SB407, s. 5 15Section 5. 186.02 (2) (a) 5k. of the statutes is repealed.
SB407, s. 6 16Section 6. 186.02 (2) (f) of the statutes is repealed.
SB407, s. 7 17Section 7. 186.07 (5) (c) of the statutes is amended to read:
SB407,3,1918 186.07 (5) (c) The director is unable to be bonded for all activities of the credit
19union
in accordance with the standards set by the board of directors.
SB407, s. 8 20Section 8. 186.07 (6) of the statutes is amended to read:
SB407,4,9
1186.07 (6) Removal notice and appeal. A director who is removed under sub.
2(5) or s. 186.071 (2) shall be given notice of removal and shall be given an opportunity
3to appeal before the board of directors
. The removed director may petition the board
4of directors to reconsider its decision. If the board of directors does not reinstate the
5director, the director may appeal the decision of the board of directors to the office
6of credit unions. If the office of credit unions determines that the removal of the
7director was improper, the office of credit unions shall order the reinstatement of the
8director and, if the board of directors has already appointed a person to fill the
9vacancy created by the removal of the director, the removal of such person
.
SB407, s. 9 10Section 9. 186.071 (1) (a) of the statutes is amended to read:
SB407,4,1311 186.071 (1) (a) Keep confidential the financial affairs of credit union members,
12unless state and federal laws, security requirements or sound lending practices
13require permit disclosure.
SB407, s. 10 14Section 10. 186.071 (1) (b) of the statutes is amended to read:
SB407,4,1715 186.071 (1) (b) Keep confidential the records and accounts of the credit union
16and the deliberations of the board of directors unless state or federal law requires
17permits disclosure.
SB407, s. 11 18Section 11. 186.08 (1m) (c) of the statutes is amended to read:
SB407,4,2019 186.08 (1m) (c) Setting the type and amount of surety bond required of each
20officer having custody of funds for directors, officers and employes.
SB407, s. 12 21Section 12. 186.08 (1m) (f) of the statutes is repealed.
SB407, s. 13 22Section 13. 186.08 (1m) (g) of the statutes is repealed.
SB407, s. 14 23Section 14. 186.098 (13) of the statutes is amended to read:
SB407,5,1024 186.098 (13) Liens. (a) Subject to any limitation on security interests
25identified in s. 422.417 (3) and if the loan agreement or endorsement permits it, a

1credit union shall have a lien on the share deposits and deposit accounts and
2accumulated dividends of a member for any amount owed the credit union by the
3member and for any loan endorsed by the member. Upon the default of the owner
4of the account in an obligation owed to the credit union, the credit union shall have
5a right of immediate setoff for each share deposit and deposit account unless
6prohibited under 12 CFR 226.12 (d). Sections If the loan is a consumer credit
7transaction as defined in s. 421.301 (10), ss.
425.104 and 425.105 apply to a default
8under this paragraph. The credit union may also refuse to allow withdrawals from
9any share deposit or deposit account in an amount not to exceed any delinquent
10obligation to the credit union.
SB407,5,1311 (b) The credit union may waive its rights to a lien, to immediate setoff or to
12restrict withdrawals or to any combination of these rights for any share deposit or
13deposit
account.
SB407, s. 15 14Section 15. 186.10 (2) of the statutes is amended to read:
SB407,5,1915 186.10 (2) Shares in trust. Shares may be issued in trust, subject to any
16conditions prescribed in the bylaws. Share accounts and deposit accounts may be
17owned held by a member in trust for a beneficiary, or owned held by a nonmember
18in trust for a beneficiary who is a member or held by a nonmember custodian for a
19member pursuant to ss. 880.61 to 880.72
.
SB407, s. 16 20Section 16. 186.113 (1) of the statutes is amended to read:
SB407,5,2521 186.113 (1) Branch offices. If the need and necessity exist and with the
22approval of the office of credit unions, establish branch offices inside this state or no
23more than 25 miles outside of this state. Permanent records may be maintained at
24branch offices established under this subsection. In this subsection, the term
25"branch office" does not include a remote terminal.
SB407, s. 17
1Section 17. 186.113 (1m) (title) of the statutes is created to read:
SB407,6,22 186.113 (1m) (title) Limited services offices.
SB407, s. 18 3Section 18. 186.113 (11) of the statutes is repealed.
SB407, s. 19 4Section 19. 186.113 (23) of the statutes is created to read:
SB407,6,65 186.113 (23) Accept investments. Accept investments made by state or
6federally chartered credit unions.
SB407, s. 20 7Section 20. 186.12 (2) of the statutes is amended to read:
SB407,6,118 186.12 (2) Sureties. A member of the credit committee or a loan officer shall
9not, directly or indirectly, become surety for any loan or advance made by the credit
10union, unless the credit committee member or loan officer receives the prior approval
11of the board of directors to act in such capacity
.
SB407, s. 21 12Section 21. 186.13 of the statutes is amended to read:
SB407,6,21 13186.13 Expulsion. If the board of directors adopts a written policy, a credit
14union may expel a member if the member neglects or refuses to comply with this
15chapter or the credit union bylaws or if the board has other just cause. The credit
16union shall provide notice to the member in writing of the reason for expulsion. The
17notice shall include a description of the member's right to a hearing and the time
18period for the member to request a hearing
. If a member requests a hearing in
19writing within 45 days of receipt of the expulsion notice, the board shall give the
20member an opportunity to be heard on the expulsion within 90 days after the date
21of the expulsion notice.
SB407, s. 22 22Section 22. 186.19 of the statutes is repealed and recreated to read:
SB407,6,25 23186.19 Bonding requirements. A credit union shall maintain the necessary
24bonds for directors, officers and employes according to any standards prescribed by
25the national board.
SB407, s. 23
1Section 23. 220.285 (1) of the statutes is amended to read:
SB407,7,132 220.285 (1) Any state bank, trust company bank, licensee under s. 138.09,
3138.12, 218.01, 218.02, 218.04 or 218.05 or ch. 217 or credit union may cause any or
4all records kept by such bank, licensee or credit union to be recorded, copied or
5reproduced by any photostatic, photographic or miniature photographic process or
6by optical imaging if the process employed correctly, accurately and permanently
7copies, reproduces or forms a medium for copying, reproducing or recording the
8original record on a film or other durable material. A bank, or licensee or credit union
9may thereafter dispose of the original record after first obtaining the written consent
10of the division; a credit union may thereafter dispose of the original record after first
11obtaining the written consent of the office of credit unions
. This section, excepting
12that part of it which requires written consent of the division, is applicable to national
13banking associations insofar as it does not contravene federal law.
SB407, s. 24 14Section 24. 708.10 (1) (e) 2. of the statutes is amended to read:
SB407,7,1515 708.10 (1) (e) 2. Cashier's check or teller's check.
SB407, s. 25 16Section 25. 708.10 (1) (e) 3. of the statutes is amended to read:
SB407,7,1917 708.10 (1) (e) 3. A check that is negotiable, as defined in s. 403.104 (1), and on
18which the lender or an affiliate of the lender is the payer drawer, as defined in s.
19403.103 (1) (c)
.
SB407, s. 26 20Section 26. Initial applicability.
SB407,7,2321 (1) Disposal of applications for review. The treatment of section 186.015 (5)
22of the statutes first applies to applications for review submitted on the effective date
23of this subsection.
SB407,8,2
1(2) Director removal. The treatment of section 186.07 (6) of the statutes first
2applies to directors removed on the effective date of this subsection.
SB407,8,33 (End)
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