reglab/statecodes huggingface dataset:
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.592 - Financially related services tie-ins.

214.592
Financially related services tie-ins.
In any transaction conducted by a savings bank, a savings bank holding company, or a subsidiary of either with a customer who is also a customer of any other subsidiary of any of them, the customer shall be given a notice in 12-point boldface type in substantially the following form:
NOTICE OF RELATIONSHIP
This company, .... (insert name and address of savings bank, savings bank holding company, or subsidiary), is related to .... (insert name and address of savings bank, savings bank holding company, or subsidiary) of which you are also a customer. You may not be compelled to buy any product or service from either of the above companies or any other related company in order to participate in this transaction.
If you feel that you have been compelled to buy any product or service from either of the above companies or any other related company in order to participate in this transaction, you should contact the management of either of the above companies at either of the above addresses or the division of banking at .... (insert address).
History:  1991 a. 221; 1995 a. 27; 1999 a. 9; 2003 a. 33.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.595 - Savings promotion prize programs.

214.595
Savings promotion prize programs.
(1)
In this section:
(a)
“Nonqualifying account" means a deposit account, other than a demand account, that is not a qualifying account.
(b)
“Qualifying account" means a deposit account, other than a demand account, through which a savings bank's depositors may obtain chances to win prizes in a savings promotion.
(c)
“Savings promotion" means a contest or promotion to encourage savings deposits that is sponsored by one or more savings banks, or by a banking trade association or its subsidiary in conjunction with one or more savings banks, and in which savings bank depositors are offered a chance to win designated prizes.
(2)
A savings bank may sponsor, or participate in, a savings promotion if all of the following requirements are satisfied:
(a)
Savings bank depositors are not required to pay any fee or otherwise provide any consideration in order to enter the savings promotion.
(b)
All fees charged by a savings bank in connection with a qualifying account are comparable with all fees charged in connection with comparable nonqualifying accounts offered by the savings bank.
(c)
Each entry in the savings promotion has an equal chance of winning.
(d)
Participants in the savings promotion are not required to be present at a prize drawing in order to win.
(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 savings bank, to account for the possibility of winning a prize.
History:  2017 a. 72.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.62 - Merger; adoption of plan.

214.62
Merger; adoption of plan.
(1)
A financial institution may merge with a savings bank. The board of directors of the merging financial institution and of the savings bank, by resolution adopted by a vote of at least two-thirds of the members of each board, shall approve the plan of merger.
(2)
The plan of merger shall include all of the following:
(a)
The name of each merging financial institution, the name of the resulting financial institution, the location of the resulting home office and the location of other resulting offices.
(b)
With respect to the resulting financial institution, the amount of capital, surplus, and reserve for operating expenses; the classes and the number of shares of stock, if a stock financial institution; the articles of incorporation and bylaws of the resulting financial institution; and a detailed financial statement showing the assets and liabilities after the proposed merger.
(c)
The method, terms and conditions of effecting the merger, including the manner of converting shares of each merging financial institution into cash, shares of stock or other securities or properties to be received by the stockholders of each merging stock financial institution.
(d)
Provisions governing the manner of disposing of any shares of stock of the resulting financial institution that are not taken by dissenting stockholders of a merging financial institution.
(e)
Other provisions necessary or desirable or that the division requires.
(3)
After approval by the board of directors of each merging financial institution, the merger agreement shall be submitted to the division for approval, together with a certified copy of the authorizing resolution of each board of directors. Before issuing approval, the division may examine the affairs of each merging financial institution and its affiliates and subsidiaries, the expense of which is to be paid by the merging financial institution.
(4)
The division may approve or disapprove the proposed merger agreement. The division may not approve a merger agreement unless the division finds all of the following:
(a)
The resulting savings bank, if any, meets the requirements of this chapter for the formation of a new savings bank.
(b)
The merger agreement is fair to all persons affected.
(c)
The resulting savings bank, if any, will be operated in a safe and sound manner.
(5)
If the division fails to approve a proposed merger, the division shall state the objections in writing and give the merging financial institutions a stated period of time in which to amend the plan of merger.
History:  1991 a. 221; 1995 a. 27, 103.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.625 - Merger; stockholder vote of approval.

