SB44: Bill Text

SB44, s. 2325 Section 2325. 197.10 (4) of the statutes is amended to read:

SB44,915,5 197.10 (4) Insofar as the use, operation, service, management, control, sale, lease, purchase, extension, improvement, rates, value or earnings of the properties of the public utility or provisions looking toward the ultimate acquisition of the same are made subject to the terms of any contract provided for in sub. (1), and so long as said contract remains in force, the following sections of the statutes shall be inapplicable to the same: ss. 195.05, 195.10, 196.02 (1) and (2), 196.05, 196.09, 196.10, 196.11, 196.15, 196.16, 196.19 (6), 196.20, 196.21, 196.22, 196.26, 196.28, 196.30, 196.37, 196.39, 196.40, 196.58, 196.70, 197.01 (2) to (4), 197.02, 197.03, 197.04, 197.05, 197.06, 197.08 and 197.09; provided that nothing in any contract made hereunder shall operate to prevent an appeal to the public service commission by any person, other than a party to said contract, upon any complaint alleging that any rate, fare, charge or classification, or any joint rate, or any regulation, act or practice relating to the production, transmission, delivery or furnishing of gas, heat, light or power, or any service in connection therewith, is unjustly discriminatory, or that any such service is inadequate or cannot be obtained. Upon said appeal the commission shall, as provided by law, determine and by order fix a rate, fare, charge, classification, joint rate or regulation, act or practice or service to be imposed, observed or followed in the future in lieu of that found to be unjustly discriminatory or inadequate.

SB44, s. 2326 Section 2326. 201.01 (1) of the statutes is amended to read:

SB44,915,9 201.01 (1) "Commission" means the office of the commissioner of railroads in the case of railroads and the public service commission in the case of other public service corporations.

SB44, s. 2327 Section 2327. 201.01 (2) of the statutes is amended to read:

SB44,916,3 201.01 (2) "Public service corporation" means and embraces every corporation, except municipalities and other political subdivisions, which is a public utility as defined in s. 196.01, and every corporation which is a railroad as defined in s. 195.02, but shall not include a public utility corporation receiving an annual gross revenue of less than $1,000 for the calendar year next preceding the issuance of any securities by it. "Public service corporation" includes a holding company, as defined under s. 196.795 (1) (h), which is a public utility, as defined under s. 196.01 (5). "Public service corporation" does not include a telecommunications utility, as defined in s. 196.01 (10). "Public service corporation" does not include any other holding company unless the holding company was formed after November 28, 1985, and unless the commission has determined, under s. 196.795 (7) (a), that each nonutility affiliate, as defined under s. 196.795 (1) (j), does not and cannot reasonably be expected to do at least one of the items specified in s. 196.795 (7) (a). "Public service corporation" does not include a company, as defined in s. 196.795 (1) (f), which owns, operates, manages or controls a telecommunications utility, as defined in s. 196.01 (10), unless such company also owns, operates, manages or controls a public utility which is not a telecommunications utility. "Public service corporation" does not include a transmission company, as defined in s. 196.485 (1) (ge).

SB44, s. 2328 Section 2328. 201.10 (3) of the statutes is amended to read:

SB44,916,17 201.10 (3) Whenever the commission deems it necessary to make an investigation of the books, accounts and practices or to make an appraisal of the property of any public service corporation which has filed an application for authority to issue any securities to which this chapter is applicable, such public service corporation shall pay all expenses reasonably attributable to such special investigation, or to such an appraisal of the property. For the purpose of calculating investigative and appraisal expenses of the commission, 90% of the costs determined shall be costs of the commission and 10% of the costs determined shall be costs of state government operations. The procedure set up by s. 195.60 or 196.85, whichever is appropriate, for the rendering and collection of bills shall be in all ways applicable to the rendering and collection of bills under this section. Ninety percent of the amounts paid to the public service commission under authority of this subsection shall be credited to the appropriation account under s. 20.155 (1) (g).

SB44, s. 2329 Section 2329. 201.13 of the statutes is amended to read:

SB44,916,22 201.13 Stock. Subject to the regulatory jurisdiction of the commission under this chapter and to all other applicable provisions of law relating to railroad or other special types of corporations, all classes and series of stock of a public service corporation shall be governed by the provisions of ch. 180.

