufacturer, distributor or importer.
AB133-ASA1-AA2,380,2222 6. "Operate" means to directly or indirectly manage a dealership.
AB133-ASA1-AA2,381,223 7. "Ownership interest" means the beneficial ownership of one percent or more
24of any class of equity interest in a dealership, whether the interest is that of a
25shareholder, partner, limited liability company member or otherwise. To "hold" an

1ownership interest means to have possession of, title to or control of the ownership
2interest, whether directly or indirectly through a fiduciary or an agent.
AB133-ASA1-AA2, s. 2342bo 3Section 2342bo. 218.01 (2c) (b) of the statutes is repealed.
AB133-ASA1-AA2, s. 2342br 4Section 2342br. 218.01 (2c) (c) of the statutes is renumbered 218.01 (2c) (cm)
53. and amended to read:
AB133-ASA1-AA2,381,136 218.01 (2c) (cm) 3. The ownership, operation or control of a dealership by a
7manufacturer, importer or distributor, or subsidiary thereof, which factory that does
8not meet the conditions under par. (a) or (b) subds. 1. or 2., if the division of hearings
9and appeals determines, after a hearing on the matter at the request of any party,
10that there is no prospective independent dealer available to own and operate the
11dealership in a manner consistent with the public interest and that meets the
12reasonable standard and uniformly applied qualifications of the manufacturer,
13importer or distributor
factory.
AB133-ASA1-AA2, s. 2342bu 14Section 2342bu. 218.01 (2c) (cm) 2. of the statutes is created to read:
AB133-ASA1-AA2,381,1615 218.01 (2c) (cm) 2. A factory from holding an ownership interest in a
16dealership, if all of the following apply:
AB133-ASA1-AA2,381,1817 a. The dealer operator of the dealership is an individual who is not an agent
18of the factory.
AB133-ASA1-AA2,381,2219 b. The dealer operator of the dealership is unable to acquire full ownership of
20the dealership with his or her own assets or in conjunction with financial
21investments and loans from investors or lenders other than the factory holding an
22ownership interest in the dealership.
AB133-ASA1-AA2,381,2523 c. The dealer operator of the dealership holds not less than 15 percent of the
24total ownership interests in the dealership within one year from the date that the
25factory initially acquires any ownership interest in the dealership.
AB133-ASA1-AA2,382,6
1d. There is a bona fide written agreement in effect between the factory and the
2dealer operator of the dealership under which the dealer operator will acquire all of
3the ownership interest in the dealership held by the factory on reasonable terms
4specified in the agreement and that grants the dealer operator the right to acquire
5all of the ownership interest in the dealership held by the factory not later than five
6years after the effective date of the agreement.
AB133-ASA1-AA2,382,137 e. The written agreement described in subd. 2. d. does not unreasonably restrict
8the source of funds used by the dealer operator to acquire ownership interest in the
9dealership held by the factory. A restriction that requires the dealer operator to use
10only funds that are received in the form of salaries, bonuses, dividends or other
11payments to him or her as the dealer operator, or as the holder of an ownership
12interest in the dealership, to acquire the factory's ownership interest in the
13dealership is considered unreasonable.
AB133-ASA1-AA2,382,1714 f. The written agreement described in subd. 2. d. provides that the dealer
15operator will make reasonable progress toward acquiring all of the ownership
16interest in the dealership, and the dealer is making reasonable progress toward
17acquiring all of the ownership interest in the dealership.
AB133-ASA1-AA2,382,2318 g. Not more than eight years have elapsed since the factory initially acquired
19its ownership interest in the dealership, unless the department, upon petition by the
20dealer operator, determines that there is good cause to allow the dealer operator a
21longer period to complete his or her acquisition of all of the ownership interest in the
22dealership held by the factory and the longer period determined by the department
23has not yet elapsed.
AB133-ASA1-AA2,383,424 h. If the factory owns the real property at which the dealership is located, the
25written agreement described in subd. 2. d. provides the dealer operator with the right

