AB2, s. 20 24Section 20. 186.113 (11) of the statutes is renumbered 186.113 (11) (a) and
25amended to read:
AB2,18,1
1186.113 (11) (a) Have Offer deposit accounts to members.
AB2, s. 21 2Section 21. 186.113 (11) (b) of the statutes is created to read:
AB2,18,83 186.113 (11) (b) Offer deposit accounts to any person if the credit union satisfies
4the requirements specified in 12 CFR 701.34 (a) for designation as a low-income
5credit union and files a statement with the office of credit unions agreeing to be bound
6by requirements and conditions that are substantially identical to those imposed by
7the national board and the national credit union administration on federal credit
8unions designated under 12 CFR 701.34 (a).
AB2, s. 22 9Section 22. 186.113 (24) of the statutes is created to read:
AB2,18,1110 186.113 (24) Funeral trusts. Accept deposits made by members for the
11purpose of funding burial agreements by trusts created pursuant to s. 445.125.
AB2, s. 23 12Section 23. 186.113 (25) of the statutes is created to read:
AB2,18,1413 186.113 (25) Sale of insurance products. Sell insurance, annuities, and
14related products.
AB2, s. 24 15Section 24. 186.17 (1) of the statutes is repealed and recreated to read:
AB2,18,1816 186.17 (1) Regular reserves. A credit union shall establish and maintain a
17regular reserve account and shall transfer amounts to the regular reserve account
18as required by the national board.
AB2, s. 25 19Section 25. 186.20 of the statutes is created to read:
AB2,18,22 20186.20 Financial privacy. A credit union shall comply with any applicable
21requirements under 15 USC 6801 to 6803 and any applicable regulations prescribed
22by the national credit union administration under 15 USC 6804.
AB2, s. 26 23Section 26. 186.22 (12m) of the statutes is amended to read:
AB2,18,2524 186.22 (12m) Meetings of directors. Section 186.07 (3) and (3m) applies to
25a credit union finance corporation.
AB2, s. 27
1Section 27. 186.235 (7) (a) (intro.) of the statutes is amended to read:
AB2,19,72 186.235 (7) (a) (intro.) Employees of the office of credit unions and members
3of the review board shall keep secret all the facts and information obtained in the
4course of examinations, except or contained in any report provided by a credit union
5other than any semiannual or quarterly financial report that is regularly filed with
6the office of credit unions. This requirement does not apply
in any of the following
7situations:
AB2, s. 28 8Section 28. 186.235 (7) (c) of the statutes is created to read:
AB2,19,129 186.235 (7) (c) If any person mentioned in par. (a) discloses any information
10about the private account or transactions of a credit union or any information
11obtained in the course of an examination of a credit union, except as provided in pars.
12(a) and (b), that person is guilty of a Class I felony.
AB2, s. 29 13Section 29. 186.235 (7m) of the statutes is created to read:
AB2,19,1614 186.235 (7m) Return of examination reports. Examination reports possessed
15by a credit union are confidential, remain the property of the office of credit unions,
16and shall be returned to the office of credit unions immediately upon request.
AB2, s. 30 17Section 30. 186.235 (16) (a) of the statutes is renumbered 186.235 (16) and
18amended to read:
AB2,19,2419 186.235 (16) Annual Periodic examination. At least once each year every 18
20months
, the office of credit unions shall examine the records and accounts of each
21credit union. For that purpose the office of credit unions shall have full access to, and
22may compel the production of, each credit union's records and accounts. They The
23office of credit unions
may administer oaths to and examine each credit union's
24officers and agents.
AB2, s. 31 25Section 31. 186.235 (16) (b) of the statutes is repealed.
AB2, s. 32
1Section 32. 186.235 (16m) of the statutes is created to read:
AB2,20,32 186.235 (16m) Financial privacy examination. The office of credit unions shall
3examine a credit union to determine the credit union's compliance with s. 186.20.
AB2, s. 33 4Section 33. 186.36 of the statutes is amended to read:
AB2,20,8 5186.36 Sale of insurance in credit unions. Any officer or employee of a
6credit union, when acting as an agent for the sale of insurance on behalf of the credit
7union, shall pay all commissions received from the sale of credit life insurance or
8credit accident and sickness
insurance to the credit union.
AB2, s. 34 9Section 34. 186.41 (title) of the statutes is amended to read:
AB2,20,11 10186.41 (title) Interstate acquisition acquisitions and merger mergers
11of credit unions.
