AB898,32,1414 10. Securities and bond underwriting.
AB898,32,1515 11. Mutual fund activities.
AB898,32,1616 12. Financial consulting.
AB898,32,1717 13. Tax planning and preparation.
AB898,32,1818 14. Community development and charitable activities.
AB898,32,1919 15. Debt cancellation contracts.
AB898,32,2120 16. Any activities reasonably related or incident to activities under subds. 1.
21to 15.
AB898,33,422 (b) An activity that is authorized by statute or regulation for financial
23institutions to engage in as of the effective date of this paragraph .... [revisor inserts
24date], is an activity that is reasonably related to or incident to the purposes of a
25universal bank. An activity permitted under the Bank Holding Company Act is an

1activity that is reasonably related to or incident to the purposes of a universal bank.
2The list of activities reasonably related or incident to the purposes of a universal
3bank may be expanded by the division. Any additional activity approved by the
4division shall be authorized for all universal banks.
AB898,33,7 5(3) Notice requirement. A universal bank shall give 60 days' prior written
6notice to the division of the universal bank's intention to engage in an activity under
7this section.
AB898,33,13 8(4) Standards for denial. The division may deny the authority of a universal
9bank to engage in an activity under this section, other than those activities described
10in sub. (2) (a) 1. to 16., if the division determines that the activity is not an activity
11reasonably related or incident to the purposes of a universal bank or that the
12financial institution is not well-capitalized or adequately capitalized or is the subject
13of an enforcement action.
AB898,33,17 14(5) Insurance intermediation. A universal bank, or an officer or salaried
15employe of a universal bank, may obtain a license as an insurance intermediary, if
16otherwise qualified. A universal bank may not, directly or indirectly through a
17subsidiary, engage in the business of underwriting insurance.
AB898,33,19 18(6) Other activities approved by the division. A universal bank may engage
19in any other activity that is approved by the division.
AB898,33,23 20(7) Activities provided through a subsidiary. A universal bank may engage
21in activities under this section, directly or indirectly through a subsidiary, unless the
22division determines that an activity must be conducted through a subsidiary with
23appropriate safeguards to limit the risk exposure of the universal bank.
AB898,34,4 24(8) Limitations on investments through subsidiaries. The amount of the
25investment in any one subsidiary that engages in an activity under this section may

1not exceed 20% of capital or, if approved by the division, a higher percentage
2authorized by the division. The aggregate investment in all subsidiaries that engage
3in an activity under this subsection may not exceed 50% of capital or, if approved by
4the division, a higher percentage authorized by the division.
AB898,34,7 5(9) Ownership of subsidiaries. A subsidiary that engages in an activity under
6this section may be owned jointly, with one or more other financial institutions,
7individuals or entities.
AB898,34,9 8222.0415 Trust powers. Subject to rules of the division, a universal bank may
9exercise trust powers in accordance with s. 221.0316.
AB898, s. 20 10Section 20. 223.105 (3) (a) of the statutes is amended to read:
AB898,34,1711 223.105 (3) (a) To assure compliance with such rules as may be established
12under s. 220.04 (7) the division of banking, the office of credit unions and the division
13of savings and loan institutions shall, at least once every 18 months, examine the
14fiduciary operations of each organization which is under its respective jurisdiction
15and is subject to examination under sub. (2). If a particular organization subject to
16examination under sub. (2) is not otherwise under the jurisdiction of one of the
17foregoing agencies, such examination shall be conducted by the division of banking.
AB898, s. 21 18Section 21. 223.105 (4) of the statutes, as affected by 1997 Wisconsin Act 35,
19is amended to read:
AB898,35,420 223.105 (4) Notice of fiduciary operation. Except for those organizations
21licensed under ch. 221 or this chapter, any organization engaged in fiduciary
22operations as defined in this section shall, as required by rule, notify the division of
23banking, the office of credit unions or the division of savings and loan institutions of
24that fact, directing the notice to the agency then exercising regulatory authority over
25the organization or, if there is none, to the division of banking. Any organization

