AB150, s. 5960 7Section 5960. 218.05 (12) (a) 1. of the statutes is amended to read:
AB150,1935,118 218.05 (12) (a) 1. The licensee has failed to pay the annual license fee or to
9maintain in effect the required bond or insurance policy or policies or to comply with
10any order, decision or finding of the commissioner department made pursuant to this
11section.
AB150, s. 5961 12Section 5961. 218.05 (12) (a) 2. of the statutes is amended to read:
AB150,1935,1413 218.05 (12) (a) 2. The licensee has violated any provision of this section or any
14regulation or direction made by the commissioner department under this section.
AB150, s. 5962 15Section 5962. 218.05 (12) (a) 3. of the statutes is amended to read:
AB150,1935,1816 218.05 (12) (a) 3. Any fact or condition exists which, if it had existed at the time
17of the original application for such license, would have warranted the commissioner
18department in refusing the issuance of the license.
AB150, s. 5963 19Section 5963. 218.05 (12) (b) of the statutes is amended to read:
AB150,1935,2520 218.05 (12) (b) The commissioner department may revoke only the particular
21license with respect to which grounds for revocation may occur or exist, or if the
22commissioner department shall find that such grounds for revocation are of general
23application to all offices or to more than one office operated by such licensee, the
24commissioner department may revoke all of the licenses issued to such licensee or
25such number of licenses to which such grounds apply.
AB150, s. 5964
1Section 5964. 218.05 (12) (c) of the statutes is amended to read:
AB150,1936,62 218.05 (12) (c) A licensee may surrender any license by delivering to the
3commissioner department written notice that the licensee surrenders such license,
4but such surrender shall not affect such licensee's civil or criminal liability for acts
5committed prior to such surrender, or affect the licensee's bond, or entitle such
6licensee to a return of any part of the annual license fee.
AB150, s. 5965 7Section 5965. 218.05 (12) (d) of the statutes is amended to read:
AB150,1936,148 218.05 (12) (d) Every license issued hereunder shall remain in force until the
9same has been surrendered or revoked in accordance with this section, but the
10commissioner department may on the commissioner's department's own motion
11issue new licenses to a licensee whose license or licenses shall have been revoked if
12no fact or condition then exists which clearly would have warranted the
13commissioner department in refusing originally the issuance of such license under
14this section.
AB150, s. 5966 15Section 5966. 218.05 (12) (e) of the statutes is amended to read:
AB150,1936,2416 218.05 (12) (e) No license shall be revoked until the licensee has had notice of
17a hearing thereon and an opportunity to be heard. When any license is so revoked,
18the commissioner department shall within 20 days thereafter, prepare and keep on
19file in the commissioner's office with the department, a written order or decision of
20revocation which shall contain the commissioner's department's findings with
21respect thereto and the reasons supporting the revocation and shall send by mail a
22copy thereof to the licensee at the address set forth in the license within 5 days after
23the filing in the commissioner's office with the department of such order, finding or
24decision.
AB150, s. 5967 25Section 5967. 218.05 (13) of the statutes is amended to read:
AB150,1937,3
1218.05 (13) Review of orders. Any person aggrieved by any order of the
2commissioner department made under this section may have a review thereof by the
3consumer credit review board under s. 220.037.
AB150, s. 5968 4Section 5968. 218.05 (14) (a) of the statutes is amended to read:
AB150,1937,125 218.05 (14) (a) A licensee shall annually, on or before February 15, file a report
6with the commissioner department that shall be used only for the official purposes
7of the commissioner department giving relevant information that the commissioner
8department may reasonably require concerning, and for the purpose of examining,
9the business and operations during the preceding calendar year of each licensed
10place of business conducted by the licensee within this state. The report shall be
11made under oath and shall be in the form prescribed by the commissioner
12department.
AB150, s. 5969 13Section 5969. 218.05 (14) (b) 1. of the statutes is amended to read:
AB150,1937,1714 218.05 (14) (b) 1. A licensee shall keep books, accounts and records to enable
15the commissioner department to determine if the licensee is complying with this
16section and with rules promulgated by and orders issued by the commissioner
17department.
AB150, s. 5970 18Section 5970. 218.05 (14) (b) 2. of the statutes is amended to read:
AB150,1937,2119 218.05 (14) (b) 2. A licensee shall keep within this state the books, accounts and
20records required by this paragraph at the licensee's place of business or a place
21readily accessible to the commissioner or examiners department.
