SB274: Bill Text

SB274,13,20 (c) The office of credit unions gives a class 3 notice, under ch. 985, in the official state newspaper, of the application to take an action under sub. (3) and of the opportunity for a hearing and, if at least 25 residents of this state petition for a hearing within 30 days of the final notice or if the office of credit unions on its own motion calls for a hearing within 30 days of the final notice, the office of credit unions holds a public hearing on the application, except that a hearing is not required if the office of credit unions finds that an emergency exists and that the proposed action under sub. (3) is necessary and appropriate to prevent the probable failure of an in-state a Wisconsin credit union that is closed or in danger of closing.

SB274,13,24 (d) The office of credit unions is provided a copy of any original application seeking approval by a federal agency of the acquisition of in-state Wisconsin credit union assets or of the merger with an in-state a Wisconsin credit union and of any supplemental material or amendments filed with the application.

SB274,14,3 (f) With regard to an acquisition of assets of an in-state a Wisconsin credit union that is chartered on or after May 9, 1986, the in-state Wisconsin credit union has been in existence for at least 5 years before the date of acquisition.

SB274, s. 35 Section 35. 186.41 (5) (a), (b), (c) and (cr) of the statutes are amended to read:

SB274,14,8 186.41 (5) (a) Considering the financial and managerial resources and future prospects of the applicant and of the in-state Wisconsin credit union concerned, the action would be contrary to the best interests of the members of the in-state Wisconsin credit union.

SB274,14,11 (b) The action would be detrimental to the safety and soundness of the applicant or of the in-state Wisconsin credit union concerned, or to a subsidiary or affiliate of the applicant or of the in-state Wisconsin credit union.

SB274,14,16 (c) Because the applicant, its executive officers or directors have not established a record of sound performance, efficient management, financial responsibility and integrity, the action would be contrary to the best interests of the creditors, members or other customers of the applicant or of the in-state Wisconsin credit union or contrary to the best interests of the public.

SB274,14,20 (cr) The applicant has failed to propose to provide adequate and appropriate services of the type contemplated by the community reinvestment act of 1977 in the community in which the in-state Wisconsin credit union which the applicant proposes to acquire or merge with is located.

SB274, s. 36 Section 36. 186.41 (6) (a) of the statutes is renumbered 186.41 (6).

SB274, s. 37 Section 37. 186.41 (6) (b) of the statutes is repealed.

SB274, s. 38 Section 38. 186.41 (8) of the statutes is repealed.

SB274, s. 39 Section 39. 186.45 of the statutes is created to read:

SB274,15,2 186.45 Non-Wisconsin credit union, Wisconsin offices. (1) Definitions. In this section:

SB274,15,4 (a) "Non-Wisconsin credit union" means a credit union organized under the laws of and with its principal office located in a state other than this state.

SB274,15,5 (b) "Wisconsin credit union" has the meaning given in s. 186.41 (1) (bm).

SB274,15,10 (2) Approval. A non-Wisconsin credit union may open an office and conduct business as a credit union in this state if the office of credit unions finds that Wisconsin credit unions are allowed to do business in the other state under conditions similar to those contained in this section and that all of the following apply to the non-Wisconsin credit union:

SB274,15,12 (a) It is a credit union organized under laws similar to the credit union laws of this state.

SB274,15,13 (b) It is financially solvent based upon national board ratings.

SB274,15,14 (c) It has member savings insured with federal share insurance.

SB274,15,16 (d) It is effectively examined and supervised by the credit union authorities of the state in which it is organized.

SB274,15,18 (e) It has received approval from the credit union authorities of the state in which it is organized.

SB274,15,20 (f) It has a need to place an office in this state to adequately serve its members in this state.

SB274,15,22 (g) It meets all other relevant standards or qualifications established by the office of credit unions.

SB274,15,24 (3) Requirements. A non-Wisconsin credit union shall agree to do all of the following:

SB274,16,2 (a) Grant loans at rates not in excess of the rates permitted for Wisconsin credit unions.

SB274,16,3 (b) Comply with this state's laws.

SB274,16,4 (c) Designate and maintain an agent for the service of process in this state.

SB274,16,8 (4) Records. As a condition of a non-Wisconsin credit union doing business in this state under this section, the office of credit unions may require copies of examination reports and related correspondence regarding the non-Wisconsin credit union.

SB274, s. 40 Section 40. 186.80 of the statutes is created to read:

SB274,16,13 186.80 False statements. A person who knowingly publishes false reports or makes false statements about a credit union may be fined not less than $1,000 nor more than $5,000 or imprisoned for not less than one year nor more than 15 years or both.

SB274,16,14 (End)