AB1-ASA1-AA1,179,1615
186.11
(4) (b) (intro.) A
credit union service
corporation organization under par.
16(a) may provide goods and services including any of the following:
AB1-ASA1-AA1,179,2217
1. Credit union operations services, including service centers, credit and debit
18card services, automated teller and remote terminal services,
electronic transaction
19services, accounting systems, data processing, management training and support,
20payment item processing, record retention and storage, locator services, research,
21debt collection, credit analysis and loan servicing, coin and currency services
, and
22marketing and advertising services.
AB1-ASA1-AA1,179,2524
186.11
(4) (c) A
credit union service
corporation organization may be subject
25to audit by the office of credit unions.
AB1-ASA1-AA1,180,72
186.113
(1) Branch offices. If the need and necessity exist and with With the
3approval of the office of credit unions, establish branch offices inside
this state or no
4more than 25 miles or outside of this state. Permanent records may be maintained
5at branch offices established under this subsection. In this subsection, the term
6"branch office" does not include a remote terminal, a limited services office
, or a
7service center.
AB1-ASA1-AA1,180,119
186.113
(1m) (a) (intro.)
Establish
Before the effective date of this paragraph
10.... [revisor inserts date], establish limited services offices outside this state to serve
11any member of the credit union if all of the following requirements are met:
AB1-ASA1-AA1,180,1513
186.113
(6) (b) Act as trustees
or custodians of member tax deferred
retirement 14funds
, individual retirement accounts, medical savings accounts, or other employee
15benefit accounts or funds permitted by federal law to be deposited in a credit union.
AB1-ASA1-AA1,180,1716
(c) Act as a depository for
member-deferred member qualified and
17nonqualified deferred compensation funds as permitted by federal law.
AB1-ASA1-AA1,180,2019
186.113
(24) Funeral trusts. Accept deposits made by members for the
20purpose of funding burial agreements by trusts created pursuant to s. 445.125.
AB1-ASA1-AA1,180,24
22186.20 Financial privacy. A credit union shall comply with any applicable
23requirements under
15 USC 6801 to
6803 and any applicable regulations prescribed
24by the national credit union administration under
15 USC 6804.
AB1-ASA1-AA1,181,6
1186.235
(7) (a) (intro.) Employees of the office of credit unions and members
2of the review board shall keep secret all the facts and information obtained in the
3course of examinations
, except or contained in any report provided by a credit union
4other than any semiannual or quarterly financial report that is regularly filed with
5the office of credit unions. This requirement does not apply in any of the following
6situations:
AB1-ASA1-AA1,181,118
186.235
(7) (c) If any person mentioned in par. (a) discloses any information
9about the private account or transactions of a credit union or any information
10obtained in the course of an examination of a credit union, except as provided in pars.
11(a) and (b), that person is guilty of a Class I felony.
AB1-ASA1-AA1,181,1513
186.235
(7m) Return of examination reports. Examination reports possessed
14by a credit union are confidential, remain the property of the office of credit unions,
15and shall be returned to the office of credit unions immediately upon request.
AB1-ASA1-AA1,181,2019
186.235
(16m) Financial privacy examination. The office of credit unions shall
20examine a credit union to determine the credit union's compliance with s. 186.20.
AB1-ASA1-AA1,181,25
22186.36 Sale of insurance in credit unions. Any officer or employee of a
23credit union, when acting as an agent for the sale of insurance on behalf of the credit
24union, shall pay all commissions received from the sale of
credit life insurance or
25credit accident and sickness insurance to the credit union.
AB1-ASA1-AA1,182,3
2186.41 (title)
Interstate acquisition acquisitions and merger mergers
3of credit unions.
AB1-ASA1-AA1, s. 346qh
4Section 346qh. 186.41 (1) (a) of the statutes is renumbered 186.41 (1) (bm) and
5amended to read:
AB1-ASA1-AA1,182,76
186.41
(1) (bm) "
In-state Wisconsin credit union" means a credit union having
7its principal office located in this state.
AB1-ASA1-AA1, s. 346qj
8Section 346qj. 186.41 (1) (c) of the statutes is renumbered 186.41 (1) (am) and
9amended to read:
AB1-ASA1-AA1,182,1210
186.41
(1) (am) "
Regional Out-of-state credit union" means a state or federal
11credit union
that has its, the principal office
of which is located in
one of the regional
12states a state other than this state.