AB150, s. 5971 22Section 5971. 218.05 (14) (c) 1. of the statutes is amended to read:
AB150,1938,723 218.05 (14) (c) 1. The commissioner department may investigate the business
24and examine the books, accounts and records of a licensee at any time. For that
25purpose, the commissioner department shall have free access to the offices and

1places of business and to the books, accounts and records of a licensee. The
2commissioner department may examine any person under oath or affirmation whose
3testimony the commissioner department requires relative to the licensee. The
4commissioner or a designated representative
An employe of the department may
5administer an oath or affirmation to a person called as a witness. The commissioner
6or the commissioner's representative
An employe of the department may conduct the
7examination.
AB150, s. 5972 8Section 5972. 218.05 (14) (c) 2. of the statutes is amended to read:
AB150,1938,119 218.05 (14) (c) 2. The commissioner department shall determine the cost of an
10examination. A licensee shall pay the cost of an examination within 30 days after
11the commissioner department demands payment.
AB150, s. 5973 12Section 5973. 218.14 (1) (a) of the statutes is amended to read:
AB150,1938,1613 218.14 (1) (a) That the primary housing unit meets those standards prescribed
14by law or administrative rule of the department of administration or of the
15department of industry, labor and human relations development, which are in effect
16at the time of its manufacture.
AB150, s. 5974 17Section 5974. 218.165 (1) of the statutes is amended to read:
AB150,1938,2318 218.165 (1) The importation of a primary housing unit for sale in this state by
19an out-of-state manufacturer is deemed an irrevocable appointment by that
20manufacturer of the secretary of state department of revenue to be that
21manufacturer's true and lawful attorney upon whom may be served all legal
22processes in any action or proceeding against such manufacturer arising out of the
23importation of such primary housing unit into this state.
AB150, s. 5975 24Section 5975. 218.165 (2) of the statutes is amended to read:
AB150,1939,8
1218.165 (2) The secretary of state department of revenue upon whom processes
2and notices may be served under this section shall, upon being served with such
3process or notice, mail a copy by registered mail to the out-of-state manufacturer at
4the nonresident address given in the papers so served. The original shall be returned
5with proper certificate of service attached for filing in court as proof of service. The
6service fee shall be $4 for each defendant so served. The secretary of state
7department of revenue shall keep a record of all such processes and notices, which
8record shall show the day and hour of service.
AB150, s. 5976 9Section 5976. 219.09 of the statutes is amended to read:
AB150,1939,15 10219.09 (title) Local exposition Certain district and authority bonds as
11legal investments and security.
(1) A bank, trust company, savings bank or
12institution, savings and loan association, credit union or investment company or a
13personal representative, guardian, trustee or other fiduciary may legally invest any
14moneys or funds belonging to or within that person's control in bonds issued by a any
15of the following:
AB150,1939,16 16(a) A local exposition district under subch. II of ch. 229.
AB150,1939,18 17(2) This section shall not be construed as relieving any person of any duty of
18exercising any required level of care in selecting securities.
AB150, s. 5977 19Section 5977. 219.09 (1) (b) of the statutes is created to read:
AB150,1939,2020 219.09 (1) (b) The University of Wisconsin Hospitals and Clinics Authority.
AB150, s. 5978 21Section 5978. 220.01 (1m) of the statutes is created to read:
AB150,1939,2222 220.01 (1m) "Department" means the department of financial institutions.
AB150, s. 5979 23Section 5979. 220.02 (title) of the statutes is amended to read:
AB150,1939,24 24220.02 (title) Commissioner of banking Department; duties.
AB150, s. 5980 25Section 5980. 220.02 (1) of the statutes is repealed.
AB150, s. 5981
1Section 5981. 220.02 (2) (intro.) of the statutes is amended to read:
AB150,1940,52 220.02 (2) (intro.) The commissioner of banking department shall enforce all
3laws relating to banks and banking in this state, and shall enforce and cause to be
4enforced every law relating to the supervision and control thereof, including those
5relating to:
AB150, s. 5982 6Section 5982. 220.02 (3) of the statutes is amended to read:
AB150,1940,157 220.02 (3) It is the intent of sub. (2) to give the commissioner of banking
8department jurisdiction to enforce and carry out all laws relating to banks or banking
9in this state, including those relating to state banks, trust company banks, and also
10all laws relating to small loan companies or other loan companies or agencies, finance
11companies, motor vehicle dealers, adjustment service companies, community
12currency exchanges and collection agencies and those relating to sellers of checks
13under ch. 217, whether doing business as corporations, individuals or otherwise, but
14to exclude laws relating to credit unions, savings banks and savings and loan
15associations
.