1which intends to engage in fiduciary operations shall, prior to engaging in such
2operations, notify the appropriate agency of this intention. The notifications
3required under this subsection shall be on forms and contain information required
4by the rules promulgated by the division of banking.
AB898, s. 22 5Section 22. 223.105 (5) of the statutes is amended to read:
AB898,35,126 223.105 (5) Enforcement remedy. The division of banking or the division of
7savings and loan institutions or office of credit unions shall upon the failure of such
8organization to submit notifications or reports required under this section or
9otherwise to comply with the provisions of this section, or rules established by the
10division of banking under s. 220.04 (7), upon due notice, order such defaulting
11organization to cease and desist from engaging in fiduciary activities and may apply
12to the appropriate court for enforcement of such order.
AB898, s. 23 13Section 23. 223.105 (6) of the statutes is amended to read:
AB898,35,2014 223.105 (6) Sunset. Except for an organization regulated by the office of credit
15unions or the division of savings and loan institutions or an organization authorized
16by the division of banking to operate as a bank or trust company under ch. 221 or this
17chapter, an organization may not begin activity as a fiduciary operation under this
18section after May 12, 1992. An organization engaged in fiduciary operations under
19this section on May 12, 1992, may continue to engage in fiduciary operations after
20that date.
AB898, s. 24 21Section 24. 227.52 (5) of the statutes, as affected by 1997 Wisconsin Act 27,
22is amended to read:
AB898,35,2323 227.52 (5) Decisions of the division of savings and loan institutions.
AB898, s. 25 24Section 25. 227.53 (1) (b) 4. of the statutes is amended to read:
AB898,36,4
1227.53 (1) (b) 4. The savings and loan review board, the division of savings and
2loan
institutions, except if the petitioner is the division of savings and loan
3institutions, the prevailing parties before the savings and loan review board shall be
4the named respondents.
AB898, s. 26 5Section 26. 227.53 (1) (b) 5. of the statutes is amended to read:
AB898,36,96 227.53 (1) (b) 5. The savings bank review board, the division of savings and loan
7institutions, except if the petitioner is the division of savings and loan institutions,
8the prevailing parties before the savings bank review board shall be the named
9respondents.
AB898, s. 27 10Section 27. 552.23 (1) of the statutes is amended to read:
AB898,36,2111 552.23 (1) If the target company is an insurance company subject to regulation
12by the commissioner of insurance, a banking corporation subject to regulation by the
13division of banking, a savings bank or savings and loan association subject to
14regulation by the division of savings and loan institutions, or a company subject to
15regulation by the public service commission, the department of transportation or the
16office of the commissioner of railroads, the division of securities shall promptly
17furnish a copy of the registration statement filed under this chapter to the regulatory
18agency having supervision of the target company. Any hearing under this chapter
19involving any such target company shall be held jointly with the regulatory agency
20having supervision, and any determination following the hearing shall be made
21jointly with that regulatory agency.
AB898, s. 28 22Section 28. 813.16 (7) of the statutes is amended to read:
AB898,37,323 813.16 (7) If the person seeking the appointment of a receiver under sub. (1)
24is a corporation supervised by the division of savings and loan institutions, home
25loan bank board, U.S. office of thrift supervision, federal deposit insurance

1corporation or resolution trust corporation, the court, unless the opposing party
2objects, shall appoint an officer of such corporation as receiver to act without
3compensation and to give such bond as the court requires.
AB898, s. 29 4Section 29. 992.21 of the statutes is created to read:
AB898,37,9 5992.21 Actions by division of savings and loan validated. Any action
6taken by the division of savings and loan between July 1, 1996, and the effective date
7of this section .... [revisor inserts date], under the name of the division of savings
8institutions has the same force and effect in all respects as if the action had been
9taken under the name of the division of savings and loan.
AB898, s. 30 10Section 30. Nonstatutory provisions.
AB898,37,1811 (1) Emergency rule-making authority. Using the procedure under section
12227.24 of the statutes, the division of banking shall promulgate rules required under
13chapter 222 of the statutes, as created by this act, for the period before permanent
14rules become effective, but not to exceed the period authorized under section 227.24
15(1) (c) and (2) of the statutes. Notwithstanding section 227.24 (1) (a) and (2) (b) of the
16statutes, the division of banking need not provide evidence of the necessity of
17preservation of the public peace, health, safety or welfare in promulgating rules
18under this subsection.
AB898, s. 31 19Section 31. Effective dates. This act takes effect on the day after
20publication, except as follows:
AB898,37,2321 (1) Universal banking. The treatment of section 220.04 (9) (a) 2. and chapter
22222 of the statutes takes effect on the first day of the 3rd month beginning after
23publication.
AB898,37,2424 (End)
Loading...
Loading...