SB351,69,129
186.235
(14) (a) The
commissioner
office of credit unions, with the approval
10of the credit union review board, shall fix the amounts to be assessed against credit
11unions for their supervision and examinations under this chapter. Amounts shall be
12determined and paid as provided in this subsection.
SB351,69,1613
(b) On or before July 15 of each year, each credit union shall pay to the office
14of
the commissioner credit unions an annual assessment, which shall represent as
15nearly as practicable its fair share of the maintenance of the office of
the
16commissioner credit unions.
SB351,69,2017
(e) If the amounts collected under this subsection exceed the actual amounts
18necessary for the supervision and examination of credit unions in a year, the excess
19shall be retained by the
commissioner office of credit unions and applied in reducing
20the amounts chargeable for ensuing years.
SB351, s. 232
21Section
232. 186.235 (15) of the statutes is created to read:
SB351,69,2322
186.235
(15) Testimonial powers. (a) The office of the commissioner may issue
23subpoenas and take testimony.
SB351,70,524
(b) Witness fees shall be the same as fees under s. 814.67 (1) (b) and (c). The
25fees of witnesses who are called by the office in the interests of the state shall be paid
1by the state upon presentation of proper vouchers approved by the commissioner and
2charged to the appropriation under s. 20.141 (1) (g). A witness subpoenaed by the
3office at the instance of a party other than the office shall not be entitled to payment
4of fees by the state unless the office certifies that the testimony was material to the
5purpose for which the subpoena was issued.
SB351, s. 233
6Section
233. 186.235 (15) (a) of the statutes, as created by 1995 Wisconsin Act
7.... (this act), is amended to read:
SB351,70,98
186.235
(15) (a) The office of
the commissioner credit unions may issue
9subpoenas and take testimony.
SB351, s. 234
10Section
234. 186.235 (16) of the statutes, as affected by 1995 Wisconsin Act
11.... (this act), is amended to read:
SB351,70,1712
186.235
(16) Annual examination. (a) At least once each year, the
13commissioner office of credit unions shall examine the records and accounts of each
14credit union. For that purpose the
commissioner or the examiners appointed by the
15commissioner office of credit unions shall have full access to, and may compel the
16production of, each credit union's records and accounts. They may administer oaths
17to and examine each credit union's officers and agents.
SB351,70,2318
(b) Instead of an annual examination of a credit union under par. (a), the
19commissioner office of credit unions may accept an audit report of the condition of
20the credit union made by a certified public accountant not an employe of the credit
21union in accordance with rules promulgated by the
commissioner office of credit
22unions or may accept an examination or audit made or approved by the national
23board.
SB351, s. 235
24Section
235. 186.235 (17) of the statutes is created to read:
SB351,71,4
1186.235
(17) Refusal to submit to examination. The commissioner shall report
2to the department of justice any credit union that refuses to submit to an
3examination. The department of justice shall institute proceedings to revoke the
4charter of the credit union.
SB351, s. 236
5Section
236. 186.235 (17) of the statutes, as created by 1995 Wisconsin Act ....
6(this act), is amended to read:
SB351,71,107
186.235
(17) Refusal to submit to examination. The
commissioner office of
8credit unions shall report to the department of justice any credit union that refuses
9to submit to an examination. The department of justice shall institute proceedings
10to revoke the charter of the credit union.
SB351, s. 237
11Section
237. 186.235 (18) of the statutes, as affected by 1995 Wisconsin Act
12.... (this act), is amended to read:
SB351,71,1913
186.235
(18) Record-keeping and accounting procedure. (a) A credit union
14shall keep records and accounts in a manner consistent with generally accepted
15accounting principles or with standards prescribed by the
commissioner office of
16credit unions. If a credit union does not keep its records and accounts in a manner
17consistent with generally accepted accounting principles, the
commissioner office of
18credit unions may require the credit union to keep records and accounts under
19standards prescribed by the
commissioner office.
SB351,71,2420
(b) The
commissioner office of credit unions may require a credit union that
21fails to open records or maintain prescribed records or accounts to forfeit not more
22than $100 for each day it is in violation. If the credit union fails to pay the forfeiture,
23the
commissioner office of credit unions may institute proceedings to recover the
24forfeiture.
SB351, s. 238
1Section
238. 186.235 (19) of the statutes, as affected by 1995 Wisconsin Act
2.... (this act), is amended to read:
SB351,72,53
186.235
(19) Financial reports. (a) A credit union shall file with the
4commissioner office of credit unions a report of its activities for the previous
5reporting period, on a form furnished by the
commissioner office of credit unions.