AB150, s. 5983 16Section 5983. 220.02 (5) of the statutes is amended to read:
AB150,1940,2317 220.02 (5) Except as otherwise provided in s. 220.037, any interested person
18or any bank or banking corporation aggrieved by an act, order or determination of
19the commissioner department may, within 10 days from the date thereof, apply to the
20banking review board to review the same. All such applications for review shall be
21considered and disposed of as speedily as possible. The banking review board may
22require the commissioner department to submit any of the commissioner's official
23department's actions subject to such review to said board for its approval.
AB150, s. 5984 24Section 5984. 220.02 (6) of the statutes is repealed.
AB150, s. 5985 25Section 5985. 220.035 (1) (a) of the statutes is amended to read:
AB150,1941,9
1220.035 (1) (a) The banking review board shall advise the commissioner of
2banking
department and others in respect to improvement in the condition and
3service of banks and banking business in this state and shall review the acts and
4decisions of the commissioner of banking department with respect to banks, except
5for such acts and decisions subject to review under s. 220.037, and shall perform such
6other review functions in relation to banking as are provided by law. The banking
7review board may require the commissioner of banking department to submit any
8of the commissioner's official department's actions to it for its approval. The board
9may make rules of procedure as provided in ch. 227.
AB150, s. 5986 10Section 5986. 220.035 (1) (b) of the statutes is amended to read:
AB150,1942,211 220.035 (1) (b) Any interested person aggrieved by any act, order or
12determination of the commissioner of banking department may apply for review
13thereof by filing a petition with the secretary of the board within 10 days after the
14act, order or determination to be reviewed, which petition shall state the nature of
15the petitioner's interest, facts showing that petitioner is aggrieved and directly
16affected by the act, order or determination to be reviewed and the ground or grounds
17upon which petitioner claims that the act, order or determination should be modified
18or reversed. The issues raised by the petition for review shall be considered by the
19board upon giving at least 10 days' written notice of the time and place when said
20matter will be heard to the commissioner department and the person applying for
21review or that person's attorney and upon any other person who participated in the
22proceedings before the commissioner department or that other person's attorney.
23Notice of hearing may be given by registered mail, return receipt requested, and the
24return receipt signed by the addressee or the addressee's agent shall be presumptive
25evidence that such notice was received by the addressee on the day stated on the

1receipt. Any other interested party shall have the right to appear in any proceeding
2before the board.
AB150, s. 5987 3Section 5987. 220.035 (1) (c) of the statutes is amended to read:
AB150,1942,194 220.035 (1) (c) The board shall base its determination upon the record made
5by the commissioner department and may also receive additional evidence to
6supplement such record if it finds it necessary. The board shall affirm, modify or
7reverse the act, order or determination under review. The burden of overcoming the
8act, order or determination of the commissioner department under review shall be
9on the person seeking the review. Any findings of fact made by the commissioner
10department shall be sustained if supported by substantial evidence in the record
11made by the commissioner department or in such record supplemented by evidence
12taken by the board. The board shall have the powers granted by s. 885.01 (4). Any
13person causing a witness to be subpoenaed shall advance and pay the fees and
14mileage of such witness which shall be the same as in circuit court. The fees and
15mileage of witnesses who are called at the instance of the commissioner department
16shall be paid by the state in the same manner that other expenses are audited and
17paid upon presentation of properly verified vouchers approved by at least one
18member of the board and charged to the appropriation of the office of the
19commissioner of banking
department.
AB150, s. 5988 20Section 5988. 220.035 (1) (d) of the statutes is amended to read:
AB150,1942,2421 220.035 (1) (d) Each member of the board and all employes of the board shall,
22with respect to the disclosure of information concerning banks, be subject to the same
23requirements and penalties as the commissioner of banking employes of the
24department
.
AB150, s. 5989 25Section 5989. 220.035 (4) of the statutes is amended to read:
AB150,1943,8
1220.035 (4) The board shall have an office in the quarters of the commissioner
2of banking
department. The board's secretary shall keep a record of the meetings of
3the board and of all hearings, decisions, orders and determinations of the board. The
4board may make reasonable rules not inconsistent with law as to the time of
5meetings, time of hearings, notice of hearings and manner of conducting same and
6of deciding the matters presented. The board may direct that hearings and
7testimony be taken by any member of the board or by an examiner designated by the
8board.
