221.0903(1)(b)3.
3. With respect to a foreign bank, the state determined to be the home state of the foreign bank under
12 USC 3103 (c).
221.0903(1)(d)
(d) "Out-of-state bank" means a bank with a home state other than this state.
221.0903(1)(dm)
(dm) "Out-of-state state bank" means a bank chartered under the laws of any state other than this state.
221.0903(1)(e)
(e) "State bank" means a bank chartered under this chapter.
221.0903(2)
(2) Notice and filing requirements. Each out-of-state state bank that has an in-state branch shall give the division notice of any merger, consolidation or other transaction that would cause a change of control with respect to the out-of-state state bank or a bank holding company of the out-of-state state bank, such that a filing would be required under
12 USC 1817 (j) or
12 USC 1841 to
1850. The notice required under this subsection shall be provided at least 30 days prior to date that the transaction is to become effective, unless the division determines that a transaction is an emergency transaction.
221.0903(3)
(3) Reporting requirements. The division may promulgate rules establishing periodic reporting requirements for out-of-state banks maintaining an in-state branch. Any reporting requirements established by rules promulgated under this subsection shall be consistent with all of the following:
221.0903(3)(b)
(b) The division's regulatory responsibilities with respect to that out-of-state bank and its in-state branch.
221.0903(4)(a)(a)
Examination power of division. The division may examine an in-state branch maintained by an out-of-state state bank, if the division considers the examination necessary to determine whether the in-state branch is being operated in compliance with the laws of this state and in accordance with safe and sound banking practices. The provisions of
ch. 220, as they apply to examinations of state banks, apply to the examinations of in-state branches of out-of-state banks.
221.0903(4)(b)
(b)
Contracts for examination services. The division may enter into contracts with any bank supervisory agency with concurrent jurisdiction over a state bank or an in-state branch of an out-of-state state bank to engage the services of the agency's examiners at a reasonable rate of compensation, or to provide the services of the division's examiners to the agency at a reasonable rate of compensation. Contracts entered into under this paragraph are exempt from
ss. 16.70 to
16.76 and
16.767 to
16.82.
221.0903(5)
(5) Enforcement. If the division determines that an in-state branch of an out-of-state state bank is being operated in violation of the laws of this state or is being operated in an unsafe or unsound manner, the division may take any enforcement action against the in-state branch that it would be able to take if the in-state branch were a state bank.
221.0903(6)
(6) Joint examination and enforcement actions. The division may enter into joint examinations and joint enforcement actions with other bank supervisory agencies having concurrent jurisdiction over a state bank with an out-of-state branch, or an in-state branch of an out-of-state state bank. This subsection does not prevent the division from making examinations or taking enforcement actions independently, if the division considers it appropriate to carry out its responsibilities or to ensure compliance with the laws of this state.
221.0903(7)
(7) Assessments. The division may promulgate rules establishing assessments for in-state branches of out-of-state state banks.
221.0903 History
History: 1997 a. 146.
RECORDS, REPORTS AND LEGAL PROCESS
221.1001
221.1001
Stock book. Every bank shall keep a stock book. The stock book shall be subject to the inspection of officers, directors and shareholders of the bank during the usual hours for transacting business. The stock book shall show the name, residence and number of shares held by each shareholder. A refusal by the officers of such bank to exhibit the stock book to any person rightfully demanding inspection of the book, may be required to forfeit not more than $50. In all actions, suits and proceedings, the stock book is presumptive evidence of the facts contained in the book.
221.1001 History
History: 1995 a. 336.
221.1002(1)(1)
Reporting requirements. A bank shall make to the division not less than 2 reports during each calendar year. The reports shall be made at the times required by the division on forms prescribed and furnished by the division. The forms shall conform as nearly as practicable to that required of national banks, including any schedules.
221.1002(2)
(2) Attestation. The reports under
sub. (1) shall be signed and verified by the oath or affirmation of one of the officers of the bank, and shall be attested by at least 2 of the directors. If by reason of absence or other inability it is impracticable to obtain the signature of 2 directors, the report shall specify the reason why it is impracticable and the attestation by the director so absent or under disability is not required.
221.1002(3)
(3) Resources and liabilities. The report under
sub. (1) shall exhibit in detail and under the proper headings, the resources and liabilities of the bank at the close of the business of any past day specified by the division. The bank shall transmit the report to the division within 30 days after the receipt of request for the report from the division.
221.1002(4)
(4) List of shareholders. When requested by the division, any bank shall report to the division a list of its shareholders, their residences, and the amount of stock held by each. The shareholder list shall be signed and verified by the oath or affirmation of one of the officers of the bank.
221.1002(5)
(5) Special reports. The division may require special reports from a bank, if the division determines that the reports are necessary to inform the division fully of the bank's condition.
221.1002 History
History: 1995 a. 336.
221.1003
221.1003
Forfeiture. A bank failing to make and transmit to the division a report or proof of publication required under this chapter may be required to forfeit to the division not more than $100 for each day after the report or proof of publication was required. If a bank fails or refuses to pay the forfeiture under this section, the division may institute proceedings for the recovery of the forfeiture.
221.1003 History
History: 1995 a. 336.
221.1004(1)(1)
Prohibition. An officer, director or employe of a bank may not do any of the following:
221.1004(1)(a)
(a) Wilfully and knowingly subscribe to or make, or cause to be made, any false statement or false entry in the books of the bank.
221.1004(1)(b)
(b) Knowingly subscribe to or exhibit false papers with the intent to deceive any person authorized to examine the affairs of the bank.
221.1004(1)(c)
(c) Knowingly make, state, or publish any false report or statement of the bank.
221.1004(2)
(2) Penalties. Any person who violates
sub. (1) may be fined not less than $1,000 nor more than $5,000, or imprisoned not less than one year nor more than 10 years, or both.
Effective date note
NOTE: Sub. (2) is amended eff. 12-31-99 by
1997 Wis. Act 283 to read:
Effective date text
(2) Penalties. Any person who violates sub. (1) may be fined not less than $1,000 nor more than $5,000 or imprisoned for not less than one year nor more than 15 years or both.
221.1004 History
History: 1995 a. 336;
1997 a. 283.
221.1005
221.1005
Refusal to permit inspection. If an officer in charge of a bank refuses to submit the books, papers and concerns of the bank to the inspection of the division, or refuses to be examined under oath touching the concerns of the bank, the division may inform the attorney general. The department of justice shall then institute an action to procure a judgment dissolving the bank. In order to carry out this section, the division may commence and maintain in the division's name any action necessary or proper to enforce this section.
221.1005 History
History: 1995 a. 336.
221.1006
221.1006
Fees for certified copies. If a certified copy of a record filed in the division is lawfully required to be furnished by the division, the division may assess a reasonable fee as determined by the banking review board. These fees shall be deposited in the general fund.
221.1006 History
History: 1995 a. 336.
221.1007
221.1007
Legal process; how served. Legal process against a bank may be served upon the bank in the manner provided by law for service on other corporations organized under the laws of this state.
221.1007 History
History: 1995 a. 336.
221.1008
221.1008
Record search. A bank is entitled to reimbursement for expenses and costs incurred in searching for, reproducing and transporting books, papers, records and other data required to be produced by legal process, unless otherwise prohibited by law from collecting these expenses and costs or unless the person seeking the production is a government unit, as defined in
s. 108.02 (17). The expenses and costs shall be paid by persons seeking such production. If a bank is entitled to reimbursement under this section, a bank may not be required to produce books, papers, records and other data in response to legal process unless the expenses and costs, identified in an itemized invoice to be provided by the bank, are paid or unless payment is tendered to the bank in cash or by certified check or draft.
221.1008 History
History: 1995 a. 336.
BANK SERVICE CORPORATIONS
221.1101
221.1101
Bank service corporations. 221.1101(1)(a)
(a) "Bank service corporation" means a corporation organized to perform bank services for 2 or more banks, each of which owns part of the capital stock of the corporation.
221.1101(1)(b)
(b) "Bank services" means check and deposit sorting and posting, computation and posting of interest and other credits and charges, preparation and mailing of checks, statements, notices and similar items, or any other clerical, bookkeeping, accounting, statistical or other similar functions performed for a bank.
221.1101(1)(c)
(c) "Invest" includes any advance of funds to a bank service corporation, whether by purchase of stock, the making of a loan, or otherwise, except a payment for rent earned, goods sold and delivered, or services rendered prior to the making of the payment.
221.1101(2)
(2) Investments in bank service corporations. 221.1101(2)(a)(a) Two or more banks may invest not more than 10% of the capital of each of the banks in a bank service corporation.
221.1101(2)(b)
(b) If stock in a bank service corporation is held by 2 banks, and one of the banks ceases to utilize the services of the corporation and ceases to hold stock in it, and leaves the other as the sole stock holding bank, the corporation may nevertheless continue to function as a bank service corporation and the other bank may continue to hold stock in it.
221.1101(3)(a)(a) Except as provided in
par. (b), if a bank, referred to in this subsection as the "applying bank", applies for a type of bank service for itself from a bank service corporation that supplies the same type of bank service to another bank, and the applying bank is competitive with a bank that holds stock in the bank service corporation, the bank service corporation must offer to supply the service by doing at least one of the following, at the option of the applying bank:
221.1101(3)(a)1.
1. Issuing stock to the applying bank and furnishing the bank service to it on the same basis as to the other banks holding stock in the bank service corporation.
221.1101(3)(a)2.
2. Furnishing the bank service to the applying bank at a rate no higher than necessary to fairly reflect the cost of the service, including the reasonable cost of the capital provided to the bank service corporation by its shareholders.
221.1101(3)(b)
(b) The bank service corporation need not offer to supply the bank service to the applying bank under
par. (a) if the service at competitive overall costs are available to the applying bank from another source, or if the furnishing of the bank service sought by the applying bank would be beyond the practical capacity of the bank service corporation. In any action or proceeding to enforce the duty imposed by this subsection, or for damages for the breach of this section, the bank service corporation has the burden of showing the applicability of this paragraph.
221.1101(4)
(4) Permitted activities of bank service corporations. A bank service corporation may not engage in any activity other than the performance of bank services for banks.
221.1101(5)
(5) Contracting for bank services. A bank may cause to be performed, by contract or otherwise, any bank service for itself, whether on or off its premises, if the bank and the party performing the service provide the division with assurances, satisfactory to the division, that the performance of the service will be subject to regulation and examination by the division to the same extent as if the service was being performed by the bank itself on its own premises.
221.1101 History
History: 1995 a. 336.
BANK-OWNED BANKS
221.1201
221.1201
Stock in bank-owned banks. A bank, or, subject to the limitations of
s. 221.0901, a bank holding company, may, with the approval of the division, acquire and hold stock, in an aggregate amount not exceeding 10% of its capital, in one or more of the following:
221.1201(3)
(3) A bank holding company wholly owning a bank described under
sub. (1) or
(2).
221.1201 History
History: 1995 a. 336.
221.1202(1)(1)
Establishment and ownership. The division may authorize the establishment of, and issue a charter to, a bank, all of the stock of which is owned by 2 or more depository institutions or depository institution holding companies. Notwithstanding any other requirement of this section, the division may authorize, by rule, up to 10% of the stock to be held by other persons to accommodate operational needs of the bank.
221.1202(2)
(2) Status and powers. A bank established under
sub. (1) is a state bank chartered under this chapter for all purposes, except that its functions are limited solely to doing the following:
221.1202(2)(a)
(a) Providing banking and banking-related services to or for depository institutions, subsidiaries of depository institutions, depository institution holding companies, subsidiaries of depository institution holding companies and directors, officers and employes of other depository institutions.
221.1202(2)(b)
(b) Providing correspondent banking services at the request of other depository institutions or depository institution holding companies, and to depository institution trade associations.
221.1202(3)
(3) Stock issuance. A bank established under
sub. (1) may authorize and hold authorized but not issued stock.
221.1202 History
History: 1995 a. 336.
