reglab/housing_qa huggingface dataset:
WI Stat § 221.1202 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 221 - State banks.|221.1202 - Bank-owned banks.

221.1202  Bank-owned banks. (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 percent of the stock to be held by other persons to accommodate operational needs of the bank. (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:(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 employees of other depository institutions.(b) Providing correspondent banking services at the request of other depository institutions or depository institution holding companies, and to depository institution trade associations. (3)  Stock issuance. A bank established under sub. (1) may authorize and hold authorized but not issued stock.History:  1995 a. 336.
WI Stat § 222.0101 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 222 - Universal banks.|222.0101 - Title.

222.0101  Title. This chapter may be cited as the “Wisconsin universal bank law."History:  2003 a. 63.
WI Stat § 222.0102 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 222 - Universal banks.|222.0102 - Definitions.

222.0102  Definitions. In this chapter: (1) “Capital" of a universal bank means the sum of the following, less the amount of intangible assets that is not considered to be qualifying capital by a deposit insurance corporation or the division:(a) For a universal bank organized as a stock organization, the universal bank's capital stock, preferred stock, undivided profits, surplus, outstanding notes and debentures approved by the division, other forms of capital designated as capital by the division, and other forms of capital considered to be qualifying capital of the universal bank by a deposit insurance corporation.(b) For a universal bank organized as a mutual organization, the universal bank's net worth, undivided profits, surplus, outstanding notes and debentures approved by the division, other forms of capital designated as capital by the division, and other forms of capital considered to be qualifying capital by a deposit insurance corporation. (2) “Deposit insurance corporation" means the Federal Deposit Insurance Corporation or other instrumentality of, or corporation chartered by, the United States that insures deposits of financial institutions and that is supported by the full faith and credit of the U.S. government as stated in a congressional resolution. (3) “Division" means the division of banking. (4) “Financial institution" means a savings bank organized under ch. 214, savings and loan association organized under ch. 215, or bank chartered under ch. 221. (5) “Universal bank" means a financial institution that has been issued a certificate of authority under s. 222.0205. (6) “Well-capitalized" has the meaning given in 12 USC 1831o (b) (1) (A).History:  2003 a. 63.
WI Stat § 222.0103 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 222 - Universal banks.|222.0103 - Applicability.

222.0103  Applicability. (1) Savings banks. A universal bank that is a savings bank organized under ch. 214 remains subject to all of the requirements, duties, and liabilities, and may exercise all of the powers, of a savings bank, except that, in the event of a conflict between this chapter and those requirements, duties, liabilities, or powers, this chapter shall control. (2)  Savings and loan associations. A universal bank that is a savings and loan association organized under ch. 215 remains subject to all of the requirements, duties, and liabilities, and may exercise all of the powers, of a savings and loan association, except that, in the event of a conflict between this chapter and those requirements, duties, liabilities, or powers, this chapter shall control. (3)  Banks. A universal bank that is a bank chartered under ch. 221 remains subject to all of the requirements, duties, and liabilities, and may exercise all of the powers, of a bank, except that, in the event of a conflict between this chapter and those requirements, duties, liabilities, or powers, this chapter shall control.History:  2003 a. 63.
WI Stat § 222.0105 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 222 - Universal banks.|222.0105 - Fees.

222.0105  Fees. The division may establish such fees as it determines are appropriate for documents filed with the division under this chapter and for services provided by the division under this chapter.History:  2003 a. 63.
WI Stat § 222.0107 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 222 - Universal banks.|222.0107 - Administration.

222.0107  Administration. (1) Powers of division. The division shall administer this chapter for all universal banks. (2)  Rule-making authority. The division may promulgate rules to administer and carry out this chapter. The division may establish additional limits or requirements on universal banks, if the division determines that the limits or requirements are necessary for the protection of depositors, members, investors, or the public.History:  2003 a. 63.
WI Stat § 222.0201 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 222 - Universal banks.|222.0201 - Procedure.

