AB150,1880,2520 215.70 (1) Management responsibility. The management of a stock
21association shall be vested in a board of directors, who are charged with the
22responsibility of complying with this chapter, orders of the commissioner
23department, rules of the commissioner department promulgated under ch. 227, the
24articles of incorporation and bylaws of the association, and other laws applicable to
25savings and loan operations.
AB150, s. 5780
1Section 5780. 215.70 (4) of the statutes is amended to read:
AB150,1881,52 215.70 (4) Promulgation of rules. The board may by resolution adopt rules
3for the conduct of business by the association, provided they are consistent with this
4chapter, the rules of the commissioner department, and the articles of incorporation
5and bylaws of the association.
AB150, s. 5781 6Section 5781. 215.73 (1) (a) (intro.) of the statutes is amended to read:
AB150,1881,107 215.73 (1) (a) (intro.) With the consent of the commissioner department and
8subject to any condition that the commissioner department prescribes, a stock
9association organized under this chapter may, by an affirmative vote of at least
10two-thirds of the board of each association, do any of the following:
AB150, s. 5782 11Section 5782. 215.73 (3) of the statutes is amended to read:
AB150,1881,1612 215.73 (3) Withdrawal requests. Any saver in an absorbed association or
13savings bank, who intends to file a written withdrawal request for savings accounts
14within one year after the date of approval of such absorption by the commissioner
15department, may do so by giving 90 days' written notice of such intention, and the
16savings accounts shall be withdrawn as provided in s. 215.17.
AB150, s. 5783 17Section 5783. 215.76 (1) (b) 1. of the statutes is amended to read:
AB150,1881,1918 215.76 (1) (b) 1. Certified to the commissioner department under the seal of the
19association, by its president and secretary.
AB150, s. 5784 20Section 5784. 215.76 (2) of the statutes is amended to read:
AB150,1881,2321 215.76 (2) Period of liquidation. A stock association so liquidating shall
22dispose of its assets within 10 years from the date of liquidation, unless the
23commissioner department orders otherwise.
AB150, s. 5785 24Section 5785. 215.76 (6) of the statutes is amended to read:
AB150,1882,3
1215.76 (6) Resumption of business. A stock association in liquidation may
2resume business with the approval of the commissioner department upon conditions
3approved by the commissioner department.
AB150, s. 5786 4Section 5786. 215.76 (7) (a) of the statutes is amended to read:
AB150,1882,155 215.76 (7) (a) Unclaimed liquidating dividends and all funds remaining unpaid
6in the hands of the association or its board at or immediately prior to the date of final
7distribution, together with all final liquidating costs, shall be delivered to the
8commissioner department to be deposited in one or more state banks, state savings
9banks or state-chartered savings and loan associations, to the credit of the
10commissioner department, in trust for the various stockholders, owners of savings
11accounts or creditors entitled thereto. The commissioner department shall include
12in the annual report under s. 215.02 (11) the names of the associations so liquidated
13and the sums of unclaimed and unpaid liquidating dividends and unclaimed funds
14with respect to each of them respectively, including a statement of interest or
15dividends earned upon such funds.
AB150, s. 5787 16Section 5787. 215.76 (7) (b) (intro.) of the statutes is amended to read:
AB150,1882,1717 215.76 (7) (b) (intro.) The commissioner department may:
AB150, s. 5788 18Section 5788. 215.76 (7) (b) 3. of the statutes is amended to read:
AB150,1882,2019 215.76 (7) (b) 3. Apply the interest and dividends earned by the moneys so held
20toward defraying the expenses of the office department.
AB150, s. 5789 21Section 5789. 215.76 (8) of the statutes is amended to read:
AB150,1882,2422 215.76 (8) (title) Reserved authority of commissioner. This section does not
23prohibit the commissioner department from proceeding against any association as
24provided in s. 215.32.
AB150, s. 5790 25Section 5790. 215.77 (1) (b) of the statutes is amended to read:
AB150,1883,7
1215.77 (1) (b) At such meeting, the stockholders may by the affirmative vote,
2in person or by proxy, of not less than two-thirds of the outstanding capital stock of
3the association the stockholders may by resolution declare to convert the association
4into a federal association, or in the case of a federal capital stock association into a
5state-chartered association. A copy of the minutes of the meeting, verified by the
6affidavit of the chairperson and the secretary of the meeting, shall be filed in the
7office of the commissioner
with the department within 10 days after the meeting.