1to purchase the real property from the factory for its fair market value at the time
2that the dealer completes his or her acquisition of the factory's ownership interest
3in the dealership and there is no obligation by the dealer operator to lease the real
4property to the factory after the dealer operator purchase the real property.
AB133-ASA1-AA2, s. 2342bw 5Section 2342bw. 218.01 (3x) (d) 1. of the statutes is repealed.".
AB133-ASA1-AA2,383,6 6893. Page 1193, line 3: after that line insert:
AB133-ASA1-AA2,383,7 7" Section 2345e. 221.0901 (3) (a) 1. of the statutes is amended to read:
AB133-ASA1-AA2,383,98 221.0901 (3) (a) 1. Merge or consolidate with an in-state bank holding company
9or an in-state bank.
AB133-ASA1-AA2, s. 2245m 10Section 2245m. 221.0901 (8) (a) of the statutes is amended to read:
AB133-ASA1-AA2,383,1711 221.0901 (8) (a) Except as provided in pars. (b) and (c), the division may not
12approve an application by an out-of-state bank holding company under sub. (3) (a),
13other than an application by an in-state bank or an in-state bank holding company,

14unless the in-state bank to be acquired, or all every in-state bank subsidiaries
15subsidiary of the in-state bank holding company to be acquired, have as of the
16proposed date of acquisition
has been in existence and in continuous operation for
17at least 5 years as of the proposed date of acquisition.
AB133-ASA1-AA2, s. 2245p 18Section 2245p. 221.0901 (8) (b) of the statutes is amended to read:
AB133-ASA1-AA2,384,219 221.0901 (8) (b) The division may approve an application for an acquisition of
20an in-state bank holding company that owns one or more in-state banks that have
21been in existence for less than 5 years, if the out-of-state bank holding company
22applicant divests itself of those in-state banks within 2 years after the date of the
23applicant's
acquisition of the in-state bank holding company by the out-of-state

1bank holding company
. This paragraph does not apply to an application by an
2in-state bank or an in-state bank holding company
.".
AB133-ASA1-AA2,384,3 3894. Page 1193, line 3: after that line insert:
AB133-ASA1-AA2,384,4 4" Section 2343a. 220.04 (9) (a) 2. of the statutes is amended to read:
AB133-ASA1-AA2,384,75 220.04 (9) (a) 2. "Regulated entity" means a bank, universal bank, trust
6company bank and any other entity which is described in s. 220.02 (2) or 221.0526
7as under the supervision and control of the division.
AB133-ASA1-AA2, s. 2344a 8Section 2344a. 221.0303 (2) of the statutes is amended to read:
AB133-ASA1-AA2,385,29 221.0303 (2) Operation and acquisition of customer bank communications
10terminals.
A bank may, directly or indirectly, acquire, place and operate, or
11participate in the acquisition, placement and operation of, at locations other than its
12main or branch offices, customer bank communications terminals, in accordance
13with rules established by the division. The rules of the division shall provide that
14any such customer bank communications terminal shall be available for use, on a
15nondiscriminatory basis, by any state or national bank and by all customers
16designated by a bank using the terminal. This subsection does not authorize a bank
17which has its principal place of business outside this state to conduct banking
18business in this state. The customer bank communications terminals also shall be
19available for use, on a nondiscriminatory basis, by any credit union, savings and loan
20association or savings bank, if the credit union, savings and loan association or
21savings bank requests to share its use, subject to rules jointly established by the
22division of banking, the office of credit unions and the division of savings and loan
23institutions. The division by order may authorize the installation and operation of

