AB150: Bill Text

AB150,2029,4 223.03 (14) To establish and maintain a branch trust company bank with the approval of the commissioner of banking department. Section 221.04 (1) (jm) 2. to 8., as it applies to bank branch offices under that paragraph, applies to trust company bank branch offices under this subsection.

AB150, s. 6195 Section 6195. 223.07 (1) of the statutes is amended to read:

AB150,2029,10 223.07 (1) Any trust company bank may, with the approval of the commissioner of banking department, establish and maintain a trust service office at any office in this state of a state or national bank if the establishment of the trust service office has been approved by the board of directors of the state or national bank at a meeting called for that purpose.

AB150, s. 6196 Section 6196. 223.07 (3) of the statutes is amended to read:

AB150,2030,17 223.07 (3) If the state or national bank at which a trust service office is to be established has exercised trust powers, the trust company bank and the state or national bank shall enter into an agreement respecting those fiduciary powers to which the trust company bank shall succeed and shall file the agreement with the commissioner of banking department. The trust company bank shall cause a notice of the filing, in a form prescribed by the commissioner department, to be published as a class 1 notice, under ch. 985, in the city, village or town where the state or national bank is located. After filing and publication, the trust company bank establishing the office shall, as of the date the office first opens for business, without further authorization of any kind, succeed to and be substituted for the state or national bank as to all fiduciary powers, rights, duties, privileges and liabilities of the bank in its capacity as fiduciary for all estates, trusts, guardianships and other fiduciary relationships of which the bank is then serving as fiduciary, except as may be otherwise specified in the agreement between the trust company bank and the state or national bank. The trust company bank shall also be deemed named as fiduciary in all writings, including, but not limited to, wills, trusts, court orders and similar documents and instruments naming the state or national bank as fiduciary, signed before the date the trust office first opens for business, unless expressly negated by the writing or otherwise specified in the agreement between the trust company bank and the state or national bank. On the effective date of the substitution, the state or national bank shall be released and absolved from all fiduciary duties and obligations under such writings and shall discontinue its exercise of trust powers on all matters not specifically retained by the agreement. This subsection does not effect a discharge in the manner of s. 701.16 (6) or other applicable statutes and does not absolve a state or national bank exercising trust powers from liabilities arising out of any breach of fiduciary duty or obligation occurring prior to the date the trust service office first opens for business at the bank. This subsection does not affect the authority, duties or obligations of a bank with respect to relationships which may be established without trust powers, including escrow arrangements, whether the relationships arise before or after the establishment of the trust service office.

AB150, s. 6197 Section 6197. 223.105 (2) (a) of the statutes is amended to read:

AB150,2030,20 223.105 (2) (a) Such rules as may be established by the commissioner of banking department under s. 220.04 (7); and

AB150, s. 6198 Section 6198. 223.105 (3) (a) of the statutes is amended to read:

AB150,2031,5 223.105 (3) (a) To assure compliance with such rules as may be established under s. 220.04 (7) the office of the commissioner of banking, commissioner department and the office of credit unions and commissioner of savings and loan shall, at least once every 18 months, examine the fiduciary operations of each organization which is under its respective jurisdiction and is subject to examination under sub. (2). If a particular organization subject to examination under sub. (2) is not otherwise under the jurisdiction of one of the foregoing agencies, such examination shall be conducted by the office of the commissioner of banking department.

AB150, s. 6199 Section 6199. 223.105 (4) of the statutes is amended to read:

AB150,2031,17 223.105 (4) Notice of fiduciary operation. Except for those organizations licensed under ch. 221 or this chapter, any organization engaged in fiduciary operations as defined in this section shall, as required by rule, notify the commissioner of banking, department or the commissioner office of credit unions or the commissioner of savings and loan of that fact, directing the notice to the commissioner agency then exercising regulatory authority over the organization or, if there is none, to the commissioner of banking department. Any organization which intends to engage in fiduciary operations shall, prior to engaging in such operations, notify the appropriate commissioner agency of this intention. The notifications required under this subsection shall be on forms and contain information required by the rules promulgated by the commissioner of banking department.

