AB150,1620,86
185.72
(3) (bm) 1. The cooperative files with the
secretary of state department 72 affidavits, each executed by a different person who is a principal officer of the
8cooperative, stating that the cooperative did not receive the notice under par. (a) 1.
AB150, s. 4856
9Section
4856. 185.72 (3) (bm) 2. of the statutes is amended to read:
AB150,1620,1210
185.72
(3) (bm) 2. The cooperative pays to the
secretary of state department 11$100 in liquidated damages to cover the efforts of the
secretary of state department 12in rescinding the involuntary dissolution.
AB150, s. 4857
13Section
4857. 185.815 (intro.) of the statutes is amended to read:
AB150,1620,16
14185.815 Recording change of principal office or registered agent. 15(intro.) If a document submitted to the
secretary of state department for filing under
16this chapter changes the county of the principal office or of the registered agent:
AB150, s. 4858
17Section
4858. 185.815 (1) of the statutes is amended to read:
AB150,1620,1918
185.815
(1) An original of the document or a duplicate original endorsed by the
19secretary of state department shall be recorded in each county;
AB150, s. 4859
20Section
4859. 185.815 (3) of the statutes is amended to read:
AB150,1620,2321
185.815
(3) A certificate of the
secretary of state department listing the type
22and date of filing of recordable documents previously filed by the cooperative shall
23be recorded in the county of the new principal office or of the registered agent.
AB150, s. 4860
24Section
4860. 185.82 (1) (a) of the statutes is amended to read:
AB150,1621,3
1185.82
(1) (a) Separate originals of the document for the
secretary of state 2department and for the register of deeds of each county in which the document is
3required to be recorded.
AB150, s. 4861
4Section
4861. 185.82 (1) (b) of the statutes is amended to read:
AB150,1621,65
185.82
(1) (b) A check payable to the
secretary of state department in the
6amount of the filing fee prescribed under s. 185.83.
AB150, s. 4862
7Section
4862. 185.82 (2) (a) of the statutes is amended to read:
AB150,1621,108
185.82
(2) (a) Unless the document does not conform to law, the
secretary of
9state department shall endorse on each original "Filed" and the date of filing and
10shall file one original
in his or her office.
AB150, s. 4863
11Section
4863. 185.82 (2) (b) of the statutes is amended to read:
AB150,1621,1412
185.82
(2) (b) The
secretary of state
department shall forward to each register
13of deeds the check under sub. (1) (c) and an original document or duplicate endorsed
14by the
secretary of state department, within 5 days of filing.
AB150, s. 4864
15Section
4864. 185.82 (3) of the statutes is amended to read:
AB150,1621,2016
185.82
(3) Each week the
secretary of state department shall forward to each
17register of deeds a listing of all documents received during the preceding week for
18filing and recording as required under this chapter. For each document, the listing
19shall specify the type of document, the name of the cooperative, the name of the
20county of the cooperative's principal office or registered agent, and the date of filing.
AB150, s. 4865
21Section
4865. 185.82 (4) of the statutes is amended to read:
AB150,1621,2522
185.82
(4) A document required to be filed and recorded under this chapter is
23effective on filing with the
secretary of state department, except as provided in s.
24185.62. An error or omission in recording the document or a certificate under s.
25185.815 (2) with a register of deeds does not affect its effectiveness.
AB150, s. 4866
1Section
4866. 185.82 (5) of the statutes is amended to read:
AB150,1622,62
185.82
(5) A document filed with the
secretary of state department under this
3chapter before May 7, 1982 is effective unless the records of the
secretary of state 4department show that the document was recognized as ineffective because of a
5recording defect and the
secretary of state department or the cooperative acted in
6reliance on the ineffectiveness of the document.