SB351,72,86
(b) The report shall include a true and verified copy of a condition statement
7of the credit union as of the close of the previous reporting period and shall include
8any other information that the
commissioner office of credit unions requires.
SB351,72,139
(c) If a credit union fails or refuses to furnish a required report, it shall be
10subject, at the discretion of the
commissioner office of credit unions, to a forfeiture
11of $10 per day for each day of default, and the
commissioner office of credit unions 12may maintain an action in the name of the state to recover the forfeiture, which shall
13be paid into the general fund.
SB351,72,2114
(d) Annually, a credit union shall publish a report as a class 1 notice, under ch.
15985, in the municipality, as defined in s. 985.01 (3), where the credit union is located
16if the credit union has assets of $10,000,000 or more or has a membership as
17described in s. 186.02 (2) (b) 2. The published report shall describe the condition of
18the credit union on December 31 of the previous year and shall be in a form that the
19commissioner office of credit unions prescribes. Proof of publication shall be
20furnished to the
commissioner office of credit unions within 45 days after the date
21of the report.
SB351, s. 239
22Section
239. 186.235 (20) of the statutes is created to read:
SB351,73,423
186.235
(20) Approval of acts. Whenever any credit union requests approval
24of the commissioner for any act, which by statute requires approval, the
25commissioner shall have 90 days in which to grant, deny or defer the approval. A
1deferral may be for not more than 60 days. If the commissioner fails to act, approval
2shall be considered to have been granted. In matters which require the holding of
3public hearings, the 90-day period shall not commence until the conclusion of the
4hearing and the date set by the commissioner for receipt of briefs.
SB351, s. 240
5Section
240. 186.235 (20) of the statutes, as created by 1995 Wisconsin Act ....
6(this act), is amended to read:
SB351,73,147
186.235
(20) Approval of acts. Whenever any credit union requests approval
8of the
commissioner office of credit unions for any act, which by statute requires
9approval, the
commissioner office of credit unions shall have 90 days in which to
10grant, deny or defer the approval. A deferral may be for not more than 60 days. If
11the
commissioner office of credit unions fails to act, approval shall be considered to
12have been granted. In matters which require the holding of public hearings, the
1390-day period shall not commence until the conclusion of the hearing and the date
14set by the
commissioner office of credit unions for receipt of briefs.
SB351, s. 241
15Section
241. 186.235 (21) (title) of the statutes is created to read:
SB351,73,1616
186.235
(21) (title)
Parity.
SB351, s. 243
18Section
243. 186.25 of the statutes is renumbered 186.235 (19) and amended
19to read:
SB351,74,220
186.235
(19) (title)
Supervision; Financial reports. All credit unions formed
21under this or other similar law, or authorized to transact in this state a business
22similar to that authorized to be done by this chapter, shall be under the control and
23supervision of the commissioner. Every such corporation (a) A credit union shall
24make a full and detailed file with the commissioner a report of its
business as of
25December 31 for that year, and of its condition on such date, in such form and
1containing such information as activities for the previous reporting period, on a form
2furnished by the commissioner
may prescribe, and shall file with the commissioner.
SB351,74,7
3(b) The report shall include a true and verified copy
thereof on or before
4February 1 thereafter. Accompanying the same shall be attached a copy of
the a
5condition statement of the credit union
at as of the close of
its last fiscal year the
6previous reporting period and shall include any other information that the
7commissioner requires.
SB351,74,12
8(c) If
any such a credit union fails or refuses to furnish
the a required report
9herein required, it shall be subject, at the discretion of the commissioner, to a
10forfeiture of
$1 to $10 per day for each day of default, and the commissioner may
11maintain an action in the name of the state to recover
such penalty, and the same the
12forfeiture, which shall be paid into the
state treasury. A general fund.
SB351,74,19
13(d) Annually, a credit union shall publish
the a report as a class 1 notice, under
14ch. 985, in the municipality, as defined in s. 985.01 (3), where the credit union is
15located if the credit union has assets of $10,000,000 or more or has a membership as
16described in s. 186.02 (2) (b) 2. The published report shall
be in the condensed form
17as describe the condition of the credit union on December 31 of the previous year and
18shall be in a form that the commissioner prescribes. Proof of publication shall be
19furnished to the commissioner within 45 days after the date of the report.
SB351, s. 244
20Section
244. 186.26 (title) of the statutes is repealed.
