AB150, s. 5260 9Section 5260. 214.015 of the statutes is amended to read:
AB150,1754,11 10214.015 Administration. This chapter shall be administered by the
11commissioner department.
AB150, s. 5261 12Section 5261. 214.025 of the statutes is amended to read:
AB150,1754,17 13214.025 Insurance of accounts. A savings bank shall secure insurance of
14its deposit accounts by a deposit insurance corporation before commencing business
15and may, subject to rules of the commissioner department, obtain insurance of
16deposits in excess of the amount eligible for insurance by a deposit insurance
17corporation.
AB150, s. 5262 18Section 5262. 214.03 (1) of the statutes is amended to read:
AB150,1754,2419 214.03 (1) Subject to the regulation of the commissioner department and in
20addition to the powers granted by this chapter, a savings bank may, directly or
21through a subsidiary, undertake any activity, exercise any power or offer any
22financially related product or service in this state that any other provider of financial
23products or services may undertake, exercise or provide or that the commissioner
24department finds to be financially related.
AB150, s. 5263 25Section 5263. 214.03 (2) of the statutes is amended to read:
AB150,1755,8
1214.03 (2) The activities, powers, products and services that may be
2undertaken, exercised or offered by a savings bank under sub. (1) are limited to those
3specified by rule of the commissioner department. The commissioner department
4may direct a savings bank to cease any activity, the exercise of any power or the
5offering of any product or service authorized by rule under this subsection. Among
6the factors that the commissioner department may consider in so directing a savings
7bank are the savings bank's net worth, assets, management rating, liquidity ratio
8and ratio of net worth to assets.
AB150, s. 5264 9Section 5264. 214.035 (1) of the statutes is amended to read:
AB150,1755,1310 214.035 (1) An institution organized under this chapter shall be known as a
11state savings bank and shall adopt a name that identifies it as such and that includes
12the term "savings". The commissioner department shall approve the name of a
13savings bank.
AB150, s. 5265 14Section 5265. 214.035 (2) of the statutes is amended to read:
AB150,1755,2015 214.035 (2) Notwithstanding sub. (1), an association, as defined in s. 215.01 (1),
16that converts to a savings bank may use a name that does not include the term
17"savings" in its name if that name was approved for use by the association by the
18commissioner department under ch. 215 before February 12, 1992, and that name
19is approved by the commissioner department under this subsection as appropriate
20to identify the converted association as a savings bank.
AB150, s. 5266 21Section 5266. 214.035 (3) of the statutes is created to read:
AB150,1756,222 214.035 (3) Notwithstanding sub. (1), a federally chartered financial
23institution that converts to a savings bank may use a name that does not include the
24term "savings" in its name if the financial institution did not use the term "savings"

1in its name on May 7, 1992, and its name is approved by the commissioner as
2appropriate to identify the converted institution as a savings bank.
AB150, s. 5267 3Section 5267. 214.035 (3) of the statutes, as created by 1995 Wisconsin Act ....
4(this act), is amended to read:
AB150,1756,95 214.035 (3) Notwithstanding sub. (1), a federally chartered financial
6institution that converts to a savings bank may use a name that does not include the
7term "savings" in its name if the financial institution did not use the term "savings"
8in its name on May 7, 1992, and its name is approved by the commissioner
9department as appropriate to identify the converted institution as a savings bank.
AB150, s. 5268 10Section 5268. 214.04 (4) of the statutes is amended to read:
AB150,1756,1511 214.04 (4) With the approval of the commissioner department, to become a
12member of, purchase stock or securities in, deposit money with, or comply with any
13other conditions of membership or credit for any corporation or agency of the United
14States or of this state, to the extent that such agency assists in furthering or
15facilitating the purposes or powers of the savings bank.
AB150, s. 5269 16Section 5269. 214.04 (8) of the statutes is amended to read:
AB150,1756,1917 214.04 (8) To purchase stock in service corporations and to invest in any form
18of indebtedness of any service corporation, subject to rules of the commissioner
19department.
AB150, s. 5270 20Section 5270. 214.04 (9) of the statutes is amended to read:
AB150,1756,2321 214.04 (9) With the approval of the commissioner department, to purchase
22stock of a corporation whose principal purpose is to operate a safe deposit or escrow
23service business, if the purchase is necessary to utilize the services of that business.