222.0201  Procedure. (1) Application. A financial institution may apply to become certified as a universal bank by filing a written application with the division. The application shall include all information required by the division. The application shall be on the forms and in accordance with the procedures prescribed by the division. (2)  Review by division. An application submitted by a financial institution under sub. (1) shall either be approved or disapproved by the division, in writing, within 60 days after the date on which application is filed with the division. The division and the financial institution may mutually agree to extend the application period for an additional period of 60 days. The division shall approve an application if all of the applicable requirements under s. 222.0203 (1) are met.History:  2003 a. 63.
WI Stat § 222.0203 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 222 - Universal banks.|222.0203 - Eligibility.

222.0203  Eligibility. (1) Requirements. The division may approve an application from a financial institution for certification as a universal bank only if all of the following requirements are met:(a) The financial institution has been in existence and continuous operation for a minimum of 3 years before the date of the application.(b) The financial institution is well-capitalized.(c) The financial institution does not exhibit a combination of financial, managerial, operational, and compliance weaknesses that is moderately severe or unsatisfactory, as determined by the division based upon the division's assessment of the financial institution's capital adequacy, asset quality, management capability, earnings quantity and quality, adequacy of liquidity, and sensitivity to market risk.(d) During the 12-month period before the date of the application, the financial institution has not been the subject of an enforcement action, and there is no enforcement action pending against the financial institution by any state or federal financial institution regulatory agency, including the division.(e) The most current evaluation prepared under 12 USC 2906 that the financial institution has received rates the financial institution as “outstanding" or “satisfactory" in helping to meet the credit needs of its entire community, including low-income and moderate-income neighborhoods, consistent with the safe and sound operation of the financial institution.(f) If the financial institution has received from its federal functional regulator, as defined in 15 USC 6809 (2), a consumer compliance examination that contains information regarding the financial institution's compliance with 15 USC 6801 to 6803 and any applicable regulations prescribed under 15 USC 6804, the most recent such examination indicates, in the opinion of the division, that the financial institution is in substantial compliance with those statutes or regulations. (2)  Failure to maintain eligibility; limitation of authority and decertification. For any period during which a universal bank fails to meet the requirements under sub. (1), the division shall limit or restrict the exercise of the powers of the universal bank under this chapter. In addition to or in lieu of limiting or restricting the universal bank's authority under this subsection, the division may by order revoke the universal bank's certificate of authority issued under s. 222.0205.History:  2003 a. 63.
WI Stat § 222.0205 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 222 - Universal banks.|222.0205 - Certificate of authority.

222.0205  Certificate of authority. Upon approval of an application for certification as a universal bank, the division shall issue to the applicant a certificate of authority stating that the financial institution is certified as a universal bank under this chapter.History:  2003 a. 63.
WI Stat § 222.0207 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 222 - Universal banks.|222.0207 - Voluntary termination of certification.

222.0207  Voluntary termination of certification. A financial institution that is certified as a universal bank under this chapter may elect to terminate its certification by giving 60 days' prior written notice of the termination to the division. A termination under this section is effective only with the written approval of the division. A financial institution shall, as a precondition to termination under this section, terminate its exercise of all powers granted under this chapter before the termination of the certification. The division's written approval of a financial institution's termination under this section is void if the financial institution fails to satisfy the precondition to termination under this section.History:  2003 a. 63.
WI Stat § 222.0301 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 222 - Universal banks.|222.0301 - Articles of incorporation and bylaws.

222.0301  Articles of incorporation and bylaws. A universal bank shall continue to operate under its articles of incorporation and bylaws as in effect prior to certification as a universal bank or as such articles or bylaws may be subsequently amended in accordance with the provisions of the chapter under which the universal bank was organized or chartered.History:  2003 a. 63.
WI Stat § 222.0303 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 222 - Universal banks.|222.0303 - Name.