SB351, s. 245
21Section
245. 186.26 (1) of the statutes is renumbered 186.235 (16) and
22amended to read:
SB351,75,1023
186.235
(16) (title)
Annual examination. (a) At least once each year, the
24commissioner shall
make or cause to be made an examination of examine the
cash,
25bills, collaterals, securities, assets, books of account, condition and affairs records
1and accounts of each credit union
and for
. For that purpose the commissioner or the
2examiners appointed by the commissioner shall have full access to, and may compel
3the production of, each credit union's
books, papers, securities and moneys, records
4and accounts. They may administer oaths to and examine each credit union's officers
5and agents
as to their respective affairs. Special examination shall be made upon
6written request of 5 or more members, if those members guarantee the expense of
7the special examination. The refusal of any credit union to submit to an examination
8ordered or requested shall be reported to the department of justice for the purpose
9of instituting proceedings to have the charter of the credit union revoked because of
10the refusal.
SB351,75,1911
(b)
In lieu Instead of an annual examination of a credit union under par. (a),
12the commissioner may accept an audit report of the condition of the credit union
13made by a certified public accountant not an employe of the credit union in
14accordance with rules promulgated by the commissioner
. The cost of the audit shall
15be paid by the credit union. A copy of each audit under this paragraph shall be
16furnished to the Wisconsin credit union savings insurance corporation if the credit
17union's savings are protected or guaranteed by the Wisconsin credit union savings
18insurance corporation or may accept an examination or audit made or approved by
19the national board.
SB351, s. 246
20Section
246. 186.26 (2) of the statutes is repealed.
SB351, s. 247
21Section
247. 186.27 (title) of the statutes is renumbered 186.235 (7) (title).
SB351, s. 248
22Section
248. 186.27 (intro.), (1) and (2) of the statutes are renumbered 186.235
23(7) (a) (intro.), 1. and 2. and amended to read:
SB351,76,224
186.235
(7) (a) (intro.) The commissioner, all other officers and employes of the
25office
of the commissioner, and members of the review board shall keep secret all the
1facts and information obtained in the course of examinations, except
in any of the
2following situations:
SB351,76,43
1.
So far as If the public duty of
such the person requires
the that person to
4report upon or take special action regarding the affairs of any credit union
; or.
SB351,76,65
2.
When If the person is called as a witness in any criminal proceeding
or trial
6in a court of justice; or.
SB351, s. 249
7Section
249. 186.27 (3) of the statutes is renumbered 186.235 (7) (b) and
8amended to read:
SB351,76,109
186.235
(7) (b)
The Notwithstanding par. (a) and unless otherwise provided by
10rule, the commissioner may do any of the following:
SB351,76,1311
1. Furnish to the national board
or any official or examiner of it a copy of any
12examination made
by the commissioner's office of any credit union or of any report
13made by the credit union.
SB351,76,1714
2. Give access to and disclose to the national board
or any official or examiner
15of it any information possessed by the commissioner about the conditions or affairs
16of any credit union whose savings are insured by
the national board federal share
17insurance.
SB351, s. 250
18Section
250. 186.28 of the statutes is renumbered 186.235 (18) and amended
19to read:
SB351,77,520
186.235
(18) (title)
Bookkeeping; forfeiture for failure to obey commissioner
21Record-keeping and accounting procedure. (a) A credit union shall
open and keep
22accurate and convenient records
of its transactions and accounts
in a manner
23consistent with generally accepted accounting principles or with standards
24prescribed by the commissioner. If
the commissioner determines that a credit union
25does not keep its
books records and accounts in a manner
which enables the
1commissioner to readily ascertain the true condition of the credit union consistent
2with generally accepted accounting principles, the commissioner may require
any
3officer of the credit union to
open and keep
such books or records and accounts
as 4under standards prescribed by the commissioner
may prescribe in order to remedy
5the deficiency.
SB351,77,126
(b)
Any The commissioner may require a credit union that
refuses or neglects 7fails to
open records or maintain
books prescribed records or accounts
in the manner
8prescribed under sub. (1) shall be subject, upon written notification of the
9commissioner, to a forfeiture not to exceed $10 to forfeit not more than $100 for each
10day it is in violation. If
any the credit union fails
or refuses to pay the forfeiture, the
11commissioner may institute proceedings to
enforce its collection recover the
12forfeiture.
SB351, s. 251
13Section
251. 186.29 (title) of the statutes is renumbered 186.235 (11) (title).
SB351, s. 252
14Section
252. 186.29 (1) (intro.), (a) to (c), (e) and (g) to (k) of the statutes are
15renumbered 186.235 (11) (a) (intro.) and 1. to 9. and amended to read:
SB351,77,2016
186.235
(11) (a)
Conditions for taking possession. (intro.) The commissioner
17may
forthwith take possession and control of the business and property of any credit
18union
to which this chapter is applicable whenever the commissioner finds a if the 19credit union
violating violates this chapter or
that if the credit union
does any of the
20following:
SB351,77,2121
1.