AB1-ASA1-AA1,182,1615
186.41
(2) In-state
Wisconsin credit union. (a)
An in-state A Wisconsin credit
16union may do any of the following:
AB1-ASA1-AA1,182,1817
1. Acquire an interest in, or some or all of the assets and liabilities of, one or
18more
regional out-of-state credit unions.
AB1-ASA1-AA1,182,1919
2. Merge with one or more
regional out-of-state credit unions.
AB1-ASA1-AA1,182,2320
(b)
An in-state A Wisconsin credit union proposing any action under par. (a)
21shall provide the office of credit unions a copy of any original application seeking
22approval by a federal agency or by an agency of
the regional another state and of any
23supplemental material or amendments filed in connection with any application.
AB1-ASA1-AA1,182,25
24(3) Regional Out-of-state credit unions. Except as provided in sub. (4),
a
25regional an out-of-state credit union may do any of the following:
AB1-ASA1-AA1,183,2
1(a) Acquire an interest in, or some or all of the assets of, one or more
in-state 2Wisconsin credit unions.
AB1-ASA1-AA1,183,33
(b) Merge with one or more
in-state Wisconsin credit unions.
AB1-ASA1-AA1, s. 346qm
4Section 346qm. 186.41 (4) (intro.), (a) to (d) and (f) of the statutes are amended
5to read:
AB1-ASA1-AA1,183,76
186.41
(4) Limitations. (intro.)
A regional An out-of-state credit union may
7not take any action under sub. (3) until all of the following conditions have been met:
AB1-ASA1-AA1,183,118
(a) The office of credit unions finds that the statutes of the
regional state in
9which the
regional out-of-state credit union has its principal office permit
in-state 10Wisconsin credit unions to both acquire
regional out-of-state credit union assets and
11merge with one or more
regional out-of-state credit unions in
the regional that state.
AB1-ASA1-AA1,183,1412
(b) The office of credit unions has not disapproved the acquisition of
in-state 13Wisconsin credit union assets or the merger with the
in-state Wisconsin credit union
14under sub. (5).
AB1-ASA1-AA1,183,2315
(c) The office of credit unions gives a class 3 notice, under ch. 985, in the official
16state newspaper, of the application to take an action under sub. (3) and of the
17opportunity for a hearing and, if at least 25 residents of this state petition for a
18hearing within 30 days of the final notice or if the office of credit unions on its own
19motion calls for a hearing within 30 days of the final notice, the office of credit unions
20holds a public hearing on the application, except that a hearing is not required if the
21office of credit unions finds that an emergency exists and that the proposed action
22under sub. (3) is necessary and appropriate to prevent the probable failure of
an
23in-state a Wisconsin credit union that is closed or in danger of closing.
AB1-ASA1-AA1,184,224
(d) The office of credit unions is provided a copy of any original application
25seeking approval by a federal agency of the acquisition of
in-state Wisconsin credit
1union assets or of the merger with
an in-state a Wisconsin credit union and of any
2supplemental material or amendments filed with the application.
AB1-ASA1-AA1,184,53
(f) With regard to an acquisition of assets of
an in-state a Wisconsin credit
4union that is chartered on or after May 9, 1986, the
in-state Wisconsin credit union
5has been in existence for at least 5 years before the date of acquisition.
AB1-ASA1-AA1, s. 346qn
6Section 346qn. 186.41 (5) (a), (b), (c) and (cr) of the statutes are amended to
7read:
AB1-ASA1-AA1,184,118
186.41
(5) (a) Considering the financial and managerial resources and future
9prospects of the applicant and of the
in-state Wisconsin credit union concerned, the
10action would be contrary to the best interests of the members of the
in-state 11Wisconsin credit union.
AB1-ASA1-AA1,184,1412
(b) The action would be detrimental to the safety and soundness of the
13applicant or of the
in-state Wisconsin credit union concerned, or to a subsidiary or
14affiliate of the applicant or of the
in-state Wisconsin credit union.