AB150, s. 4867
7Section
4867. 185.82 (6) (a) (intro.) of the statutes is amended to read:
AB150,1622,98
185.82
(6) (a) (intro.) The
secretary of state department may waive any of the
9following:
AB150, s. 4868
10Section
4868. 185.82 (6) (a) 2. of the statutes is amended to read:
AB150,1622,1311
185.82
(6) (a) 2. An omission or defect in a document, if the
secretary of state 12department determines from the face of the document that the omission or defect is
13immaterial.
AB150, s. 4869
14Section
4869. 185.83 (1) (intro.) of the statutes is amended to read:
AB150,1622,1615
185.83
(1) (intro.) The
secretary of state department shall charge and collect
16for:
AB150, s. 4870
17Section
4870. 185.83 (1) (b) of the statutes is amended to read:
AB150,1622,2418
185.83
(1) (b) Filing an amendment to or restatement of the articles or articles
19of merger, consolidation or division, $10, except that no fee may be collected for an
20amendment showing only a change of address resulting from the action of a
21governmental agency if there is no corresponding change in physical location and if
222 copies of the notice of the action are submitted to the
secretary of state department;
23and an additional fee of $1.25 for each $1,000 of authorized stock not authorized at
24the time of amendment, restatement, merger, consolidation or division.
AB150, s. 4871
25Section
4871. 185.83 (1) (d) of the statutes is amended to read:
AB150,1623,2
1185.83
(1) (d) Receiving services of any process, notice or demand, authorized
2to be served on the
secretary of state department by this chapter, $10.
AB150, s. 4872
3Section
4872. 185.85 of the statutes is amended to read:
AB150,1623,7
4185.85 (title)
Forms to be furnished by
secretary of state department of
5revenue. The
secretary of state department may provide forms for any document
6to be filed
in the office of the secretary of state
with the department under this
7chapter.
AB150, s. 4873
8Section
4873. 185.981 (5) of the statutes is amended to read:
AB150,1623,139
185.981
(5) Every such cooperative association is
hereby declared to be a
10charitable and benevolent corporation,
and its property, real, personal and mixed, its
11income and property transferred to it, shall be exempt from taxation as provided in
12ss. 70.11, 71.26 (1) (c) and 71.45 (1) and its employes
shall be are excluded from the
13provisions of ch. 108 as provided in s. 108.02.
AB150, s. 4874
14Section
4874. 186.01 (1) of the statutes is repealed.
AB150, s. 4875
15Section
4875. 186.012 (title) of the statutes is amended to read:
AB150,1623,16
16186.012 (title)
Commissioner
Office of credit unions.
AB150, s. 4876
17Section
4876. 186.012 (1) of the statutes is repealed.
AB150, s. 4877
18Section
4877. 186.012 (2) of the statutes is amended to read:
AB150,1623,2019
186.012
(2) The
commissioner office of credit unions shall enforce the laws of
20this chapter and other laws relating to credit unions.
AB150, s. 4878
21Section
4878. 186.012 (3) of the statutes is amended to read:
AB150,1624,322
186.012
(3) Except as otherwise provided in s. 186.015, any interested person
23or credit union aggrieved by an act, order or determination of the
commissioner office
24of credit unions may, within 30 days from the date thereof, apply to the credit union
25review board to review the same. All such applications for review shall be considered
1and disposed of as speedily as possible. The credit union review board may require
2the
commissioner office of credit unions to submit any
of the commissioner's official
3actions subject to such review to the board for its approval.
AB150, s. 4879
4Section
4879. 186.012 (4) of the statutes is amended to read:
AB150,1624,165
186.012
(4) Unless the
commissioner
office of credit unions is expressly
6restricted by statute from acting under this subsection with respect to a specific
7power, right or privilege, the
commissioner office of credit unions by rule may, with
8the approval of the credit union review board, authorize credit unions to exercise any
9power under the notice, disclosure or procedural requirements governing federally
10chartered credit unions or to make any loan or investment or exercise any right,
11power or privilege of federally chartered credit unions permitted under a federal law,
12regulation or interpretation. Notice, disclosure and procedures prescribed by statute
13which may be modified by a rule adopted under this subsection include, but are not
14limited to, those provided under s. 138.056. A rule adopted under this subsection
15may not affect s. 138.041 or chs. 421 to 428 or restrict powers granted credit unions
16under this chapter.
