SB351,64,1912
(j)
Title passes to office of credit unions. Immediately upon filing the notice
13under par. (d), the possession of all assets and property of the credit union shall be
14considered to be transferred from the credit union to and assumed by the office of
15credit unions. The filing of the notice shall of itself, and without the execution or
16delivery of any instruments of conveyance, assignment, transfer or endorsement,
17vest the title to all such assets and property in the office of credit unions. The filing
18shall also operate as a bar to any attachment, garnishment, execution or other legal
19proceedings against the credit union, or its assets and property, or its liabilities.
SB351,64,2320
(k)
Effect of possession. No credit union shall have a lien, or charge for any
21payment, advance or clearance made, or liability thereafter incurred, against any of
22the assets of the credit union of whose property and business the office of credit
23unions shall have taken possession.
SB351,65,1024
(L)
Appeal. If a credit union whose property and business the office of credit
25unions has taken possession of considers itself aggrieved by the office's action, it may,
1at any time within 30 days after the date of the taking, appeal to the credit union
2review board for relief from the possession by the office of credit unions. If the credit
3union review board sustains the office of credit unions, the credit union may, at any
4time within 30 days after the decision of the credit union review board, apply to the
5circuit court of the county in which the credit union is located to enjoin further
6proceedings. The court, after citing the office of credit unions to show cause why
7further proceedings should not be enjoined and after hearing all allegations and
8proofs of the parties and determining the facts, may upon the merits dismiss the
9application or enjoin the office of credit unions from further proceedings, and may
10direct the office to surrender the business and property to the credit union.
SB351,65,1311
(m)
Reinstatement. After the office of credit unions takes over the possession
12and control of the business and property of a credit union, the credit union may
13resume business if all of the following apply:
SB351,65,1614
1. The owners of at least two-thirds of the credit union dollar value of
15outstanding shares execute a petition to resume business, the form of which petition
16shall be prescribed by the office of credit unions.
SB351,65,1917
2. There is submitted to the office of credit unions by the shareholders, or a
18committee selected by them, a plan for the reorganization and reinstatement of the
19credit union.
SB351,65,2120
3. A request for continuation of federal share insurance has been submitted and
21accepted.
SB351,65,2322
4. The office of credit unions recommends that control of the business and
23property of the credit union be returned to the shareholders.
SB351,66,224
5. The court in which the liquidation is pending, upon application of the office
25of credit unions, makes an order approving the office's recommendations, which
1order shall contain a finding that the credit union will be in a safe and sound
2condition when control is resumed by the shareholders.
SB351,66,123
(n)
Reinstatement upon restricted basis. In addition to the procedure under par.
4(m), a credit union may resume business upon a restricted basis, and upon such
5limitations and conditions as may be prescribed by the office of credit unions when
6approved by the circuit court for the county in which the credit union is located, upon
7application of the office of credit unions. The restrictions and conditions may include
8a prohibition against the selling of new shares, reasonable restrictions upon
9withdrawals and the payment of other liabilities. On approval, the credit union shall
10be relieved from the control and supervision of the office of credit unions, but the
11approval does not prohibit the office from again proceeding against the credit union
12if conditions warrant the office's action.
SB351,66,2313
(p)
Liquidating dividends and unclaimed funds. 1. The special deputy shall
14deposit unclaimed liquidating dividends and unclaimed funds remaining unpaid in
15the hands of the special deputy for 6 months after the order for final distribution in
16a corporate central credit union in the name of the office of credit unions in trust for
17the shareholders and creditors of the liquidated credit union. The office of credit
18unions shall annually report to the governor and the chief clerk of each house of
19legislature for distribution to the legislature under s. 13.172 (2) the names of credit
20unions of which the office of credit unions has taken possession and liquidated, and
21the sums of unclaimed and unpaid liquidating dividends and unclaimed funds with
22respect to each of the credit unions and include a statement of interest earned upon
23those funds.
SB351,67,624
2. The office of credit unions may pay over the funds held by the office of credit
25unions under subd. 1. to the persons entitled to the funds, upon being furnished
1satisfactory evidence of their right to the funds. In case of doubt or conflicting claims,
2the office of credit unions may require an order of the circuit court authorizing
3payment. The office of credit unions may apply the interest earned by the funds
4toward defraying the expenses in the payment and distribution of unclaimed
5liquidating dividends and unclaimed funds to the stockholders and creditors entitled
6to receive the dividends and funds.
SB351,67,147
3. One year after the date of the order for final distribution, the office of credit
8unions shall report and deliver to the state treasurer all unclaimed funds as provided
9in ch. 177. All claims subsequently arising shall be presented to the office of credit
10unions. If the office of credit unions determines that any claim should be allowed,
11the office shall certify to the department of administration the name and address of
12the person entitled to payment and the amount of the payment and shall attach the
13claim to the certificate. The department of administration shall certify the claim to
14the state treasurer for payment.
SB351, s. 226
15Section
226. 186.235 (11) (m) 3. of the statutes is created to read:
SB351,67,1716
186.235
(11) (m) 3. A request for continuation of federal share insurance has
17been submitted and accepted.
SB351, s. 227
18Section
227. 186.235 (12) of the statutes is created to read:
SB351,67,2219
186.235
(12) Annual report. (a) The commissioner shall submit to the
20governor, and to the legislature under s. 13.172 (2), an annual report on the general
21conduct and condition of credit unions doing business in this state. The report shall
22be based upon the individual annual reports filed with the commissioner.
SB351,67,2423
(b) The commissioner shall designate the number of copies of the report to be
24made available for general distribution. Each credit union is entitled to one copy.
SB351, s. 228
1Section
228. 186.235 (12) of the statutes, as created by 1995 Wisconsin Act ....
2(this act), is amended to read:
SB351,68,73
186.235
(12) Annual report. (a) The
commissioner office of credit unions shall
4submit to the governor, and to the legislature under s. 13.172 (2), an annual report
5on the general conduct and condition of credit unions doing business in this state.
6The report shall be based upon the individual annual reports filed with the
7commissioner office of credit unions.
SB351,68,108
(b) The
commissioner office of credit unions shall designate the number of
9copies of the report to be made available for general distribution. Each credit union
10is entitled to one copy.
SB351, s. 229
11Section
229. 186.235 (13) of the statutes is created to read:
SB351,68,1512
186.235
(13) Fees for office publications. (a) Whenever copies of reprints of
13this chapter, the annual report of credit unions or any other publication published
14by the office of the commissioner are requested, copies shall be furnished upon
15payment of any fee established by the commissioner.
SB351,68,1916
(b) Upon request, the commissioner may distribute copies of materials
17described under par. (a) free to agencies or legislators of this state or any other state,
18county clerks, the courts of this state, trade organizations and any agencies of the
19United States.
SB351, s. 230
20Section
230. 186.235 (13) of the statutes, as created by 1995 Wisconsin Act ....
21(this act), is amended to read:
SB351,69,222
186.235
(13) Fees for office publications. (a) Whenever copies of reprints of
23this chapter, the annual report of credit unions or any other publication published
24by the office of
the commissioner credit unions are requested, copies shall be
1furnished upon payment of any fee established by the
commissioner office of credit
2unions.
SB351,69,63
(b) Upon request, the
commissioner office of credit unions may distribute copies
4of materials described under par. (a) free to agencies or legislators of this state or any
5other state, county clerks, the courts of this state, trade organizations and any
6agencies of the United States.
SB351, s. 231
7Section
231. 186.235 (14) (a), (b) and (e) of the statutes, as affected by 1995
8Wisconsin Act .... (this act), are amended to read:
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.