SB351,26,108
(a) Keep confidential the financial affairs of credit union members, unless state
9and federal laws, security requirements or sound lending practices require
10disclosure.
SB351,26,1211
(b) Keep confidential the records and accounts of the credit union unless state
12or federal law requires disclosure.
SB351,26,1413
(c) Familiarize themselves with the credit union laws, bylaws, rules and
14policies.
SB351,26,1615
(d) Avoid initiating or participating in any insider dealings using credit union
16funds or the credit union's power or authority.
SB351,26,1817
(e) Avoid initiating or participating in any action that may be in that person's
18personal pecuniary interest.
SB351,26,22
19(2) Removal for violation. If an individual refuses to sign the oath of office or
20knowingly and wilfully violates the oath of office, the board shall remove that
21individual as a director, officer or committee member or shall direct that the
22individual be terminated as an employe.
SB351, s. 82
23Section
82. 186.08 (1) (intro.) of the statutes is renumbered 186.08 (1) and
24amended to read:
SB351,27,14
1186.08
(1) (title)
Management. At its first meeting
following the annual
2membership meeting, the board of directors shall elect from
their its number a
3chairperson and one or more vice chairpersons, a secretary
of the board and a
4treasurer
and shall appoint a president. The board or the president may appoint one
5or more vice presidents in accordance with the bylaws. The president shall be the
6operating executive officer. The president and vice presidents may be directors of the
7board. Any 2 or more offices
of the board may be held by the same person, except the
8offices of
president and secretary and the offices of president and vice president 9chairperson and vice chairperson and the offices of chairperson and secretary. The
10board of directors shall have the general
management of oversight and final
11decision-making authority over the affairs, funds and records of the credit union,
12and shall meet as often as may be necessary.
It shall be the The president of the credit
13union shall be the chief executive officer of the credit union and shall be in active
14charge of managing the credit union's day-to-day operations.
SB351,27,15
15(1m) (title)
Board duties. The board's
duty duties include all of the following:
SB351, s. 83
16Section
83. 186.08 (1) (a) to (d) of the statutes are renumbered 186.08 (1m) (a)
17to (d) and amended to read:
SB351,27,1918
186.08
(1m) (a)
To act upon Acting on all applications for membership, unless
19a membership officer is appointed; the board delegates that responsibility.
SB351,27,2020
(b)
To act upon the expulsion of Expelling members
; for cause.
SB351,27,2221
(c)
To fix Setting the amount of surety bond
which shall be required of each
22officer having custody of funds
;.
SB351,27,2423
(d)
To fill Filling vacancies
in on the board of directors
or executive offices or
24in the credit committee in such manner as the bylaws prescribe;.
SB351, s. 84
25Section
84. 186.08 (1) (e) of the statutes is repealed.
SB351, s. 85
1Section
85. 186.08 (1) (f) of the statutes is renumbered 186.08 (1m) (e) and
2amended to read:
SB351,28,53
186.08
(1m) (e)
To establish Establishing rates of interest on all loans
or
4authorizing an officer or committee of the credit union to establish interest rates on
5loans.
SB351, s. 86
6Section
86. 186.08 (1m) (f) of the statutes is created to read:
SB351,28,77
186.08
(1m) (f) Establishing conditions applicable to deposit accounts.
SB351, s. 87
8Section
87. 186.08 (1m) (g) of the statutes is created to read:
SB351,28,119
186.08
(1m) (g) Establishing rates of interest on all deposit accounts or
10authorizing an officer or committee of the credit union to establish interest rates on
11deposit accounts.
SB351, s. 88
12Section
88. 186.08 (2) of the statutes is repealed.
SB351, s. 89
13Section
89. 186.08 (3) of the statutes is amended to read:
SB351,28,2014
186.08
(3) (title)
Executive committee, meetings. The board of directors may
15appoint an executive committee consisting of at least 3 directors. If an executive
16committee is appointed
under this subsection, the executive committee shall meet
17as often as necessary, and the full board of directors shall meet at least
semiannually 18quarterly. The board of directors may delegate all or any part of its authority
under
19this chapter to an executive committee
appointed under this subsection, subject to
20any conditions or limitations the board may impose.
