SB351,38,53
186.113
(1) Branch offices. With the approval of the office of credit unions,
4establish branch offices inside or outside of this state where permanent records may
5be maintained.
SB351, s. 135
6Section
135. 186.113 (1e) of the statutes is created to read:
SB351,38,87
186.113
(1e) Out-of-state membership. Expand its field of membership to
8states that border this state.
SB351, s. 136
9Section
136. 186.113 (1m) of the statutes is repealed.
SB351, s. 137
10Section
137. 186.113 (1s) of the statutes is created to read:
SB351,38,1711
186.113
(1s) Service centers. Upon notice to the commissioner, establish and
12maintain service centers that are reasonably necessary to furnish services to
13members. A credit union may operate a shared service center with one or more credit
14unions and may participate in a shared service center network that is operated from
15inside or outside of this state. This subsection does not prohibit a credit union from
16referring to a service center as a branch office. A service center shall be under the
17supervision of the commissioner.
SB351, s. 138
18Section
138. 186.113 (1s) of the statutes, as created by 1995 Wisconsin Act ....
19(this act), is amended to read:
SB351,39,220
186.113
(1s) Service centers. Upon notice to the
commissioner office of credit
21unions, establish and maintain service centers that are reasonably necessary to
22furnish services to members. A credit union may operate a shared service center with
23one or more credit unions and may participate in a shared service center network
24that is operated from inside or outside of this state. This subsection does not prohibit
1a credit union from referring to a service center as a branch office. A service center
2shall be under the supervision of the
commissioner
office of credit unions.
SB351, s. 139
3Section
139. 186.113 (2) of the statutes is repealed and recreated to read:
SB351,39,74
186.113
(2) Credit union center corporation. With other credit unions,
5organize a credit union center corporation that provides facilities, equipment and
6personnel. A credit union center corporation shall be under the supervision of the
7commissioner.
SB351, s. 140
8Section
140. 186.113 (2) of the statutes, as affected by 1995 Wisconsin Acts 27
9and .... (this act), is repealed and recreated to read:
SB351,39,1310
186.113
(2) Credit union center corporation. With other credit unions,
11organize a credit union center corporation that provides facilities, equipment and
12personnel. A credit union center corporation shall be under the supervision of the
13office of credit unions.
SB351, s. 141
14Section
141. 186.113 (3) (title) of the statutes is created to read:
SB351,39,1515
186.113
(3) (title)
Financial counseling.
SB351, s. 142
16Section
142. 186.113 (4) (title) of the statutes is created to read:
SB351,39,1717
186.113
(4) (title)
Fees.
SB351, s. 143
18Section
143. 186.113 (5) of the statutes is amended to read:
SB351,39,2019
186.113
(5) (title)
Third-party checks. Issue third-party checks
from an
20account of a member upon request of the member.
SB351, s. 144
21Section
144. 186.113 (6) (title) of the statutes is created to read:
SB351,39,2222
186.113
(6) (title)
Trust services.
SB351, s. 145
23Section
145. 186.113 (6) (intro.) of the statutes is repealed.
SB351, s. 146
24Section
146. 186.113 (6) (a) and (b) of the statutes are amended to read:
SB351,40,5
1186.113
(6) (a) Contract
for the provision of trust services to its members with
2a trust
company or other organization
with trust powers authorized to do business
3in this state
. For this purpose, the trust company or other organization with trust
4powers may serve credit union members at credit union facilities on a full-time or
5part-time basis to provide trust services to the credit union's members.
SB351,40,76
(b) Act as trustees of member
tax deferred funds permitted by federal law to
7be deposited in a credit union
as a deferred compensation or tax-deferral device.
SB351, s. 147
8Section
147. 186.113 (6) (c) of the statutes is created to read:
SB351,40,109
186.113
(6) (c) Act as a depository for member-deferred compensation funds
10as permitted by federal law.
SB351, s. 148
11Section
148. 186.113 (7) (title) of the statutes is created to read:
SB351,40,1212
186.113
(7) (title)
Conditional sales contracts.
SB351, s. 149
13Section
149. 186.113 (8) of the statutes is amended to read:
SB351,40,1614
186.113
(8) (title)
Donations. Make
donations and grants
in the aggregate not
15to, the total of which may not exceed
one-half of one per cent 0.5% of regular reserves
16within a given year.
