LRB-4795/1
RJM:jld:jf
2001 - 2002 LEGISLATURE
February 12, 2002 - Introduced by Representative Grothman, cosponsored by
Senator M. Meyer. Referred to Committee on Financial Institutions.
AB808,1,2
1An Act to amend 186.06 (4); and
to repeal and recreate 186.17 (1) of the
2statutes;
relating to: credit union reserve accounts.
Analysis by the Legislative Reference Bureau
Under current law, a credit union is required to semiannually determine its
gross income and transfer amounts to its reserve account, which is an account
established by the credit union to cover losses. The national credit union
administration determines the required amount of the transfer. This bill repeals the
requirement that a credit union determine its gross income and semiannually
transfer amounts to its reserve account. Under this bill, a credit union must
establish and maintain a reserve account and must transfer amounts to the reserve
account as required by the national credit union administration.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB808, s. 1
3Section
1. 186.06 (4) of the statutes is amended to read:
AB808,1,64
186.06
(4) Fiscal year. The fiscal year of every credit union shall end at the
5close of business on December 31
and the credit union shall, at least semiannually,
6transfer funds as provided in s. 186.17.
AB808, s. 2
1Section
2. 186.17 (1) of the statutes is repealed and recreated to read:
AB808,2,42
186.17
(1) Regular reserves. A credit union shall establish and maintain a
3regular reserve account and shall transfer amounts to the regular reserve account
4as required by the national board.