SB351, s. 90
21Section
90. 186.083 (1) (title), (2) (title), (3) (title) and (4) (title) of the statutes
22are created to read:
SB351,28,2323
186.083
(1) (title)
Indemnification required.
SB351,28,24
24(2) (title)
Exceptions.
SB351,28,25
25(3) (title)
Written requests.
SB351,29,1
1(4) (title)
Indemnification not required.
SB351, s. 91
2Section
91. 186.086 (1) (title) of the statutes is created to read:
SB351,29,33
186.086
(1) (title)
Limitations.
SB351, s. 92
4Section
92. 186.086 (2) (title) of the statutes is created to read:
SB351,29,55
186.086
(2) (title)
Limitation applicability.
SB351, s. 93
6Section
93. 186.087 (1) (title), (2) (title) and (3) (title) of the statutes are
7created to read:
SB351,29,88
186.087
(1) (title)
Additional rights.
SB351,29,9
9(2) (title)
Allowance expenses.
SB351,29,10
10(3) (title)
Other expenses.
SB351, s. 94
11Section
94. 186.088 (1) (title) and (2) (title) of the statutes are created to read:
SB351,29,1212
186.088
(1) (title)
Application.
SB351,29,13
13(2) (title)
Conditions.
SB351, s. 95
14Section
95. 186.095 (1) of the statutes is amended to read:
SB351,29,1615
186.095
(1) The effects of the action on employes, suppliers
and customers,
16members of the credit union
and the public.
SB351, s. 96
17Section
96. 186.096 (1) (title) of the statutes is created to read:
SB351,29,1818
186.096
(1) (title)
Limited liability.
SB351, s. 97
19Section
97. 186.096 (2) (title) of the statutes is created to read:
SB351,29,2020
186.096
(2) (title)
Exceptions.
SB351, s. 98
21Section
98. 186.096 (2) (a) of the statutes is amended to read:
SB351,29,2322
186.096
(2) (a) A proceeding brought against a director or officer under s.
23186.23, 186.24 (1) or 186.29 (1m) (a) 186.235 (8), (10) or (11) (b) 1.
SB351, s. 99
24Section
99. 186.096 (3) (title) of the statutes is created to read:
SB351,29,2525
186.096
(3) (title)
Applicability to governments.
SB351, s. 100
1Section
100. 186.098 (1) of the statutes is amended to read:
SB351,30,42
186.098
(1) (title)
Loan approval. The credit union may make loans to members
3upon terms approved by the credit committee
or a, loan officer
at rates of interest not
4to exceed any applicable maximum rate or board of directors.
SB351, s. 101
5Section
101. 186.098 (2) of the statutes is amended to read:
SB351,30,96
186.098
(2) (title)
Appeals. The credit committee or loan officer shall maintain
7a record of each loan approved or not approved. The A loan applicant
for a loan may
8appeal
in writing the decision of the credit committee or
the a loan officer to the
9president and may appeal in writing the president's decision to the board of directors.
SB351, s. 102
10Section
102. 186.098 (3) of the statutes is amended to read:
SB351,30,1211
186.098
(3) Every application for a loan shall be
in writing documented and
12acknowledged by the member and shall state the security or collateral offered, if any.
SB351, s. 103
13Section
103. 186.098 (4) of the statutes is amended to read:
SB351,30,2014
186.098
(4) (title)
Board approval.
Approval of loans shall be the responsibility
15of the credit committee or loan officer, except where application for loans are made
16by members of the credit committee or the loan officers. No loan shall be made unless
17approved by the majority of the credit committee or by a loan officer, except that the 18The board of directors
or its designee shall act on the applications of credit committee
19members and loan officers
, and on applications appealed to the board in writing by
20members.
SB351, s. 104
21Section
104. 186.098 (5) of the statutes is amended to read:
SB351,31,222
186.098
(5) (title)
Limits. No loans shall be made to any member in excess of
23$100 or 10% of the credit union's assets,
whichever is greater; plus the balance of the
24member's share account pledged as security for
such
the loan
, but these limitations.
1This subsection shall not apply to loans made to member credit unions by a
corporate 2central credit union.