SB44, s. 2330 Section 2330. 214.01 (1) (im) of the statutes is amended to read:

SB44,916,24 214.01 (1) (im) "Division" means the division of savings institutions banking.

SB44, s. 2331 Section 2331. 214.01 (1) (sr) of the statutes is amended to read:

SB44,917,2 214.01 (1) (sr) "Review board" means the savings bank institutions review board.

SB44, s. 2332 Section 2332. 214.592 of the statutes is amended to read:

SB44,917,8 214.592 Financially related services tie-ins. In any transaction conducted by a savings bank, a savings bank holding company, or a subsidiary of either with a customer who is also a customer of any other subsidiary of any of them, the customer shall be given a notice in 12-point boldface type in substantially the following form:

SB44,917,9 NOTICE OF RELATIONSHIP

SB44,917,14 This company, .... (insert name and address of savings bank, savings bank holding company, or subsidiary), is related to .... (insert name and address of savings bank, savings bank holding company, or subsidiary) of which you are also a customer. You may not be compelled to buy any product or service from either of the above companies or any other related company in order to participate in this transaction.

SB44,917,19 If you feel that you have been compelled to buy any product or service from either of the above companies or any other related company in order to participate in this transaction, you should contact the management of either of the above companies at either of the above addresses or the division of savings institutions banking at .... (insert address).

SB44, s. 2333 Section 2333. 214.72 (1) (b) of the statutes is amended to read:

SB44,917,25 214.72 (1) (b) "Financial regulator" means the department secretary and deputy secretary, and an administrator, a supervisor of data processing, legal counsel and a financial institution examiner employed by the department and the department's legal counsel and includes any member of a financial regulator's immediate family, as defined in s. 19.42 (7).

SB44, s. 2334 Section 2334. 215.01 (6) of the statutes is amended to read:

SB44,918,2 215.01 (6) "Division" means the division of savings institutions banking.

SB44, s. 2335 Section 2335. 215.01 (22) of the statutes is amended to read:

SB44,918,5 215.01 (22) "Review board" means the savings and loan institutions review board.

SB44, s. 2336 Section 2336. 215.02 (title) of the statutes is repealed and recreated to read:

SB44,918,7 215.02 (title) Powers of the division.

SB44, s. 2337 Section 2337. 215.02 (10) (a) 3. of the statutes is amended to read:

SB44,918,19 215.02 (10) (a) 3. An order of removal takes effect on the date issued. A copy of the order shall be served upon the association and upon the officer, director, or employee in the manner provided by law for service of a summons in a court of record or by mailing a copy to the association and officer, director, or employee at their last-known, post-office addresses. Any removal under this subsection has the same effect as if made by the board of directors or the members or stockholders of the association. An officer, director, or employee removed from office or employment under this subsection may not be elected as an officer or director of, or be employed by, an association without the approval of the division and the review board. An order of removal under this subsection is a final order or determination of the review board under s. 215.04 (6) (5).

SB44, s. 2338 Section 2338. 215.04 of the statutes is repealed and recreated to read:

SB44,918,22 215.04 Review board. (1) Duties. The review board shall do all of the following:

SB44,918,23 (a) Advise the division on matters related to this chapter.

SB44,918,24 (b) Review the acts, orders, and determinations of the division.

SB44,919,2 (c) Act on any matters pertaining to this chapter that are submitted to it by the division.

SB44,919,3 (d) Perform other review functions relating to this chapter.

SB44,919,6 (e) Conduct hearings and take testimony, and subpoena and swear witnesses at such hearings. The review board shall have the subpoena powers under s. 885.01 (4).

SB44,919,8 (2) Appearances. An interested party may appear at a proceeding of the review board and may participate in the examination of witnesses and present evidence.

SB44,919,14 (3) Witness fees. A person who causes a witness to be subpoenaed shall advance the fees and mileage expense of the witness. Witness fees shall be the same as fees under s. 814.67 (1) (b) and (c). The fees of witnesses who are called by the review board in the interests of the state shall be paid by the state upon presentation of proper vouchers approved by the chairperson of the review board and charged to the appropriation under s. 20.144 (1) (g).

