reglab/housing_qa huggingface dataset:
WI Stat § 214.405 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.405 - Evidence of capital.

214.405  Evidence of capital. (1) The capital of a stock savings bank shall be evidenced by stock and noncumulative perpetual preferred stock as authorized by the articles of incorporation. (2) Stock is personal property and may be transferred as provided in this chapter and the bylaws of the savings bank.History:  1991 a. 221.
WI Stat § 214.41 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.41 - Capital stock; nature.

214.41  Capital stock; nature. Capital stock shall constitute a secondary reserve out of which losses shall be paid after all other available reserves have been exhausted. The shares shall be nonwithdrawable, except as provided in s. 214.42, until all liabilities of the savings bank have been satisfied in full, including payment of the withdrawal value of all deposit accounts.History:  1991 a. 221.
WI Stat § 214.42 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.42 - Retirement or reduction of capital stock.

214.42  Retirement or reduction of capital stock. (1) The board of directors of a stock savings bank may propose an amendment to the articles of incorporation providing for the retirement of all of the capital stock and a detailed plan for effectuating the amendment. The resulting capital of the savings bank may not be less than the minimum initial capital that is required to organize a savings bank. The proposal shall be subject to the division's approval. (2) If the division approves the proposal, the savings bank's board of directors may request in writing an appraisal of the value of the capital stock. The division shall order an appraisal to be made at the expense of the savings bank. (3) The proposal shall be submitted to the stockholders at an annual or special meeting. It shall be adopted if it receives the affirmative vote of the holders of two-thirds or more of the outstanding shares of stock. The proposal takes effect upon completion of the procedure under s. 214.25 for the amendment of articles of incorporation. (4) A savings bank may amend its articles of incorporation in accordance with the procedure under s. 214.25 to reduce its capital stock, but may not reduce its capital stock to an amount less than the minimum initial capital stock required to organize a savings bank.History:  1991 a. 221; 1995 a. 27.
WI Stat § 214.43 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.43 - Capital maintenance.

214.43  Capital maintenance. (1) A savings bank shall maintain total capital of not less than 6 percent of total assets. This is the minimum capital level acceptable for a savings bank that is well-managed and whose overall financial condition is fundamentally sound. If the division determines that the financial condition or history, management or earnings prospects of a savings bank are not adequate, the division may require a higher minimum capital level for the savings bank. (2) A savings bank shall maintain total capital necessary to ensure the continuation of insurance of its deposit accounts by a deposit insurance corporation. (3) The board of directors may establish and maintain specific reserves, as it considers to be advisable, to provide for losses or liabilities. Losses may be charged to those reserves as the board of directors may determine.History:  1991 a. 221; 1995 a. 27.
WI Stat § 214.435 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.435 - Dividends.

214.435  Dividends. (1) Subject to the restrictions in this section and the savings bank's bylaws, the board of directors from time to time may declare dividends on stock. (2) The board of directors may not declare dividends if the total capital of the savings bank is less than that required under s. 214.43. (3) The board of directors may quarterly, semiannually or annually declare a dividend on capital stock of so much of the net profits of the savings bank that the board determines to be expedient, except that until the paid-in surplus of the savings bank equals its capital stock, a dividend may not be declared unless there has been transferred to paid-in surplus not less than 10 percent of the net profits of the preceding half year in the case of quarterly or semiannual dividends, or not less than 10 percent of the net profits for the preceding year in the case of annual dividends. A stock dividend may be declared out of retained earnings with the written approval of the division. (4) The written approval of the division is required before any dividends on stock that exceed 50 percent of the savings bank's net profits of that year may be declared in any calendar year.History:  1991 a. 221; 1995 a. 27.
WI Stat § 214.44 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.44 - Loans or discounts on capital stock.

214.44  Loans or discounts on capital stock. A savings bank may not make a loan or discount on the security of or be the purchaser or holder of the shares of its own stock or preferred stock or on the security of its own debentures or evidences of its debt that are convertible to stock or are junior or subordinate in rights of payment to deposits or other liabilities of the savings bank, unless the security or purchase is necessary to prevent a loss on a debt previously contracted in good faith; and the stock or evidence of indebtedness acquired or purchased shall, within 6 months after the date of its acquisition, be sold or disposed of at public or private sale.History:  1991 a. 221.
WI Stat § 214.48 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.48 - General provisions.