AB2, s. 35 12Section 35. 186.41 (1) (a) of the statutes is renumbered 186.41 (1) (bm) and
13amended to read:
AB2,20,1514 186.41 (1) (bm) "In-state Wisconsin credit union" means a credit union having
15its principal office located in this state.
AB2, s. 36 16Section 36. 186.41 (1) (c) of the statutes is renumbered 186.41 (1) (am) and
17amended to read:
AB2,20,2018 186.41 (1) (am) "Regional Out-of-state credit union" means a state or federal
19credit union that has its, the principal office of which is located in one of the regional
20states
a state other than this state.
AB2, s. 37 21Section 37. 186.41 (1) (d) of the statutes is repealed.
AB2, s. 38 22Section 38. 186.41 (2) and (3) of the statutes are amended to read:
AB2,20,2423 186.41 (2) In-state Wisconsin credit union. (a) An in-state A Wisconsin credit
24union may do any of the following:
AB2,21,2
11. Acquire an interest in, or some or all of the assets and liabilities of, one or
2more regional out-of-state credit unions.
AB2,21,33 2. Merge with one or more regional out-of-state credit unions.
AB2,21,74 (b) An in-state A Wisconsin credit union proposing any action under par. (a)
5shall provide the office of credit unions a copy of any original application seeking
6approval by a federal agency or by an agency of the regional another state and of any
7supplemental material or amendments filed in connection with any application.
AB2,21,9 8(3) Regional Out-of-state credit unions. Except as provided in sub. (4), a
9regional
an out-of-state credit union may do any of the following:
AB2,21,1110 (a) Acquire an interest in, or some or all of the assets of, one or more in-state
11Wisconsin credit unions.
AB2,21,1212 (b) Merge with one or more in-state Wisconsin credit unions.
AB2, s. 39 13Section 39. 186.41 (4) (intro.), (a) to (d) and (f) of the statutes are amended to
14read:
AB2,21,1615 186.41 (4) Limitations. (intro.) A regional An out-of-state credit union may
16not take any action under sub. (3) until all of the following conditions have been met:
AB2,21,2017 (a) The office of credit unions finds that the statutes of the regional state in
18which the regional out-of-state credit union has its principal office permit in-state
19Wisconsin credit unions to both acquire regional out-of-state credit union assets and
20merge with one or more regional out-of-state credit unions in the regional that state.
AB2,21,2321 (b) The office of credit unions has not disapproved the acquisition of in-state
22Wisconsin credit union assets or the merger with the in-state Wisconsin credit union
23under sub. (5).
AB2,22,724 (c) The office of credit unions gives a class 3 notice, under ch. 985, in the official
25state newspaper, of the application to take an action under sub. (3) and of the

1opportunity for a hearing and, if at least 25 residents of this state petition for a
2hearing within 30 days of the final notice or if the office of credit unions on its own
3motion calls for a hearing within 30 days of the final notice, the office of credit unions
4holds a public hearing on the application, except that a hearing is not required if the
5office of credit unions finds that an emergency exists and that the proposed action
6under sub. (3) is necessary and appropriate to prevent the probable failure of an
7in-state
a Wisconsin credit union that is closed or in danger of closing.
AB2,22,118 (d) The office of credit unions is provided a copy of any original application
9seeking approval by a federal agency of the acquisition of in-state Wisconsin credit
10union assets or of the merger with an in-state a Wisconsin credit union and of any
11supplemental material or amendments filed with the application.
AB2,22,1412 (f) With regard to an acquisition of assets of an in-state a Wisconsin credit
13union that is chartered on or after May 9, 1986, the in-state Wisconsin credit union
14has been in existence for at least 5 years before the date of acquisition.
AB2, s. 40 15Section 40. 186.41 (5) (a), (b), (c) and (cr) of the statutes are amended to read:
AB2,22,1916 186.41 (5) (a) Considering the financial and managerial resources and future
17prospects of the applicant and of the in-state Wisconsin credit union concerned, the
18action would be contrary to the best interests of the members of the in-state
19Wisconsin credit union.
AB2,22,2220 (b) The action would be detrimental to the safety and soundness of the
21applicant or of the in-state Wisconsin credit union concerned, or to a subsidiary or
22affiliate of the applicant or of the in-state Wisconsin credit union.
AB2,23,223 (c) Because the applicant, its executive officers, or directors have not
24established a record of sound performance, efficient management, financial
25responsibility, and integrity, the action would be contrary to the best interests of the

1creditors, the members or, the other customers of the applicant or of the in-state , the
2Wisconsin
credit union, or contrary to the best interests of the public.
AB2,23,63 (cr) The applicant has failed to propose to provide adequate and appropriate
4services of the type contemplated by the community reinvestment act of 1977 in the
5community in which the in-state Wisconsin credit union which the applicant
6proposes to acquire or merge with is located.
AB2, s. 41 7Section 41. 186.41 (6) (a) of the statutes is renumbered 186.41 (6).
AB2, s. 42 8Section 42. 186.41 (6) (b) of the statutes is repealed.
AB2, s. 43 9Section 43. 186.41 (8) of the statutes is repealed.
AB2, s. 44 10Section 44. 186.45 of the statutes is created to read:
AB2,23,12 11186.45 Non-Wisconsin credit union, Wisconsin offices. (1) Definitions.
12In this section:
AB2,23,1413 (a) "Non-Wisconsin credit union" means a credit union organized under the
14laws of and with its principal office located in a state other than this state.
AB2,23,1515 (b) "Wisconsin credit union" has the meaning given in s. 186.41 (1) (bm).
AB2,23,20 16(2) Approval. A non-Wisconsin credit union may open an office and conduct
17business as a credit union in this state if the office of credit unions finds that
18Wisconsin credit unions are allowed to do business in the other state under
19conditions similar to those contained in this section and that all of the following apply
20to the non-Wisconsin credit union:
AB2,23,2221 (a) It is a credit union organized under laws similar to the credit union laws of
22this state.
AB2,23,2323 (b) It is financially solvent based upon national board ratings.
AB2,23,2424 (c) It has member savings insured with federal share insurance.
AB2,24,2
1(d) It is effectively examined and supervised by the credit union authorities of
2the state in which it is organized.
AB2,24,53 (e) It has received approval to open an office and conduct business as a credit
4union in this state from the credit union authorities of the state in which it is
5organized.
AB2,24,76 (f) It has a need to place an office in this state to adequately serve its members
7in this state.
AB2,24,98 (g) It meets all other relevant standards or qualifications established by the
9office of credit unions.
AB2,24,11 10(3) Requirements. A non-Wisconsin credit that opens an office and conducts
11business as a credit union in this state shall do all of the following:
AB2,24,1312 (a) Grant loans at rates not in excess of the rates permitted for Wisconsin credit
13unions.
AB2,24,1414 (b) Comply with this state's laws.
AB2,24,1515 (c) Designate and maintain an agent for the service of process in this state.
AB2,24,19 16(4) Records. As a condition of a non-Wisconsin credit union doing business in
17this state under this section, the office of credit unions may require copies of
18examination reports and related correspondence regarding the non-Wisconsin
19credit union.
AB2, s. 45 20Section 45. 186.80 of the statutes is created to read:
AB2,24,22 21186.80 False statements. (1) No officer, director, or employee of a credit
22union may do any of the following:
AB2,24,2423 (a) Willfully and knowingly subscribe to or make, or cause to be made, a false
24statement or entry in the books of the credit union.
AB2,25,2
1(b) Knowingly subscribe to or exhibit false information with the intent to
2deceive any person authorized to examine the affairs of the credit union.
AB2,25,43 (c) Knowingly make, state, or publish any false report or statement of the credit
4union.
AB2,25,5 5(2) Any person who violates sub. (1) is guilty of a Class F felony.
AB2, s. 46 6Section 46. 220.04 (9) (a) 2. of the statutes is amended to read:
AB2,25,97 220.04 (9) (a) 2. "Regulated entity" means a bank, universal bank, trust
8company bank, and any other entity which that is described in s. 220.02 (2) or
9221.0526 as under the supervision and control of the division.
AB2, s. 47 10Section 47. 220.14 (5) of the statutes is created to read:
AB2,25,1211 220.14 (5) Contain a statement of the total number of orders issued by the
12division during the year under s. 222.0203 (2).
AB2, s. 48 13Section 48. Chapter 222 of the statutes is created to read:
AB2,25,1514 CHAPTER 222
15 UNIVERSAL BANKS
AB2,25,1716 Subchapter I
17 General Provisions
AB2,25,19 18222.0101 Title. This chapter may be cited as the "Wisconsin universal bank
19law."
AB2,25,20 20222.0102 Definitions. In this chapter:
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