SB351,51,424
186.21
(2) (title)
Advertising. The office of the commissioner
of credit unions 25shall
carry on use advertising
of whatever character that is
most suitable and
1effective to acquaint the people of this state with the agencies and organizations
2dealing
in consumer credit, and of the rates of interest, the condition of loans, the
3benefits and safeguards and the savings features of each such type, agency and
4organization with credit unions.
SB351, s. 194
5Section
194. 186.21 (2) of the statutes, as affected by 1995 Wisconsin Acts 27
6and .... (this act), is repealed and recreated to read:
SB351,51,97
186.21
(2) Advertising. The office of credit unions shall use advertising that
8is suitable and effective to acquaint the people of this state with the agencies and
9organizations dealing with credit unions.
SB351, s. 195
10Section
195. 186.21 (3) of the statutes is amended to read:
SB351,51,1411
186.21
(3) (title)
Consultations. The office of the commissioner
of credit unions 12shall
further offer without charge to any group, either joined in a credit union or
13considering such an organization,
whatever advice and direction on accounting
14practice practices and managerial problems
that may be needful.
SB351, s. 196
15Section
196. 186.21 (3) of the statutes, as affected by 1995 Wisconsin Acts 27
16and .... (this act), is repealed and recreated to read:
SB351,51,1917
186.21
(3) Consultations. The office of credit unions shall offer without charge
18to any group, either joined in a credit union or considering such an organization,
19advice and direction on accounting practices and managerial problems.
SB351, s. 197
20Section
197. 186.21 (4) of the statutes is amended to read:
SB351,51,2421
186.21
(4) (title)
Materials. The office of the commissioner
of credit unions 22shall provide application blanks, model bylaws
, and
whatever other
material may be
23needful or helpful materials to help in the organization, efficient functioning and
24expansion of credit unions.
SB351, s. 198
1Section
198. 186.21 (4) of the statutes, as affected by 1995 Wisconsin Acts 27
2and .... (this act), is repealed and recreated to read:
SB351,52,53
186.21
(4) Materials. The office of credit unions shall provide application
4blanks, model bylaws and other materials to help in the organization, efficient
5functioning and expansion of credit unions.
SB351, s. 199
6Section
199. 186.22 (11) of the statutes is amended to read:
SB351,52,207
186.22
(11) Oath of directors. Each director, when appointed or elected, shall
8take an oath that the director will, so far as
the duty
devolves upon the director 9requires, diligently and honestly administer the affairs of the credit union finance
10corporation, and will not knowingly violate, or willingly permit to be violated, any
11of the provisions of law applicable to
such the corporation, and that the director is
12the owner
, in good faith and
in the director's own right on the books of the
nominating 13credit union
which nominated the director, of shares in value of not less than $100,
14or other shares of the withdrawal value of $100, and that the
same is shares are not
15hypothecated, or in any way pledged as security for any loan or debt and, in case of
16reelection that
such share was the shares were not hypothecated or in any way
17pledged as security for any loan or debt during the director's previous term.
Such 18The oath shall be subscribed by the directors and officers making it, and certified by
19an officer authorized by law to administer oaths, and immediately transmitted to the
20commissioner.
SB351, s. 200
21Section
200. 186.22 (11) of the statutes, as affected by 1995 Wisconsin Acts 27
22and .... (this act), is repealed and recreated to read:
SB351,53,923
186.22
(11) Oath of directors. Each director, when appointed or elected, shall
24take an oath that the director will, so far as duty requires, diligently and honestly
25administer the affairs of the credit union finance corporation, and will not knowingly
1violate, or willingly permit to be violated, any of the provisions of law applicable to
2the corporation, and that the director is the owner, in good faith and on the books of
3the nominating credit union, of shares in value of not less than $100, or other shares
4of the withdrawal value of $100, and that the shares are not hypothecated, or in any
5way pledged as security for any loan or debt and, in case of reelection that the shares
6were not hypothecated or in any way pledged as security for any loan or debt during
7the director's previous term. The oath shall be subscribed by the directors and
8officers making it, and certified by an officer authorized by law to administer oaths,
9and immediately transmitted to the office of credit unions.
SB351, s. 201
10Section
201. 186.23 of the statutes is renumbered 186.235 (8) and amended
11to read:
SB351,53,1812
186.235
(8) (title)
Rules and regulations. The commissioner shall, with the
13approval of the credit union review board,
issue orders prescribing reasonable 14promulgate rules
and regulations in conducting relating to the business of credit
15unions
or corporations operating as provided in this chapter and it may in like
16manner issue orders amending, modifying, repealing or supplementing rules or
17orders. The violation of any such rule may be cause for the removal of any officer,
18director or employe of any credit union or corporation.