AB150, s. 4880
17Section
4880. 186.015 (1) of the statutes is amended to read:
AB150,1624,2318
186.015
(1) The
commissioner office of credit unions shall confer with the credit
19union review board on matters affecting credit unions and the
commissioner's office.
20Detailed minutes of each board meeting shall be kept, and the decision of the board
21with reference to all orders issued, or policies established by the
commissioner office
22of credit unions pursuant to this chapter is final, except for judicial review as
23provided in ch. 227.
AB150, s. 4881
24Section
4881. 186.015 (2) of the statutes is amended to read:
AB150,1625,7
1186.015
(2) The board shall advise the
commissioner office of credit unions and
2others in improving the condition and service of credit unions. In addition, the board
3shall review the acts and decisions of the
commissioner office of credit unions in
4relation to credit unions and shall serve as an appeal board for credit unions with the
5same procedure and powers as the banking review board has under ch. 220 and
6perform other review functions in relation to credit unions as provided by law. The
7board may issue subpoenas, take testimony and administer oaths to witnesses.
AB150, s. 4882
8Section
4882. 186.015 (3) (a) of the statutes is amended to read:
AB150,1625,119
186.015
(3) (a) The board may require the
commissioner office of credit unions 10to submit any
of the commissioner's official actions to the board for its approval. The
11board may make rules of procedure as provided in ch. 227.
AB150, s. 4883
12Section
4883. 186.015 (3) (b) of the statutes is amended to read:
AB150,1626,413
186.015
(3) (b) Any interested person aggrieved by any act, order or
14determination of the
commissioner office of credit unions may apply for review
15thereof by filing a petition with the secretary of the board within 30 days after the
16act, order or determination to be reviewed. The petition shall state the nature of the
17petitioner's interest, facts showing that the petitioner is aggrieved and directly
18affected by the act, order or determination to be reviewed and the ground or grounds
19upon which the petitioner claims that the act, order or determination should be
20modified or reversed. The issues raised by the petition for review shall be considered
21by the board upon giving at least 10 days' written notice of the time and place when
22said matter will be heard to the
commissioner office of credit unions and the person
23applying for review or the applying person's attorney and upon any other person who
24participated in the proceedings before the
commissioner office or that other person's
25attorney. Notice of hearing may be given by registered mail, return receipt
1requested, and the return receipt signed by the addressee or the addressee's agent
2shall be presumptive evidence that such notice was received by the addressee on the
3day stated on the receipt. Any other interested party shall have the right to appear
4in any proceeding before the board.
AB150, s. 4884
5Section
4884. 186.015 (3) (c) of the statutes is amended to read:
AB150,1626,216
186.015
(3) (c) The board shall base its determination upon the record made
7by the
commissioner office of credit unions and may also receive additional evidence
8to supplement such record if it finds it necessary. The board shall affirm, modify or
9reverse the act, order or determination under review. The burden of overcoming the
10act, order or determination of the
commissioner office of credit unions under review
11shall be on the person seeking the review. Any findings of fact made by the
12commissioner office of credit unions shall be sustained if supported by substantial
13evidence in the record made by the
commissione
r office or in such record
14supplemented by evidence taken by the board. The board shall have the powers
15granted by s. 885.01 (4). Any person causing a witness to be subpoenaed shall
16advance and pay the fees and mileage of such witness which shall be the same as in
17circuit court. The fees and mileage of witnesses who are called at the instance of the
18commissioner office of credit unions shall be paid by the state in the same manner
19that other expenses are audited and paid upon presentation of properly verified
20vouchers approved by at least one member of the board and charged to the
21appropriation of the office
of the commissioner.