Is conducting Conducts its business contrary to law
; or.
SB351,77,2222
2.
Has violated Violates its charter, or any law
; or.
SB351,77,2423
3.
Is conducting Conducts its business in an unauthorized or unsafe manner
;
24or.
SB351,77,2525
4. Has an impairment of its capital
; or.
SB351,78,1
15.
Has suspended Suspends payment of its obligations
; or.
SB351,78,32
6.
Has neglected or refused Neglects or refuses to comply with the terms of
a
3duly issued an order of the commissioner
; or.
SB351,78,54
7.
Has refused Refuses to submit its books, papers, records
, accounts or affairs
5for inspection to
any a credit union examiner
; or.
SB351,78,66
8.
Has refused Refuses to be examined upon oath regarding its affairs.
SB351,78,87
9.
Has been given Receives notice of intent to terminate insured status by the
8national board.
SB351, s. 253
9Section
253. 186.29 (1) (d) and (f) of the statutes are repealed.
SB351, s. 254
10Section
254. 186.29 (1m) of the statutes is renumbered 186.235 (11) (b) and
11amended to read:
SB351,78,1812
186.235
(11) (b)
Suspension. 1. The commissioner may suspend, for a period
13of up to 120 days,
the business or an officer, director, committee member or employe
14of a credit union
from engaging in credit union business if the commissioner finds the
15existence of any condition under
sub. (1) (a) to (k)
par. (a) 1. to 9. The commissioner
16may renew a suspension under this
paragraph subdivision any number of times and
17for periods of up to 120 days if the commissioner finds that the condition or conditions
18continue to exist.
SB351,78,2519
2. The commissioner shall suspend the business of a credit union, other than
20a corporate central credit union, if the credit union does not comply with s. 186.34
21(2) (a). The commissioner shall then liquidate the credit union under this section
22unless the credit union files a complete application for federal share insurance from
23the national board within 30 days after the date the suspension under this paragraph
24commences. The commissioner shall authorize a credit union to resume its business
25if it files an application within the time period specified in this paragraph.
SB351, s. 255
1Section
255. 186.29 (1p) (title) of the statutes is renumbered 186.235 (11) (c)
2(title).
SB351, s. 256
3Section
256. 186.29 (1p) (a) (title) of the statutes is repealed.
SB351, s. 257
4Section
257. 186.29 (1p) (a) of the statutes is renumbered 186.235 (11) (c) 1.
5and amended to read:
SB351,79,86
186.235
(11) (c) 1. The commissioner may take possession of the business and
7property of a credit union if the commissioner finds the existence of any condition
8under
sub. (1) (a) to (k) par. (a) 1. to 9.
SB351, s. 258
9Section
258. 186.29 (1p) (b) (title) of the statutes is repealed.
SB351, s. 259
10Section
259. 186.29 (1p) (b) of the statutes is renumbered 186.235 (11) (c) 2.
11and amended to read:
SB351,79,1512
186.235
(11) (c) 2. The commissioner shall take possession of the business and
13property of a credit union that violates s. 186.34
(2) (b), unless the commissioner
14approves a
consolidation merger under s. 186.31
, and of a credit union that the
15commissioner is required to liquidate under sub. (1m) (b).
SB351, s. 260
16Section
260. 186.29 (2) (intro.) and (a) of the statutes are renumbered 186.235
17(11) (d) (intro.) and 1. and amended to read:
SB351,79,2018
186.235
(11) (d)
Procedure on taking possession. (intro.) Upon taking
19possession of the business and property of
any such
a credit union
, the commissioner
20shall
forthwith:
SB351,80,221
1. Serve a notice in writing upon the president and secretary of
said the credit
22union
setting forth therein stating that the commissioner has taken possession and
23control of the business and property of
said the credit union.
Said The notice shall
24be executed in duplicate, and immediately after
the same has been served service,
1one of the
said notices shall be filed with the clerk of the circuit court of the county
2where said in which the credit union is located together with proof of service.
SB351, s. 261
3Section
261. 186.29 (2) (b) of the statutes is renumbered 186.235 (11) (d) 2. and
4amended to read:
SB351,80,75
186.235
(11) (d) 2. Give notice to all individuals, partnerships, corporations,
6limited liability companies and associations known to the commissioner to be
7holding or in possession of any assets of
such the credit union.