214.625
Merger; stockholder vote of approval.
If approved by the division, the plan of merger shall be submitted to the stockholders of each merging stock financial institution for approval. A meeting of the stockholders of a savings bank shall be called and held in accordance with ss. 214.305 and 214.31. The plan is approved if it receives the affirmative vote of the majority of the total votes entitled to be cast by stockholders.
History:  1991 a. 221; 1995 a. 27, 103.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.63 - Merger; certificate.

214.63
Merger; certificate.
The executed merger agreement, together, in the case of a stock financial institution, with a certified copy of the minutes of the meeting of stockholders of each merging stock financial institution approving the merger agreement, shall be filed with the division. The division shall issue to the resulting savings bank a certificate of merger, setting forth the name of each merging financial institution, the name of the resulting savings bank and the date on which the division approves the articles of incorporation and bylaws of the resulting savings bank. The merger takes effect on the date of the recording of the certificate or a later date if the certificate provides for a different date. Recording shall be completed in the same manner as required for savings bank articles of incorporation, in each county in which the home office of any of the merging financial institutions was located and in the county in which the home office of the resulting savings bank is located. The certificate shall be conclusive evidence of the merger and of the correctness of the merger proceedings except against this state.
History:  1991 a. 221; 1995 a. 27, 103.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.635 - Effect of merger.

214.635
Effect of merger.
The resulting savings bank shall be considered the same business and corporate entity as each merging financial institution, with all the property, rights, duties and obligations of each merging institution, except as otherwise provided by the articles of incorporation of the resulting savings bank. All liabilities of each of the merging institutions shall be liabilities of the resulting savings bank. All of the rights, franchises and interests of each of the merging institutions in and to every kind of property shall vest automatically in the resulting savings bank. A reference to any of the merging institutions in any writing, whether executed or effective before or after the merger, shall be considered to be a reference to the resulting savings bank if not inconsistent with other provisions of the writing. A pending action or other judicial proceeding to which a merging institution is a party may not be abated or dismissed because of the merger, but may be continued in the same manner as if the merger had not occurred.
History:  1991 a. 221.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.645 - Sale of assets.

214.645
Sale of assets.
Subject to rules of the division, a savings bank may, in a transaction not in the usual course of business, sell all or substantially all of its assets, with or without its name and goodwill, to another financial institution, in consideration of money, capital or obligations of the purchasing institution. A savings bank may sell an office or facility and equipment subject to rules of the division.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.65 - Procedure to effect sale of all assets.

214.65
Procedure to effect sale of all assets.
(1)
The procedure in this section applies to a sale authorized under s. 214.645 or 214.67.
(2)
(a)
The board of directors shall adopt by a two-thirds majority vote of all directors a resolution setting forth the terms of the proposed sale and shall submit the plan to the division for preliminary approval. Upon receipt of approval by the division, a stock savings bank shall submit the plan to a vote of the stockholders at a special or annual meeting.
(b)
The proposed sale is approved by the stockholders if it receives an affirmative vote from a majority of the total number of votes that are entitled to be cast. A proposal for the voluntary liquidation of the savings bank may be submitted to the stockholders at the same meeting or at any later meeting called for that purpose. A certified summary of proceedings setting forth the terms of the proposed sale, the form and timing of the notice given, the vote on the proposal and the total number of votes entitled to be cast shall be filed with the division.
(3)
If the division finds that the deposit insurance corporation has approved the sale, the proposed sale is fair to all members, stockholders, creditors and other persons concerned and provision has been made for the disposition of the remaining assets, if any, of the savings bank, the division shall issue to the savings bank a certificate of authorization for the sale with a copy of the filed report of proceedings attached to the certificate.
(4)
After the savings bank records the certificate of authorization in the same manner as the savings bank's articles of incorporation, the savings bank may complete the sale.
(5)
If the sale includes the name of the savings bank, the purchaser shall have the exclusive right to that name for 5 years.
History:  1991 a. 221; 1995 a. 27, 103; 1997 a. 35.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.655 - Authority to form interim institution.

