AB150, s. 5666 9Section 5666. 215.33 (4) of the statutes is amended to read:
AB150,1854,1810 215.33 (4) Examination and audit of foreign associations. Each foreign
11association doing business in this state shall be examined by the commissioner
12department as provided under s. 215.03, audited under s. 215.25 and assessed fees
13and costs as provided under s. 215.02 (16), together with any out-of-state travel
14expenses incurred in the course of the examination and audit. However, the
15commissioner department may accept as all or part of the examination or audit, all
16or any part of an examination or audit made on behalf of the agency responsible for
17the supervision of the foreign association in the jurisdiction in which the association
18is organized.
AB150, s. 5667 19Section 5667. 215.33 (5) of the statutes is amended to read:
AB150,1855,220 215.33 (5) Designation of registered agent. Each foreign association doing
21business in this state shall maintain on file with the commissioner department the
22name and address of an individual in this state who is authorized to receive legal
23process on behalf of the association. The commissioner department shall maintain
24a current record of each individual so designated. The record of the commissioner

1department shall be conclusive evidence of the authority of the person whose name
2appears therein to receive process on behalf of the association.
AB150, s. 5668 3Section 5668. 215.33 (6) of the statutes is amended to read:
AB150,1855,134 215.33 (6) Reciprocity. If the laws of another jurisdiction prohibit an
5association chartered by this state and insured by the federal savings and loan
6insurance corporation from doing business in that jurisdiction, no association
7organized under the laws of that jurisdiction may be authorized to do business in this
8state. If the laws of another jurisdiction require the posting of securities or impose
9other additional requirements as a condition of permitting an association chartered
10by this state to do business in that jurisdiction, the commissioner department may
11impose similar requirements on an association organized under the laws of that
12jurisdiction before issuing the association a certificate of authority to do business in
13this state.
AB150, s. 5669 14Section 5669. 215.35 (1) (intro.) of the statutes is amended to read:
AB150,1855,1715 215.35 (1) (intro.) The commissioner department may waive any portion of s.
16215.53, 215.57, 215.58, 215.73 or 215.77 if the commissioner department makes
17written findings of both of the following:
AB150, s. 5670 18Section 5670. 215.36 (2) (b) of the statutes is amended to read:
AB150,1855,2219 215.36 (2) (b) An in-state savings and loan proposing any action under par. (a)
20shall provide the commissioner department a copy of any original application
21seeking approval by a federal agency or by an agency of the regional state and of any
22supplemental material or amendments filed in connection with any application.
AB150, s. 5671 23Section 5671. 215.36 (3) (b) of the statutes is amended to read:
AB150,1856,324 215.36 (3) (b) An in-state savings and loan holding company proposing any
25action under par. (a) shall provide the commissioner department a copy of any

1original application seeking approval by a federal agency or by an agency of the
2regional state and of any supplemental material or amendments filed in connection
3with any application.
AB150, s. 5672 4Section 5672. 215.36 (5) (a) (intro.) of the statutes is amended to read:
AB150,1856,75 215.36 (5) (a) (intro.) The commissioner department finds that the statutes of
6the regional state in which the regional savings and loan or regional savings and loan
7holding company has its principal place of business permit all of the following:
AB150, s. 5673 8Section 5673. 215.36 (5) (b) of the statutes is amended to read:
AB150,1856,119 215.36 (5) (b) The commissioner department has not disapproved the
10acquisition of the in-state savings and loan or the acquisition or merger with the
11in-state savings and loan holding company under sub. (7).
AB150, s. 5674 12Section 5674. 215.36 (5) (c) of the statutes is amended to read:
AB150,1856,2213 215.36 (5) (c) The commissioner department gives a class 3 notice, under ch.
14985, in the official state newspaper, of the application to take an action under sub.
15(4) and of the opportunity for a hearing and, if at least 25 residents of this state
16petition for a hearing within 30 days of the final notice or if the commissioner
17department on his or her the department's motion calls for a hearing within 30 days
18of the final notice, the commissioner department holds a public hearing on the
19application, except that a hearing is not required if the commissioner department
20finds that an emergency exists and that the proposed action under sub. (4) is
21necessary and appropriate to prevent the probable failure of an in-state savings and
22loan that is closed or in danger of closing.
AB150, s. 5675 23Section 5675. 215.36 (5) (d) of the statutes is amended to read:
AB150,1857,324 215.36 (5) (d) The commissioner department is provided a copy of any original
25application seeking approval by a federal agency of the acquisition of an in-state

