AB150-engrossed,1803,23
17214.83 (title)
Commissioner's Division's powers during custody. During
18the period in which the
commissioner division has custody of a savings bank, the
19commissioner division shall have all powers necessary to accomplish the purposes
20of custody of the savings bank and the authority to call meetings of the members,
21stockholders, former officers and directors, liquidators or trustees to consider and act
22upon matters considered by the
commissioner division to be of sufficient importance
23to obtain the views of those persons.
AB150-engrossed,1804,3
1214.835 Custody of savings banks. (intro.) If the
commissioner division 2takes custody of a savings bank, in addition to powers conferred under ss. 214.825
3and 214.83, the
commissioner division may do any of the following:
AB150-engrossed,1804,85
214.835
(1) Notify the deposit insurance corporation of the custody and the
6reasons for that action, including a copy of the
commissioner's division's report of
7examination and condition of the savings bank, and to appoint the deposit insurance
8corporation or its designee as receiver or conservator for the savings bank.
AB150-engrossed,1804,1310
214.835
(3) Determine and declare the savings bank to be in default, find from
11the
commissioner's division's examination and from reports of the savings bank the
12amount of insured deposits and make any necessary orders that may be required for
13the purpose of making deposit insurance available to depositors.
AB150-engrossed,1805,3
15214.84 Notice of custody; action to enjoin. On the date the
commissioner 16division takes custody of a savings bank, the
commissioner division shall provide by
171st class mail a written notice of that action to the president or secretary and to 2 or
18more directors of the savings bank or to 2 or more of the trustees of any trust or to
192 or more of the liquidators if the savings bank is in liquidation. If the parties
20receiving notice believe the
commissioner division does not have authority to take
21custody, the savings bank, the directors or officers of the savings bank or the trustees
22or liquidators, within 20 days after the mailing of the notice, or within further periods
23of time as the
commissioner division may extend up to an additional 60 days, may
24file a complaint in the circuit court of the county in which the savings bank is located
25to enjoin custody. The court shall require the
commissioner division to show cause
1why custody should not be enjoined. If, upon hearing, the court finds that grounds
2do not exist for the
commissioner's division's custody, it may enter an order enjoining
3further custody.
AB150-engrossed,1805,13
5214.845 Segregation of collections during custody. All payments received
6on deposit accounts on depositors' unpledged accounts during custody of the savings
7bank shall be segregated in a separate account until the savings bank is redelivered
8to the directors, trustees or liquidators or delivered to a conservator or receiver. A
9depositor whose payments have been segregated may request the return of those
10payments and the
commissioner division shall repay them without interest or
11dividends. Before delivery of the savings bank or its assets to any trustee, liquidator,
12receiver or conservator, the
commissioner division shall return the money
13segregated in the separate account.
AB150-engrossed,1805,20
15214.85 Redelivery of possession. If, after examination of the savings bank
16and consideration of all conditions affecting its affairs, the
commissioner division 17finds that the cause for taking custody has been removed, the
commissioner division 18shall relinquish custody of the savings bank, remove any conservator appointed and
19redeliver the savings bank and all assets, books and records to its qualified directors,
20trustees or liquidators.
AB150-engrossed,1805,25
22214.855 Limitations upon custody. The custody of a savings bank by the
23commissioner division, including a conservatorship, may be continued for a
24reasonable period not to exceed 12 months, unless a longer time period is approved
25by a vote of two-thirds of the directors of the savings bank or ordered by a court.
AB150-engrossed,1806,8
2214.90 Action to correct conditions. (intro.) The
commissioner division 3may issue an order requiring a savings bank, savings bank subsidiary, service
4corporation, affiliate, savings bank holding company or a party affiliated with a
5savings bank to take action to correct any condition resulting from a violation or
6practice identified in the order. The
commissioner
division may by order require the
7savings bank, savings bank subsidiary, service corporation, affiliate, savings bank
8holding company or party affiliated with a savings bank to do any of the following:
AB150-engrossed,1806,1210
214.90
(1) (b) The violation or practice involved a reckless disregard for
11applicable state or federal laws, regulations, rules or orders of the
commissioner 12division or other appropriate regulator.
AB150-engrossed,1806,1514
214.90
(5) Submit candidates for future directors, employes or officers to the
15commissioner division for approval.
AB150-engrossed,1806,1817
214.90
(6) Take any other action the
commissioner division considers
18necessary.
AB150-engrossed,1806,2520
214.905
(1) (intro.) If an order under s. 214.90 specifies that the books and
21records of a savings bank are so incomplete and inaccurate that the
commissioner 22division is unable to determine the financial condition of the savings bank or unable
23to determine the nature, details or purpose of any transaction that may have a
24material effect on the savings bank's financial condition, the
commissioner division 25shall issue an order that requires all of the following:
AB150-engrossed,1807,32
214.905
(1) (c) Establishment of reserves for any losses that the
commissioner 3division finds were incurred due to the condition of the books and records.