AB150, s. 5271 24Section 5271. 214.04 (12) (intro.) of the statutes is amended to read:
AB150,1757,3
1214.04 (12) (intro.)  Subject to rules of the commissioner department, to make
2contracts, incur obligations, make investments, pledge assets or take other action
3necessary to do any of the following:
AB150, s. 5272 4Section 5272. 214.04 (14) of the statutes is amended to read:
AB150,1757,75 214.04 (14) Subject to rules of the commissioner department, to own and lease
6personal property acquired by the savings bank at the request of a prospective lessee
7and, upon the agreement of that person, to lease the personal property.
AB150, s. 5273 8Section 5273. 214.04 (17) of the statutes is amended to read:
AB150,1757,119 214.04 (17) With prior written approval of the commissioner department, to
10acquire all or any part of the assets of a financial institution or to sell all or any part
11of its assets to another financial institution.
AB150, s. 5274 12Section 5274. 214.04 (18) of the statutes is amended to read:
AB150,1757,1913 214.04 (18) To borrow money and issue its obligations for the borrowed money,
14including but not limited to obligations, bonds, notes or other debt securities. Except
15as otherwise provided by this chapter or by rules of the commissioner department,
16the aggregate amount borrowed may not exceed 50% of the savings bank's total
17assets, except with the prior written approval of the commissioner department. An
18obligation, bond, note or other debt security may include a written provision
19subordinating the debt to claims of other creditors or of depositors.
AB150, s. 5275 20Section 5275. 214.04 (20) of the statutes is amended to read:
AB150,1758,621 214.04 (20) Upon receiving approval from the commissioner department, to act
22as an authorized agent for its customers in the business and functions under ch. 217.
23A savings bank that applies to function as a seller of checks shall meet the application
24requirements under ch. 217. The commissioner department may not charge a license
25or investigation fee for an application under this subsection. The seller of checks

1function of a savings bank shall be under the jurisdiction and supervision of the
2commissioner department. The commissioner department shall enforce ch. 217 as
3it applies to savings banks. The commissioner department shall determine what
4records shall be maintained and shall require the segregation of funds that are
5necessary for a savings bank to operate as a seller of checks under this subsection
6and ch. 217.
AB150, s. 5276 7Section 5276. 214.04 (21) (a) of the statutes is amended to read:
AB150,1758,118 214.04 (21) (a) Directly or indirectly, to acquire, place and operate, or
9participate in the acquisition, placement and operation of, at locations other than its
10home office and branch offices, remote service units, in accordance with rules
11established by the commissioner department.
AB150, s. 5277 12Section 5277. 214.04 (21) (b) of the statutes is amended to read:
AB150,1759,713 214.04 (21) (b) The rules of the commissioner department shall provide that
14any remote service unit shall be available for use, on a nondiscriminatory basis, by
15any state or federal savings bank which has its principal place of business in this
16state, by any other state or federal savings bank obtaining the consent of a state or
17federal savings bank that has its principal place of business in this state and is using
18the terminal and by all customers designated by a savings bank using the unit. This
19paragraph does not authorize a savings bank which has its principal place of
20business outside this state to conduct business as a savings bank in this state. A
21remote service unit shall be available for use, on a nondiscriminatory basis, by any
22credit union, state or national bank or state or federal savings and loan association,
23whose home office is located in this state, if the credit union, bank or savings and loan
24association requests to share its use, subject to joint rules established by the
25commissioner of banking, the commissioner office of credit unions and the

1commissioner department. The rules of the commissioner department and the joint
2rules shall each prohibit any advertising with regard to a shared remote service unit
3which suggests or implies exclusive ownership or control of the shared unit by any
4savings bank or group of savings banks operating or participating in the operation
5of the unit. The commissioner department by order may authorize the installation
6and operation of a remote service unit in a mobile facility, after notice and hearing
7upon the proposed service stops of the mobile facility.
AB150, s. 5278 8Section 5278. 214.04 (21) (c) of the statutes is amended to read:
AB150,1759,159 214.04 (21) (c) If any person primarily engaged in the retail sale of goods or
10services owns or operates a remote service unit on such person's premises and allows
11access to the unit by any financial institution, group of financial institutions or their
12customers, nothing in this paragraph or in rules established by the commissioner
13department shall require such person to accept any connection to or use of the unit
14on its premises for any other purpose or function or to accept any connection to the
15unit on its premises by any other financial institution.