AB150, s. 4885
22Section
4885. 186.02 (1) of the statutes is amended to read:
AB150,1627,323
186.02
(1) Seven or more residents of this state may organize a credit union by
24filing with the
commissioner office of credit unions the proposed articles of
25incorporation in duplicate and a verified copy of the proposed original bylaws,
1together with a $5 filing fee. The articles of incorporation shall state the name and
2purpose of the credit union, the location of its initial principal office, the par value
3of its shares, and the names, residences and occupations of the incorporators.
AB150, s. 4886
4Section
4886. 186.02 (3) (a) of the statutes is amended to read:
AB150,1627,165
186.02
(3) (a) Subject to par. (b), a credit union may not be organized unless the
6articles and bylaws are approved by the
commissioner
office of credit unions. If the
7commissioner office of credit unions approves the articles and bylaws, the
8commissioner office shall return one duplicate original of the articles of
9incorporation to the incorporators endorsed with
his or her approval, and the
10incorporators shall within 30 days record the articles of incorporation in the office
11of the register of deeds of the county in which the credit union is to be located. The
12legal existence of the credit union commences on the date and time the articles are
13recorded. The register of deeds shall transmit to the
commissioner office of credit
14unions a certificate stating the date and time when the articles were recorded, and
15the
commissioner office of credit unions shall issue a certificate of incorporation to
16the credit union.
AB150, s. 4887
17Section
4887. 186.02 (3) (b) of the statutes is amended to read:
AB150,1627,2118
186.02
(3) (b) If the
commissioner
office of credit unions refuses to approve the
19articles or bylaws, the incorporators may appeal the refusal to the credit union
20review board and the decision of the board is final, subject to judicial review under
21ch. 227.
AB150, s. 4888
22Section
4888. 186.02 (4) (a) of the statutes is amended to read:
AB150,1628,323
186.02
(4) (a) Amendments to the articles of incorporation adopted by a vote
24of two-thirds of the members of the credit union present at an annual meeting or a
25special meeting called for that purpose may be filed with the
commissioner office of
1credit unions upon payment of a $5 fee. If approved by the
commissioner office of
2credit unions, amendments to the articles are effective on recording in the office of
3the register of deeds in the same manner as the original articles.
AB150, s. 4889
4Section
4889. 186.02 (4) (b) of the statutes is amended to read:
AB150,1628,75
186.02
(4) (b) All amendments to the bylaws shall be filed with the
6commissioner office of credit unions and shall take effect only after being approved
7by the
commissioner office.
AB150, s. 4890
8Section
4890. 186.03 of the statutes is amended to read:
AB150,1628,18
9186.03 Use of name exclusive. No person, partnership, limited liability
10company, association or corporation, except corporations formed under this chapter,
11may transact within this state the business authorized by this chapter or any other
12business whatever under any name or title which includes the 2 words "credit" and
13"union", except that any organization whose membership is made up of credit unions
14may use the name, with the consent of the
commissioner
office of credit unions.
15Violations of this section may be enjoined at the instance of the
commissioner office
16of credit unions or of any credit union. A violator of this section may be fined not less
17than $300 nor more than $1,000 or imprisoned for not less than 60 days nor more
18than one year in the county jail or both.
AB150, s. 4891
19Section
4891. 186.04 (1) of the statutes is amended to read:
AB150,1628,2320
186.04
(1) The
commissioner office of credit unions, with the approval of the
21credit union review board, shall fix the amounts to be assessed against credit unions
22for their supervision and the examination under and by virtue of this chapter. Such
23amounts shall be determined and paid as provided in this section.
AB150, s. 4892
24Section
4892. 186.04 (2) of the statutes is amended to read:
AB150,1629,4
1186.04
(2) On or before July 15 of each year, each credit union shall pay to the
2office of
the commissioner credit unions an annual fee to be determined as provided
3in sub. (1), which shall represent as nearly as practicable its fair share of the
4maintenance of the office
of the commissioner.