AB1-ASA1-AA1,184,1915
(c) Because the applicant, its executive officers
, or directors have not
16established a record of sound performance, efficient management, financial
17responsibility
, and integrity, the action would be contrary to the best interests of the
18creditors,
the members
or, the other customers of the applicant
or of the in-state
, the
19Wisconsin credit union
, or
contrary to the best interests of the public.
AB1-ASA1-AA1,184,2320
(cr) The applicant has failed to propose to provide adequate and appropriate
21services of the type contemplated by the community reinvestment act of 1977 in the
22community in which the
in-state Wisconsin credit union which the applicant
23proposes to acquire or merge with is located.
AB1-ASA1-AA1,185,4
3186.45 Non-Wisconsin credit union, Wisconsin offices. (1) Definitions. 4In this section:
AB1-ASA1-AA1,185,65
(a) "Non-Wisconsin credit union" means a credit union organized under the
6laws of and with its principal office located in a state other than this state.
AB1-ASA1-AA1,185,77
(b) "Wisconsin credit union" has the meaning given in s. 186.41 (1) (bm).
AB1-ASA1-AA1,185,12
8(2) Approval. A non-Wisconsin credit union may open an office and conduct
9business as a credit union in this state if the office of credit unions finds that
10Wisconsin credit unions are allowed to do business in the other state under
11conditions similar to those contained in this section and that all of the following apply
12to the non-Wisconsin credit union:
AB1-ASA1-AA1,185,1413
(a) It is a credit union organized under laws similar to the credit union laws of
14this state.
AB1-ASA1-AA1,185,1515
(b) It is financially solvent based upon national board ratings.
AB1-ASA1-AA1,185,1616
(c) It has member savings insured with federal share insurance.
AB1-ASA1-AA1,185,1817
(d) It is effectively examined and supervised by the credit union authorities of
18the state in which it is organized.
AB1-ASA1-AA1,185,2019
(e) It has received approval from the credit union authorities of the state in
20which it is organized.
AB1-ASA1-AA1,185,2221
(f) It has a need to place an office in this state to adequately serve its members
22in this state.
AB1-ASA1-AA1,185,2423
(g) It meets all other relevant standards or qualifications established by the
24office of credit unions.
AB1-ASA1-AA1,186,2
1(3) Requirements. A non-Wisconsin credit union shall agree to do all of the
2following:
AB1-ASA1-AA1,186,43
(a) Grant loans at rates not in excess of the rates permitted for Wisconsin credit
4unions.
AB1-ASA1-AA1,186,55
(b) Comply with this state's laws.
AB1-ASA1-AA1,186,66
(c) Designate and maintain an agent for the service of process in this state.
AB1-ASA1-AA1,186,10
7(4) Records. As a condition of a non-Wisconsin credit union doing business in
8this state under this section, the office of credit unions may require copies of
9examination reports and related correspondence regarding the non-Wisconsin
10credit union.
AB1-ASA1-AA1,186,13
12186.80 False statements. (1) No officer, director, or employee of a credit
13union may do any of the following:
AB1-ASA1-AA1,186,1514
(a) Willfully and knowingly subscribe to or make, or cause to be made, a false
15statement or entry in the books of the credit union.
AB1-ASA1-AA1,186,1716
(b) Knowingly subscribe to or exhibit false information with the intent to
17deceive any person authorized to examine the affairs of the credit union.
AB1-ASA1-AA1,186,1918
(c) Knowingly make, state, or publish any false report or statement of the credit
19union.
AB1-ASA1-AA1,186,20
20(2) Any person who violates sub. (1) is guilty of a Class F felony.".
AB1-ASA1-AA1,186,2423
196.491
(1) (q) "Ranney well" means a well in which the central shaft is fed by
24horizontal perforated pipes extending radially into an aquifer.
AB1-ASA1-AA1,187,42
196.491
(1) (s) "Residential well" means a residential well on which
3construction has commenced before the date that a person provides the department
4with an engineering plan under sub. (3) (a) 3. a.
AB1-ASA1-AA1,187,96
196.491
(1) (u) "Water withdrawing large electric generating facility" means
7a large electric generating facility that withdraws water from underground sources
8and for which the capacity and rate of withdrawal of all wells serving the facility,
9except for Ranney wells, exceeds 100,000 gallons per day.