SB44,920,2 (4) Review of acts, orders, or determinations. Any interested person or a savings association aggrieved by any act, order, or determination of the division, which relates to savings and loan associations, may, within 20 days after receipt or service of a copy of the act, order, or determination, file a written notice requesting the review board's review of the division's act, order, or determination. The review of the division's decision shall be solely to determine if the division acted within the scope of the division's authority and did not act in an arbitrary or capricious manner and to determine if the act, order, or determination of the division is supported by substantial evidence in view of the entire record as submitted. The review of applications for new charters, branch offices, or relocation of offices shall be based exclusively on the record and new evidence may not be taken by the review board. Requests for review under this subsection shall be considered and disposed of as speedily as possible.

SB44,920,6 (5) Review. A determination of the review board is subject to review under ch. 227. If an act, order, or determination of the division is reversed or modified by the review board, the division shall be considered to be a person aggrieved and directly affected by the decision under s. 227.53 (1).

SB44,920,9 (6) Board member not to act. A member of the review board may not act on any matter involving a savings and loan association or savings and loan holding company of which the member is an officer, director, employee, or agent.

SB44, s. 2339 Section 2339. 215.141 of the statutes is amended to read:

SB44,920,15 215.141 Financially related services tie-ins. In any transaction conducted by an association, a savings and loan holding company, or a subsidiary of either with a customer who is also a customer of any other subsidiary of any of them, the customer shall be given a notice in 12-point boldface type in substantially the following form:

SB44,920,16 NOTICE OF RELATIONSHIP

SB44,920,22 This company, ..... (insert name and address of association, savings and loan holding company, or subsidiary), is related to ..... (insert name and address of association, savings and loan holding company, or subsidiary) of which you are also a customer. You may not be compelled to buy any product or service from either of the above companies or any other related company in order to participate in this transaction.

SB44,921,2 If you feel that you have been compelled to buy any product or service from either of the above companies or any other related company in order to participate in this transaction, you should contact the management of either of the above companies at either of the above addresses or the division of savings institutions banking at .... (insert address).

SB44, s. 2340 Section 2340. 215.32 (3) of the statutes is amended to read:

SB44,921,8 215.32 (3) Employment of counsel; retention of officers and employees of association. The division On behalf of the division, the department of administration may employ necessary counsel and the division may employ experts in a liquidation under this section and may retain any officer or employee of the association.

SB44, s. 2341 Section 2341. 215.33 (3) (b) 2. of the statutes is amended to read:

SB44,921,14 215.33 (3) (b) 2. The accounts of the association are insured by the deposit insurance corporation or any other insurer acceptable to the division, or that adequate and sufficient securities have been deposited with the state treasurer secretary of administration to assure that the association will meet its obligations to the residents of this state.

SB44, s. 2342 Section 2342. 215.40 (18) of the statutes is amended to read:

SB44,921,19 215.40 (18) Appeal by applicants after being denied certificate of authority. If the division refuses to grant a certificate of authority to organize an association, and the applicants feel aggrieved thereby, they may appeal to the review board to review the division's determination under s. 215.04 (1) (d) (b) and (4).

SB44, s. 2343 Section 2343. 220.02 (2) (e) and (f) of the statutes are created to read:

SB44,921,21 220.02 (2) (e) Savings banks under ch. 214.

SB44,921,22 (f) Savings and loan associations under ch. 215.

SB44, s. 2344 Section 2344. 220.02 (3) of the statutes is amended to read:

SB44,922,6 220.02 (3) It is the intent of sub. (2) to give the division jurisdiction to enforce and carry out all laws relating to banks or banking in this state, including those relating to state banks, savings banks, savings and loan associations, and trust company banks, and also all laws relating to small loan companies or other loan companies or agencies, finance companies, motor vehicle dealers, adjustment service companies, community currency exchanges, and collection agencies and those relating to sellers of checks under ch. 217, whether doing business as corporations, individuals, or otherwise, but to exclude laws relating to credit unions.

SB44, s. 2345 Section 2345. 220.08 (4) of the statutes is amended to read:

SB44,922,24 220.08 (4) The division may appoint one or more special deputies, as agent or agents, to assist the division in the duty of reorganization, consolidation, liquidation and distribution, the certificate of appointment to be filed with the division and a certified copy in the office of the clerk of the circuit court for the county in which such bank or banking corporation is located. Such special deputies may execute, acknowledge and deliver any and all deeds, assignments, releases or other instruments necessary and proper to effect any sale and transfer or encumbrance of real estate or personal property after the same has been approved by the division, and an order obtained from the circuit court of the county in which the bank concerned is located. The division may from time to time authorize a special deputy to perform such duties connected with such reorganization, consolidation, liquidation and distribution as the division deems proper. The division On behalf of the division, the department of administration may employ such counsel and the division may procure such expert assistance and advice as may be necessary in the reorganization, consolidation, liquidation and distribution of the assets of such banks or banking corporations. The division may retain such of the officers or employees of such banks or banking corporations as necessary.

SB44, s. 2346 Section 2346. 221.0303 (2) of the statutes is amended to read:

SB44,923,17 221.0303 (2) Operation and acquisition of customer bank communications terminals. A bank may, directly or indirectly, acquire, place , and operate, or participate in the acquisition, placement, and operation of, at locations other than its main or branch offices, customer bank communications terminals, in accordance with rules established by the division. The rules of the division shall provide that any such customer bank communications terminal shall be available for use, on a nondiscriminatory basis, by any state or national bank and by all customers designated by a bank using the terminal. This subsection does not authorize a bank which has its principal place of business outside this state to conduct banking business in this state. The customer bank communications terminals also shall be available for use, on a nondiscriminatory basis, by any credit union, savings and loan association, or savings bank, if the credit union, savings and loan association, or savings bank requests to share its use, subject to rules jointly established by the division of banking, and the office of credit unions and the division of savings institutions. The division by order may authorize the installation and operation of a customer bank communications terminal in a mobile facility, after notice and hearing upon the proposed service stops of the mobile facility.

SB44, s. 2347 Section 2347. 221.0320 (3) (a) of the statutes is amended to read:

SB44,923,20 221.0320 (3) (a) In this subsection, "local governmental unit" has the meaning given in s. 22.01 16.97 (7).

SB44, s. 2348 Section 2348. 221.0321 (5) of the statutes is amended to read:

SB44,924,5 221.0321 (5) Certain secured loans. A bank may make loans secured by assignment or transfer of stock certificates or other evidence of the borrower's ownership interest in a corporation formed for the cooperative ownership of real estate. Sections 846.10 and 846.101, as they apply to a foreclosure of a mortgage involving a one-family residence, apply to a proceeding to enforce the lender's rights in security given for a loan under this subsection. The division shall promulgate joint rules with the office of credit unions and the division of savings institutions that establish procedures for enforcing a lender's rights in security given for a loan under this subsection.

SB44, s. 2349 Section 2349. 223.02 (1) (intro.) of the statutes is amended to read:

SB44,924,9 223.02 (1) Indemnity fund deposit. (intro.) Deposit at least $100,000 with the state treasurer secretary of administration or the state treasurer's secretary's agent in accordance with the following provisions:

SB44, s. 2350 Section 2350. 223.02 (1) (b) of the statutes is amended to read:

SB44,924,17 223.02 (1) (b) The state treasurer secretary of administration or the state treasurer's secretary's agent shall pay over to the bank trust company the interest, dividends, or other income on deposit or may authorize the bank trust company to collect the interest, dividends, or other income. The state treasurer secretary of administration shall issue a certificate stating that a deposit has been made with the state treasurer secretary of administration or the state treasurer's secretary's agent in the manner provided in this section.

SB44, s. 2351 Section 2351. 223.02 (1) (c) of the statutes is amended to read:

SB44,924,25 223.02 (1) (c) The state treasurer secretary of administration or the state treasurer's secretary's agent shall hold the deposit as security for the faithful execution of any trust which may be lawfully imposed upon and accepted by the trust company bank. The cash or securities shall remain in the possession of the state treasurer secretary of administration or the state treasurer's secretary's agent until otherwise ordered by a court of competent jurisdiction, unless released pursuant to par. (d).

SB44, s. 2352 Section 2352. 223.02 (1) (d) of the statutes is amended to read:

SB44,925,6 223.02 (1) (d) The securities and cash deposited by a trust company bank may be released by the state treasurer secretary of administration or the state treasurer's secretary's agent and returned to the bank, if the division certifies to the state treasurer secretary of administration that the bank no longer exercises trust powers and that the division is satisfied that there are no outstanding trust liabilities.

SB44, s. 2353 Section 2353. 223.02 (1) (e) of the statutes is amended to read:

SB44,925,13 223.02 (1) (e) The state treasurer secretary of administration may designate a banking corporation, having an authorized capital of $1,000,000 or more, to act as an agent to hold the cash or securities in safekeeping. The agent shall furnish to the state treasurer secretary of administration a safekeeping receipt for all cash and securities received by it. The agent shall pay the cash and securities to the state treasurer secretary of administration on demand without conditions.

SB44, s. 2354 Section 2354. 223.105 (3) (a) of the statutes is amended to read:

SB44,925,21 223.105 (3) (a) To assure compliance with such rules as may be established under s. 220.04 (7), the division of banking, and the office of credit unions and the division of savings institutions shall, at least once every 18 months, examine the fiduciary operations of each organization which is under its respective jurisdiction and is subject to examination under sub. (2). If a particular organization subject to examination under sub. (2) is not otherwise under the jurisdiction of one of the foregoing agencies, such examination shall be conducted by the division of banking.

SB44, s. 2355 Section 2355. 223.105 (4) of the statutes is amended to read:

SB44,926,7 223.105 (4) Notice of fiduciary operation. Except for those organizations licensed under ch. 221 or this chapter, any organization engaged in fiduciary operations as defined in this section shall, as required by rule, notify the division of banking, or the office of credit unions or the division of savings institutions of that fact, directing the notice to the agency then exercising regulatory authority over the organization or, if there is none, to the division of banking. Any organization which intends to engage in fiduciary operations shall, prior to engaging in such operations, notify the appropriate agency of this intention. The notifications required under this subsection shall be on forms and contain information required by the rules promulgated by the division of banking.

SB44, s. 2356 Section 2356. 223.105 (5) of the statutes is amended to read:

SB44,926,15 223.105 (5) Enforcement remedy. The division of banking or the division of savings institutions or office of credit unions shall, upon the failure of such organization to submit notifications or reports required under this section or otherwise to comply with the provisions of this section, or rules established by the division of banking under s. 220.04 (7), upon due notice, order such defaulting organization to cease and desist from engaging in fiduciary activities and may apply to the appropriate court for enforcement of such order.

SB44, s. 2357 Section 2357. 223.105 (6) of the statutes is amended to read:

SB44,926,24 223.105 (6) Sunset. Except for an organization regulated by the office of credit unions or the division of savings institutions, a savings bank or savings and loan association regulated by the division of banking, or an organization authorized by the division of banking to operate as a bank or trust company under ch. 221 or this chapter, an organization may not begin activity as a fiduciary operation under this section after May 12, 1992. An organization engaged in fiduciary operations under this section on May 12, 1992, may continue to engage in fiduciary operations after that date.

SB44, s. 2358 Section 2358. 223.20 (3) of the statutes is amended to read:

SB44,927,8 223.20 (3) Surrender of trust powers. If a converted trust company bank has been fully discharged of all trusts committed to it, it may, by amendment to its articles of incorporation, duly adopted by its stockholders and approved by the division, surrender its powers to act in a fiduciary capacity. A trust company bank that surrenders its trust powers under this subsection shall eliminate from its corporate name the word "trust;" "trust" and may thereupon withdraw from the state treasurer secretary of administration all securities and cash that it has deposited with the state treasurer secretary of administration pursuant to s. 223.02.

SB44, s. 2359 Section 2359. 224.71 (3) (b) 1m. of the statutes is amended to read:

SB44,927,11 224.71 (3) (b) 1m. A community-based organization, as defined in s. 16.30 560.9801 (1), or a housing authority, as defined in s. 16.30 560.9801 (2).

SB44, s. 2360 Section 2360. 224.71 (4) (b) 1m. of the statutes is amended to read:

SB44,927,14 224.71 (4) (b) 1m. A community-based organization, as defined in s. 16.30 560.9801 (1), or a housing authority, as defined in s. 16.30 560.9801 (2).