AB150, s. 5791 8Section 5791. 215.77 (1) (d) 1. of the statutes is amended to read:
AB150,1883,159 215.77 (1) (d) 1. Within 6 months after the adjournment of a meeting to convert
10into a federal association, the association shall do what is necessary to make it a
11federal association. Within 10 days after receipt of the federal charter, the
12association shall file with the commissioner department a copy of the federal charter,
13certified by the federal home loan bank board. Upon such filing the association shall
14cease to be a state-chartered association and shall thereafter be a federal
15association.
AB150, s. 5792 16Section 5792. 215.77 (1) (d) 2. of the statutes is amended to read:
AB150,1883,2217 215.77 (1) (d) 2. Within 6 months after the adjournment of a meeting of the
18stockholders of a federal stock association called for the purpose of converting the
19association into a state-chartered association, the commissioner department shall
20examine such association and shall determine the action necessary to qualify the
21converting federal stock association for a state charter. Upon complying with the
22necessary requirements, a state charter shall be issued to such association.
AB150, s. 5793 23Section 5793. 215.77 (4) of the statutes is amended to read:
AB150,1884,224 215.77 (4) (title) Commissioner's approval Approval required before
25conversion becomes effective.
Before any conversion under this section is final and

1in effect, the written approval of the commissioner department must be secured by
2the converting association.
AB150, s. 5794 3Section 5794. 217.02 (2m) of the statutes is created to read:
AB150,1884,44 217.02 (2m) "Department" means the department of financial institutions.
AB150, s. 5795 5Section 5795. 217.02 (3) of the statutes is amended to read:
AB150,1884,76 217.02 (3) "General order" means an order of the office department other than
7a special order.
AB150, s. 5796 8Section 5796. 217.02 (6) of the statutes is repealed.
AB150, s. 5797 9Section 5797. 217.02 (10) of the statutes is amended to read:
AB150,1884,1110 217.02 (10) "Special order" means an order of the office department to or
11affecting a person.
AB150, s. 5798 12Section 5798. 217.03 (1) of the statutes is amended to read:
AB150,1884,1813 217.03 (1) No person shall, as a service or for a fee or other consideration,
14engage in the business as a seller of checks without first securing a license from the
15office department to do so. Any person lawfully engaged in said business on March
1618, 1968 may continue to engage therein without a license until the office has acted
17upon the person's application for a license, provided such application is filed within
1830 days after March 18, 1968.
AB150, s. 5799 19Section 5799. 217.03 (2) of the statutes is amended to read:
AB150,1884,2520 217.03 (2) The licensee shall be liable on checks duly issued for it by each
21authorized agent and shall furnish each such agent not exempt under s. 217.04 with
22an authorization in the form approved by the office department in lieu of a license
23from the office department, to be displayed in the agent's place of business indicating
24that it is an authorized agent of the licensee. An agent so authorized by a licensee
25shall not be required to secure a license.
AB150, s. 5800
1Section 5800. 217.05 (intro.) of the statutes is amended to read:
AB150,1885,5 2217.05 Application and fees. (intro.) Each application for a license shall be
3made in writing and under oath to the office department and shall contain such
4information and be in such form as it the department prescribes. The application
5shall state the full name and business address of:
AB150, s. 5801 6Section 5801. 217.05 (5) (a) of the statutes is amended to read:
AB150,1885,87 217.05 (5) (a) Financial statements. Financial statements reasonably
8satisfactory to the office department.
AB150, s. 5802 9Section 5802. 217.05 (5) (c) of the statutes is amended to read:
AB150,1885,1610 217.05 (5) (c) Investigation fee. A nonrefundable fee of $100 $300 to the office
11for investigating the application. If the cost of the investigation exceeds $100 $300,
12the applicant shall, upon demand of the office, pay the excess cost. No investigation
13fee shall be required for renewal of a license. Any person holding a license as a
14community currency exchange or a foreign exchange company on March 18, 1968
, is
15not required to pay an investigation fee nor a license fee for a single location for the
16remainder of the current licensing year.
AB150, s. 5803 17Section 5803 . 217.05 (5) (c) of the statutes, as affected by 1995 Wisconsin Act
18.... (this act), is amended to read:
AB150,1885,2219 217.05 (5) (c) Investigation fee. A nonrefundable fee of $300 to the office
20department for investigating the application. If the cost of the investigation exceeds
21$300, the applicant shall, upon demand of the office department, pay the excess cost.
22No investigation fee shall be required for renewal of a license.
AB150, s. 5804 23Section 5804. 217.05 (5) (d) of the statutes is amended to read:
AB150,1886,1024 217.05 (5) (d) License fee. An annual license fee of $50 for each location not
25exceeding 6. If the applicant has more than 6 locations, a license fee of $50 each for

1the first 6 locations plus $2 for each location in excess of 6 locations up to and
2including a total of 100 locations and $1 for each location in excess of 100 with a
3maximum annual fee of $1,000. For each single location license issued between
4January 1 and June 30 of any year, the licensee shall pay the full annual license fee
5for the year ending December 31; for each license issued between July 1 and
6December 31 of any year, the licensee shall pay one-half of the annual license fee
7except for multiple office locations, for which the full annual fee shall be charged.