AB150, s. 6200 Section 6200. 223.105 (5) of the statutes is amended to read:

AB150,2032,2 223.105 (5) Enforcement remedy. The commissioner of banking department or other appropriate commissioner under this section office of credit unions shall upon the failure of such organization to submit notifications or reports required under this section or otherwise to comply with the provisions of this section, or rules established by the commissioner of banking department under s. 220.04 (7), upon due notice, order such defaulting organization to cease and desist from engaging in fiduciary activities and may apply to the appropriate court for enforcement of such order.

AB150, s. 6201 Section 6201. 223.105 (6) of the statutes is amended to read:

AB150,2032,10 223.105 (6) Sunset. Except for an organization regulated by the office of the commissioner of credit unions or the commissioner of savings and loan or an organization authorized by the commissioner of banking department to operate as a bank or trust company bank under ch. 221 or this chapter, an organization may not begin activity as a fiduciary operation under this section after May 12, 1992. An organization engaged in fiduciary operations under this section on May 12, 1992, may continue to engage in fiduciary operations after that date.

AB150, s. 6202 Section 6202. 223.12 (1) of the statutes is amended to read:

AB150,2033,5 223.12 (1) Any trust company, incorporated under the laws of any other state, named by any resident of this state, as executor or trustee, or both, under that person's last will and testament or any codicil thereto, may be appointed and may accept appointment and may act as executor of, or trustee under, the last will and testament of any such person in this state, or both, provided trust companies of this state are permitted to act as such executor or trustee, or both, in the state where such foreign corporation has its domicile, and such foreign corporation shall have executed and filed in the office of the commissioner of banking with the department a written instrument appointing the commissioner in the commissioner's name of office department its true and lawful attorney upon whom all process may be served in any action or proceeding against such executor or trustee, affecting or relating to the estate represented or held by such executor or trustee, or the acts or defaults of such corporation in reference to such estate, with the same effect as if it existed in this state and had been lawfully served with process therein, and shall also have filed in the office of such commissioner with the department a copy of its charter, articles of organization and all amendments thereto certified to by the secretary of state or other proper officer of said foreign state under the seal of office together with the post-office address of its principal office and shall further have complied with s. 223.02.

AB150, s. 6203 Section 6203. Subchapter I (title) of chapter 224 [precedes 224.02] of the statutes is created to read:

AB150,2033,8 Chapter 224

AB150,2033,10 Subchapter I Banking provisions

AB150, s. 6204 Section 6204. 224.06 (1) of the statutes is amended to read:

AB150,2033,21 224.06 (1) As a condition precedent to qualification or entry upon the discharge of his or her duties, every person appointed or elected to any position requiring the receipt, payment or custody of money or other personal property owned by a bank or in its custody or control as collateral or otherwise, shall give a bond from an insurer qualified under s. 610.11 to do business in this state, in such adequate sum as the directors shall require and approve. In lieu of individual bonds the commissioner department may accept a schedule or blanket bond which covers all of the officers and employes of any bank whose duties include the receipt, payment or custody of money or other personal property for or on behalf of the bank. All such bonds shall be in the form prescribed by the commissioner of banking department.

AB150, s. 6205 Section 6205. 224.06 (3) of the statutes is amended to read:

AB150,2034,3 224.06 (3) Such bond shall be sufficient in amount to protect the bank from loss by reason of acts of fraud or dishonesty including forgery, theft, embezzlement, wrongful abstraction or misapplication on the part of the person, directly or through connivance with others. At any time the commissioner department may require additional bond or security, when in the commissioner's department's opinion, the bonds then executed and approved are insufficient.

AB150, s. 6206 Section 6206. 224.06 (4) of the statutes is amended to read:

AB150,2034,10 224.06 (4) Every such bond shall provide that no cancellation or other termination of the bond shall be effective unless the surety gives in advance at least 10 days' written notice by registered mail to the commissioner department. If the bond is canceled or terminated at the request of the insured (employer), the surety shall give the written notice to the commissioner department within 10 days after the receipt of such request.

AB150, s. 6207 Section 6207. 224.06 (5) of the statutes is amended to read:

AB150,2034,16 224.06 (5) For reasons which the commissioner department deems valid and sufficient the commissioner department may waive as to the cancellation or termination of any such bond the 10-day written notice in advance required by sub. (4) and may give written consent to the termination or cancellation being made effective as of a date agreed upon and requested by the surety and the bank.