AB150, s. 5279 16Section 5279. 214.04 (21) (d) of the statutes is amended to read:
AB150,1759,2317 214.04 (21) (d) If a person primarily engaged in the retail sale of goods or
18services owns or operates a remote service unit on such person's premises and allows
19access to the unit by any financial institution, group of financial institutions or their
20customers for any purpose or function, laws governing such institutions or rules
21established by the commissioner department shall not apply to such person other
22than those laws or rules directly related to the particular function performed by the
23unit on such person's premises for a financial institution.
AB150, s. 5280 24Section 5280. 214.04 (25) of the statutes is amended to read:
AB150,1760,3
1214.04 (25) Subject to rules of the commissioner department, to issue credit
2cards, extend open-end credit and otherwise engage in or participate in credit card
3operations.
AB150, s. 5281 4Section 5281. 214.04 (26) of the statutes is amended to read:
AB150,1760,65 214.04 (26) With the prior approval of the commissioner department, establish
6a limited office.
AB150, s. 5282 7Section 5282. 214.04 (27) of the statutes is amended to read:
AB150,1760,98 214.04 (27) After giving notice to the commissioner department, establish an
9extended office.
AB150, s. 5283 10Section 5283. 214.045 of the statutes is amended to read:
AB150,1760,15 11214.045 Status as internal revenue service qualified thrift lender. A
12savings bank shall qualify for and maintain either the 60% asset test of section 7701
13(a) (19) of the internal revenue code, or an asset test prescribed by rule of the
14commissioner department that is not less than the percentage prescribed by section
157701 (a) (19) of the internal revenue code.
AB150, s. 5284 16Section 5284. 214.06 (1) (intro.) of the statutes is amended to read:
AB150,1760,1917 214.06 (1) (intro.) With the prior written approval of the commissioner
18department, a savings bank may establish one or more branch offices. A branch
19office may be located in any of the following:
AB150, s. 5285 20Section 5285. 214.07 of the statutes is amended to read:
AB150,1760,22 21214.07 Authorized activities. A savings bank holding company may engage
22in activities that are authorized by the commissioner department.
AB150, s. 5286 23Section 5286. 214.08 of the statutes is amended to read:
AB150,1761,7 24214.08 Registration. A savings bank holding company and each subsidiary
25of a savings bank holding company shall register with the commissioner department

1within 180 days after May 7, 1992, or within 90 days after becoming a savings bank
2holding company or subsidiary, whichever is later. A savings bank holding company
3and each subsidiary of a savings bank holding company shall register on forms
4prescribed by the commissioner department. A registration form shall include
5information with respect to the financial condition, ownership, management, and
6intercompany relations of the holding company and its subsidiaries and such related
7matters as the commissioner department considers necessary.
AB150, s. 5287 8Section 5287. 214.085 (1) (a) of the statutes is amended to read:
AB150,1761,139 214.085 (1) (a) File with the commissioner department reports as required by
10the commissioner department. A report shall be on a form prescribed by the
11commissioner department and may require whatever information the commissioner
12department considers to be necessary concerning the operations of each savings
13bank holding company and subsidiary.
AB150, s. 5288 14Section 5288. 214.085 (1) (b) of the statutes is amended to read:
AB150,1761,1615 214.085 (1) (b) Maintain such books and records as may be prescribed by the
16commissioner department.
AB150, s. 5289 17Section 5289. 214.085 (1) (c) of the statutes is amended to read:
AB150,1761,1818 214.085 (1) (c) Be subject to examination by the commissioner department.
AB150, s. 5290 19Section 5290. 214.085 (2) of the statutes is amended to read:
AB150,1761,2420 214.085 (2) The commissioner department shall assess a savings bank holding
21company fees and charges as necessary to cover the cost of the commissioner's
22department's examination and supervision under this chapter. The commissioner
23department may promulgate rules to establish fees and payment schedules to
24support registration, examination and supervision under this chapter.
AB150, s. 5291 25Section 5291. 214.09 of the statutes is amended to read:
AB150,1762,8
1214.09 Acquisitions. Subject to rules of the commissioner department, a
2savings bank holding company may acquire control of a savings bank or of a savings
3bank holding company upon application to and with the prior written approval of the
4commissioner department. The application shall be in a form prescribed by the
5commissioner department. The commissioner department shall approve the
6application if the commissioner department determines that the acquisition is
7consistent with the interest of maintaining a sound financial system and that the
8proposed acquisition does not afford a basis for supervisory objection.