8No license fee shall be payable with respect to the location of any agent who is
9exempted from this chapter by s. 217.04
$500 plus $5 for each location within this
10state at which a licensee sells or issues checks, with a maximum annual fee of $1,500
.
AB150, s. 5805 11Section 5805. 217.06 (intro.) of the statutes is amended to read:
AB150,1886,14 12217.06 Licenses, how granted; conditions. (intro.) Every license issued
13shall be in the form prescribed by the office department and shall be issued to the
14applicant if:
AB150, s. 5806 15Section 5806. 217.06 (2) of the statutes is amended to read:
AB150,1886,2216 217.06 (2) The financial responsibility, financial condition, business
17experience, character and general fitness of the applicant are such, in the opinion of
18the office department, as to command the confidence of the public and to warrant
19belief that the business will be conducted honestly and efficiently. The office
20department may investigate and consider the qualifications, character and general
21fitness of officers and directors or others associated with the applicant in
22determining whether this qualification has been met.
AB150, s. 5807 23Section 5807. 217.06 (3) (a) of the statutes is amended to read:
AB150,1887,1724 217.06 (3) (a) A surety bond issued by a bonding company or insurance
25company authorized to do business in this state has been filed in the minimum

1principal sum of $10,000 for the first location and an additional sum of $5,000 for
2each additional location unless the office department determines that a bond in such
3amount is insufficient in which event it may require a bond in a larger sum, but in
4no event shall the bond exceed $300,000. The bond shall be in a form satisfactory to
5the office department and shall run to the state for the benefit of any claimants
6against the applicant or the applicant's agents to secure the faithful performance of
7the obligations of the applicant and the applicant's agents with respect to the receipt,
8handling, transmission and payment of money in connection with the sale of checks
9and to reimburse the office department for any examination or liquidation expense.
10The aggregate liability of the surety in no event shall exceed the principal sum of the
11bond. The surety shall have the right to cancel such bond upon giving not less than
1260 days' written notice to the office department, but such cancellation shall not
13release the surety from any liability that may arise with respect to obligations of the
14licensee outstanding on or prior to the effective day that such bond is canceled. Such
15claimants against the applicant or the applicant's agents may themselves bring suit
16directly on the bond, or the attorney general may bring suit thereon in behalf of such
17claimants, either in one action or successive actions.
AB150, s. 5808 18Section 5808. 217.06 (3) (b) of the statutes is amended to read:
AB150,1888,719 217.06 (3) (b) In lieu of such corporate surety bond, or of any portion of the
20principal thereof as required by this section, the applicant may deposit with such
21banks or trust companies in this state as the applicant designates and the office
22department approves, interest-bearing obligations of the United States or any
23agency or instrumentality thereof, or guaranteed by the United States, or of this
24state, or of a city, county, town, village, school district or instrumentality of this state,
25or guaranteed by this state, to an aggregate amount, based upon principal amount

1or market value, whichever is lower, of not less than the amount of the required
2corporate surety bond or portion thereof. The securities shall be held to secure the
3same obligations as would the surety bond but the depositor shall be entitled to
4receive all interest thereon, shall have the right with the approval of the office
5department to substitute other securities for those deposited, and shall be required
6to do so on written order of the office department. The licensee shall pay all expenses
7of maintaining the deposit of obligations deposited in lieu of a corporate surety bond.
AB150, s. 5809 8Section 5809. 217.07 of the statutes is amended to read:
AB150,1888,13 9217.07 Order denying application. If the office department is not satisfied
10as to all matters specified in s. 217.06, it shall enter a special order denying the
11application for a license and shall return the license fee to the applicant and retain
12the investigation fee. The office department shall make findings of fact as part of and
13in support of its orders denying any application for a license.
AB150, s. 5810 14Section 5810. 217.08 (2) of the statutes is amended to read:
AB150,1889,915 217.08 (2) Annual license fee; additions and deletions of locations. Each
16licensee shall file with the office department on or before December 1 of each year
17a statement listing the locations of the offices of the licensee and the names and
18locations of the agents authorized by the licensee. Every licensee shall also on or
19before December 1 of each year file a financial statement of its assets and liabilities
20as of a date not earlier than the preceding August 31 or, if the licensee is audited
21annually by an independent public accountant at the end of each fiscal year, the
22licensee may submit financial statements certified by said accountant for the
23licensee's latest fiscal year. Such statement shall be accompanied by the annual
24licensee fee for the calendar year beginning the following January 1 in an amount
25determined under s. 217.05. The amount of the surety bond or deposit of securities

1required by s. 217.06 shall be adjusted to reflect the number of such locations.