SB351, s. 105
3Section
105. 186.098 (6) (a) (intro.) of the statutes is renumbered 186.098 (6)
4(intro.) and amended to read:
SB351,31,65
186.098
(6) (title)
Policies. (intro.) The board of directors shall determine
the 6policy regarding
collateral all of the following:
SB351,31,11
7(a) Collateral acceptable for secured loans.
Loans to members which in the
8aggregate exceed the amount shown in the schedule below shall be secured by such
9collateral having a value which is at least equal to any amount exceeding the limits
10in the following schedule, except that all loans exceeding $5,000 not subject to
11collateral shall be supported by a sworn financial statement:
SB351, s. 106
12Section
106. 186.098 (6) (a) 1. to 6. of the statutes are repealed.
SB351, s. 107
13Section
107. 186.098 (6) (b) of the statutes is repealed and recreated to read:
SB351,31,1414
186.098
(6) (b) Loan limits.
SB351, s. 108
15Section
108. 186.098 (6) (c) of the statutes is created to read:
SB351,31,1716
186.098
(6) (c) Loan approval if a director, officer, credit committee member or
17employe provides security as a comaker, guarantor, endorser or other form of surety.
SB351, s. 109
18Section
109. 186.098 (7) of the statutes is repealed and recreated to read:
SB351,31,2119
186.098
(7) Surety repayment evidence. An endorser, comaker, guarantor or
20other surety shall provide the credit union with evidence of ability to repay the
21obligation of the member.
SB351, s. 110
22Section
110. 186.098 (8) (title) of the statutes is created to read:
SB351,31,2323
186.098
(8) (title)
Credit extensions.
SB351, s. 111
24Section
111. 186.098 (8) (b) of the statutes is amended to read:
SB351,32,4
1186.098
(8) (b)
With the approval of the commissioner, credit unions A credit
2union may utilize credit cards, including point-of-purchase credit,
providing if the
3credit committee or loan officer, upon their own motion or upon application by a
4member, has predetermined the extent of credit extension.
SB351, s. 112
5Section
112. 186.098 (8) (b) of the statutes, as affected by 1995 Wisconsin Acts
627 and .... (this act), is repealed and recreated to read:
SB351,32,107
186.098
(8) (b) A credit union may utilize credit cards, including
8point-of-purchase credit, if the credit committee or loan officer, upon its or his or her
9own motion or upon application by a member, has predetermined the extent of credit
10extension.
SB351, s. 113
11Section
113. 186.098 (9) of the statutes is repealed.
SB351, s. 114
12Section
114. 186.098 (9m) of the statutes is created to read:
SB351,32,1513
186.098
(9m) Participation loans. Subject to rules prescribed by the
14commissioner, a credit union may participate with other lenders in a loan of any type
15that the credit union may otherwise make.
SB351, s. 115
16Section
115. 186.098 (9m) of the statutes, as created by 1995 Wisconsin Act
17.... (this act), is amended to read:
SB351,32,2018
186.098
(9m) Participation loans. Subject to rules prescribed by the
19commissioner office of credit unions, a credit union may participate with other
20lenders in a loan of any type that the credit union may otherwise make.
SB351, s. 116
21Section
116. 186.098 (10) of the statutes is amended to read:
SB351,33,222
186.098
(10) (title)
Additional advances. Loans to members secured by
23mortgages on real estate may be made subject to the rules prescribed by the
24commissioner. Such loans may provide for additional advances
, but any with priority
1lien status. Any additional advance made to a member, if the mortgage and mortgage
2note so provide, may not exceed an amount specified in the mortgage.
SB351, s. 117
3Section
117. 186.098 (10) of the statutes, as affected by 1995 Wisconsin Acts
427 and .... (this act), is repealed and recreated to read:
SB351,33,95
186.098
(10) Additional advances. Loans to members secured by mortgages
6on real estate may be made subject to the rules prescribed by the office of credit
7unions. Such loans may provide for additional advances with priority lien status.
8 Any additional advance made to a member, if the mortgage and mortgage note so
9provide, may not exceed an amount specified in the mortgage.
SB351, s. 118
10Section
118. 186.098 (11) (title) of the statutes is created to read:
SB351,33,1111
186.098
(11) (title)
Guaranteed loans.
SB351, s. 119
12Section
119. 186.098 (12) (title) of the statutes is created to read:
SB351,33,1313
186.098
(12) (title)
Loans to members.