SB520,46 7Section 46. DFI-CU 61.04 of the administrative code is amended to read:
SB520,21,128 DFI-CU 61.04 Dealer financial statements. Credit unions purchasing
9member contracts interests in credit sales transactions made with recourse must
10secure annual sworn financial statements from each participating seller until the
11purchased contracts interests have been paid. These sworn financial statements are
12to be retained by the credit union for review by departmental examiners.
SB520,47 13Section 47. Chapter DFI-CU 65 of the administrative code is repealed.
SB520,48 14Section 48. DFI-CU 66.02 (2) (note) of the administrative code is repealed.
SB520,49 15Section 49. DFI-CU 67.01 of the administrative code is amended to read:
SB520,21,1916 DFI-CU 67.01 Purpose. The director may accept an audit report of a certified
17public accountant who is not an employee of the credit union in lieu of all or a portion
18of the routine examination which is made by or caused to be made by the director as
19required by s. 186.235 (16), Stats.
SB520,50 20Section 50. DFI-CU 67.02 (2) of the administrative code is amended to read:
SB520,21,2221 DFI-CU 67.02 (2) "Accountant" means a certified public accountant who is not
22an employee of the credit union and
is licensed in the state of Wisconsin.
SB520,51 23Section 51. DFI-CU 67.03 (8) of the administrative code is amended to read:
SB520,21,2524 DFI-CU 67.03 (8) The credit union is operating in accordance with regular
25generally accepted credit union accounting principles.
SB520,52
1Section 52. DFI-CU 67.04 (3) and (3) (note) of the administrative code are
2repealed.
SB520,53 3Section 53. DFI-CU 67.04 (4) of the administrative code is amended to read:
SB520,22,84 DFI-CU 67.04 (4) The credit union requesting the director to accept an audit
5by an accountant shall pay to the director the current hourly examination fee
6established by s. 186.235 (14) (c), Stats., for the review and analysis of the audit
7report, and management report and the special report on the forms supplied by the
8director
.
SB520,54 9Section 54. DFI-CU 67.05 (1) of the administrative code is amended to read:
SB520,22,1210 DFI-CU 67.05 (1) The director will analyze and review or cause to have
11analyzed or reviewed the reports and worksheets required by s. DFI-CU 67.04 (2)
12and (3) and determine if they satisfy s. DFI-CU 67.03.
SB520,55 13Section 55. DFI-CU 68.02 (note) of the administrative code is repealed.
SB520,56 14Section 56. DFI-CU 68.03 (2) of the administrative code is amended to read:
SB520,22,1715 DFI-CU 68.03 (2) "Authorized depository financial institution" means any
16bank insured by the federal deposit insurance corporation or savings and loan
17association insured by the federal savings and loan deposit insurance corporation.
SB520,57 18Section 57. DFI-CU 68.06 (2) of the administrative code is amended to read:
SB520,22,2519 DFI-CU 68.06 (2) Authorized depository financial institutions. A credit
20union may invest in deposit accounts of any authorized depository financial
21institution, provided the aggregate investment per institution shall not exceed the
22greater of the deposit insurance limit under federal deposit insurance corporation or
23federal savings and loan insurance corporation
or 1/2 the unimpaired balance of the
24credit union's regular reserve unless the director of credit unions approves
25investment by the credit union exceeding this amount
.
SB520,58
1Section 58. Chapter DFI-CU 70 of the administrative code is repealed.
SB520,59 2Section 59. DFI-CU 72.12 and 72.13 of the administrative code are repealed.
SB520,60 3Section 60. Chapter DFI-CU 74 of the administrative code is repealed.
SB520,61 4Section 61. DFI-SL 6.01 of the administrative code is amended to read:
SB520,23,125 DFI-SL 6.01 Destruction of records. Except where a longer retention period
6is required by another state or federal agency having jurisdiction over the
7association, the division authorizes the destruction of records at the end of the
8applicable minimum retention period determined under
laws, rules, or regulations,
9an association may destroy its records subject to the considerations set forth in
s.
10DFI-SL 6.03. In the destruction of records, the association shall take reasonable
11precautions should be taken to assure the confidentiality of members' accounts
12information in the records.
SB520,62 13Section 62. DFI-SL 6.03 of the administrative code is amended to read:
SB520,23,2114 DFI-SL 6.03 Records retention requirements. Each association shall
15retain its records in a manner consistent with prudent business practices and in
16accordance with this chapter and the other applicable state or federal laws, rules or ,
17and
regulations of state or federal agencies. Each association shall retain its records
18for the minimum period specified in the technical publication of the Financial
19Managers Society, Inc. of Chicago, Illinois, titled "Records Retention Guidelines" and
20dated July 1986
. The record retention system utilized must be able to accurately
21produce such records
.
SB520,63 22Section 63. DFI-SB 6.01 of the administrative code is amended to read:
SB520,24,523 DFI-SB 6.01 Retention of records. Each savings bank shall retain its
24records in a manner consistent with prudent business practices and in accordance
25with this chapter and the other applicable state or federal laws, rules of state

1agencies
, and regulations of federal agencies. Each savings bank shall retain its
2records for the minimum period specified in the technical publication of the Financial
3Managers Society, Inc. of Chicago, Illinois, titled "Records Retention Guidelines" and
4dated 1992
. The record retention system utilized must be able to accurately produce
5such records
.
SB520,64 6Section 64. DFI-SB 6.01 (second note) of the administrative code is repealed.
SB520,65 7Section 65. DFI-SB 6.03 of the administrative code is amended to read:
SB520,24,148 DFI-SB 6.03 Destruction of records. Except where a longer retention period
9is required by another state or federal agency having jurisdiction over the savings
10bank
laws, rules, or regulations, a savings bank may destroy its records at the end
11of the applicable minimum retention period determined under
subject to the
12considerations set forth in
s. DFI-SB 6.01. In the destruction of records, the savings
13bank shall take reasonable precautions to assure the confidentiality of information
14in the records.
SB520,66 15Section 66. DFI-SB 6.05 (1) of the administrative code is amended to read:
SB520,24,1916 DFI-SB 6.05 (1) Microphotography standards. Microphotography may be
17used to commit a savings bank's records to microfilm. The film used shall be of a
18quality which permits it to be legible for at least the retention periods under s.
19DFI-SB 6.01
as long as the records are retained.
SB520,67 20Section 67. Effective dates. This act takes effect on the day after publication,
21except as follows:
SB520,24,2322 (1) The treatment of section 35.93 (2) (b) 4. and (c) 1. and (3) (e) (intro.) and 1.
23of the statutes takes effect on January 1, 2015.
SB520,24,2424 (End)
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