2Licensees which do not pay the maximum license fee under s. 217.05 and which do
3not maintain a bond or deposit of securities in the maximum sum of $300,000 as
4provided in s. 217.06 shall also file a supplemental statement setting forth any
5changes in the list of offices and agents with the office department on or before April
61, July 1 and October 1 of each year, and the principal sum of the corporate surety
7bond or deposit of securities required by s. 217.06 shall be adjusted to reflect any
8increase or decrease in the number of such locations. Any additional license fees
9which may become due under s. 217.05 shall be paid to the office department.
AB150, s. 5811 10Section 5811. 217.08 (3) of the statutes is amended to read:
AB150,1889,1311 217.08 (3) Removal consent. Whenever a licensee changes its single or
12principal office location to another location it shall give written notice thereof to the
13office department, which shall amend the license accordingly without charge.
AB150, s. 5812 14Section 5812. 217.09 (1) (intro.) of the statutes is amended to read:
AB150,1889,1715 217.09 (1) (intro.) The office department shall, after complaint, notice and
16hearing, following the procedure in s. 217.19 so far as applicable, revoke any license
17in the following cases:
AB150, s. 5813 18Section 5813. 217.09 (1) (c) of the statutes is amended to read:
AB150,1889,2119 217.09 (1) (c) If any fact or condition exists which, if it had existed at the time
20of the original application for such license, clearly would have warranted the office
21department to refuse to issue such license.
AB150, s. 5814 22Section 5814. 217.09 (2) of the statutes is amended to read:
AB150,1889,2523 217.09 (2) If the office department finds cause for revocation of a license, it shall
24issue a special order revoking the license, which includes its findings of fact upon
25which such order is based.
AB150, s. 5815
1Section 5815. 217.09 (3) of the statutes is amended to read:
AB150,1890,52 217.09 (3) The office department may, for reasonable cause and after a hearing
3on 5 days' notice, suspend any license for a period not exceeding 30 days, pending
4further investigation, and in so doing shall issue a special order including its findings
5of fact upon which such order is based.
AB150, s. 5816 6Section 5816. 217.09 (4) of the statutes is amended to read:
AB150,1890,127 217.09 (4) The office department shall revoke or suspend only the
8authorization to operate at the location with respect to which grounds for revocation
9or suspension apply, but if the office department finds that such grounds for
10revocation or suspension apply to more than one location operated by such licensee,
11then the office department shall revoke or suspend all of the authorizations of the
12licensee to which such grounds apply.
AB150, s. 5817 13Section 5817. 217.09 (5) of the statutes is amended to read:
AB150,1890,1614 217.09 (5) Any licensee may surrender any license by giving written notice to
15the office department that the licensee surrenders such license and returns the
16license therewith.
AB150, s. 5818 17Section 5818. 217.09 (6) of the statutes is amended to read:
AB150,1890,1918 217.09 (6) The office department may on its own motion issue a new license
19when a license has been revoked.
AB150, s. 5819 20Section 5819. 217.10 (intro.) of the statutes is amended to read:
AB150,1890,22 21217.10 (title) Powers of office department. (intro.) The office department
22may:
AB150, s. 5820 23Section 5820. 217.10 (2) of the statutes is amended to read:
AB150,1891,324 217.10 (2) Investigate, at any time, the business and examine the books,
25accounts, records and files used therein of every licensee or agent thereof. The cost

1of each such examination shall be paid by every licensee so examined within 30 days
2after demand therefor by the office department, and the state may maintain an
3action for recovery of such costs in any court of competent jurisdiction;
AB150, s. 5821 4Section 5821. 217.12 (4) of the statutes is amended to read:
AB150,1891,75 217.12 (4) Name, forbidden use. No company shall use a name which indicates
6that it is a branch, unit or agency of the state or federal government or of any
7department or branch thereof
.
AB150, s. 5822 8Section 5822. 217.15 of the statutes is amended to read:
AB150,1891,12 9217.15 Delinquent seller of checks. The commissioner of banking
10department may take possession of any insolvent seller of checks under the
11circumstances and utilizing the procedure prescribed in s. 218.04 (9m), so far as
12applicable.
AB150, s. 5823 13Section 5823. 217.17 (1) of the statutes is amended to read:
AB150,1891,1514 217.17 (1) The office department may, in relation to any matter within the
15office's department's powers, issue subpoenas and take testimony.
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