214.48  General provisions. (1) In this subchapter, “underwriting" means the process of compiling information to support a determination as to whether an investment or extension of credit shall be made by a savings bank. “Underwriting" includes evaluating a borrower's creditworthiness, determination of the value of the underlying collateral, market factors, and the appropriateness of the investment or loan for the savings bank. “Underwriting" does not include an agreement to purchase unsold portions of public offerings of stocks or bonds as commonly used in corporate securities issuances and sales. (2) A savings bank may not make a loan or investment authorized by this subchapter unless the savings bank first determines that the type, amount, purpose and repayment provisions of the loan or investment in relation to the borrower's or issuer's resources and credit standing support the reasonable belief that the loan or investment will be financially sound and will be repaid according to its terms and that the loan or investment is not unlawful. (3) Each loan or investment that a savings bank makes or purchases, in whole or in part, shall be adequately underwritten and reserved against as necessary in accordance with its payment performance, and in accordance with rules of the division. (4) Every appraisal or reappraisal of property that a savings bank is required to make shall be made by one of the following:(a) An independent qualified appraiser, designated by the board of directors, who is properly licensed and certified by the department of safety and professional services or by another entity authorized to govern appraisal licensure and certification and who meets the requirements of title XI of the financial institutions reform, recovery and enforcement act of 1989, 12 USC 3331 to 3351 and regulations adopted pursuant to those sections. (b) If an insured or guaranteed loan, an appraiser appointed by any lending, insuring or guaranteeing agency of the United States or this state that insures or guarantees the loan, in whole or in part. (4m) (a) Each appraisal shall be in writing, prepared at the request of the lender for the lender's use, and shall include all of the following information:1. The market value of the security offered.2. Sufficient information and data concerning the appraised property to substantiate the market value.3. The certification and signature of the appraiser.4. A statement that the appraiser has personally examined the described property.(b) An appraisal shall be prepared and reported in accordance with the uniform standards of professional appraisal practice, as described under s. 458.24.(c) An appraisal shall be retained by the savings bank. (5) If an appraisal of real estate securing a savings bank's loan is obtained as part of an examination by the division, the cost of the appraisal shall promptly be paid by the savings bank to the appraiser.History:  1991 a. 221; 1995 a. 27; 2011 a. 32.
WI Stat § 214.495 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.495 - Lien priority; advances.

214.495  Lien priority; advances. (1) A mortgage taken and recorded by a savings bank shall have priority over all liens, except tax and special assessment liens and liens under ss. 292.31 (8) (i) and 292.81, upon the mortgaged premises and the buildings and improvements thereon, that are filed after the recording of the mortgage. (2) Any additional advance made to a borrower, if the mortgage and mortgage note provides for additional advances, may not exceed an amount specified in the mortgage.History:  1991 a. 221; 1993 a. 453; 1995 a. 227; 1997 a. 27.
WI Stat § 214.50 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.50 - General loan contract provisions.

214.50  General loan contract provisions. A loan and an agreement for securing the loan shall be evidenced by one or more written instruments, consistent with sound lending practices. A savings bank shall record an instrument if it is necessary to establish priority over the claim of any 3rd party.History:  1991 a. 221.
WI Stat § 214.502 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.502 - Nonconforming loans.

214.502  Nonconforming loans. Notwithstanding s. 214.48 (3), a savings bank may make loans secured by real property used primarily for residential or farming purposes, even if those loans do not comply with one or more of the requirements under those provisions, if the total amount of loans made under this section does not exceed 5 percent of the savings bank's total assets.History:  1997 a. 144.
WI Stat § 214.505 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.505 - Modification agreements.

214.505  Modification agreements. Except as provided in a loan contract, a savings bank may enter into a written agreement with a borrower to modify the terms of a loan that describe the amount, time or method of the payments, the interest rate or any other provision of the loan contract. The loan contract, security instrument and lien priority are not affected by the modification, even if the modification was not provided for in the loan contract, unless the modification increases the total amount to be loaned under the loan contract.History:  1991 a. 221.
WI Stat § 214.507 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.507 - Customer access to credit reports.

214.507  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.History:  1993 a. 425.
WI Stat § 214.509 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.509 - Record search.

214.509  Record search. A savings 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 savings bank is entitled to reimbursement under this section, a savings 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 savings bank, are paid or unless payment is tendered to the savings bank in cash or by certified check or draft.History:  1995 a. 336.
WI Stat § 214.51 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.51 - Sale, assignment, and servicing of loans and contracts.

214.51  Sale, assignment, and servicing of loans and contracts. (1) A savings bank may sell a loan or a participating interest in a loan with or without recourse. The division may by rule adopt limitations on the sale of loans except loans sold to agencies of the United States or this state or to another government-sponsored agency if approved by the division. (2) A savings bank may contract to service a loan or a participating interest in a loan, subject to rules of the division. (3) A savings bank may sell and assign, with or without recourse, any certificate of sale, defaulted loan or defaulted real estate contract to any person eligible to purchase it.History:  1991 a. 221; 1995 a. 27.
WI Stat § 214.515 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.515 - Purchase of real estate at forced sale.

214.515  Purchase of real estate at forced sale. A savings bank may purchase at any sheriff's or other judicial sale any real estate upon which the savings bank has any mortgage, lien or other encumbrance, or in which the savings bank has any other interest. The savings bank may repair, insure, improve, sell, lease, preserve, mortgage or dispose of that real estate.History:  1991 a. 221.
WI Stat § 214.52 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.52 - Purchase of real estate for office and rental purposes.

214.52  Purchase of real estate for office and rental purposes. (1) A savings bank may acquire and hold real estate on which a building exists or may be built that is suitable for the transaction of the savings bank's business. A savings bank may own all or part of the stock, shares or interest in a corporation, limited liability company, association or trust engaged solely in holding all or part of that real estate. A savings bank may derive rents from any portion of a building not required for the savings bank's own use. (2) The amount invested under sub. (1) may not exceed 100 percent of a savings bank's capital. (3) Unless prior written approval of the division is obtained, a savings bank may not purchase, lease or acquire a site for an office building or an interest in real estate from an officer, director, employee, from a stockholder holding more than 10 percent of the stock of the savings bank, or from any firm, corporation, entity, or family in which an officer, director, employee or stockholder holding more than 10 percent of the stock of a savings bank has a direct or indirect interest.History:  1991 a. 221; 1993 a. 112; 1995 a. 27.
WI Stat § 214.525 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.525 - Prohibited loans.

214.525  Prohibited loans. A savings bank may not make a loan to a person owning 10 percent or more of its stock, an affiliated person, agent, or attorney of the savings bank, either individually or as an agent or partner of another, except under rules of the division and regulations of a deposit insurance corporation.History:  1991 a. 221; 1995 a. 27.
WI Stat § 214.53 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.53 - Effect of unauthorized investments.

214.53  Effect of unauthorized investments. (1) If a savings bank makes a loan or other investment that is not authorized under this subchapter, it shall be due and payable according to its terms and the obligation of the loan is not impaired. (2) A director or officer of a savings bank may not knowingly participate in or assent to, or knowingly permit an officer, employee or agent of the savings bank to make, an investment that is not authorized by this subchapter. (3) The division may require a director or officer of a savings bank who knowingly participates in or assents to, or who knowingly permits an officer, employee or agent of the savings bank to make, an investment that is not authorized by this subchapter to obtain an indemnity bond, insurance, or collateral sufficient to indemnify the savings bank against damages that the savings bank may sustain as a result of the investment. If an unauthorized investment, the amount considered sufficient to indemnify the savings bank shall be the difference between the book value and the market value of the investment at the time the division determines that the investment is unauthorized. If an unauthorized loan, the amount considered sufficient to indemnify the savings bank shall be the difference between the book value of the loan and the amount of the loan that could have been made under this subchapter. If an unauthorized investment is sold or disposed of without recourse, the division shall release all or part of the indemnity after deducting any loss. If the balance of an unauthorized loan is reduced to an amount that would permit the loan to be made under this subchapter, the indemnity shall be released. In making a determination under this subsection, the division may order an independent appraisal at the savings bank's expense.History:  1991 a. 221; 1995 a. 27.
WI Stat § 214.54 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.54 - Loans to one borrower.

214.54  Loans to one borrower. (1) Except as provided in sub. (2) and s. 214.49 (4), the total of outstanding loans and extensions of credit, both direct and indirect, made by a savings bank to a single person shall be subject to limits established by rule of the division, but may not exceed 20 percent of the savings bank's capital. (2) Total outstanding loans and extensions of credit, both direct and indirect, made by a savings bank to a single person may exceed the 20 percent limit under sub. (1), but may not exceed 25 percent of the savings bank's capital, if all loans or extensions of credit that exceed the 20 percent limit are at least 100 percent secured by readily marketable collateral having a market value that may be determined by reliable and continuously available price quotations. (3) Notwithstanding subs. (1) and (2), a savings bank may make loans to one borrower under any of the following circumstances:(a) For any purpose if the total amount loaned does not exceed $500,000.(b) To develop domestic residential housing units if the total amount loaned does not exceed the lesser of $30,000,000 or 30 percent of the savings bank's capital and if all of the following conditions are met:1. The purchase price of each single-family dwelling unit in a development financed under this paragraph does not exceed $500,000.2. The savings bank is in compliance with the capital requirements under s. 214.43.3. Loans made under this paragraph to all borrowers do not, in aggregate, exceed 150 percent of the savings bank's capital.4. Loans under this paragraph comply with all applicable loan-to-value requirements. (4) A savings bank's loans to one borrower to finance the sale of real property acquired in satisfaction of debts may not exceed 50 percent of the savings bank's capital. (5) A loan or extension of credit granted to one person, the proceeds of which are used for the direct benefit of a 2nd person, shall be considered to be a loan or extension of credit to the 2nd person as well as the first person. (6) The total liabilities of a partnership, pool, syndicate or joint venture shall include the liabilities of the members of the entity. (7) For a loan authorized under sub. (2), a savings bank shall institute procedures to ensure that collateral fully secures an outstanding loan or extension of credit at all times. (8) If collateral values fall below 100 percent of an outstanding balance of a loan or extension of credit to the extent that the loan or extension of credit does not comply with subs. (1) and (2), the savings bank shall bring the loan into conformance within 15 business days unless a judicial proceeding or other extraordinary occurrence prevents the savings bank from taking action. (9) This section does not apply to loans or extensions of credit to the United States or its agencies or to this state or its agencies.History:  1991 a. 221; 1995 a. 27; 2017 a. 340.
WI Stat § 214.545 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.545 - Rules.

214.545  Rules. The division shall promulgate rules to determine permissible levels of investment and permissible concentrations of assets for savings banks that apply to all lending and investment authority under this subchapter. The rules shall give due regard to capital adequacy, operating income, underwriting standards, risk inherent in the investment or loan, and competitive parity with other financial institutions.History:  1991 a. 221; 1995 a. 27.
WI Stat § 214.57 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.57 - Deposit accounts.

214.57  Deposit accounts. A savings bank may establish deposit accounts. Deposit accounts shall be payable without notice, unless the contract of deposit provides otherwise.History:  1991 a. 221.
WI Stat § 214.575 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.575 - Deposit accounts subject to liens.

214.575  Deposit accounts subject to liens. (1) A deposit account shall be subject to a lien for the payment of charges that may accrue on the account under this chapter. (2) A deposit account shall be subject to a debt offset for the debts of the deposit account holder to the savings bank. (3) Deposit accounts may not be assessed for any debts or losses of the savings bank.History:  1991 a. 221.
WI Stat § 214.58 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.58 - Payment of interest.

214.58  Payment of interest. (1) The board of directors shall determine the rate and amount of interest to be paid on or credited to deposit accounts. The board of directors may establish reasonable classifications of accounts based on the types of accounts, the length of time accounts are continued in effect, the size of initial deposits into accounts, the minimum balances of accounts required for payment of interest, the frequency and extent of the activity on accounts, or on other classifications the division may approve. (2) The board of directors shall determine by resolution the method of calculating the amount of interest on deposit accounts and the date on which interest is to be paid or credited.History:  1991 a. 221; 1995 a. 27.
WI Stat § 214.585 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.585 - Holders of deposit accounts.

214.585  Holders of deposit accounts. Deposit accounts may be held as follows: (1) By an individual in his or her own right, regardless of age, or by 2 or more individuals. (2) By a fiduciary if authorized by law. (3) By a government or governmental instrumentality if authorized by law. (4) By a corporation or other person. (5) In any other form receiving the prior written approval of the division.History:  1991 a. 221; 1995 a. 27.
WI Stat § 214.59 (2021)
2021 Wisconsin Statutes & Annotations|Chapter 214 - Savings banks.|214.59 - Prohibited activities.

214.59  Prohibited activities. (1) A savings bank may not participate, directly or indirectly, in the sale or transfer of any equity or debt security or instrument of an affiliate, its parent savings bank holding company or an affiliate of the savings bank holding company. (2) A shareholder, director, officer, employee or agent of the savings bank may not participate, directly or indirectly, in any sale or transfer described in sub. (1), nor may that person allow any other person to do so at an office of the savings bank or any office of the savings bank's subsidiaries or service corporations.History:  1991 a. 221.