SB351, s. 262
8Section
262. 186.29 (2) (c) of the statutes is renumbered 186.235 (11) (dg) and
9amended to read:
SB351,81,310
186.235
(11) (dg) (title)
Special deputy commissioners. The commissioner may
11appoint one or more special deputy commissioners as agent to assist in the duty of
12liquidation and distribution of the assets of one or more credit unions
of whose
13business and property the commissioner
shall have taken possession pursuant to the
14provisions of this chapter holds. A certificate of
such appointment shall be filed in
15the office of the commissioner and a certified copy in the office of the clerk of the
16circuit court for the county in which
such the credit union is located. The
17commissioner may employ
such counsel and procure
such expert assistance and
18advice as
may be necessary in the liquidation and distribution of the assets of
such 19the credit union, and may retain
such of the any officers or employes of
such the credit
20union
as that the commissioner
deems considers to be necessary. The special deputy
21commissioner and assistants shall furnish
such security for the faithful discharge of
22their duties
as in an amount that the commissioner
deems proper. Such considers
23to be necessary. The special deputy commissioner may execute, acknowledge and
24deliver any
and all deeds, assignments, releases or other instruments necessary
and
25proper to effect any sale and transfer or incumbrance of real estate or personal
1property and may borrow money for use in the liquidation after the
same liquidation 2has been approved by the commissioner and an order obtained from the circuit court
3of the county in which
said the credit union is located
as hereinafter provided.
SB351, s. 263
4Section
263. 186.29 (2) (d) of the statutes is renumbered 186.235 (11) (dr) and
5amended to read:
SB351,81,186
186.235
(11) (dr) (title)
Special deputy commissioner duties. Upon taking
7possession of the property and business of
such the credit union, the special deputy
8commissioner is authorized to collect all moneys due to
such the credit union, and
to 9do
such other acts
as are necessary to conserve its assets and business, and shall
10proceed to liquidate the affairs
thereof as hereinafter provided of the credit union.
11The special deputy commissioner shall collect all debts due and claims belonging to
12it the credit union, and upon a petition approved by the commissioner and upon order
13of the circuit court of the county in which
such
the credit union is located, may sell
14or compound all bad or doubtful debts, or do any act or execute any other necessary
15instruments and upon
like petition and order may sell all the real and personal
16property of
such the credit union on such terms as the court shall approve.
Such
17special deputy commissioner may, if necessary, enforce individual liability of the
18stockholders to pay the debts of such corporation.
SB351, s. 264
19Section
264. 186.29 (3) of the statutes is renumbered 186.235 (11) (e) and
20amended to read:
SB351,82,1221
186.235
(11) (e)
Notice, allowance and payment of claims. The special deputy
22commissioner shall
cause publish a class 3 notice, under ch. 985,
to be published, 23calling on all persons who may have
claims a claim against
such the credit union
, to
24present the
same claim to the special deputy commissioner and make legal proof
25thereof of the claim at a place and within a time, not earlier than the last day of
1publication, to be
therein specified
in the notice. The special deputy commissioner
2shall mail a similar notice to all persons
, at their last-known address, whose names
3appear as creditors upon the books of the credit union. Proof of service of
such the 4notice shall be filed with the clerk of
said court. The special deputy commissioner
5may reject any claim. Any party interested may also file written objections to any
6claim with the special deputy commissioner and
, after notice by registered mail of
7such the rejection,
said the claimant shall be barred unless the claimant commences
8an action
thereon on the claim within 3 months. Claims presented after the
9expiration of the time fixed in the notice
to creditors shall be entitled to
an equitable 10share
in from the distribution
only to the extent of
the any assets
then remaining in
11the hands of the special deputy commissioner
equitably applicable thereto after
12properly filed claims have been paid.
SB351, s. 265
13Section
265. 186.29 (4) of the statutes is renumbered 186.235 (11) (f) and
14amended to read:
SB351,83,215
186.235
(11) (f)
Inventory of assets and statement of liabilities. Upon taking
16possession of the property and assets of
such the credit union, the special deputy
17commissioner shall make an inventory of the assets of
such the credit union, in
18duplicate, one to be filed in the office of the commissioner and one in the office of the
19clerk of circuit court for the county in which
such
the credit union is located. Upon
20the expiration of the time fixed for the presentation of claims, the special deputy
21commissioner shall make in duplicate a full and complete list of the claims presented,
22including and specifying
such the claims
as have been rejected by the special deputy
23commissioner, one to be filed in the office of the commissioner, and one in the office
24of the clerk of circuit court for the county in which
such the credit union is located.
1Such The inventory and list of claims shall be open at all reasonable times to
2inspection.
SB351, s. 266
3Section
266. 186.29 (5) of the statutes is renumbered 186.235 (11) (g) and
4amended to read: