AB150: Bill Text

AB150, s. 5251 Section 5251. 196.857 (2) of the statutes is amended to read:

AB150,1752,4 196.857 (2) (title) Due date. A public utility shall pay the total amount that it is assessed under sub. (1) (1m) within 30 days after it receives a bill for that amount from the commission. The bill constitutes notice of the assessment and demand of payment.

AB150, s. 5252 Section 5252. 196.857 (2g) of the statutes is amended to read:

AB150,1752,9 196.857 (2g) (title) Farm services fees. The commission shall assess fees not to exceed $100 may charge a reasonable fee per farm for the services provided to farmers under this section. The fees collected under this subsection shall be credited to the appropriation under s. 20.115 (8) (j) in each fiscal year.

AB150, s. 5253 Section 5253. 196.857 (2k) of the statutes is created to read:

AB150,1752,14 196.857 (2k) Other services fees. The commission may charge a reasonable fee for services, other than on-farm site-related services, provided under this section. The fees collected under this subsection shall be credited to the appropriation under s. 20.155 (1) (L) in each fiscal year.

AB150, s. 5254 Section 5254. 196.857 (2m) of the statutes is amended to read:

AB150,1752,23 196.857 (2m) (title) Additional investigations. If the commission, at the request of an electric cooperative organized under ch. 185 or any public utility which is not assessed under sub. (1) (1m), conducts an investigation of the causes of stray voltage on any farm receiving electrical service from that electric cooperative or public utility, that electric cooperative or public utility shall pay a reasonable fee, not exceeding $500 per investigation, which the commission shall establish separately for each request. The amounts received under this subsection shall be credited to the appropriation made in s. 20.155 (1) (L).

AB150, s. 5255 Section 5255. 196.857 (3) of the statutes is repealed.

AB150, s. 5256 Section 5256. 197.10 (4) of the statutes is amended to read:

AB150,1753,19 197.10 (4) Insofar as the use, operation, service, management, control, sale, lease, purchase, extension, improvement, rates, value or earnings of the properties of the public utility or provisions looking toward the ultimate acquisition of the same are made subject to the terms of any contract provided for in sub. (1), and so long as said contract remains in force, the following sections of the statutes shall be inapplicable to the same: ss. 195.05, 195.10, 196.02 (1) and (2), 196.05, 196.09, 196.10, 196.11, 196.15, 196.16, 196.19 (6), 196.20, 196.21, 196.22, 196.26, 196.28, 196.30, 196.37, 196.39, 196.40, 196.58, 196.70, 197.01 (2) to (4), 197.02, 197.03, 197.04, 197.05, 197.06, 197.08 and 197.09; provided that nothing in any contract made hereunder shall operate to prevent an appeal to the public service commission by any person, other than a party to said contract, upon any complaint alleging that any rate, fare, charge or classification, or any joint rate, or any regulation, act or practice relating to the production, transmission, delivery or furnishing of gas, heat, light or power, or any service in connection therewith, is unjustly discriminatory, or that any such service is inadequate or cannot be obtained. Upon said appeal the commission shall, as provided by law, determine and by order fix a rate, fare, charge, classification, joint rate or regulation, act or practice or service to be imposed, observed or followed in the future in lieu of that found to be unjustly discriminatory or inadequate.

AB150, s. 5257 Section 5257. 214.01 (1) (f) of the statutes is amended to read:

AB150,1753,22 214.01 (1) (f) "Commissioner" "Department" means the commissioner of savings and loan department of financial institutions.

AB150, s. 5258 Section 5258. 214.01 (1) (pm) of the statutes is amended to read:

AB150,1754,2 214.01 (1) (pm) "Investment" includes consumer, residential, agricultural and commercial loans, purchases of corporate debentures, securities, bonds and joint venture shares, and purchases of mutual fund shares subject to the rules of the commissioner department.

AB150, s. 5259 Section 5259. 214.01 (1) (r) of the statutes is amended to read:

AB150,1754,8 214.01 (1) (r) "Net profit" means the remainder of all earnings from current operations plus actual recoveries on loans, investments and other assets after deducting all current expenses, including interest on deposit accounts, additions to reserves that are required by the commissioner department, actual losses, accrued dividends on preferred stock and all state and federal taxes.

AB150, s. 5260 Section 5260. 214.015 of the statutes is amended to read:

AB150,1754,11 214.015 Administration. This chapter shall be administered by the commissioner department.