SB351, s. 150
17Section
150. 186.113 (9) of the statutes is amended to read:
SB351,40,2018
186.113
(9) (title)
Financial services. Collect, receive and disburse moneys in
19connection with the sale
or provision of
share drafts, travelers checks, money orders
20and, credit cards
, debit cards or similar instruments.
SB351, s. 151
21Section
151. 186.113 (10) (title) of the statutes is created to read:
SB351,40,2222
186.113
(10) (title)
Additional powers.
SB351, s. 152
23Section
152. 186.113 (11) of the statutes is amended to read:
SB351,41,224
186.113
(11) (title)
Accounts. Have deposit accounts
such as Christmas,
25vacation,
club accounts and education,
deferred income, pension
and similar types,
1direct deposit, net pay or other accounts that serve members' savings and deposit
2needs.
SB351, s. 153
3Section
153. 186.113 (12) of the statutes is amended to read:
SB351,41,64
186.113
(12) (title)
Elections. Conduct
annual board of director elections
by
5mail ballot which shall be valid only for the meeting designated
in the manner
6provided by the bylaws.
SB351, s. 154
7Section
154. 186.113 (13) of the statutes is amended to read:
SB351,41,128
186.113
(13) (title)
Multiparty accounts. Issue multiple accounts in joint
9tenancy with any person designated by the
credit union member. The person first
10named
in any such joint on the account shall be a member of the credit union. A
11nonmember named in the joint account shall not acquire the right to vote, obtain
12loans or hold office because of the nonmember's inclusion in the joint account.
SB351, s. 155
13Section
155. 186.113 (14) (title) of the statutes is created to read:
SB351,41,1414
186.113
(14) (title)
Government loans.
SB351, s. 156
15Section
156. 186.113 (14) of the statutes is renumbered 186.113 (14) (a) and
16amended to read:
SB351,41,1817
186.113
(14) (a) Process applications, act as closing agent and service loans
18made under s. 45.79
, with the approval of the department of veterans affairs.
SB351, s. 157
19Section
157. 186.113 (14) (b) of the statutes is created to read:
SB351,41,2220
186.113
(14) (b) Make loans to members that are guaranteed by this state or
21by the federal government, with the approval of the appropriate state or federal
22administering agency.
SB351, s. 158
23Section
158. 186.113 (14m) of the statutes is created to read:
SB351,42,324
186.113
(14m) Safe deposit boxes. (a) Rent safe deposit receptacles upon its
25premises for an agreed upon fee. A credit union may store for safekeeping valuable
1or personal property of any member or of any person who is eligible to be a member.
2The credit union shall have a lien for its charges on any property received by it for
3safekeeping.
SB351,42,84
(b) Sell any property subject to a lien under par. (a) at public auction in
5accordance with procedures under ch. 815. A credit union may retain from the
6proceeds of the sale all lien fees and charges due including reasonable expenses of
7the sale. A credit union shall pay the remaining balance to the person depositing the
8property or to the legal representatives or assigns.
SB351, s. 159
9Section
159. 186.113 (15) (title) of the statutes is created to read:
SB351,42,1010
186.113
(15) (title)
Automated teller machines.
SB351, s. 160
11Section
160. 186.113 (16) of the statutes is repealed and recreated to read:
SB351,42,1312
186.113
(16) Dormant accounts. Subject to ch. 177, establish a policy,
13including a fee schedule, for disposing of dormant accounts.
SB351, s. 161
14Section
161. 186.113 (17) of the statutes is amended to read:
SB351,42,1615
186.113
(17) (title)
Contracts. Make contracts necessary and proper to
effect 16meet its purpose and
to conduct its business.
SB351, s. 162
17Section
162. 186.113 (18) of the statutes is amended to read:
SB351,42,2018
186.113
(18) (title)
Legal actions. To sue and be sued, and to appear and
19defend in all actions and proceedings under its corporate name
to the same extent
20as a natural person.
SB351, s. 163
21Section
163. 186.113 (19) of the statutes is amended to read:
SB351,43,222
186.113
(19) (title)
Client fund accounts. Maintain real estate broker trust
23accounts under
s. 452.13 for brokers
otherwise who are eligible for membership in
24the credit union, attorney trust accounts under s. 757.293 for attorneys
otherwise 25who are eligible for membership in the credit union and collection agency trust
1accounts under s. 218.04 (9g) for persons
otherwise who are eligible for membership
2in the credit union.
SB351, s. 164
3Section
164. 186.113 (20) of the statutes is amended to read:
SB351,43,54
186.113
(20) (title)
Public depository. Act as
depositories a depository of state
5and local public funds.