AB150, s. 5990 9Section 5990. 220.037 (1) of the statutes is amended to read:
AB150,1943,1310 220.037 (1) The commissioner shall delegate a A department employe to shall
11keep and preserve the records of the consumer credit review board. The secretary
12of financial institutions may call a special meeting of the consumer credit review
13board.
AB150, s. 5991 14Section 5991. 220.037 (2) of the statutes is amended to read:
AB150,1943,2015 220.037 (2) The consumer credit review board shall counsel, advise with and
16review the acts and decisions of the commissioner of banking department under chs.
17138, 217 and 218. In performing such review functions, the board shall have all the
18powers granted to the banking review board under s. 220.035 (1) and its final orders
19and determinations shall be subject to judicial review under ch. 227. The board may
20establish rules of procedure in accordance with ch. 227.
AB150, s. 5992 21Section 5992. 220.04 (title) of the statutes is amended to read:
AB150,1943,22 22220.04 (title) Powers of commissioner department.
AB150, s. 5993 23Section 5993. 220.04 (1) (a) of the statutes is amended to read:
AB150,1944,824 220.04 (1) (a) The commissioner of banking or any deputy or examiner
25department shall examine at least once in each year the cash, bills, collaterals,

1securities, assets, books of account, condition and affairs of each bank and trust
2company bank doing business in this state, except national banks. For that purpose
3the commissioner department may examine on oath any of the officers, agents,
4directors, clerks, stockholders, customers or depositors thereof, touching the affairs
5and business of such institution. In making such examinations of banks, the
6commissioner department shall determine the fair valuation of all assets in
7accordance with the schedules, rules and regulations prescribed by the banking
8review board.
AB150, s. 5994 9Section 5994. 220.04 (1) (b) of the statutes is amended to read:
AB150,1944,1410 220.04 (1) (b) In lieu of any examination required to be made by the
11commissioner department, the commissioner department may accept any
12examination that may have been made of any bank or trust company bank within
13a reasonable period by the federal deposit insurance corporation or a federal reserve
14bank, provided a copy of the examination is furnished the commissioner department.
AB150, s. 5995 15Section 5995. 220.04 (2) of the statutes is amended to read:
AB150,1944,2016 220.04 (2) The commissioner department shall examine, or cause to be
17examined, any bank when requested by the board of directors of such bank. The
18commissioner department shall also ascertain whether such bank transacts its
19business at the place designated in the articles of incorporation, and whether its
20business is conducted in the manner prescribed by law.
AB150, s. 5996 21Section 5996. 220.04 (3) of the statutes is amended to read:
AB150,1945,322 220.04 (3) The commissioner or deputy commissioner department may, in the
23performance of his or her official duties, issue subpoenas and administer oaths. In
24case of any refusal to obey a subpoena issued by the commissioner or deputy
25commissioner
department, the refusal shall be reported at once to the circuit court

1of the circuit in which the bank is located. The court shall enforce obedience to the
2subpoena in the manner provided by law for enforcing obedience to subpoenas of the
3court.
AB150, s. 5997 4Section 5997. 220.04 (4) of the statutes is amended to read:
AB150,1946,55 220.04 (4) Whenever the commissioner department is of the opinion that the
6loaning, investing or other banking policies or practices of any officer or director of
7any bank have been prejudicial to the best interests of such bank or its depositors,
8or that such policies or practices, if put into operation or continued, will endanger the
9safety or solvency of said bank or impair the interests of its depositors, the
10commissioner department may, with the approval of the banking review board,
11request the removal of such officer or director. Such request shall be served on the
12bank and on such officer or director in the manner provided by law for serving a
13summons in a court of record or shall be transmitted to said bank and officer or
14director by registered mail with return receipt requested. If such request for removal
15is not complied with within a reasonable time fixed by the commissioner department,
16the commissioner department may by order, with like approval of the banking review
17board, remove such officer or director, but no order of removal shall be entered until
18after an opportunity for hearing before the banking review board is given to such
19officer or director upon not less than 10 days' notice. An order of removal shall take
20effect as of the date issued. A copy of such order shall be served upon the bank and
21upon such officer or director in the manner provided by law for service of a summons
22in a court of record or by mailing such copy to the bank or officer or director at the
23bank's or officer's or director's last-known post-office address. Any removal under
24this subsection shall be effective in all respects the same as if made by the board of
25directors or stockholders of said bank. Any officer or director removed from office

1under the provisions of this subsection shall not be reelected as an officer or director
2of any bank without the approval of the commissioner department and the banking
3review board. An order of removal under this subsection shall be deemed a final
4order or determination of the banking review board within the meaning and
5contemplation of s. 220.035 (3).