AB150, s. 4893
5Section
4893. 186.04 (5) of the statutes is amended to read:
AB150,1629,96
186.04
(5) If the amounts collected under this section are in excess of the actual
7amounts necessary for the supervision and examination of credit unions in each year,
8the excess shall be retained by the
commissioner
office of credit unions and applied
9in reducing the amounts chargeable for ensuing years.
AB150, s. 4894
10Section
4894. 186.098 (7) of the statutes is amended to read:
AB150,1629,1211
186.098
(7) The
commissioner office of credit unions may reduce the loan limits
12specified in sub. (6) on an individual basis.
AB150, s. 4895
13Section
4895. 186.098 (8) (b) of the statutes is amended to read:
AB150,1629,1714
186.098
(8) (b) With the approval of the
commissioner office of credit unions,
15credit unions may utilize credit cards, including point-of-purchase credit, providing
16the credit committee or loan officer, upon their own motion or upon application by a
17member, has predetermined the extent of credit extension.
AB150, s. 4896
18Section
4896. 186.098 (10) of the statutes is amended to read:
AB150,1629,2319
186.098
(10) Loans to members secured by mortgages on real estate may be
20made subject to the rules prescribed by the
commissioner office of credit unions.
21Such loans may provide for additional advances, but any additional advance made
22to a member, if the mortgage and mortgage note so provide, may not exceed an
23amount specified in the mortgage.
AB150, s. 4897
24Section
4897. 186.098 (12) of the statutes is amended to read:
AB150,1630,9
1186.098
(12) A credit union may make loans to members secured by
2assignment or transfer of stock certificates or other evidence of the borrower's
3ownership interest in a corporation formed for the cooperative ownership of real
4estate. Sections 846.10 and 846.101, as they apply to a foreclosure of a mortgage
5involving a one-family residence, apply to a proceeding to enforce the lender's rights
6in security given for a loan under this subsection. The
commissioner office of credit
7unions shall promulgate joint rules with the
commissioners of savings and loan and
8banking department of financial institutions that establish procedures for enforcing
9a lender's rights in security given for a loan under this subsection.
AB150, s. 4898
10Section
4898. 186.11 (1) of the statutes is amended to read:
AB150,1630,1611
186.11
(1) General. The board of directors may invest credit union funds in
12U.S. government direct and agency obligations, municipal bonds issued by
13municipalities of the state, central credit unions, banks, savings banks and savings
14and loans associations located in Wisconsin and may, with the approval of the
15commissioner office of credit unions, make other investments including investments
16in credit unions.
AB150, s. 4899
17Section
4899. 186.11 (2) (b) of the statutes is amended to read:
AB150,1631,218
186.11
(2) (b) The board of directors may purchase, lease or construct a building
19for the operation of the credit union, provided the aggregate cost of the building,
20remodeling of the building, land improvements and land acquisition does not exceed
21100% of the credit union's regular reserve unless prior approval for greater amounts
22is given by the
commissioner office of credit unions. The cost of land acquisition may
23include vicinal property for future expansion but may not exceed the aggregate cost
24limitation. Nothing in this subsection authorizes a credit union to lease a building
25owned by a director or by a corporation, limited liability company, partnership or
1association controlled by a director. The credit union may rent or lease a portion of
2its building or property.
AB150, s. 4900
3Section
4900. 186.112 of the statutes is amended to read:
AB150,1631,11
4186.112 Credit union borrowing. The board of directors may borrow money
5from any source if the amount borrowed does not exceed 50% of the credit union's
6total savings, deposits and reserves and the loan is not for a period longer than 12
7months. The limitations of this subsection do not apply to national corporate central
8credit unions. The 12-month limitation under this subsection does not apply to
9money borrowed by a credit union to acquire credit union property, buildings,
10remodeling or equipment. The
commissioner office of credit unions may exempt any
11credit union from the limitations of this subsection.