1a customer bank communications terminal in a mobile facility, after notice and
2hearing upon the proposed service stops of the mobile facility.
AB133-ASA1-AA2, s. 2345a 3Section 2345a. 221.0321 (5) of the statutes is amended to read:
AB133-ASA1-AA2,385,124 221.0321 (5) Certain secured loans. A bank may make loans secured by
5assignment or transfer of stock certificates or other evidence of the borrower's
6ownership interest in a corporation formed for the cooperative ownership of real
7estate. Sections 846.10 and 846.101, as they apply to a foreclosure of a mortgage
8involving a one-family residence, apply to a proceeding to enforce the lender's rights
9in security given for a loan under this subsection. The division shall promulgate joint
10rules with the office of credit unions and the division of savings and loan institutions
11that establish procedures for enforcing a lender's rights in security given for a loan
12under this subsection.
AB133-ASA1-AA2, s. 2346 13Section 2346. Chapter 222 of the statutes is created to read:
AB133-ASA1-AA2,385,1514 CHAPTER 222
15 UNIVERSAL BANKS
AB133-ASA1-AA2,385,1716 Subchapter I
17 General Provisions
AB133-ASA1-AA2,385,19 18222.0101 Title. This chapter may be cited as the "Wisconsin universal bank
19law".
AB133-ASA1-AA2,385,20 20222.0102 Definitions. In this chapter:
AB133-ASA1-AA2,385,21 21(1) "Adequately capitalized" has the meaning given in 12 USC 1831o (b) (1) (B).
AB133-ASA1-AA2,385,24 22(2) "Capital" of a universal bank means the sum of the following, less the
23amount of intangible assets that is not considered to be qualifying capital by a deposit
24insurance corporation or the division:
AB133-ASA1-AA2,386,5
1(a) For a universal bank organized as a stock organization, the universal bank's
2capital stock, preferred stock, undivided profits, surplus, outstanding notes and
3debentures approved by the division, other forms of capital designated as capital by
4the division and other forms of capital considered to be qualifying capital of the
5universal bank by a deposit insurance corporation.
AB133-ASA1-AA2,386,106 (b) For a universal bank organized as a mutual organization, the universal
7bank's net worth, undivided profits, surplus, outstanding notes and debentures
8approved by the division, other forms of capital designated as capital by the division
9and other forms of capital considered to be qualifying capital by a deposit insurance
10corporation.
AB133-ASA1-AA2,386,14 11(3) "Deposit insurance corporation" means the Federal Deposit Insurance
12Corporation or other instrumentality of, or corporation chartered by, the United
13States that insures deposits of financial institutions and that is supported by the full
14faith and credit of the U.S. government as stated in a congressional resolution.
AB133-ASA1-AA2,386,15 15(4) "Division" means the division of banking.
AB133-ASA1-AA2,386,18 16(5) "Financial institution" means a state savings bank organized under ch. 214,
17state savings and loan association organized under ch. 215 or a state bank chartered
18under ch. 221.
AB133-ASA1-AA2,386,20 19(6) "Universal bank" means a financial institution that has been issued a
20certificate of authority under s. 222.0205.
AB133-ASA1-AA2,386,21 21(7) "Well-capitalized" has the meaning given in 12 USC 1831o (b) (1) (A).
AB133-ASA1-AA2,387,2 22222.0103 Applicability. (1) Savings banks. A universal bank that is a savings
23bank organized under ch. 214 remains subject to all of the requirements, duties and
24liabilities, and may exercise all of the powers, of a savings bank, except that in the

1event of a conflict between this chapter and those requirements, duties, liabilities or
2powers, this chapter shall control.
AB133-ASA1-AA2,387,7 3(2) Savings and loan associations. A universal bank that is a savings and loan
4association organized under ch. 215 remains subject to all of the requirements,
5duties and liabilities, and may exercise all of the powers, of a savings and loan
6association, except that, in the event of a conflict between this chapter and those
7requirements, duties, liabilities or powers, this chapter shall control.
AB133-ASA1-AA2,387,11 8(3) Banks. A universal bank that is a bank chartered under ch. 221 remains
9subject to all of the requirements, duties and liabilities, and may exercise all of the
10powers, of a bank, except that, in the event of a conflict between this chapter and
11these requirements, duties, liabilities or powers, this chapter shall control.
AB133-ASA1-AA2,387,14 12222.0105 Fees. The division may establish such fees as it determines are
13appropriate for documents filed with the division under this chapter and for services
14provided by the division under this chapter.
AB133-ASA1-AA2,387,16 15222.0107 Administration. (1) Powers of division. The division shall
16administer this chapter for all universal banks.
AB133-ASA1-AA2,387,21 17(2) Rule-making authority. The division may promulgate rules to administer
18and carry out this chapter. The division may establish additional limits or
19requirements on universal banks, if the division determines that the limits or
20requirements are necessary for the protection of depositors, members, investors or
21the public.
AB133-ASA1-AA2,387,2322 SUBCHAPTER II
23 Certification
AB133-ASA1-AA2,388,3 24222.0201 Procedure. (1) Application. A financial institution may apply to
25become certified as a universal bank by filing a written application with the division.

1The application shall include such information as the division may require. The
2application shall be on such forms and in accordance with such procedures as the
3division may prescribe.
AB133-ASA1-AA2,388,7 4(2) Review by division. An application submitted to the division shall either
5be approved or disapproved by the division in writing within 60 days after its
6submission to the division. The division and the financial institution may mutually
7agree to extend the application period for an additional period of 60 days.
AB133-ASA1-AA2,388,10 8222.0203 Eligibility. (1) Requirements. The division shall approve an
9application for certification as a universal bank, if the applying financial institution
10meets all of the following requirements:
AB133-ASA1-AA2,388,1311 (a) The financial institution is chartered or organized, and regulated, under ch.
12214, 215 or 221 and has been in existence and continuous operation for a minimum
13of 3 years prior to the date of the application.
AB133-ASA1-AA2,388,1414 (b) The financial institution is well-capitalized or adequately capitalized.
Loading...
Loading...