AB150, s. 5261 Section 5261. 214.025 of the statutes is amended to read:

AB150,1754,17 214.025 Insurance of accounts. A savings bank shall secure insurance of its deposit accounts by a deposit insurance corporation before commencing business and may, subject to rules of the commissioner department, obtain insurance of deposits in excess of the amount eligible for insurance by a deposit insurance corporation.

AB150, s. 5262 Section 5262. 214.03 (1) of the statutes is amended to read:

AB150,1754,24 214.03 (1) Subject to the regulation of the commissioner department and in addition to the powers granted by this chapter, a savings bank may, directly or through a subsidiary, undertake any activity, exercise any power or offer any financially related product or service in this state that any other provider of financial products or services may undertake, exercise or provide or that the commissioner department finds to be financially related.

AB150, s. 5263 Section 5263. 214.03 (2) of the statutes is amended to read:

AB150,1755,8 214.03 (2) The activities, powers, products and services that may be undertaken, exercised or offered by a savings bank under sub. (1) are limited to those specified by rule of the commissioner department. The commissioner department may direct a savings bank to cease any activity, the exercise of any power or the offering of any product or service authorized by rule under this subsection. Among the factors that the commissioner department may consider in so directing a savings bank are the savings bank's net worth, assets, management rating, liquidity ratio and ratio of net worth to assets.

AB150, s. 5264 Section 5264. 214.035 (1) of the statutes is amended to read:

AB150,1755,13 214.035 (1) An institution organized under this chapter shall be known as a state savings bank and shall adopt a name that identifies it as such and that includes the term "savings". The commissioner department shall approve the name of a savings bank.

AB150, s. 5265 Section 5265. 214.035 (2) of the statutes is amended to read:

AB150,1755,20 214.035 (2) Notwithstanding sub. (1), an association, as defined in s. 215.01 (1), that converts to a savings bank may use a name that does not include the term "savings" in its name if that name was approved for use by the association by the commissioner department under ch. 215 before February 12, 1992, and that name is approved by the commissioner department under this subsection as appropriate to identify the converted association as a savings bank.

AB150, s. 5266 Section 5266. 214.035 (3) of the statutes is created to read:

AB150,1756,2 214.035 (3) Notwithstanding sub. (1), a federally chartered financial institution that converts to a savings bank may use a name that does not include the term "savings" in its name if the financial institution did not use the term "savings" in its name on May 7, 1992, and its name is approved by the commissioner as appropriate to identify the converted institution as a savings bank.

AB150, s. 5267 Section 5267. 214.035 (3) of the statutes, as created by 1995 Wisconsin Act .... (this act), is amended to read:

AB150,1756,9 214.035 (3) Notwithstanding sub. (1), a federally chartered financial institution that converts to a savings bank may use a name that does not include the term "savings" in its name if the financial institution did not use the term "savings" in its name on May 7, 1992, and its name is approved by the commissioner department as appropriate to identify the converted institution as a savings bank.

AB150, s. 5268 Section 5268. 214.04 (4) of the statutes is amended to read:

AB150,1756,15 214.04 (4) With the approval of the commissioner department, to become a member of, purchase stock or securities in, deposit money with, or comply with any other conditions of membership or credit for any corporation or agency of the United States or of this state, to the extent that such agency assists in furthering or facilitating the purposes or powers of the savings bank.

AB150, s. 5269 Section 5269. 214.04 (8) of the statutes is amended to read:

AB150,1756,19 214.04 (8) To purchase stock in service corporations and to invest in any form of indebtedness of any service corporation, subject to rules of the commissioner department.

AB150, s. 5270 Section 5270. 214.04 (9) of the statutes is amended to read:

AB150,1756,23 214.04 (9) With the approval of the commissioner department, to purchase stock of a corporation whose principal purpose is to operate a safe deposit or escrow service business, if the purchase is necessary to utilize the services of that business.

AB150, s. 5271 Section 5271. 214.04 (12) (intro.) of the statutes is amended to read:

AB150,1757,3 214.04 (12) (intro.)  Subject to rules of the commissioner department, to make contracts, incur obligations, make investments, pledge assets or take other action necessary to do any of the following:

AB150, s. 5272 Section 5272. 214.04 (14) of the statutes is amended to read:

AB150,1757,7 214.04 (14) Subject to rules of the commissioner department, to own and lease personal property acquired by the savings bank at the request of a prospective lessee and, upon the agreement of that person, to lease the personal property.