222.0303  Name. (1) Use of “bank". Notwithstanding ss. 214.035, 215.40 (1) (c), and 215.60 (1) (c) and subject to subs. (2) and (3) (b), a universal bank may use the word “bank" in its name, without having to include the word “savings." Notwithstanding ss. 215.40 (1) (a) and 215.60 (1) (a) and subject to subs. (2) and (3) (b), a universal bank that is organized under ch. 215 and that uses the word “bank" in its name in accordance with this section need not include the words “savings and loan association" or “savings association" in its name. (2)  Distinguishability. Except as provided in sub. (3), the name of the universal bank shall be distinguishable upon the records of the division from all of the following names:(a) The name of every other financial institution organized under the laws of this state.(b) The name of every national bank or foreign bank authorized to transact business in this state. (3)  Exceptions. (a) A universal bank may apply to the division for authority to use a name that does not meet the requirements under sub. (2). The division may authorize the use of the name if any of the conditions under s. 221.0403 (2) (a) or (b) is met.(b) A universal bank may use a name that is used in this state by another financial institution or by an institution authorized to transact business in this state, if the universal bank has done any of the following:1. Merged with the other institution.2. Been formed by reorganization of the other institution.3. Acquired all or substantially all of the assets, including the name, of the other institution.History:  2003 a. 63.
WI Stat § 222.0305 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 222 - Universal banks.|222.0305 - Capital and assets.

222.0305  Capital and assets. (1) Capital requirements. Notwithstanding subch. VI of ch. 214 and ss. 215.24 and 221.0205, the division shall determine the minimum capital requirements of universal banks. (2)  Certain asset requirements. Section 214.045 does not apply to universal banks.History:  2003 a. 63.
WI Stat § 222.0307 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 222 - Universal banks.|222.0307 - Acquisitions, mergers, and asset purchases.

222.0307  Acquisitions, mergers, and asset purchases. (1) In general. A universal bank may, with the approval of the division, purchase the assets of, merge with, acquire, or be acquired by any other financial institution, universal bank, national bank, or federally chartered savings bank or savings and loan association, or by a holding company of any of these entities. Notwithstanding subch. III of ch. 214 and ss. 214.09 and 215.36, the approval of the division of savings institutions is not required. (2)  Applications for approval. An application for approval under sub. (1) shall be submitted on a form prescribed by the division and accompanied by a fee determined by the division. In processing and acting on applications under this section the division shall apply the following standards:(a) For universal banks organized under ch. 214, the standards described in ss. 214.09, 214.62 to 214.64, and 214.665, and subch. III of ch. 214.(b) For universal banks organized under ch. 215, the standards described in ss. 215.35, 215.36, 215.53, and 215.73.(c) For universal banks chartered under ch. 221, the standards described in subchs. VII and IX of ch. 221.History:  2003 a. 63.
WI Stat § 222.0401 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 222 - Universal banks.|222.0401 - Federal financial institution powers.

222.0401  Federal financial institution powers. (1) In general. (a)  Powers exercised by universal bank. Subject to any applicable requirements of sub. (2), a universal bank may exercise any power that may be directly exercised by a federally chartered savings bank, a federally chartered savings and loan association, or a federally chartered national bank.(b)  Powers exercised by subsidiary of universal bank. Subject to any applicable requirements of sub. (2), a universal bank, through a subsidiary, may exercise any power that a federally chartered savings bank, a federally chartered savings and loan association, or a federally chartered national bank may exercise through a subsidiary. (2)  Approval required for exercise of federal power. Except as otherwise provided in this subsection, a universal bank shall file with the division a written request to exercise a power under sub. (1). The division shall determine whether the requested power is permitted under sub. (1). Within 60 days after receiving a request under this subsection, the division shall approve the request, if the power is permitted under sub. (1), or shall disapprove the request if the power is not permitted under sub. (1). The division and the universal bank may mutually agree to extend this 60-day period for an additional period of 60 days. The division shall periodically publish, in the Wisconsin administrative register, a list of all powers approved under this subsection and, upon publication, shall mail a copy of the list to all universal banks. A universal bank need not request the permission of the division under this subsection to exercise any power described in the most current list published under this subsection. (3)  Exercise of federal powers through a subsidiary. The division may require that certain powers exercisable by a universal bank under sub. (1) (a) be exercised through a subsidiary of the universal bank with appropriate safeguards to limit the risk exposure of the universal bank.History:  2003 a. 63.
WI Stat § 222.0407 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 222 - Universal banks.|222.0407 - Universal bank purchase of its own stock.

222.0407  Universal bank purchase of its own stock. (1) In general. A universal bank may hold or purchase not more than 10 percent of its capital stock, notes, or debentures, except as provided in sub. (2) or (3). (2)  Division approval. A universal bank may hold or purchase more than 10 percent of its capital stock, notes, or debentures, if approved by the division. (3)  Additional authority. A universal bank may hold or purchase more than 10 percent of its capital stock, notes, or debentures if the purchase is necessary to prevent loss upon a debt previously contracted in good faith. Stock, notes, or debentures held or purchased under this subsection may not be held by the universal bank for more than 6 months if the stock, notes, or debentures can be sold for the amount of the claim of the universal bank against the holder of the debt previously contracted. The universal bank shall either sell the stock, notes, or debentures within 12 months of acquisition under this subsection or shall cancel the stock, notes, or debentures. Cancellation of the stock, notes, or debentures reduces the amount of the universal bank's capital stock, notes, or debentures. If the reduction reduces the universal bank's capital below the minimum level required by the division, the universal bank shall increase its capital to the amount required by the division. (4)  Loans secured by capital, surplus, or deposits. A universal bank may not loan any part of its capital, surplus, or deposits on its own capital stock, notes, or debentures as collateral security, except that a universal bank may make a loan secured by its own capital stock, notes, or debentures to the same extent that the universal bank may make a loan secured by the capital stock, notes, and debentures of a holding company for the universal bank.History:  2003 a. 63.
WI Stat § 222.0409 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 222 - Universal banks.|222.0409 - Stock in bank-owned banks.

222.0409  Stock in bank-owned banks. With the approval of the division, a universal bank may acquire and hold stock in one or more banks chartered under s. 221.1202 or national banks chartered under 12 USC 27 (b) or in one or more holding companies wholly owning such a bank. Aggregate investments under this section may not exceed 10 percent of the universal bank's capital.History:  2003 a. 63.
WI Stat § 222.0411 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 222 - Universal banks.|222.0411 - General deposit powers.

222.0411  General deposit powers. (1) In general. A universal bank may set eligibility requirements for, and establish the types and terms of, deposits that the universal bank solicits and accepts. The terms set under this subsection may include minimum and maximum amounts that the universal bank may accept and the frequency and computation method of paying interest. (2)  Pledge of security for deposits. Subject to the limitations of s. 221.0324 that are applicable to banks, a universal bank may pledge its assets as security for deposits. (3)  Securitization of assets. With the approval of the division, a universal bank may securitize its assets for sale to the public. The division may establish procedures governing the exercise of authority granted under this subsection. (4)  Safe deposit powers. A universal bank may take and receive, from any individual or corporation for safekeeping and storage, gold and silver plate, jewelry, money, stocks, securities, and other valuables or personal property, and may rent out the use of safes or other receptacles upon its premises for such compensation as may be agreed upon. A universal bank has a lien for its charges on any property taken or received by it for safekeeping. If the lien is not paid within 2 years from the date the lien accrues, or if property is not called for by the person depositing the property, or by his or her representative or assignee, within 2 years from the date the lien accrues, the universal bank may sell the property at public auction. A universal bank shall provide the same notice for a sale under this subsection that is required by law for sales of personal property on execution. After retaining from the proceeds of the sale all of the liens and charges due the bank and the reasonable expenses of the sale, the universal bank shall pay the balance to the person depositing the property, or to his or her representative or assignee.History:  2003 a. 63.
WI Stat § 222.0415 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 222 - Universal banks.|222.0415 - Trust powers.

222.0415  Trust powers. Subject to rules of the division, a universal bank may exercise trust powers in accordance with s. 221.0316.History:  2003 a. 63.
WI Stat § 223.01 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 223 - Trust company banks and other fiduciaries.|223.01 - Trust company banks, capital.

223.01  Trust company banks, capital. Trust company banks may be organized pursuant to ch. 221 and shall be subject to all the provisions, requirements, and liabilities of chs. 220 and 221, so far as applicable, except that trust company banks may not accept deposits other than trust deposits and except as otherwise hereinafter provided. The division may, with the approval of the banking institutions review board, establish minimum capital requirements for a trust company bank.History:  1987 a. 252; 1995 a. 336; 2019 a. 65.