221.0328(4) (4) Reduction of capital. Subject to the approval of the division, and subject to ss. 221.0211 (4) and 221.0323 (1) and (2), a bank may, by a vote of shareholders owning, in the aggregate, at least two-thirds of its capital stock, reduce its capital. Notwithstanding sub. (2) and subject to ss. 221.0216 (5) and 221.0327, as part of its capital reduction plan approved by the division in accordance with this subsection, and with the affirmative vote of shareholders owning at least two-thirds of the shares of each class of its stock outstanding, a bank may distribute cash or other assets to its shareholders.
221.0328 History History: 1995 a. 336; 2017 a. 340.
221.0329 221.0329 Savings promotion prize programs.
221.0329(1)(1)In this section:
221.0329(1)(a) (a) “Nonqualifying account" means a savings, time, or money market account that is not a qualifying account.
221.0329(1)(b) (b) “Qualifying account" means a savings, time, or money market account through which a bank's depositors may obtain chances to win prizes in a savings promotion.
221.0329(1)(c) (c) “Savings promotion" means a contest or promotion to encourage savings deposits that is sponsored by one or more banks, or by a banking trade association or its subsidiary in conjunction with one or more banks, and in which bank depositors are offered a chance to win designated prizes.
221.0329(2) (2)A bank may sponsor, or participate in, a savings promotion if all of the following requirements are satisfied:
221.0329(2)(a) (a) Bank depositors are not required to pay any fee or otherwise provide any consideration in order to enter the savings promotion.
221.0329(2)(b) (b) All fees charged by a bank in connection with a qualifying account are comparable with all fees charged in connection with comparable nonqualifying accounts offered by the bank.
221.0329(2)(c) (c) Each entry in the savings promotion has an equal chance of winning.
221.0329(2)(d) (d) Participants in the savings promotion are not required to be present at a prize drawing in order to win.
221.0329(3) (3)For purposes of sub. (2) (a), a depositor's deposit of at least a specified amount of money for at least a specified time in a qualifying account, which is required in order to enter the savings promotion, is not consideration if the interest rate associated with the qualifying account is not reduced, as compared to comparable nonqualifying accounts offered by the bank, to account for the possibility of winning a prize.
221.0329 History History: 2017 a. 72.
subch. IV of ch. 221 SUBCHAPTER IV
NAME
221.0401 221.0401 State bank. Every bank incorporated under this chapter shall be known as a state bank.
221.0401 History History: 1995 a. 336.
221.0402 221.0402 Use of “bank".
221.0402(1)(1)Use of “bank". Except as provided in sub. (2), a person who is engaged in business in this state, who is not subject to supervision and examination by the division, and who is not required to make reports to the division under this chapter, may not use the term “bank", in any form upon any office sign at the place where the business is transacted. Except as provided in sub. (2), the person may not use or circulate letterheads, billheads, blank notes, blank receipts, certificates, circulars, or any written or printed or partly written and partly printed paper, containing an artificial or corporate name, or other words, that indicates that the person's business is the business of a bank.
221.0402(2) (2) Exceptions.
221.0402(2)(a)(a) A check sold by a bank chartered under the laws of another state or a foreign country or a national bank authorized to do business in another state may use any form of “bank", if the bank is licensed under ch. 217.
221.0402(2)(b) (b) Mortgage bankers licensed under s. 224.72 may use the designation “mortgage banker".
221.0402(2)(c) (c) A savings bank organized under ch. 214 may use the designation “savings bank".
221.0402(3) (3) Enforcement. Violations of this section may be enforced by the division under s. 220.02 (2).
221.0402 History History: 1995 a. 336; 1997 a. 35; 2009 a. 2.
221.0403 221.0403 Bank names.
221.0403(1)(1)In general. Except as provided in subs. (2) and (3), the name of a bank must be approved by the division and must be distinguishable upon the records of the division from all of the following names:
221.0403(1)(a) (a) The name of another state bank organized under this chapter.