1savings and loan or acquisition of or merger with an in-state savings and loan
2holding company and of any supplemental material or amendments filed with the
3application.
AB150, s. 5676 4Section 5676. 215.36 (5) (e) of the statutes is amended to read:
AB150,1857,75 215.36 (5) (e) The applicant has paid the commissioner department a fee of
6$1,000 together with the actual costs incurred by the commissioner department in
7holding any hearing on the application.
AB150, s. 5677 8Section 5677. 215.36 (7) (intro.) of the statutes is amended to read:
AB150,1857,119 215.36 (7) Standards for disapproval. (intro.) The commissioner department
10may disapprove of any action under sub. (4) if the commissioner department finds
11any of the following:
AB150, s. 5678 12Section 5678. 215.36 (7) (ct) of the statutes is amended to read:
AB150,1857,1613 215.36 (7) (ct) The applicant has failed to enter into an agreement prepared by
14the commissioner department to comply with laws and rules of this state regulating
15consumer credit finance charges and other charges and related disclosure
16requirements, except to the extent preempted by federal law or regulation.
AB150, s. 5679 17Section 5679. 215.36 (7) (e) of the statutes is amended to read:
AB150,1857,1918 215.36 (7) (e) The applicant fails to meet any other standards established by
19rule of the commissioner department.
AB150, s. 5680 20Section 5680. 215.36 (9) (a) of the statutes is amended to read:
AB150,1857,2321 215.36 (9) (a) Subsections (1) to (7) do not apply prior to January 1, 1987, except
22that the commissioner department may promulgate rules under sub. (7) (e) to be
23applicable no earlier than the date that subs. (1) to (7) apply.
AB150, s. 5681 24Section 5681. 215.36 (11) of the statutes is amended to read:
AB150,1858,10
1215.36 (11) Divestiture. Any savings and loan holding company that ceases
2to be an in-state savings and loan holding company or regional savings and loan
3holding company shall immediately notify the commissioner department of the
4change in its status and shall, as soon as practical and, in any case, within 2 years
5after the event causing it to no longer be one of these entities, divest itself of control
6of all in-state savings and loans and in-state savings and loan holding companies.
7A savings and loan holding company that fails to immediately notify the
8commissioner department is liable for a forfeiture of $500 for each day beginning
9with the day its status changes and ending with the day notification is received by
10the commissioner department.
AB150, s. 5682 11Section 5682. 215.40 (1) (c) of the statutes is amended to read:
AB150,1858,1512 215.40 (1) (c) An association shall include the word "savings" in its name if its
13name includes the word "bank". This paragraph does not apply to an association
14name if the association obtained approval for use of the name from the commissioner
15department before February 12, 1992.
AB150, s. 5683 16Section 5683. 215.40 (2) (intro.) of the statutes is amended to read:
AB150,1858,1817 215.40 (2) Minimum membership and savings accounts. (intro.) The
18commissioner department shall determine:
AB150, s. 5684 19Section 5684. 215.40 (2) (d) of the statutes is amended to read:
AB150,1858,2120 215.40 (2) (d) Such other requirements as the commissioner department deems
21necessary or desirable.
AB150, s. 5685 22Section 5685. 215.40 (3) of the statutes is amended to read:
AB150,1859,223 215.40 (3) Who may organize. Adult citizens of this state, hereinafter referred
24to as incorporators, desiring to organize a mutual association under this section shall