SB351, s. 202
19Section
202. 186.235 (title) of the statutes, as affected by 1995 Wisconsin Acts
2027 and .... (this act), is repealed and recreated to read:
SB351,53,21
21186.235 (title)
Office of credit unions.
SB351, s. 203
22Section
203. 186.235 (1) of the statutes is created to read:
SB351,53,2423
186.235
(1) Supervision. A credit union shall be under the control and
24supervision of the commissioner.
SB351, s. 204
1Section
204. 186.235 (1) of the statutes, as created by 1995 Wisconsin Act ....
2(this act), is amended to read:
SB351,54,43
186.235
(1) Supervision. A credit union shall be under the control and
4supervision of the
commissioner office of credit unions.
SB351, s. 205
5Section
205. 186.235 (1m) of the statutes, as affected by 1995 Wisconsin Acts
627 and .... (this act), is repealed.
SB351, s. 206
7Section
206. 186.235 (2) of the statutes, as affected by 1995 Wisconsin Acts
827 and .... (this act), is repealed and recreated to read:
SB351,54,109
186.235
(2) Enforcement. The office of credit unions shall enforce this chapter
10and other laws relating to credit unions.
SB351, s. 207
11Section
207. 186.235 (3) of the statutes is created to read:
SB351,54,1312
186.235
(3) Full-time duties. The commissioner and deputy commissioner
13shall devote full time to their respective positions.
SB351, s. 208
14Section
208. 186.235 (3) of the statutes, as created by 1995 Wisconsin Act ....
15(this act), is amended to read:
SB351,54,1816
186.235
(3) Full-time duties. The
commissioner and deputy commissioner 17administrator of the office of credit unions shall devote full time to
their respective
18positions his or her position.
SB351, s. 209
19Section
209. 186.235 (3m) of the statutes is created to read:
SB351,54,2220
186.235
(3m) Conflicts of interest. The commissioner, or any employe of the
21office of the commissioner, may not serve as a director or officer of a credit union or
22any other organization that is under the supervision of the office of the commissioner.
SB351, s. 210
23Section
210. 186.235 (3m) of the statutes, as created by 1995 Wisconsin Act
24.... (this act), is amended to read:
SB351,55,4
1186.235
(3m) Conflicts of interest. The commissioner, or any No employe of
2the office of
the commissioner, credit unions may
not serve as a director or officer of
3a credit union or any other organization that is under the supervision of the office
4of
the commissioner credit unions.
SB351, s. 211
5Section
211. 186.235 (4) of the statutes is created to read:
SB351,55,86
186.235
(4) Bond required. A person who is appointed to or employed by the
7office of the commissioner shall furnish a surety bond in an amount authorized by
8the commissioner.
SB351, s. 212
9Section
212. 186.235 (4) of the statutes, as created by 1995 Wisconsin Act ....
10(this act), is amended to read:
SB351,55,1311
186.235
(4) Bond required. A person who is appointed to or employed by the
12office of
the commissioner credit unions shall furnish a surety bond in an amount
13authorized by the
commissioner office.
SB351, s. 213
14Section
213. 186.235 (5) of the statutes, as affected by 1995 Wisconsin Act ....
15(this act), is amended to read:
SB351,55,2016
186.235
(5) (title)
Immunity of commissioner office of credit unions. The
17commissioner office of credit unions shall not be subject to any civil liability or
18penalty, or to any criminal prosecution, for any error in judgment or discretion made
19in good faith and upon reasonable grounds in any action taken or omitted by the
20commissioner office of credit unions in an official capacity.
SB351, s. 214
21Section
214. 186.235 (7) (a) (intro.) of the statutes, as affected by 1995
22Wisconsin Act .... (this act), is amended to read:
SB351,56,223
186.235
(7) (a) (intro.)
The commissioner, all other officers and employes 24Employes of the office of
the commissioner, credit unions and members of the review
1board shall keep secret all the facts and information obtained in the course of
2examinations, except in any of the following situations:
SB351, s. 215
3Section
215. 186.235 (7) (b) of the statutes, as affected by 1995 Wisconsin Act
4.... (this act), is amended to read:
SB351,56,65
186.235
(7) (b) Notwithstanding par. (a) and unless otherwise provided by rule,
6the
commissioner office of credit unions may do any of the following:
SB351,56,97
1. Furnish to the national board a copy of any examination made by the
8commissioner's office of
credit unions of any credit union or of any report made by
9the credit union.