214.655
Authority to form interim institution.
(1)
A savings bank may form an interim institution to effect a corporate restructuring, a voluntary corporate change or other transformation that does not in reality create an additional new financial institution, but that moves insured deposits from one financial institution to another pursuant to a change in control, change in method of ownership, merger or other organizational change that results in no new insurable deposits. The interim institution may become or receive the continuing or surviving financial institution or may be a conduit through which an existing financial institution's assets, liabilities, fixtures, personnel, rights and property are passed to effect a corporate change. In connection with formation of an interim institution, an existing savings bank may amend its articles of incorporation and bylaws to remove any depository function and to remove any deposits that would require insurance of accounts by a deposit insurance corporation.
(2)
A savings bank shall apply to the division for authority to form an interim institution. The application shall be made on forms prescribed by the division and shall be accompanied by a nonrefundable $1,000 fee. The division shall promulgate rules governing the formation of, and the standards and supervisory considerations to be applied to, interim institutions. An application shall contain all of the following:
(a)
The name and address of the savings bank.
(b)
A copy of all filings required by other regulatory authorities.
(c)
A statement from the savings bank's certified public accountant describing and analyzing the method to effect the transaction.
(d)
A 5-year plan for the resulting financial institution and for any corporate remnant of the original savings bank regarding the disposition, acquisition or expansion of assets; capital enhancement; disposition of earnings and profits; and geographic or other expansion or contraction.
(e)
The purpose of the resulting financial institution.
(f)
Whether deposit accounts will be expanded to require increased insurance of accounts together with copies of the appropriate filings.
(g)
Ownership structure including any contemplated sales of stock of subsidiaries, affiliates or savings bank holding companies, as well as of the resulting financial institution.
(h)
Articles of incorporation and bylaws of the original savings bank, interim institution and resulting financial institution.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.66 - Conversion of an existing institution to a savings bank.

214.66
Conversion of an existing institution to a savings bank.
(1m)
From savings and loan association or federal savings bank. A savings and loan association organized under ch. 215, a federal savings and loan association with its home office in this state or a federal savings bank with its home office in this state may become a savings bank by doing all of the following:
(a)
Applying to the division for authority to organize as a savings bank.
(b)
Obtaining insurance of accounts from a deposit insurance corporation.
(c)
Making any necessary application to its regulatory authority and paying all outstanding supervisory fees, examination fees, membership fees, other fees, penalties and assessments.
(e)
Obtaining the division's approval to convert to a savings bank.
(f)
Recording the savings bank's articles of incorporation in the county in which its home office is located.
(g)
After obtaining the division's approval, giving notice to its previous regulatory authority.
(2)
From credit union. A credit union under ch. 186 may become a savings bank by doing all of the following:
(a)
Applying to the division for authority to organize as a savings bank and satisfying all requirements under this chapter for organizing as a savings bank.
(b)
Satisfying all requirements under s. 186.314 (2m) for conversion to a savings bank.
(c)
Recording the savings bank's articles of incorporation in the county in which its home office is located.
History:  1991 a. 221; 1995 a. 27; 2011 a. 32.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.665 - Emergency merger.

214.665
Emergency merger.
(1)
With the prior approval of the division, which shall state that the proposed merger is necessary for the protection of depositors and other creditors, a savings bank that is in default or in danger of default may, by a majority vote of its board of directors and without a stockholder vote, merge with another savings bank, a state or federal savings and loan association, a state bank or a federal bank. The other entity shall be the resulting or continuing savings bank, savings and loan association or bank.
(2)
The division shall by rule establish standards for determining if a savings bank is in default or in danger of default.
History:  1991 a. 221; 1995 a. 27, 103.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.67 - Emergency sale of assets.