1make application to the commissioner department as prescribed on forms furnished
2by the commissioner department.
AB150, s. 5686 3Section 5686. 215.40 (4) (e) of the statutes is amended to read:
AB150,1859,54 215.40 (4) (e) Such other information as the commissioner department
5requires.
AB150, s. 5687 6Section 5687. 215.40 (5) of the statutes is amended to read:
AB150,1859,97 215.40 (5) Application fee. The applicants shall pay to the commissioner
8department $200 to defray the cost of investigation, which sum shall be paid by the
9commissioner
deposited into the general fund to the credit of the office department.
AB150, s. 5688 10Section 5688. 215.40 (6) (a) of the statutes is amended to read:
AB150,1859,1611 215.40 (6) (a) Along with the application, the incorporators shall file an
12agreement with the commissioner department that, in addition to their initial
13savings account subscriptions, they will create an expense fund in an amount not less
14than one-half of the total minimum required amount of savings accounts. The
15expense fund is for organization expenses, operating deficits, earnings distributions
16on savings accounts and losses.
AB150, s. 5689 17Section 5689. 215.40 (6) (b) of the statutes is amended to read:
AB150,1859,2118 215.40 (6) (b) This expense fund shall become a part of the assets of the
19proposed association if the commissioner department approves the application and
20will be reflected on the books as a liability under the caption "Subsidy by
21incorporators."
AB150, s. 5690 22Section 5690. 215.40 (6) (d) of the statutes is amended to read:
AB150,1860,423 215.40 (6) (d) At the end of 3 years of corporate existence, the board of directors
24may petition the commissioner department for authority to repay the incorporators
25on a proportional basis, any unused portion remaining in the subsidy by directors.

1If the commissioner department determines that the operations of the association at
2that point are of such degree as to enable the association to operate as an
3independent institution, requiring no further subsidy, the commissioner department
4may authorize such repayment.
AB150, s. 5691 5Section 5691. 215.40 (6) (e) of the statutes is amended to read:
AB150,1860,146 215.40 (6) (e) At the end of the 4th year, and each subsequent year, the board
7of directors of the association may petition the commissioner department for
8authority to pay out of current income of any period to the incorporators on a
9proportional basis the amount remaining after payment of expenses, provision for
10taxes, and the provision for distribution of earnings as a recovery of previous charges
11made to the expense fund account by incorporators. The commissioner department
12may approve or deny the petition for recovery payments. In no event shall refunds
13of this type exceed the total of the charges made to the expense fund account by
14incorporators.
AB150, s. 5692 15Section 5692. 215.40 (7) (a) of the statutes is amended to read:
AB150,1861,216 215.40 (7) (a) Within 30 days after receiving a completed application the
17commissioner department shall furnish a notice of application to the applicant and
18to each association authorized to operate an office within 4 miles of the proposed
19office if the office is to be located in Milwaukee county, or 20 miles of the proposed
20office if located elsewhere. The notice shall describe the location and nature of the
21proposed office and shall solicit written comments on the application. If a hearing
22on the application has been scheduled the notice shall also indicate the time and
23place of the hearing. If not, the notice shall notify interested persons of their right
24to request a hearing under par. (b) 2. The applicant shall publish the notice of
25application as a class 3 notice under ch. 985 in the city, town or village where the