AB150, s. 5273 Section 5273. 214.04 (17) of the statutes is amended to read:

AB150,1757,11 214.04 (17) With prior written approval of the commissioner department, to acquire all or any part of the assets of a financial institution or to sell all or any part of its assets to another financial institution.

AB150, s. 5274 Section 5274. 214.04 (18) of the statutes is amended to read:

AB150,1757,19 214.04 (18) To borrow money and issue its obligations for the borrowed money, including but not limited to obligations, bonds, notes or other debt securities. Except as otherwise provided by this chapter or by rules of the commissioner department, the aggregate amount borrowed may not exceed 50% of the savings bank's total assets, except with the prior written approval of the commissioner department. An obligation, bond, note or other debt security may include a written provision subordinating the debt to claims of other creditors or of depositors.

AB150, s. 5275 Section 5275. 214.04 (20) of the statutes is amended to read:

AB150,1758,6 214.04 (20) Upon receiving approval from the commissioner department, to act as an authorized agent for its customers in the business and functions under ch. 217. A savings bank that applies to function as a seller of checks shall meet the application requirements under ch. 217. The commissioner department may not charge a license or investigation fee for an application under this subsection. The seller of checks function of a savings bank shall be under the jurisdiction and supervision of the commissioner department. The commissioner department shall enforce ch. 217 as it applies to savings banks. The commissioner department shall determine what records shall be maintained and shall require the segregation of funds that are necessary for a savings bank to operate as a seller of checks under this subsection and ch. 217.

AB150, s. 5276 Section 5276. 214.04 (21) (a) of the statutes is amended to read:

AB150,1758,11 214.04 (21) (a) Directly or indirectly, to acquire, place and operate, or participate in the acquisition, placement and operation of, at locations other than its home office and branch offices, remote service units, in accordance with rules established by the commissioner department.

AB150, s. 5277 Section 5277. 214.04 (21) (b) of the statutes is amended to read:

AB150,1759,7 214.04 (21) (b) The rules of the commissioner department shall provide that any remote service unit shall be available for use, on a nondiscriminatory basis, by any state or federal savings bank which has its principal place of business in this state, by any other state or federal savings bank obtaining the consent of a state or federal savings bank that has its principal place of business in this state and is using the terminal and by all customers designated by a savings bank using the unit. This paragraph does not authorize a savings bank which has its principal place of business outside this state to conduct business as a savings bank in this state. A remote service unit shall be available for use, on a nondiscriminatory basis, by any credit union, state or national bank or state or federal savings and loan association, whose home office is located in this state, if the credit union, bank or savings and loan association requests to share its use, subject to joint rules established by the commissioner of banking, the commissioner office of credit unions and the commissioner department. The rules of the commissioner department and the joint rules shall each prohibit any advertising with regard to a shared remote service unit which suggests or implies exclusive ownership or control of the shared unit by any savings bank or group of savings banks operating or participating in the operation of the unit. The commissioner department by order may authorize the installation and operation of a remote service unit in a mobile facility, after notice and hearing upon the proposed service stops of the mobile facility.

AB150, s. 5278 Section 5278. 214.04 (21) (c) of the statutes is amended to read:

AB150,1759,15 214.04 (21) (c) If any person primarily engaged in the retail sale of goods or services owns or operates a remote service unit on such person's premises and allows access to the unit by any financial institution, group of financial institutions or their customers, nothing in this paragraph or in rules established by the commissioner department shall require such person to accept any connection to or use of the unit on its premises for any other purpose or function or to accept any connection to the unit on its premises by any other financial institution.

AB150, s. 5279 Section 5279. 214.04 (21) (d) of the statutes is amended to read:

AB150,1759,23 214.04 (21) (d) If a person primarily engaged in the retail sale of goods or services owns or operates a remote service unit on such person's premises and allows access to the unit by any financial institution, group of financial institutions or their customers for any purpose or function, laws governing such institutions or rules established by the commissioner department shall not apply to such person other than those laws or rules directly related to the particular function performed by the unit on such person's premises for a financial institution.

AB150, s. 5280 Section 5280. 214.04 (25) of the statutes is amended to read:

AB150,1760,3 214.04 (25) Subject to rules of the commissioner department, to issue credit cards, extend open-end credit and otherwise engage in or participate in credit card operations.

AB150, s. 5281 Section 5281. 214.04 (26) of the statutes is amended to read:

AB150,1760,6 214.04 (26) With the prior approval of the commissioner department, establish a limited office.