AB150, s. 5998 6Section 5998. 220.04 (5) of the statutes is amended to read:
AB150,1946,167 220.04 (5) The commissioner department, in connection with the liquidation
8of any bank or banking corporation or when called upon to approve any plan of
9reorganization and stabilization thereof or when the commissioner department is
10satisfied the interests of the depositors and creditors in assets held under any trust
11arrangement so require in connection with such reorganization and stabilization,
12may cause the bank or banking corporation or trust to be audited. The expense of
13the audit shall, upon the certificate of the commissioner department, be refunded
14forthwith to the office of the commissioner of banking department by the bank,
15banking corporation or the trustees out of the assets of the bank, banking corporation
16or trust. Such charges shall be a preferred claim against the assets.
AB150, s. 5999 17Section 5999. 220.04 (6) (a) of the statutes is amended to read:
AB150,1947,318 220.04 (6) (a) The commissioner department, with the approval of the banking
19review board, may establish uniform savings rules which shall be adopted by every
20bank and trust company bank. Such rules may provide the conditions under which
21banks or trust company banks may accept time deposits and the methods of figuring
22interest. Such rules may also provide the term of notice of withdrawal and the
23amounts which may be withdrawn by depositors, which conditions the bank may put
24in force in times of financial stress by action of its board of directors. The maximum
25rate of interest on deposits paid by banks whose deposits are not insured by the

1federal deposit insurance corporation, whether certificates of deposit or book savings
2deposits, shall be the same as the rate set by the federal deposit insurance
3corporation for banks whose deposits are insured by it.
AB150, s. 6000 4Section 6000. 220.04 (6) (d) of the statutes is amended to read:
AB150,1947,125 220.04 (6) (d) The commissioner of banking department, with the approval of
6the banking review board, may establish rules regulating the kind and amount of
7foreign bonds or bonds and securities offered for sale by the international bank for
8reconstruction and development, the inter-American development bank, the
9international finance corporation, the African development bank and the Asian
10development bank which state banks and trust company banks may purchase,
11except that such rules shall not apply to bonds and securities of the Canadian
12government and Canadian provinces, which are payable in American funds.
AB150, s. 6001 13Section 6001. 220.04 (7) (b) (intro.) of the statutes is amended to read:
AB150,1947,1614 220.04 (7) (b) (intro.) The commissioner of banking department may, with the
15approval of the banking review board, establish uniform rules regulating
16organizations engaging in fiduciary operations. Such rules may:
AB150, s. 6002 17Section 6002. 220.04 (7) (b) 1. of the statutes is amended to read:
AB150,1947,2218 220.04 (7) (b) 1. Authorize the office of the commissioner of banking
19department or any other state agency having jurisdiction over the organization to
20require the organization to submit periodic reports, in such form and containing such
21information as the commissioner of banking department may prescribe, regarding
22the organization's fiduciary operations.
AB150, s. 6003 23Section 6003. 220.04 (8) of the statutes is amended to read:
AB150,1948,924 220.04 (8) Unless the commissioner department is expressly restricted by
25statute from acting under this subsection with respect to a specific power, right or

1privilege, the commissioner of banking department by rule may, with the approval
2of the banking review board, authorize state banks to exercise any power under the
3notice, disclosure or procedural requirements governing national banks or to make
4any loan or investment or exercise any right, power or privilege permitted national
5banks under federal law, regulation or interpretation. Notice, disclosure and
6procedures prescribed by statute which may be modified by a rule adopted under this
7subsection include, but are not limited to, those provided under s. 138.056. A rule
8adopted under this subsection may not affect s. 138.041 or chs. 421 to 428 or restrict
9powers specifically granted state banks under this chapter or ch. 221 or 224.
AB150, s. 6004 10Section 6004. 220.04 (9) (a) 2. of the statutes is amended to read:
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