1office is to be located and shall provide the commissioner department with proof of
2its publication.
AB150, s. 5693 3Section 5693. 215.40 (7) (b) (intro.) of the statutes is amended to read:
AB150,1861,54 215.40 (7) (b) (intro.) The commissioner department shall conduct a public
5hearing on the application if any of the following occur:
AB150, s. 5694 6Section 5694. 215.40 (7) (b) 2. of the statutes is amended to read:
AB150,1861,97 215.40 (7) (b) 2. Within 3 days after publication of the notice of application any
8person planning to participate in a hearing on the application files with the
9commissioner department a request for hearing; or
AB150, s. 5695 10Section 5695. 215.40 (7) (b) 3. of the statutes is amended to read:
AB150,1861,1211 215.40 (7) (b) 3. The commissioner department determines that a hearing will
12be necessary or useful.
AB150, s. 5696 13Section 5696. 215.40 (7) (c) of the statutes is amended to read:
AB150,1861,1714 215.40 (7) (c) If a hearing date was not indicated in the notice of application and
15a hearing is subsequently required, the commissioner department shall give written
16notice of the time and place of the hearing to the applicant and to anyone who has
17requested a hearing, not later than 10 days in advance of the scheduled hearing.
AB150, s. 5697 18Section 5697. 215.40 (8) of the statutes is amended to read:
AB150,1861,2419 215.40 (8) Certification of authority, when issued. If the application is
20approved, the commissioner department shall issue to the incorporators a certificate
21of authority to effect a temporary organization, consisting of a chairperson, a
22secretary and a treasurer; to execute and file articles of incorporation; to adopt and
23file bylaws; to adopt rules for the procedure of the incorporators; to conduct the first
24meeting of members; and to open subscription books for savings accounts.
AB150, s. 5698 25Section 5698. 215.40 (11) of the statutes is amended to read:
AB150,1862,4
1215.40 (11) Certificate of authority, when voided. The certificate of authority
2shall be void after 90 days from its date, but the commissioner department may for
3cause, after a hearing, extend the life of such certificate for such time as the
4commissioner department deems advisable.
AB150, s. 5699 5Section 5699. 215.40 (13) (a) (intro.) of the statutes is amended to read:
AB150,1862,76 215.40 (13) (a) (intro.) Within the time prescribed in sub. (11), the incorporators
7shall file with the commissioner department a certificate stating:
AB150, s. 5700 8Section 5700. 215.40 (13) (a) 1. of the statutes is amended to read:
AB150,1862,109 215.40 (13) (a) 1. That articles of incorporation have been executed, filed with
10and approved by the commissioner department, and recorded; and
AB150, s. 5701 11Section 5701. 215.40 (13) (a) 3. of the statutes is amended to read:
AB150,1862,1312 215.40 (13) (a) 3. That bylaws were adopted at the first meeting of members
13and filed with and approved by the commissioner department; and
AB150, s. 5702 14Section 5702. 215.40 (13) (a) 9. of the statutes is amended to read:
AB150,1862,1815 215.40 (13) (a) 9. That necessary action has been taken to obtain membership
16in the federal home loan bank, and insurance of savings accounts from the federal
17savings and loan insurance corporation or other instrumentality approved by the
18commissioner department.
AB150, s. 5703 19Section 5703. 215.40 (13) (b) of the statutes is amended to read:
AB150,1862,2320 215.40 (13) (b) No business, other than that of completing the organization of
21the proposed association, may be transacted until such time as the commissioner
22department issues a certificate of incorporation to the association to commence
23business.
AB150, s. 5704 24Section 5704. 215.40 (14) of the statutes is amended to read:
AB150,1863,6
1215.40 (14) Certificate of incorporation, when issued. Upon receipt of the
2certificate of compliance from the incorporators, the commissioner department may
3within 30 days issue a certificate of incorporation to the association under the
4commissioner's hand and seal
authorizing said the association to commence
5business. The date appearing on the certificate of incorporation shall be the date of
6the corporate existence of the association.
AB150, s. 5705 7Section 5705. 215.40 (15) of the statutes is amended to read:
AB150,1863,118 215.40 (15) Fee for certificate of incorporation. The incorporators shall pay
9to the commissioner department a fee of $50 for the certificate of incorporation,
10which sum shall be paid by the commissioner deposited into the general fund to the
11credit of the office department.
AB150, s. 5706 12Section 5706. 215.40 (17) of the statutes is amended to read:
AB150,1863,2213 215.40 (17) Discretionary authority. The commissioner department shall
14have discretionary power in the granting of certificates of authority to incorporators
15desiring to organize such associations. The commissioner department may also
16refuse to issue certificates of incorporation to the incorporators to commence
17business when, in the commissioner's department's opinion, the incorporators or any
18of them are not of such character and general fitness as to warrant belief that the
19association will be conducted for the best interest of its members; the location of the
20association is so close to an existing association that its business might be interfered
21with and the support of the new association would not be such as to assure its success;
22or when other good and sufficient reasons exist for such refusal.
AB150, s. 5707 23Section 5707. 215.40 (18) of the statutes is amended to read:
AB150,1864,324 215.40 (18) Appeal by applicants after being denied certificate of authority.
25If the commissioner department refuses to grant a certificate of authority to organize

1an association, and the applicants feel aggrieved thereby, they may appeal to the
2review board to review the commissioner's department's determination under s.
3215.04 (1) (d) and (4).
AB150, s. 5708 4Section 5708. 215.41 (1) of the statutes is amended to read:
AB150,1864,85 215.41 (1) Form. The articles of incorporation of a mutual association shall be
6approved by the commissioner department. The commissioner department shall,
7with the approval of the review board, promulgate rules governing articles of
8incorporation.
AB150, s. 5709 9Section 5709. 215.41 (2) of the statutes is amended to read:
AB150,1864,1310 215.41 (2) Filing and approval. Duplicate originals of the articles of
11incorporation executed by the incorporators, and any subsequent amendments
12thereto adopted by the members of the association, shall be filed with and approved
13by the commissioner department.
AB150, s. 5710 14Section 5710. 215.41 (3) of the statutes is amended to read:
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