AB150-engrossed,1807,75
214.905
(2) An order under sub. (1) shall be effective until the
commissioner 6division determines through an examination that the condition has been corrected
7and rescinds the order.
AB150-engrossed,1807,119
214.91
(1) (intro.) The
commissioner
division may remove from a savings bank
10any employe, agent or person affiliated with the savings bank if the
commissioner 11division finds that the person has done any of the following:
AB150-engrossed,1807,1513
214.91
(1) (a) Directly or indirectly violated any state or federal law, regulation,
14rule or order or any agreement between the savings bank and the
commissioner 15division or between the savings bank and the deposit insurance corporation.
AB150-engrossed,1807,2317
214.91
(2) (intro.) The
commissioner
division may serve upon a savings bank
18employe, agent or person affiliated with the savings bank a written notice of the
19commissioner's division's intention to remove or suspend the person from office in the
20savings bank or to prohibit any further participation in any manner by that person
21in the conduct of the affairs of a savings bank or of a savings and loan association
22organized under ch. 215, if the
commissioner division finds that, because of a
23violation permitting removal under sub. (1), any of the following conditions exists:
AB150-engrossed,1808,7
1214.915
(1) Except as provided in rules of the
commissioner division, any
2person who has been removed or suspended from office in a savings bank or
3prohibited from participating in the conduct of the affairs of a savings bank under
4s. 214.90 may not, while an order is in effect, hold any office in or participate in any
5manner in the conduct of the affairs of another savings bank, savings bank
6subsidiary, affiliate, service corporation, savings bank holding company or state
7savings and loan association.
AB150-engrossed,1808,13
9214.92 Effect of termination or resignation. The resignation, termination
10of employment, or separation of a person affiliated with a savings bank from the
11savings bank does not affect the authority of the
commissioner division to issue an
12order under s. 214.90, 214.91 or 214.915 if the order is issued within 6 years after the
13person ceases to be a person affiliated with the savings bank.
AB150-engrossed,1808,1815
214.925
(1) Except with the prior written consent of the
commissioner division,
16a person who has been convicted of a criminal offense involving dishonesty or a
17breach of trust may not participate, directly or indirectly, in any manner in the
18conduct of the affairs of a savings bank.
AB150-engrossed,1808,23
20214.93 False statements. A person may not knowingly make, cause, or allow
21another person to make or cause to be made, a false statement, under oath if required
22by this chapter or on any report or statement required by the
commissioner division 23or by this chapter.
AB150-engrossed,1809,2
1214.935 Civil forfeitures. (intro.) In addition to the enforcement authority
2granted to the
commissioner division, the following forfeiture provisions apply:
AB150-engrossed,1809,74
214.935
(1) Except as provided in sub. (2), any person who violates this chapter,
5any rule promulgated under this chapter or an order of the
commissioner division 6may be required to forfeit not more than $10,000. Each day of continued violation
7constitutes a separate offense.
AB150-engrossed,1809,109
215.01
(6) "Commissioner" "
Division" means the
commissioner division of
10savings and loan.
AB150-engrossed,1809,1512
215.01
(19) "Net income" means the gross income for a period less the
13aggregate of expenses, determined according to generally accepted accounting
14principles or an accounting standard or practice approved by the
commissioner 15division.
AB150-engrossed,1809,2117
215.01
(20) (a) In a stock association, the aggregate of capital stock, additional
18paid-in capital, retained earnings and other accounts designated as components of
19net worth by the
commissioner division, determined according to generally accepted
20accounting principles or an accounting standard or practice approved by the
21commissioner division.
AB150-engrossed,1810,223
215.01
(20) (b) In a mutual association, the aggregate of retained earnings and
24other accounts designated as components of net worth by the
commissioner division,
1determined according to generally accepted accounting principles or an accounting
2standard or practice approved by the
commissioner
division.
AB150-engrossed,1810,5
5215.02 (title)
Division of savings and loan.
AB150-engrossed,1810,128
215.02
(4) (title)
Immunity of commissioner. The commissioner Employes of
9the division shall not be subject to any civil liability or penalty, nor to any criminal
10prosecution, for any error in judgment or discretion made in good faith and upon
11reasonable grounds in any action taken or omitted by the
commissioner employe in
12the
commissioner's employe's official capacity.
AB150-engrossed,1810,1914
215.02
(5) Actions venue. Proceedings by any association to enjoin the
15commissioner division in the discharge of the
commissioner's division's duties shall
16be had in the county where the savings and loan association is located, or in the state
17supreme court. All suits and proceedings arising out of this chapter, in which the
18state, or any of its officers or agents are parties, shall be conducted under the
19direction and supervision of the department of justice.
AB150-engrossed,1811,221
215.02
(6) (a) (intro.)
The commissioner and all All employes of the
office 22division and members of the review board shall keep confidential all the facts and
23information obtained in the course of examinations by the office and all examination
24and other confidential information obtained from any state or federal regulatory
1authority, including an authority of this state or another state, for financial
2institutions, mortgage bankers, insurance or securities, except:
AB150-engrossed,1811,84
215.02
(6) (a) 3. Under rules prescribed by the
commissioner division, for the
5purpose of comparing notes as to matters affecting an association with an examiner
6of the federal home loan bank board or federal savings and loan insurance
7corporation as to any association whose savings accounts are insured by the federal
8savings and loan insurance corporation.
AB150-engrossed,1811,1010
215.02
(6) (a) 4. (intro.) The
commissioner division may:
AB150-engrossed,1811,1512
215.02
(6) (a) 4. a. Furnish to the federal home loan bank board or federal
13savings and loan insurance corporation or to any official or examiner thereof a copy
14of any examination made by the
office division of any association or of any report
15made by such association and filed with the
office
division.
AB150-engrossed,1811,2117
215.02
(6) (a) 4. b. Give access to and disclose to the federal home loan bank
18board, federal savings and loan insurance corporation or to any official or examiner
19thereof any information possessed by the
commissioner
division about the conditions
20or affairs of any association whose savings accounts are insured by the federal
21savings and loan insurance corporation.
AB150-engrossed,1812,223
215.02
(6) (a) 5. The
commissioner
division may give access to and disclose to
24an instrumentality insuring the savings accounts of an association, or to the official
1examiner of the instrumentality, any information possessed by the
commissioner 2division about the conditions or affairs of the association.
AB150-engrossed,1812,84
215.02
(6) (a) 6. The
commissioner
division may disclose to any regulatory
5authority of this state or another state for financial institutions, mortgage bankers,
6insurance or securities facts and information obtained in the course of examinations
7by the
office division, if the regulatory authority agrees to keep the facts and
8information confidential.
AB150-engrossed,1812,1010
215.02
(7) (title)
Commissioner to issue orders; reasonable Orders and rules.
AB150-engrossed,1812,1512
215.02
(7) (a) In addition to performing the duties prescribed in this chapter,
13the
commissioner division shall, with the approval of the review board, issue orders
14prescribing reasonable rules for conducting the business of associations, subject to
15the requirements of ch. 227.
AB150-engrossed,1813,817
215.02
(7) (c) If the
commissioner
division, as a result of any examination or
18report made to the
commissioner division, finds that any association is violating the
19provisions of the articles or bylaws of the association, or the laws of this state, or the
20laws of the United States, or any lawful rule or order promulgated by the
21commissioner division and review board or any order of the
commissioner division,
22the
commissioner division shall deliver a formal written order to the board of
23directors of the association in which the facts known to the
commissioner division are
24set forth, demanding the discontinuance of the violation and, where applicable, order
25the association to institute corrective action thereon. The association affected by the
1order may within 10 days after the order has been delivered to the association
2request a review of the findings and order before the
commissioner division, at which
3time any pertinent evidence may be presented. After review, the
commissioner 4division, on the basis of the evidence presented and any matters of record in the
office 5division's offices, shall continue, modify or set aside the order. The enforcement of
6any order issued under this paragraph shall be stayed pending review before the
7commissioner division, and during the period of any subsequent review under s.
8215.04 (4).
AB150-engrossed,1813,1510
215.02
(7) (d) Any association which wilfully violates par. (c) or any order issued
11thereunder shall, for each violation, forfeit not more than $250 per day for each day
12the violation continues. Assessment of any forfeiture shall become effective 20 days
13from the date of delivery of the order, 20 days from the date of review by the
14commissioner division, if requested, or 20 days from the date of the decision of the
15review board, if an appeal is taken pursuant to s. 215.04 (4).
AB150-engrossed,1813,2217
215.02
(8) Revocation of certificate of incorporation or license. Whenever
18it appears to the
commissioner division that any association or corporation which has
19received a certificate of incorporation or a license to do business in this state is
20conducting its business in violation of this chapter, the
commissioner division shall
21report the facts to the department of justice which may bring an action to revoke the
22certificate of incorporation or license of such association or corporation.
AB150-engrossed,1814,524
215.02
(9) Approval of acts. Whenever any association requests approval of
25the
commissioner division for any act, which by statute requires such approval, the
1commissioner division shall have 90 days in which to grant or deny such approval.
2If the
commissioner division fails to act, approval shall be deemed to have been
3granted. In matters which require the holding of public hearings, the 90-day period
4shall not commence until the conclusion of the hearing and the date set by the
5commissioner division for receipt of briefs.