AB150, s. 5292 9Section 5292. 214.095 (3) of the statutes is amended to read:
AB150,1762,1310 214.095 (3) The commissioner department shall promulgate rules to regulate
11the formation of and the ongoing business of the subsidiaries and the savings bank
12holding company, including the rights of members or stockholders, levels of
13investment in holding company subsidiaries, and stock sales.
AB150, s. 5293 14Section 5293. 214.155 (2) of the statutes is amended to read:
AB150,1762,1915 214.155 (2) A savings bank proposing any action under sub. (1) shall file an
16application with the commissioner department for approval of the transaction and
17shall provide the commissioner department with copies of all applications and
18materials filed with a federal agency or agency of another state in seeking approval
19of the transaction.
AB150, s. 5294 20Section 5294. 214.16 (2) of the statutes is amended to read:
AB150,1762,2521 214.16 (2) An in-state savings bank holding company proposing any action
22under sub. (1) shall file an application with the commissioner department for
23approval of the transaction and shall provide the commissioner department with
24copies of all applications and materials filed with a federal agency or agency of
25another state in seeking approval of the transaction.
AB150, s. 5295
1Section 5295. 214.17 (1) (intro.) of the statutes is amended to read:
AB150,1763,42 214.17 (1) (intro.) The commissioner department finds that the statutes of the
3state in which the regional institution or regional holding company has its principal
4place of business permit all of the following:
AB150, s. 5296 5Section 5296. 214.17 (2) of the statutes is amended to read:
AB150,1763,86 214.17 (2) The commissioner department has not disapproved the acquisition
7of the savings bank or the acquisition or merger with the in-state savings bank
8holding company under s. 214.18.
AB150, s. 5297 9Section 5297. 214.17 (3) of the statutes is amended to read:
AB150,1763,1910 214.17 (3) The commissioner department publishes under ch. 985 a class 3
11notice, in the official state newspaper, of the application to take an action under s.
12214.165 and of the opportunity for a hearing and, if at least 25 residents of this state
13petition for a hearing within 30 days of the final notice or if the commissioner
14department on the commissioner's department's own motion calls for a hearing
15within 30 days of the final notice, the commissioner department holds a public
16hearing on the application, except that a hearing is not required if the commissioner
17department finds that an emergency exists and that the proposed action under s.
18214.165 is necessary and appropriate to prevent the probable failure of an in-state
19savings bank that is closed or in danger of closing.
AB150, s. 5298 20Section 5298. 214.17 (4) of the statutes is amended to read:
AB150,1763,2421 214.17 (4) The commissioner department is provided a copy of any application
22seeking approval by a federal agency of the acquisition of an in-state savings bank
23or acquisition of or merger with an in-state savings bank holding company and of any
24supplemental material or amendments filed with the application.
AB150, s. 5299 25Section 5299. 214.17 (5) of the statutes is amended to read:
AB150,1764,3
1214.17 (5) The applicant has paid the commissioner department a fee of $1,000
2together with the actual costs incurred by the commissioner department in holding
3any hearing on the application.
AB150, s. 5300 4Section 5300. 214.18 (intro.) of the statutes is amended to read:
AB150,1764,7 5214.18 Standards for disapproval. (intro.) The commissioner department
6may disapprove any action under s. 214.165 if the commissioner department finds
7any of the following:
AB150, s. 5301 8Section 5301. 214.18 (6) of the statutes is amended to read:
AB150,1764,129 214.18 (6) The applicant has failed to enter into an agreement prepared by the
10commissioner department to comply with laws and rules of this state regulating
11consumer credit finance charges and of the charges and related disclosure
12requirements, except to the extent preempted by federal law or regulation.
AB150, s. 5302 13Section 5302. 214.18 (8) of the statutes is amended to read:
AB150,1764,1514 214.18 (8) The applicant fails to meet any other standard established by rule
15of the commissioner department.
AB150, s. 5303 16Section 5303. 214.20 of the statutes is amended to read:
AB150,1764,25 17214.20 Divestiture. A savings bank holding company that ceases to be an
18in-state savings bank holding company or regional holding company shall
19immediately notify the commissioner department of the change in its status and
20shall, as soon as practical and no later than 2 years after the event causing it to no
21longer be one of these entities, divest itself of control of all in-state savings banks and
22in-state savings bank holding companies. A savings bank holding company that
23fails to immediately notify the commissioner department shall be subject to a
24forfeiture of $500 per day, beginning on the day its status changes and ending on the
25day the commissioner department receives notification.
Loading...
Loading...