AB150, s. 5282 Section 5282. 214.04 (27) of the statutes is amended to read:

AB150,1760,9 214.04 (27) After giving notice to the commissioner department, establish an extended office.

AB150, s. 5283 Section 5283. 214.045 of the statutes is amended to read:

AB150,1760,15 214.045 Status as internal revenue service qualified thrift lender. A savings bank shall qualify for and maintain either the 60% asset test of section 7701 (a) (19) of the internal revenue code, or an asset test prescribed by rule of the commissioner department that is not less than the percentage prescribed by section 7701 (a) (19) of the internal revenue code.

AB150, s. 5284 Section 5284. 214.06 (1) (intro.) of the statutes is amended to read:

AB150,1760,19 214.06 (1) (intro.) With the prior written approval of the commissioner department, a savings bank may establish one or more branch offices. A branch office may be located in any of the following:

AB150, s. 5285 Section 5285. 214.07 of the statutes is amended to read:

AB150,1760,22 214.07 Authorized activities. A savings bank holding company may engage in activities that are authorized by the commissioner department.

AB150, s. 5286 Section 5286. 214.08 of the statutes is amended to read:

AB150,1761,7 214.08 Registration. A savings bank holding company and each subsidiary of a savings bank holding company shall register with the commissioner department within 180 days after May 7, 1992, or within 90 days after becoming a savings bank holding company or subsidiary, whichever is later. A savings bank holding company and each subsidiary of a savings bank holding company shall register on forms prescribed by the commissioner department. A registration form shall include information with respect to the financial condition, ownership, management, and intercompany relations of the holding company and its subsidiaries and such related matters as the commissioner department considers necessary.

AB150, s. 5287 Section 5287. 214.085 (1) (a) of the statutes is amended to read:

AB150,1761,13 214.085 (1) (a) File with the commissioner department reports as required by the commissioner department. A report shall be on a form prescribed by the commissioner department and may require whatever information the commissioner department considers to be necessary concerning the operations of each savings bank holding company and subsidiary.

AB150, s. 5288 Section 5288. 214.085 (1) (b) of the statutes is amended to read:

AB150,1761,16 214.085 (1) (b) Maintain such books and records as may be prescribed by the commissioner department.

AB150, s. 5289 Section 5289. 214.085 (1) (c) of the statutes is amended to read:

AB150,1761,18 214.085 (1) (c) Be subject to examination by the commissioner department.

AB150, s. 5290 Section 5290. 214.085 (2) of the statutes is amended to read:

AB150,1761,24 214.085 (2) The commissioner department shall assess a savings bank holding company fees and charges as necessary to cover the cost of the commissioner's department's examination and supervision under this chapter. The commissioner department may promulgate rules to establish fees and payment schedules to support registration, examination and supervision under this chapter.

AB150, s. 5291 Section 5291. 214.09 of the statutes is amended to read:

AB150,1762,8 214.09 Acquisitions. Subject to rules of the commissioner department, a savings bank holding company may acquire control of a savings bank or of a savings bank holding company upon application to and with the prior written approval of the commissioner department. The application shall be in a form prescribed by the commissioner department. The commissioner department shall approve the application if the commissioner department determines that the acquisition is consistent with the interest of maintaining a sound financial system and that the proposed acquisition does not afford a basis for supervisory objection.

AB150, s. 5292 Section 5292. 214.095 (3) of the statutes is amended to read:

AB150,1762,13 214.095 (3) The commissioner department shall promulgate rules to regulate the formation of and the ongoing business of the subsidiaries and the savings bank holding company, including the rights of members or stockholders, levels of investment in holding company subsidiaries, and stock sales.

AB150, s. 5293 Section 5293. 214.155 (2) of the statutes is amended to read:

AB150,1762,19 214.155 (2) A savings bank proposing any action under sub. (1) shall file an application with the commissioner department for approval of the transaction and shall provide the commissioner department with copies of all applications and materials filed with a federal agency or agency of another state in seeking approval of the transaction.

AB150, s. 5294 Section 5294. 214.16 (2) of the statutes is amended to read:

AB150,1762,25 214.16 (2) An in-state savings bank holding company proposing any action under sub. (1) shall file an application with the commissioner department for approval of the transaction and shall provide the commissioner department with copies of all applications and materials filed with a federal agency or agency of another state in seeking approval of the transaction.

AB150, s. 5295 Section 5295. 214.17 (1) (intro.) of the statutes is amended to read: