AB150-engrossed,2023,219
221.58
(4) (c) The
commissioner of banking division gives a class 3 notice, under
20ch. 985, in the official state newspaper, of the application to take an action under sub.
21(3) and of the opportunity for a hearing and, if at least 25 residents of this state
22petition for a hearing within 30 days of the final notice or if the
commissioner division 23on
his or her the division's motion calls for a hearing within 30 days of the final notice,
24the
commissioner division holds a public hearing on the application, except that a
25hearing is not required if the
commissioner division finds that an emergency exists
1and that the proposed action under sub. (3) is necessary and appropriate to prevent
2the probable failure of an in-state bank that is closed or in danger of closing.
AB150-engrossed,2023,74
221.58
(4) (d) The
commissioner of banking division is provided a copy of any
5original application seeking approval by a federal agency of the acquisition of an
6in-state bank or acquisition of or merger with an in-state bank holding company and
7of any supplemental material or amendments filed with the application.
AB150-engrossed,2023,129
221.58
(4) (e) The applicant has paid the
commissioner of banking division a
10fee of $5,000, together with the actual costs incurred by the
commissioner division 11in making an investigation related to the application and in holding any hearing on
12the application.
AB150-engrossed,2023,1614
221.58
(6) Standards for disapproval. (intro.) The
commissioner division may
15disapprove any action under sub. (3) if the
commissioner division finds any of the
16following:
AB150-engrossed,2023,2118
221.58
(6) (em) The applicant has failed to enter into an agreement prepared
19by the
commissioner division to comply with laws and rules of this state regulating
20consumer credit finance charges and other charges and related disclosure
21requirements, except to the extent preempted by federal law or regulation.
AB150-engrossed,2023,2423
221.58
(6) (g) The applicant fails to meet any other standards established by
24rule of the
commissioner division.
AB150-engrossed,2024,3
1221.58
(8) (a) Subsections (1) to (6) do not apply prior to January 1, 1987, except
2that the
commissioner division may promulgate rules under sub. (6) (g) to be
3applicable no earlier than the date that subs. (1) to (6) apply.
AB150-engrossed,2024,145
221.58
(10) Divestiture. Any bank holding company that ceases to be either
6an in-state bank holding company or a regional state bank holding company shall
7immediately notify the
commissioner of banking division of the change in its status
8and shall, as soon as practical and within not more than 2 years after the event
9causing it to no longer be either an in-state bank holding company or a regional state
10bank holding company, divest itself of control of all in-state banks and in-state bank
11holding companies. A bank or bank holding company that fails to immediately notify
12the
commissioner division is liable for a forfeiture of $500 for each day beginning with
13the day its status changes and ending with the day notification is received by the
14commissioner division.
AB150-engrossed,2025,1016
223.02
(1) Before any such corporation shall commence business it shall
17deposit with the state treasurer not less than 50 per cent of the amount of its capital
18stock, but no such corporation shall be required to deposit more than $100,000, such
19deposit to be in cash, or securities eligible for trust investments under ch. 881 and
20approved by the
commissioner of banking division and shall be held by the state
21treasurer in trust as security for the faithful execution of any trust which may be
22lawfully imposed upon and accepted by it; such corporation may from time to time
23withdraw the said securities as well as the cash, or any part thereof; provided that
24securities or cash of the amount and value required by this section shall, at all times,
25during the existence of such corporation remain in the possession of the state
1treasurer for the purpose aforesaid and until otherwise ordered by a court of
2competent jurisdiction, unless released pursuant to sub. (2). The said treasurer shall
3pay over to such corporation the interest, dividends or other income which the
4treasurer collects upon such securities, or may authorize the said corporation to
5collect the same for its own benefit. Upon such deposit being made and approved,
6the state treasurer shall issue a certificate of such fact and an amount equal to the
7sum stated in such certificate shall remain with the treasurer in the manner
8provided above; in case the capital stock is increased or diminished the amount of
9such deposit shall be increased or diminished to comply herewith and a new
10certificate of such fact shall be issued accordingly.
AB150-engrossed,2025,1612
223.02
(2) The securities and cash deposited pursuant to sub. (1) by any bank
13shall be released by the state treasurer and returned to the bank, whenever the
14commissioner of banking division shall certify to the
state treasurer that the bank
15no longer exercises fiduciary powers and that
he or she the division is satisfied that
16there are no outstanding trust liabilities.
AB150-engrossed,2026,5
18223.025 Capital necessary to qualify as fiduciary. Notwithstanding any
19other provision of law, a corporation organized, continued or reorganized under this
20chapter, a majority of the outstanding voting stock of which is controlled directly or
21indirectly by a holding company organized under ch. 180, which has complied with
22s. 223.02 and which has combined unimpaired capital stock and surplus of $200,000
23or more or, if located in a city, town or village of less than 100,000 inhabitants,
24unimpaired capital stock of not less than $50,000, shall not be required to provide
25additional capital and surplus if the parent holding company of the corporation files
1with the
commissioner of banking division an undertaking, in a form approved by the
2commissioner division, to be fully responsible for the existing and future fiduciary
3acts and omissions of the corporation and the
commissioner division determines
4that, under the circumstances, the combined and unimpaired capital stock and
5surplus of the parent holding company of the corporation are adequate.
AB150-engrossed,2026,157
223.03
(10) Any such corporation may, with the approval of the court having
8jurisdiction, but without profit to itself, transfer to trust estates any mortgages or
9other securities owned by it which comply with the requirements of legal
10investments for trust funds under the statutes. The
commissioner of banking 11division shall at each examination of said corporation, examine all mortgages and
12other securities held by said corporation as assets of trust estates, excepting the trust
13estates where investment of trust funds is not required of the trustee, and for the
14purpose of such examination the
commissioner division shall possess all the power
15and authority conferred upon the
commissioner division by this chapter.
AB150-engrossed,2026,2017
223.03
(14) To establish and maintain a branch trust company bank with the
18approval of the
commissioner of banking division. Section 221.04 (1) (jm) 2
. to 8
., as
19it applies to bank branch offices under that paragraph, applies to trust company
20bank branch offices under this subsection.
AB150-engrossed,2027,222
223.07
(1) Any trust company bank may, with the approval of the
commissioner
23of banking division, establish and maintain a trust service office at any office in this
24state of a state or national bank if the establishment of the trust service office has
1been approved by the board of directors of the state or national bank at a meeting
2called for that purpose.
AB150-engrossed,2028,84
223.07
(3) If the state or national bank at which a trust service office is to be
5established has exercised trust powers, the trust company bank and the state or
6national bank shall enter into an agreement respecting those fiduciary powers to
7which the trust company bank shall succeed and shall file the agreement with the
8commissioner of banking division. The trust company bank shall cause a notice of
9the filing, in a form prescribed by the
commissioner
division, to be published as a
10class 1 notice, under ch. 985, in the city, village or town where the state or national
11bank is located. After filing and publication, the trust company bank establishing
12the office shall, as of the date the office first opens for business, without further
13authorization of any kind, succeed to and be substituted for the state or national
14bank as to all fiduciary powers, rights, duties, privileges and liabilities of the bank
15in its capacity as fiduciary for all estates, trusts, guardianships and other fiduciary
16relationships of which the bank is then serving as fiduciary, except as may be
17otherwise specified in the agreement between the trust company bank and the state
18or national bank. The trust company bank shall also be deemed named as fiduciary
19in all writings, including, but not limited to, wills, trusts, court orders and similar
20documents and instruments naming the state or national bank as fiduciary, signed
21before the date the trust office first opens for business, unless expressly negated by
22the writing or otherwise specified in the agreement between the trust company bank
23and the state or national bank. On the effective date of the substitution, the state
24or national bank shall be released and absolved from all fiduciary duties and
25obligations under such writings and shall discontinue its exercise of trust powers on
1all matters not specifically retained by the agreement. This subsection does not
2effect a discharge in the manner of s. 701.16 (6) or other applicable statutes and does
3not absolve a state or national bank exercising trust powers from liabilities arising
4out of any breach of fiduciary duty or obligation occurring prior to the date the trust
5service office first opens for business at the bank. This subsection does not affect the
6authority, duties or obligations of a bank with respect to relationships which may be
7established without trust powers, including escrow arrangements, whether the
8relationships arise before or after the establishment of the trust service office.
AB150-engrossed,2028,1110
223.105
(2) (a) Such rules as may be established by the
commissioner of
11banking division under s. 220.04 (7); and
AB150-engrossed,2028,2013
223.105
(3) (a) To assure compliance with such rules as may be established
14under s. 220.03 (7) the
office of the commissioner
division of banking,
commissioner,
15the office of credit unions and
commissioner
the division of savings and loan shall,
16at least once every 18 months, examine the fiduciary operations of each organization
17which is under its respective jurisdiction and is subject to examination under sub.
18(2). If a particular organization subject to examination under sub. (2) is not
19otherwise under the jurisdiction of one of the foregoing agencies, such examination
20shall be conducted by the
office of the commissioner
division of banking.
AB150-engrossed,2029,722
223.105
(4) Notice of fiduciary operation. Except for those organizations
23licensed under ch. 221 or this chapter, any organization engaged in fiduciary
24operations as defined in this section shall, as required by rule, notify the
25commissioner division of banking, the
commissioner office of credit unions or the
1commissioner of savings and loan of that fact, directing the notice to the
2commissioner agency then exercising regulatory authority over the organization or,
3if there is none, to the
commissioner division of banking. Any organization which
4intends to engage in fiduciary operations shall, prior to engaging in such operations,
5notify the appropriate
commissioner agency of this intention. The notifications
6required under this subsection shall be on forms and contain information required
7by the rules promulgated by the
commissioner division of banking.
AB150-engrossed,2029,169
223.105
(5) Enforcement remedy. The
commissioner division of banking or
10other appropriate commissioner under this section
the division of savings and loan
11or office of credit unions shall upon the failure of such organization to submit
12notifications or reports required under this section or otherwise to comply with the
13provisions of this section, or rules established by the
commissioner division of
14banking under s. 220.04 (7), upon due notice, order such defaulting organization to
15cease and desist from engaging in fiduciary activities and may apply to the
16appropriate court for enforcement of such order.
AB150-engrossed,2029,2418
223.105
(6) Sunset. Except for an organization regulated by the office
of the
19commissioner of credit unions or the
commissioner
division of savings and loan or an
20organization authorized by the
commissioner division of banking to operate as a
21bank or trust company bank under ch. 221 or this chapter, an organization may not
22begin activity as a fiduciary operation under this section after May 12, 1992. An
23organization engaged in fiduciary operations under this section on May 12, 1992,
24may continue to engage in fiduciary operations after that date.
AB150-engrossed,2030,19
1223.12
(1) Any trust company, incorporated under the laws of any other state,
2named by any resident of this state, as executor or trustee, or both, under that
3person's last will and testament or any codicil thereto, may be appointed and may
4accept appointment and may act as executor of, or trustee under, the last will and
5testament of any such person in this state, or both, provided trust companies of this
6state are permitted to act as such executor or trustee, or both, in the state where such
7foreign corporation has its domicile, and such foreign corporation shall have
8executed and filed
in the office of the commissioner
with the division of banking a
9written instrument appointing the
commissioner in the commissioner's name of
10office division its true and lawful attorney upon whom all process may be served in
11any action or proceeding against such executor or trustee, affecting or relating to the
12estate represented or held by such executor or trustee, or the acts or defaults of such
13corporation in reference to such estate, with the same effect as if it existed in this
14state and had been lawfully served with process therein, and shall also have filed
in
15the office of such commissioner with the division a copy of its charter, articles of
16organization and all amendments thereto certified to by the secretary of state or
17other proper officer of said foreign state under the seal of office together with the
18post-office address of its principal office and shall further have complied with s.
19223.02.
AB150-engrossed, s. 6203
20Section
6203. Subchapter I (title) of chapter 224 [precedes 224.02] of the
21statutes is created to read:
AB150-engrossed,2030,2423
Subchapter I
24
Banking provisions
AB150-engrossed,2031,10
1224.06
(1) As a condition precedent to qualification or entry upon the discharge
2of his or her duties, every person appointed or elected to any position requiring the
3receipt, payment or custody of money or other personal property owned by a bank or
4in its custody or control as collateral or otherwise, shall give a bond from an insurer
5qualified under s. 610.11 to do business in this state, in such adequate sum as the
6directors shall require and approve. In lieu of individual bonds the
commissioner 7division may accept a schedule or blanket bond which covers all of the officers and
8employes of any bank whose duties include the receipt, payment or custody of money
9or other personal property for or on behalf of the bank. All such bonds shall be in the
10form prescribed by the
commissioner of banking division.
AB150-engrossed,2031,1712
224.06
(3) Such bond shall be sufficient in amount to protect the bank from loss
13by reason of acts of fraud or dishonesty including forgery, theft, embezzlement,
14wrongful abstraction or misapplication on the part of the person, directly or through
15connivance with others. At any time the
commissioner
division may require
16additional bond or security, when in the
commissioner's division's opinion, the bonds
17then executed and approved are insufficient.
AB150-engrossed,2031,2419
224.06
(4) Every such bond shall provide that no cancellation or other
20termination of the bond shall be effective unless the surety gives in advance at least
2110 days' written notice by registered mail to the
commissioner division. If the bond
22is canceled or terminated at the request of the insured (employer), the surety shall
23give the written notice to the
commissioner division within 10 days after the receipt
24of such request.
AB150-engrossed,2032,5
1224.06
(5) For reasons which the
commissioner division deems valid and
2sufficient the
commissioner division may waive as to the cancellation or termination
3of any such bond the 10-day written notice in advance required by sub. (4) and may
4give written consent to the termination or cancellation being made effective as of a
5date agreed upon and requested by the surety and the bank.
AB150-engrossed,2032,10
7224.075 Financially related services tie-ins. In any transaction conducted
8by a bank, bank holding company or a subsidiary of either with a customer who is
9also a customer of any other subsidiary of any of them, the customer shall be given
10a notice in 12-point boldface type in substantially the following form:
AB150-engrossed,2032,1111
NOTICE OF RELATIONSHIP
AB150-engrossed,2032,1612
This company, .... (insert name and address of bank, bank holding company or
13subsidiary), is related to .... (insert name and address of bank, bank holding company
14or subsidiary) of which you are also a customer. You may not be compelled to buy any
15product or service from either of the above companies or any other related company
16in order to participate in this transaction.
AB150-engrossed,2032,2117
If you feel that you have been compelled to buy any product or service from
18either of the above companies or any other related company in order to participate
19in this transaction, you should contact the management of either of the above
20companies at either of the above addresses or the
office of the commissioner division 21of banking at .... (insert address).
AB150-engrossed,2032,24
23224.70 Administration. This subchapter shall be administered by the
24department.
AB150-engrossed,2033,4
1224.72
(8) Fees. (a) Each applicant shall pay an initial registration fee of $39
2to the department. If an examination is required, the applicant shall pay an
3examination fee, in an amount set by the department, in addition to the initial
4registration fee.
AB150-engrossed,2033,65
(b) An applicant for registration as a mortgage banker shall pay a temporary
6registration fee of $10 to the department.
AB150-engrossed,2033,77
(c) (intro.) The renewal dates and renewal fees for registrations are as follows:
AB150-engrossed,2033,88
(d) The fee for a transfer of a loan originator registration is $5.
AB150-engrossed,2033,2110
226.025
(3) The appointment of the
secretary of state department of financial
11institutions or the designation of a resident agent as attorney for the service of
12summons, notice, pleadings or process under s. 180.1507 shall be applicable only to
13actions or proceedings against the foreign corporations described in this section
14(unless such corporations have been admitted to this state for purposes other than
15those mentioned in this section) where the cause of action or proceeding arises out
16of transactions between such foreign corporations and public utilities operating in
17this state with which such foreign corporations are affiliated; and to actions or
18proceedings by or before the public service commission or office of the commissioner
19of railroads involving the transactions described in sub. (1), or involving the relation
20between such foreign corporations and public utilities operating in this state with
21which they are affiliated.
AB150-engrossed,2034,1923
226.14
(1) No common law trust organized in this state, and no such trust
24formed or organized under or by authority of the laws of any state or foreign
25jurisdiction, for the purpose of doing business under a declaration of trust which
1shall have issued to five or more persons, or which shall sell or propose to sell
2beneficial interests, certificates or memberships therein, shall transact business, or
3acquire, hold or dispose of property in this state until the trustees named in said
4declaration of trust shall have caused to be filed
in the office of the secretary of state 5with the department of financial institutions the original declaration of trust, or a
6true copy thereof, and all amendments which may be made, verified as such by the
7affidavits of two of the signers thereof. A like verified copy of the declaration and
8such amendments, and a certificate of the
secretary of state department of financial
9institutions, showing the date when such declaration was filed and accepted by the
10secretary of state department of financial institutions within thirty days of such
11filing and acceptance, shall be recorded with the register of deeds of the county in
12which such trust has its principal office or place of business in this state. No such
13trust shall transact business in this state until such declaration or such copy thereof
14be left for record. The register of deeds shall forthwith transmit to the
secretary of
15state department of financial institutions a certificate stating the time when such
16copy was recorded and shall be entitled to a fee of twenty-five cents therefor, to be
17paid by the person presenting such papers for record. Upon receipt of such certificate
18the
secretary of state department of financial institutions shall issue to said trustees
19a certificate of filing.
AB150-engrossed,2034,2421
226.14
(3) Every such trust shall pay to the
secretary of state department of
22financial institutions a filing fee of $50, and $15 for each subsequent amendment,
23together with a further fee of $1 for each $1,000 of beneficial certificates sold or
24offered for sale in this state.
AB150-engrossed,2035,9
1226.14
(4) (intro.) Every such trust shall file, accompanied by a filing fee of $5,
2in the office of the secretary of state with the department of financial institutions a
3verified statement on or before each March 31, showing the names and addresses of
4each of the trustees; the nature of the business transacted during the preceding year;
5in what states such trust is operating; the amount and number of beneficial
6certificates sold in this state, or elsewhere; a statement as to the total amount of
7beneficial certificates outstanding. Any such report not filed before April 1, may be
8filed only upon payment to the
secretary of state
department of financial institutions 9of the following fees:
AB150-engrossed,2035,1411
226.14
(4) (c) If said report is not filed before the following January 1, the trust
12shall not be in good standing. Until it is restored to good standing the
secretary of
13state department of financial institutions shall not accept for filing any documents
14respecting such trust except documents incident to its dissolution.
AB150-engrossed,2035,2016
226.14
(4) (d) The trust may be restored to good standing by delivering to the
17secretary of state department of financial institutions a current annual report
18conforming to the requirements of this section and by paying to the
secretary of state 19department of financial institutions $10 for each calendar year or part thereof during
20which the trust has not been in good standing, not exceeding a total of $105.
AB150-engrossed,2036,422
226.14
(5) Every such trust shall file
in the office of the secretary of state with
23the department of financial institutions the name of a trustee or trustees, if they
24designate more than one, resident in this state upon whom service may be made for
25and on behalf of said trust; or if none of such trustees reside in this state, then a
1statement shall be duly filed by the trustees appointing the
secretary of state 2department of financial institutions as the agent to accept service of process in this
3state, which appointment shall continue so long as such trust has any liabilities
4outstanding in this state.
AB150-engrossed,2036,76
227.01
(13) (v) Establishes procedures used for the determination of
7allocations as charges to agencies under s. 20.865 (1)
(f) or (fm).
AB150-engrossed,2036,109
227.01
(13) (zk) Establishes guidelines under s.
101.38 106.21 (2), (4) or (6) for
10the Wisconsin service corps program under s.
101.38
106.21.
AB150-engrossed,2036,1312
227.01
(13) (zq) Designates the Kickapoo valley reserve under s.
16.21 41.41 13(2).
AB150-engrossed,2036,1815
227.03
(3m) (a) This chapter does not apply to proceedings before the
16department of industry, labor and human relations relating to housing
17discrimination under s.
101.22 106.04 (1) to (8), except as provided in s.
101.22 106.04 18(6).
AB150-engrossed,2036,2220
227.03
(3m) (b) Only the provisions of this chapter relating to rules are
21applicable to matters arising out of protection against discrimination in a public
22place of accommodation or amusement under s.
101.22
106.04 (9) and (10).