SB351, s. 165
6Section
165. 186.113 (21) of the statutes is amended to read:
SB351,43,147
186.113
(21) (title)
Federal depository. On request of the federal secretary of
8the treasury, act as federal depository, fiscal agent or both of the federal government
9and perform. A credit union may perform such services as the federal secretary of
10the treasury may
require authorize in connection with the collection of taxes and
11other obligations due the federal government and the lending, borrowing and
12repayment of money by the federal government, including the issue, sale,
13redemption or repurchase of bonds, notes, treasury certificates of indebtedness, or
14other obligations of the federal government.
SB351, s. 166
15Section
166. 186.113 (22) of the statutes, as affected by 1995 Wisconsin Act
16.... (this act), is amended to read:
SB351,43,2517
186.113
(22) Community currency exchange and seller of checks. Engage
18in the business and functions provided for in s. 218.05 and ch. 217 upon receiving a
19certificate of authority from the
commissioner office of credit unions. An applicant
20shall meet the same requirements as other applicants under ch. 217, but no
21investigation fee may be charged of credit union applicants. The
commissioner office
22of credit unions may revoke a certificate of authority following a hearing held upon
2310 days' notice to the credit union for any reason which would have justified the
24rejection of an application or on the ground that the continued operation of the
25business threatens the solvency of the credit union.
SB351, s. 167
1Section
167. 186.113 (23) of the statutes is created to read:
SB351,44,32
186.113
(23) Sell or purchase assets. Discount or sell any of its assets and,
3subject to rules of the commissioner, purchase assets of another lender or seller.
SB351, s. 168
4Section
168. 186.115 (1) (title) of the statutes is created to read:
SB351,44,55
186.115
(1) (title)
Scope of authority.
SB351, s. 169
6Section
169. 186.115 (2) of the statutes is amended to read:
SB351,44,147
186.115
(2) (title)
Rules. The activities, powers, products and services that
8may be undertaken, exercised or offered by credit unions under sub. (1) are limited
9to those specified by rule of the commissioner. The commissioner may direct any
10credit union to cease any activity, the exercise of any power or the offering of any
11product or service authorized by rule
under this subsection. Among the factors that
12the commissioner may consider in so directing a credit union are the credit union's
13net worth, assets, management rating and liquidity ratio and its ratio of net worth
14to assets.
SB351, s. 170
15Section
170. 186.115 (2) of the statutes, as affected by 1995 Wisconsin Acts 27
16and .... (this act), is repealed and recreated to read:
SB351,44,2317
186.115
(2) Rules. The activities, powers, products and services that may be
18undertaken, exercised or offered by credit unions under sub. (1) are limited to those
19specified by rule of the office of credit unions. The office of credit unions may direct
20any credit union to cease any activity, the exercise of any power or the offering of any
21product or service authorized by rule. Among the factors that the office of credit
22unions may consider in so directing a credit union are the credit union's net worth,
23assets, management rating and liquidity ratio and its ratio of net worth to assets.
SB351, s. 171
24Section
171. 186.115 (3) (title) of the statutes is created to read:
SB351,44,2525
186.115
(3) (title)
Insurance underwriting not authorized.
SB351, s. 172
1Section
172. 186.117 (1) of the statutes is amended to read:
SB351,45,32
186.117
(1) (title)
Definition.
As used in In this section, "business day" means
3a business day as defined in s. 421.301 (6) that is not a federal legal holiday.
SB351, s. 173
4Section
173. 186.117 (2) (title) of the statutes is created to read:
SB351,45,55
186.117
(2) (title)
Funds availability.
SB351, s. 174
6Section
174. 186.118 (1) (title), (2) (title), (3) (title) and (4) (title) of the statutes
7are created to read:
SB351,45,88
186.118
(1) (title)
Disclosure statement.
SB351,45,9
9(2) (title)
When required.
SB351,45,10
10(3) (title)
Available on request.
SB351,45,11
11(4) (title)
Other information.
SB351, s. 175
12Section
175. 186.119 of the statutes is repealed.
SB351, s. 176
13Section
176. 186.12 (1) (title), (2) (title) and (3) (title) of the statutes are
14created to read:
SB351,45,1515
186.12
(1) (title)
Board members.
SB351,45,16
16(2) (title)
Sureties.
SB351,45,17
17(3) (title)
Expenditures.