AB150, s. 6208 Section 6208. 224.075 of the statutes is amended to read:

AB150,2034,21 224.075 Financially related services tie-ins. In any transaction conducted by a bank, bank holding company or a subsidiary of either with a customer who is also a customer of any other subsidiary of any of them, the customer shall be given a notice in 12-point boldface type in substantially the following form:

AB150,2034,22 NOTICE OF RELATIONSHIP

AB150,2035,2 This company, .... (insert name and address of bank, bank holding company or subsidiary), is related to .... (insert name and address of bank, bank holding company or subsidiary) of which you are also a customer. You may not be compelled to buy any product or service from either of the above companies or any other related company in order to participate in this transaction.

AB150,2035,7 If you feel that you have been compelled to buy any product or service from either of the above companies or any other related company in order to participate in this transaction, you should contact the management of either of the above companies at either of the above addresses or the office of the commissioner of banking department of financial institutions at .... (insert address).

AB150, s. 6209 Section 6209. 224.70 of the statutes is created to read:

AB150,2035,10 224.70 Administration. This subchapter shall be administered by the department.

AB150, s. 6210 Section 6210. 224.72 (8) of the statutes is created to read:

AB150,2035,15 224.72 (8) Fees. (a) Each applicant shall pay an initial registration fee of $34 to the department. If an examination is required, the applicant shall pay an examination fee, in an amount set by the department, in addition to the initial registration fee.

AB150,2035,17 (b) An applicant for registration as a mortgage banker shall pay a temporary registration fee of $10 to the department.

AB150,2035,18 (c) (intro.) The renewal dates and renewal fees for registrations are as follows:

AB150,2035,19 (d) The fee for a transfer of a loan originator registration is $5.

AB150, s. 6211 Section 6211. 226.025 (3) of the statutes is amended to read:

AB150,2036,7 226.025 (3) The appointment of the secretary of state department of revenue or the designation of a resident agent as attorney for the service of summons, notice, pleadings or process under s. 180.1507 shall be applicable only to actions or proceedings against the foreign corporations described in this section (unless such corporations have been admitted to this state for purposes other than those mentioned in this section) where the cause of action or proceeding arises out of transactions between such foreign corporations and public utilities operating in this state with which such foreign corporations are affiliated; and to actions or proceedings by or before the public service commission or office of the commissioner of railroads involving the transactions described in sub. (1), or involving the relation between such foreign corporations and public utilities operating in this state with which they are affiliated.

****Note: This is reconciled s. 226.025 (3). This Section has been affected by drafts with the following LRB numbers: LRB-2136 and LRB-2285.

AB150, s. 6212 Section 6212. 226.14 (1) of the statutes is amended to read:

AB150,2037,6 226.14 (1) No common law trust organized in this state, and no such trust formed or organized under or by authority of the laws of any state or foreign jurisdiction, for the purpose of doing business under a declaration of trust which shall have issued to five or more persons, or which shall sell or propose to sell beneficial interests, certificates or memberships therein, shall transact business, or acquire, hold or dispose of property in this state until the trustees named in said declaration of trust shall have caused to be filed in the office of the secretary of state with the department of revenue the original declaration of trust, or a true copy thereof, and all amendments which may be made, verified as such by the affidavits of two of the signers thereof. A like verified copy of the declaration and such amendments, and a certificate of the secretary of state department of revenue, showing the date when such declaration was filed and accepted by the secretary of state department of revenue within thirty days of such filing and acceptance, shall be recorded with the register of deeds of the county in which such trust has its principal office or place of business in this state. No such trust shall transact business in this state until such declaration or such copy thereof be left for record. The register of deeds shall forthwith transmit to the secretary of state department of revenue a certificate stating the time when such copy was recorded and shall be entitled to a fee of twenty-five cents therefor, to be paid by the person presenting such papers for record. Upon receipt of such certificate the secretary of state department of revenue shall issue to said trustees a certificate of filing.

AB150, s. 6213 Section 6213. 226.14 (3) of the statutes is amended to read:

AB150,2037,11 226.14 (3) Every such trust shall pay to the secretary of state department of revenue a filing fee of $50, and $15 for each subsequent amendment, together with a further fee of $1 for each $1,000 of beneficial certificates sold or offered for sale in this state.

AB150, s. 6214 Section 6214. 226.14 (4) (intro.) of the statutes is amended to read:

AB150,2037,20 226.14 (4) (intro.) Every such trust shall file, accompanied by a filing fee of $5, in the office of the secretary of state with the department of revenue a verified statement on or before each March 31, showing the names and addresses of each of the trustees; the nature of the business transacted during the preceding year; in what states such trust is operating; the amount and number of beneficial certificates sold in this state, or elsewhere; a statement as to the total amount of beneficial certificates outstanding. Any such report not filed before April 1, may be filed only upon payment to the secretary of state department of revenue of the following fees:

AB150, s. 6215 Section 6215. 226.14 (4) (c) of the statutes is amended to read:

AB150,2037,25 226.14 (4) (c) If said report is not filed before the following January 1, the trust shall not be in good standing. Until it is restored to good standing the secretary of state department of revenue shall not accept for filing any documents respecting such trust except documents incident to its dissolution.

AB150, s. 6216 Section 6216. 226.14 (4) (d) of the statutes is amended to read:

AB150,2038,6 226.14 (4) (d) The trust may be restored to good standing by delivering to the secretary of state department of revenue a current annual report conforming to the requirements of this section and by paying to the secretary of state department of revenue $10 for each calendar year or part thereof during which the trust has not been in good standing, not exceeding a total of $105.

AB150, s. 6217 Section 6217. 226.14 (5) of the statutes is amended to read:

AB150,2038,14 226.14 (5) Every such trust shall file in the office of the secretary of state with the department of revenue the name of a trustee or trustees, if they designate more than one, resident in this state upon whom service may be made for and on behalf of said trust; or if none of such trustees reside in this state, then a statement shall be duly filed by the trustees appointing the secretary of state department of revenue as the agent to accept service of process in this state, which appointment shall continue so long as such trust has any liabilities outstanding in this state.

AB150, s. 6218 Section 6218. 227.01 (13) (s) of the statutes is amended to read:

AB150,2038,18 227.01 (13) (s) Prescribes or relates to a uniform system of accounts for any person, including a municipality, that is regulated by the office of the commissioner of railroads or the public service commission.

AB150, s. 6219 Section 6219. 227.01(13) (ym) of the statutes is repealed.

AB150, s. 6220 Section 6220. 227.01 (13) (zk) of the statutes is amended to read:

AB150,2038,22 227.01 (13) (zk) Establishes guidelines under s. 101.38 106.21 (2), (4) or (6) for the Wisconsin service corps program under s. 101.38 106.21.

AB150, s. 6221 Section 6221. 227.01 (13) (zo) of the statutes is created to read:

AB150,2038,25 227.01 (13) (zo) Prescribes policies for identifying or justifying state accounting transactions as refunds of expenditures under s. 20.001 (5).

AB150, s. 6222 Section 6222. 227.01 (13) (zq) of the statutes is amended to read:

AB150,2039,3 227.01 (13) (zq) Designates the Kickapoo valley reserve under s. 16.21 27.41 (2).

AB150, s. 6223 Section 6223. 227.03 (1) of the statutes is amended to read:

AB150,2039,6 227.03 (1) This chapter applies to cases arising under ss. 76.38, 76.39 and 76.48.

AB150, s. 6224 Section 6224. 227.03 (3m) (a) of the statutes is amended to read:

AB150,2039,11 227.03 (3m) (a) This chapter does not apply to proceedings before the department of industry, labor and human relations relating to housing discrimination under s. 101.22 106.04 (1) to (8), except as provided in s. 101.22 106.04 (6).

AB150, s. 6225 Section 6225. 227.03 (3m) (b) of the statutes is amended to read:

AB150,2039,15 227.03 (3m) (b) Only the provisions of this chapter relating to rules are applicable to matters arising out of protection against discrimination in a public place of accommodation or amusement under s. 101.22 106.04 (9) and (10).

AB150, s. 6226 Section 6226. 227.03 (4) of the statutes, as affected by 1993 Wisconsin Act 377, is amended to read:

AB150,2039,24 227.03 (4) The provisions of this chapter relating to contested cases do not apply to proceedings involving the revocation of aftercare supervision under s. 48.357 (5) or 48.366 (5) or corrective sanctions supervision under s. 48.357 (5) or youthful serious juvenile offender supervision under s. 48.537 (4), the revocation of parole or probation, the grant of probation, prison discipline, mandatory release under s. 302.11 or any other proceeding involving the care and treatment of a resident or an inmate of a correctional institution.