SB351,56,1210
2. Give access to and disclose to the national board any information possessed
11by the
commissioner office of credit unions about the conditions or affairs of any
12credit union whose savings are insured by federal share insurance.
SB351, s. 216
13Section
216. 186.235 (8) of the statutes, as affected by 1995 Wisconsin Act ....
14(this act), is repealed and recreated to read:
SB351,56,1615
186.235
(8) Rules. The office of credit unions shall, with the approval of the
16credit union review board, promulgate rules relating to the business of credit unions.
SB351, s. 217
17Section
217. 186.235 (9) of the statutes is created to read:
SB351,56,2118
186.235
(9) Charter revocation. The commissioner shall report to the
19department of justice any credit union that conducts its business in violation of this
20chapter. The department of justice may bring an action to revoke the credit union's
21articles of incorporation.
SB351, s. 218
22Section
218. 186.235 (9) of the statutes, as created by 1995 Wisconsin Act ....
23(this act), is amended to read:
SB351,57,224
186.235
(9) Charter revocation. The
commissioner office of credit unions shall
25report to the department of justice any credit union that conducts its business in
1violation of this chapter. The department of justice may bring an action to revoke the
2credit union's articles of incorporation.
SB351, s. 219
3Section
219. 186.235 (10) of the statutes is created to read:
SB351,57,54
186.235
(10) Removal. (a) The commissioner may remove an officer, director,
5committee member or employe of a credit union if any of the following applies:
SB351,57,96
1. The policies or practices of the officer, director, committee member or
7employe are prejudicial to the best interest of the credit union, endanger or will
8endanger the safety or solvency of the credit union, or impair the interests of the
9members.
SB351,57,1210
2. The officer, director, committee member or employe violates or permits the
11violation of this chapter, a rule promulgated under this chapter or an order of the
12commissioner.
SB351,57,1513
(b) An officer, director, committee member or employe removed by the
14commissioner under par. (a) shall be given an opportunity for a hearing before the
15review board within 30 days after the date on which the removal order is issued.
SB351,57,2416
(c) An order of removal takes effect on the date on which it is issued. A copy
17of the order shall be served upon the credit union and upon the officer, director,
18committee member or employe in the manner provided by law or by mailing a copy
19to the credit union and officer, director, committee member or employe at their
20last-known post-office addresses. An officer, director, committee member or
21employe who is removed from office or employment under this subsection may not
22be elected as an officer or director of, or be employed by, a credit union without the
23approval of the commissioner and the review board. An order of removal under this
24subsection is a final order or determination of the review board under s. 186.015.
SB351,58,3
1(d) The commissioner may appoint any member of the credit union to fill a
2vacancy caused by a removal under this subsection. The person who is appointed
3shall hold office until the next annual meeting of the membership.
SB351, s. 220
4Section
220. 186.235 (10) (a) (intro.) of the statutes, as created by 1995
5Wisconsin Act .... (this act), is amended to read:
SB351,58,86
186.235
(10) (a) (intro.) The
commissioner office of credit unions may remove
7an officer, director, committee member or employe of a credit union if any of the
8following applies:
SB351, s. 221
9Section
221. 186.235 (10) (a) 2. of the statutes, as created by 1995 Wisconsin
10Act .... (this act), is amended to read:
SB351,58,1311
186.235
(10) (a) 2. The officer, director, committee member or employe
12violates or permits the violation of this chapter, a rule promulgated under this
13chapter or an order of the
commissioner office of credit unions.
SB351, s. 222
14Section
222. 186.235 (10) (b) of the statutes, as created by 1995 Wisconsin Act
15.... (this act), is amended to read:
SB351,58,1916
186.235
(10) (b) An officer, director, committee member or employe removed by
17the
commissioner office of credit unions under par. (a) shall be given an opportunity
18for a hearing before the review board within 30 days after the date on which the
19removal order is issued.
SB351, s. 223
20Section
223. 186.235 (10) (c) of the statutes, as created by 1995 Wisconsin Act
21.... (this act), is amended to read:
SB351,59,622
186.235
(10) (c) An order of removal takes effect on the date on which it is
23issued. A copy of the order shall be served upon the credit union and upon the officer,
24director, committee member or employe in the manner provided by law or by mailing
25a copy to the credit union and officer, director, committee member or employe at their
1last-known post-office addresses. An officer, director, committee member or
2employe who is removed from office or employment under this subsection may not
3be elected as an officer or director of, or be employed by, a credit union without the
4approval of the
commissioner office of credit unions and the review board. An order
5of removal under this subsection is a final order or determination of the review board
6under s. 186.015.
