LRB-4657/1
ARG:amn
2017 - 2018 LEGISLATURE
December 5, 2017 - Introduced by Representatives Jarchow, Stafsholt, Petersen,
Kooyenga and Fields, cosponsored by Senators Craig and Feyen. Referred to
Committee on Financial Institutions.
AB715,1,2 1An Act to amend 223.12 (3) of the statutes; relating to: foreign corporations
2conducting business as a fiduciary in this state.
Analysis by the Legislative Reference Bureau
This bill allows certain foreign corporations acting in a fiduciary capacity to
establish or maintain places of business or branch offices in this state.
Current law allows a foreign corporation to act in this state as a trustee,
personal representative, or guardian, or in a similar fiduciary capacity, without
complying with this state's laws relating to the qualification of a domestic
corporation to conduct a trust business or the qualification of a foreign corporation,
if certain requirements are met, including that the foreign corporation is authorized
to act as a fiduciary in its state of incorporation. Before the foreign corporation may
so act as a fiduciary under this exemption, the foreign corporation must obtain from
the Division of Banking in the Department of Financial Institutions a certificate of
authority to act in a fiduciary capacity, unless the foreign corporation was eligible to
act in a fiduciary capacity prior to May 7, 1996. If a foreign corporation conducts
business in this state as a fiduciary under this exemption, the foreign corporation
may not establish or maintain in this state a place of business or branch office for the
conduct of business as a fiduciary.
This bill allows a foreign corporation that has been issued a certificate of
authority to act in a fiduciary capacity after December 31, 2003, to establish or

maintain in this state a place of business or branch office for the conduct of business
as a fiduciary.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB715,1 1Section 1. 223.12 (3) of the statutes is amended to read:
AB715,2,62 223.12 (3) Restrictions on in-state presence. A foreign corporation acting
3under sub. (1) may not establish or maintain in this state a place of business or
4branch office for the conduct of business as a fiduciary unless it has been issued a
5certificate of authority under sub. (4)
, but may establish and maintain in this state
6one or more representative offices if those offices do not act in a fiduciary capacity.
AB715,2 7Section 2. Initial applicability.
AB715,2,98 (1) This act first applies to certificates of authority initially issued after
9December 31, 2003.
AB715,2,1010 (End)
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