214.67
Emergency sale of assets.
(1)
With the prior approval of the division, which shall state that the proposed sale is necessary for the protection of depositors and other creditors, a savings bank may, by a majority vote of its board of directors and, notwithstanding s. 214.65 (1), without a stockholder vote, sell all or any part of its assets to another savings bank, a state or federal savings and loan association, a state bank or a national bank if the savings bank, savings and loan association or bank assumes in writing all of the liabilities of the selling savings bank or to a deposit insurance corporation.
(2)
A savings bank may sell to a savings bank, state or federal savings and loan association, state bank or federal bank an insubstantial portion of its total deposits as described in 12 USC 1815 5 (d) (2) (D). Approval of the sale shall be by a majority vote of the board of directors and, with approval of the division and notwithstanding s. 214.65 (1), may be without a stockholder vote.
History:  1991 a. 221; 1995 a. 27, 103.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.675 - Acquisition of control.

214.675
Acquisition of control.
(1)
A person, whether acting directly or indirectly, alone or with one or more persons, shall give the division 60 days' written notice of intent to acquire control of 10 percent or more of a savings bank, affiliate, savings bank subsidiary, savings bank holding company or service corporation.
(2)
A person, whether acting directly or indirectly, alone or with one or more persons, shall apply to the division 60 days before any proposed change in control. A change in control occurs if any change of ownership of stock, or of rights related to stock, would result in a person, whether acting directly or indirectly, alone or with one or more persons, owning, directly or indirectly, 25 percent or more of the voting shares or rights in a savings bank, affiliate, savings bank subsidiary, savings bank holding company or service corporation or such lesser amount that would entitle the person to elect one member to the board of directors of the entity.
(3)
The division may examine the books and records of a person filing notice of intent under sub. (1) or an application under sub. (2).
(4)
The division's decision on a filing under sub. (1) or (2) shall be issued within 30 days after the date of receipt of a complete initial application or the date of receipt of additional information requested by the division that is necessary for making the decision. The division shall make a request for additional information within 30 days of the date of the division's receipt of an initial filing.
(5)
The division shall promulgate rules to implement this section.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.68 - Jurisdictional conversion.

214.68
Jurisdictional conversion.
(1)
A federal savings bank or federal savings and loan association may convert itself into a savings bank, and a savings bank may convert itself into a federal savings bank, by following the procedures under pars. (a) to (e).
(a)
A meeting of the members or stockholders shall be held after not less than 10 days' written notice to each member or stockholder, served either personally or by mail to the last-known post-office address. The notice shall state the date, time, place and purpose of the meeting.
(b)
At the meeting the members or stockholders may, by affirmative vote of not less than two-thirds of the eligible votes, resolve to convert the savings bank into a federal savings bank, or if a federal institution, into a savings bank. A verified copy of the minutes of the meeting shall be filed with the division within 10 days after the date of the meeting.
(c)
If the members or stockholders vote to convert, the secretary shall, within 30 days after the date of the meeting serve notice on all members or stockholders, either personally or by mail to the last-known post-office address.
(d)
Within 6 months after the date of the meeting to convert, the savings bank shall take all steps necessary to complete the conversion. Within 10 days after receipt of federal authorization, the savings bank shall file with the division a copy of its federal authorization. Upon filing, the savings bank shall cease to be a savings bank and shall be a federal savings bank.
(e)
Within 6 months after the date of the federal institution's meeting to convert, the division shall examine the federal institution and shall determine the action necessary to qualify the federal institution to convert to a savings bank. Upon complying with the necessary requirements, the division shall approve the conversion.
(2)
Upon conversion, the corporate existence of the converting institution shall not terminate and the resulting institution shall be a continuance of the converting institution. All of the property and rights of the converted institution shall vest in the resulting institution as of the time of conversion and all of its obligations become those of the resulting institution. Actions and other judicial proceedings to which the converting institution is a party may be prosecuted and defended as if conversion had not taken place.
(3)
Before any conversion under this section is effective, the division shall issue a certificate of conversion.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.715 - Powers of the division.