AB150, s. 6227 Section 6227. 227.40 (2) (e) of the statutes is amended to read:

AB150,2040,5 227.40 (2) (e) Proceedings under s. 66.191, 1981 stats., or s. 40.65 (2), 101.22 106.04, 303.07 (7) or 303.21 or ss. 227.52 to 227.58 or under ch. 102, 108 or 949 for review of decisions and orders of administrative agencies if the validity of the rule involved was duly challenged in the proceeding before the agency in which the order or decision sought to be reviewed was made or entered.

AB150, s. 6228 Section 6228. 227.43 (1) (bk) of the statutes is created to read:

AB150,2040,10 227.43 (1) (bk) Assign a hearing examiner to preside over any hearing or review under ss. 26.20 (3) and (10), 84.05, 88.66 (2), 88.87 (4), 88.88 (2), 190.02 (6), 190.16 (4) and (5), 192.324, 192.34, 192.52, 192.56, 195.28 (1), 195.285 (1), 195.29 (10), 195.295, 195.30 (1), 195.305, 195.31, 195.32, 195.325 and 195.60.

AB150, s. 6229 Section 6229. 227.43 (5) of the statutes is amended to read:

AB150,2040,14 227.43 (5) The department of transportation shall pay all costs of the services of a hearing examiner assigned under sub. (1) (bg) or (bk) or assigned to the department under sub. (1) (br), according to the fee schedule under sub. (3) (b).

AB150, s. 6230 Section 6230. 227.46 (2m) of the statutes is amended to read:

AB150,2041,7 227.46 (2m) In any hearing or review assigned to a hearing examiner under s. 227.43 (1) (bg) or (bk), the hearing examiner presiding at the hearing shall prepare a proposed decision, including findings of fact, conclusions of law, order and opinion, in a form that may be adopted as the final decision in the case. The proposed decision shall be a part of the record and shall be served by the division of hearings and appeals in the department of administration on all parties. Each party adversely affected by the proposed decision shall be given an opportunity to file objections to the proposed decision within 15 days, briefly stating the reasons and authorities for each objection, and to argue with respect to them before the administrator of the division of hearings and appeals. The administrator of the division of hearings and appeals may direct whether such argument shall be written or oral. If the decision of the administrator of the division of hearings and appeals varies in any respect from the decision of the hearing examiner, the decision of the administrator of the division of hearings and appeals shall include an explanation of the basis for each variance. The decision of the administrator of the division of hearings and appeals is a final decision of the agency subject to judicial review under s. 227.52. The department of transportation may petition for judicial review.

AB150, s. 6231 Section 6231. 227.46 (3) (intro.) of the statutes is amended to read:

AB150,2041,11 227.46 (3) (intro.)  With respect to contested cases except a hearing or review assigned to a hearing examiner under s. 227.43 (1) (bg) or (bk), an agency may by rule or in a particular case may by order:

AB150, s. 6232 Section 6232. 227.485 (2) (e) of the statutes is amended to read:

AB150,2041,14 227.485 (2) (e) "State agency" does not include the public intervenor or citizens utility board.

AB150, s. 6233 Section 6233. 227.52 of the statutes is amended to read:

AB150,2042,2 227.52 Judicial review; decisions reviewable. Administrative decisions which adversely affect the substantial interests of any person, whether by action or inaction, whether affirmative or negative in form, are subject to review as provided in this chapter, except for the decisions of the department of revenue other than decisions relating to alcohol beverage permits issued under ch. 125, decisions of the department of employe trust funds, the commissioner of banking department of financial institutions, the commissioner office of credit unions, the commissioner of savings and loan, the board of state canvassers and those decisions of the department of industry, labor and human relations which are subject to review, prior to any judicial review, by the labor and industry review commission, and except as otherwise provided by law.

AB150, s. 6234 Section 6234. 227.53 (1) (b) 2. of the statutes is amended to read:

AB150,2042,5 227.53 (1) (b) 2. The banking review board or the consumer credit review board, the commissioner of banking department of financial institutions.

AB150, s. 6235 Section 6235. 227.53 (1) (b) 3. of the statutes is amended to read: