186.41
186.41
Interstate acquisition and merger of credit unions. 186.41(1)(a)
(a) "In-state credit union" means a credit union having its principal office located in this state.
186.41(1)(c)
(c) "Regional credit union" means a state or federal credit union that has its principal office located in one of the regional states.
186.41(1)(d)
(d) "Regional states" means the states of Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Missouri and Ohio.
186.41(2)(a)(a) An in-state credit union may do any of the following:
186.41(2)(a)1.
1. Acquire an interest in, or some or all of the assets and liabilities of, one or more regional credit unions.
186.41(2)(b)
(b) An in-state credit union proposing any action under
par. (a) shall provide the office of credit unions a copy of any original application seeking approval by a federal agency or by an agency of the regional state and of any supplemental material or amendments filed in connection with any application.
186.41(3)
(3) Regional credit unions. Except as provided in
sub. (4), a regional credit union may do any of the following:
186.41(3)(a)
(a) Acquire an interest in, or some or all of the assets of, one or more in-state credit unions.
186.41(3)(b)
(b) Merge with one or more in-state credit unions.
186.41(4)
(4) Limitations. A regional credit union may not take any action under
sub. (3) until all of the following conditions have been met:
186.41(4)(a)
(a) The office of credit unions finds that the statutes of the regional state in which the regional credit union has its principal office permit in-state credit unions to both acquire regional credit union assets and merge with one or more regional credit unions in the regional state.
186.41(4)(b)
(b) The office of credit unions has not disapproved the acquisition of in-state credit union assets or the merger with the in-state credit union under
sub. (5).
186.41(4)(c)
(c) The office of credit unions gives a class 3 notice, under
ch. 985, in the official state newspaper, of the application to take an action under
sub. (3) and of the opportunity for a hearing and, if at least 25 residents of this state petition for a hearing within 30 days of the final notice or if the office of credit unions on its own motion calls for a hearing within 30 days of the final notice, the office of credit unions holds a public hearing on the application, except that a hearing is not required if the office of credit unions finds that an emergency exists and that the proposed action under
sub. (3) is necessary and appropriate to prevent the probable failure of an in-state credit union that is closed or in danger of closing.
186.41(4)(d)
(d) The office of credit unions is provided a copy of any original application seeking approval by a federal agency of the acquisition of in-state credit union assets or of the merger with an in-state credit union and of any supplemental material or amendments filed with the application.
186.41(4)(e)
(e) The applicant has paid the office of credit unions a fee of $1,000 together with the actual costs incurred by the office in holding any hearing on the application.
186.41(4)(f)
(f) With regard to an acquisition of assets of an in-state credit union that is chartered on or after May 9, 1986, the in-state credit union has been in existence for at least 5 years before the date of acquisition.
186.41(5)
(5) Standards for disapproval. The office of credit unions may disapprove of any action under
sub. (3) if the office finds any of the following:
186.41(5)(a)
(a) Considering the financial and managerial resources and future prospects of the applicant and of the in-state credit union concerned, the action would be contrary to the best interests of the members of the in-state credit union.
186.41(5)(b)
(b) The action would be detrimental to the safety and soundness of the applicant or of the in-state credit union concerned, or to a subsidiary or affiliate of the applicant or of the in-state credit union.
186.41(5)(c)
(c) Because the applicant, its executive officers or directors have not established a record of sound performance, efficient management, financial responsibility and integrity, the action would be contrary to the best interests of the creditors, members or other customers of the applicant or of the in-state credit union or contrary to the best interests of the public.
186.41(5)(cg)
(cg) The applicant has failed to provide adequate and appropriate services of the type contemplated by the community reinvestment act of 1977 to the communities in which the applicant is located.
186.41(5)(cr)
(cr) The applicant has failed to propose to provide adequate and appropriate services of the type contemplated by the community reinvestment act of 1977 in the community in which the in-state credit union which the applicant proposes to acquire or merge with is located.
186.41(5)(ct)
(ct) The applicant has failed to enter into an agreement prepared by the office of credit unions to comply with laws and rules of this state regulating consumer credit finance charges and other charges and related disclosure requirements, except to the extent preempted by federal law or regulation.
186.41(5)(e)
(e) The applicant fails to meet any other standards established by rule of the office of credit unions.
186.41(6)(a)(a) Subsections (1) to
(5) do not apply prior to January 1, 1987, except that the office of credit unions may promulgate rules under
sub. (5) (e) to be applicable no earlier than the date that
subs. (1) to
(5) apply.
186.41(6)(b)
(b) Subsections (1) to
(5) apply as of the date, not earlier than January 1, 1987, that 3 regional states, at least 2 of which shall be from among the states of Illinois, Indiana, Iowa, Michigan and Minnesota, permit in-state credit unions to both acquire regional credit union assets and merge with one or more regional credit unions in those regional states.
186.41(7)
(7) When invalidated. If any part of
subs. (1) to
(5) is held to be unconstitutional, then all of
subs. (1) to
(5) shall be invalid.
186.41(8)
(8) Divestiture. Any credit union that has acquired assets of or merged with an in-state credit union under
sub. (2) or
(3) and that ceases to be an in-state credit union or regional credit union shall immediately notify the office of credit unions of the change in its status and shall, as soon as practical and, in any case, within 2 years after the event causing it to no longer be one of these entities, divest itself of control of any interest in the assets or operations of any in-state credit union. A credit union that fails to immediately notify the office of credit unions is liable for a forfeiture of $500 for each day beginning with the day its status changes and ending with the day notification is received by the office of credit unions.
186.41 History
History: 1985 a. 325,
332;
1995 a. 27,
151.
186.52
186.52
Customer access to appraisals. If requested by an individual who is a customer, loan applicant or credit applicant, a financial institution, as defined in
s. 705.01 (3), shall provide that individual with a copy of any written appraisal report which is held by the financial institution, which relates to residential real estate that the individual owns or has agreed to purchase and for which a fee is imposed.
186.52 History
History: 1991 a. 78.
186.53
186.53
Customer access to credit reports. If requested by an individual who is a customer, loan applicant or credit applicant, a financial institution, as defined in
s. 705.01 (3), shall provide that individual, at no additional charge, with a copy of any written credit report which is held by the financial institution, which relates to that individual and for which a fee is imposed.
186.53 History
History: 1993 a. 425.
186.60
186.60
Venue. An action brought by a credit union to enjoin the office of credit unions in the discharge of the office's duties shall be brought in the county in which the credit union is located.
186.60 History
History: 1995 a. 151.
186.70
186.70
Record search. A credit union 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 credit union is entitled to reimbursement under this section, a credit union 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 credit union, are paid or unless payment is tendered to the credit union in cash or by certified check or draft.
186.70 History
History: 1995 a. 336.
186.71
186.71
Reproduction and destruction of records; evidence. 186.71(1)(1) Any credit union may cause any or all records kept by such credit union to be recorded, copied or reproduced by any photostatic, photographic or miniature photographic process or by optical imaging if the process employed correctly, accurately and permanently copies, reproduces or forms a medium for copying, reproducing or recording the original record on a film or other durable material. A credit union may thereafter dispose of the original record after first obtaining the written consent of the office of credit unions.
186.71(2)
(2) Any photographic, photostatic or miniature photographic copy or reproduction or copy reproduced from a film record or any copy of a record generated from optical disk storage of a credit union record is considered to be an original record for all purposes and shall be treated as an original record in all courts or administrative agencies for the purpose of its admissibility in evidence. A facsimile, exemplification or certified copy of any such photographic copy or reproduction, copy reproduced from a film record or copy generated from optical disk storage of a record shall, for all purposes, be considered a facsimile, exemplification or certified copy of the original record.
186.71 History
History: 1997 a. 152.