SB351, s. 224
7Section
224. 186.235 (10) (d) of the statutes, as created by 1995 Wisconsin Act
8.... (this act), is amended to read:
SB351,59,129
186.235
(10) (d) The
commissioner
office of credit unions may appoint any
10member of the credit union to fill a vacancy caused by a removal under this
11subsection. The person who is appointed shall hold office until the next annual
12meeting of the membership.
SB351, s. 225
13Section
225. 186.235 (11) of the statutes, as affected by 1995 Wisconsin Act
14.... (this act), is repealed and recreated to read:
SB351,59,1815
186.235
(11) Possession by office. (a)
Conditions for taking possession. The
16office of credit unions may take possession and control of the business and property
17of any credit union if the credit union violates this chapter or if the credit union does
18any of the following:
SB351,59,1919
1. Conducts its business contrary to law.
SB351,59,2020
2. Violates its charter, or any law.
SB351,59,2121
3. Conducts its business in an unauthorized or unsafe manner.
SB351,59,2222
4. Has an impairment of its capital.
SB351,59,2323
5. Suspends payment of its obligations.
SB351,59,2524
6. Neglects or refuses to comply with the terms of an order of the office of credit
25unions.
SB351,60,2
17. Refuses to submit its books, papers, records, accounts or affairs for inspection
2to a credit union examiner.
SB351,60,33
8. Refuses to be examined upon oath regarding its affairs.
SB351,60,44
9. Receives notice of intent to terminate insured status by the national board.
SB351,60,115
(b)
Suspension. 1. The office of credit unions may suspend, for a period of up
6to 120 days, an officer, director, committee member or employe of a credit union from
7engaging in credit union business if the office of credit unions finds the existence of
8any condition under par. (a) 1. to 9. The office of credit unions may renew a
9suspension under this subdivision any number of times and for periods of up to 120
10days if the office of credit unions finds that the condition or conditions continue to
11exist.
SB351,60,1412
2. The office of credit unions shall suspend the business of a credit union, other
13than a corporate central credit union, if the credit union does not comply with s.
14186.34.
SB351,60,1715
(c)
Possession by office of credit unions. 1. The office of credit unions may take
16possession of the business and property of a credit union if the office finds the
17existence of any condition under par. (a) 1. to 9.
SB351,60,2018
2. The office of credit unions shall take possession of the business and property
19of a credit union that violates s. 186.34, unless the office approves a merger under
20s. 186.31.
SB351,60,2221
(d)
Procedure on taking possession. Upon taking possession of the business and
22property of a credit union, the office of credit unions shall:
SB351,61,323
1. Serve a notice in writing upon the president and secretary of the credit union
24stating that the office of credit unions has taken possession and control of the
25business and property of the credit union. The notice shall be executed in duplicate,
1and immediately after service, one of the notices shall be filed with the clerk of the
2circuit court of the county in which the credit union is located together with proof of
3service.
SB351,61,64
2. Give notice to all individuals, partnerships, corporations, limited liability
5companies and associations known to the office of credit unions to be holding or in
6possession of any assets of the credit union.
SB351,61,227
(dg)
Special deputies. The office of credit unions may appoint one or more
8special deputies as agent to assist in the duty of liquidation and distribution of the
9assets of one or more credit unions whose business and property the office of credit
10unions holds. A certificate of appointment shall be filed in the office of credit unions
11and a certified copy in the office of the clerk of the circuit court for the county in which
12the credit union is located. The office of credit unions may employ counsel and
13procure expert assistance and advice as necessary in the liquidation and distribution
14of the assets of the credit union, and may retain any officers or employes of the credit
15union that the office of credit unions considers to be necessary. The special deputies
16and assistants shall furnish security for the faithful discharge of their duties in an
17amount that the office of credit unions considers to be necessary. The special
18deputies may execute, acknowledge and deliver any deeds, assignments, releases or
19other instruments necessary to effect any sale and transfer or incumbrance of real
20estate or personal property and may borrow money for use in the liquidation after
21the liquidation has been approved by the office of credit unions and an order obtained
22from the circuit court of the county in which the credit union is located.
SB351,62,723
(dr)
Special deputy duties. Upon taking possession of the property and
24business of the credit union, a special deputy is authorized to collect all moneys due
25to the credit union, and to do other acts necessary to conserve its assets and business,
1and shall proceed to liquidate the affairs of the credit union. The special deputy shall
2collect all debts due and claims belonging to the credit union, and upon a petition
3approved by the office of credit unions and upon order of the circuit court of the county
4in which the credit union is located, may sell or compound all bad or doubtful debts,
5or do any act or execute any other necessary instruments and upon petition and order
6may sell all the real and personal property of the credit union on such terms as the
7court shall approve.