214.715
Powers of the division.
(1)
The division shall do all of the following:
(a)
Supervise and control savings banks and savings bank holding companies.
(b)
Employ persons necessary to administer this chapter.
(c)
Exercise the rights, powers and duties under this chapter or any related chapter.
(d)
Promulgate rules.
(e)
Submit an annual report to the governor and the legislature regarding the work of the division under this chapter.
(f)
Commence an action to enforce any law of this state that applies to savings banks, service corporations, savings bank subsidiaries, affiliates or savings bank holding companies, including the enforcement of any obligation of the officers, directors, agents or employees of these entities.
(g)
Prescribe a uniform manner for maintaining the books and records of a savings bank.
(h)
Establish a reasonable fee structure, subject to approval of the review board, for savings banks and savings bank holding companies and for their service corporations and subsidiaries. The fees may include annual fees, application fees, regular and special examination fees and other fees that relate to the division's responsibilities under this chapter and that are directly attributable to the entities operating under this chapter. The division may assess, bill and collect fees established under this paragraph. The amounts collected by the division shall be used for the expenses of the division.
(2)
Employees of the division may not be subject to any civil liability or penalty, or to any criminal prosecution, for any error in judgment or discretion made in good faith and upon reasonable grounds in any action taken or omitted by the employee in an official capacity.
(3)
If it appears to the division that a savings bank is conducting its business in violation of this chapter, the division may report the facts to the department of justice which may bring an action to revoke the certificate of incorporation of the savings bank.
(4)
A savings bank that intends to move its home office or a branch office shall make an application to the division. In approving or denying the application for relocation, the division shall determine the need for relocation and determine whether undue harm or injury would be caused to any savings bank doing business in the area or vicinity of the proposed relocation.
History:  1991 a. 221; 1995 a. 27; 1997 a. 144.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.72 - Prohibited business relationships.

214.72
Prohibited business relationships.
(1)
In this section:
(a)
“Business relationship" means a financial interaction with a savings bank, including obtaining and renegotiating a loan; maintaining a deposit account or escrow account; obtaining and using a credit card; being a trustee or beneficiary of an estate or trust held by the savings bank; and renting a safe deposit box.
(am)
“Department" means the department of financial institutions.
(b)
“Financial regulator" means the department secretary and deputy secretary, and an administrator, a supervisor of data processing, legal counsel and a financial institution examiner employed by the department and includes any member of a financial regulator's immediate family, as defined in s. 19.42 (7).
(2)
(a)
A financial regulator may not request, accept or enter into a business relationship with a savings bank unless the business relationship is in the savings bank's ordinary course of business, is negotiated at arms' length and the terms are no more favorable than those available to members of the general public in like circumstances.
(b)
A financial regulator may not be an officer, director, employee or agent of a savings bank.
(c)
A financial regulator may not voluntarily acquire equity securities in a savings bank or a savings bank holding company. A financial regulator shall transfer equity securities which he or she owns within 90 days after commencement of employment as a financial regulator or within 90 days after acquiring ownership by inheritance or gift.
(d)
Notwithstanding par. (a), a financial regulator may not obtain a new loan from or renegotiate, refinance, renew, extend or modify an existing loan with a savings bank. A financial regulator may exercise contract rights under an existing variable rate, escalator or balloon-type mortgage. A financial regulator is not required to terminate a loan existing at the time he or she becomes a financial regulator.
(3)
Within 30 days after commencing employment as a financial regulator and at least once each year, each financial regulator, for himself or herself and covering his or her immediate family, shall complete a written, sworn report disclosing the nature of all business relationships with savings banks on forms prescribed by the department. Each report shall be reviewed by the department, except that the secretary's and deputy secretary's report shall be reviewed by the review board. The reviewers shall determine if any business relationship is or appears improper and, if so, may direct the termination of that business relationship within a reasonable, prescribed time period.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.735 - Examination report.

214.735
Examination report.
Upon completion of an examination, the division shall provide an examination report to the board of directors of the savings bank or other entity examined. Each director shall read the report and shall sign an affidavit affirming that the director has read and understands the report. The affidavits shall be retained by the savings bank or entity examined and may be examined by the division.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.74 - Orders of the division.

214.74
Orders of the division.
(1)
If the affairs of the savings bank, savings bank subsidiary, service corporation or affiliate or savings bank holding company are not being conducted in accordance with this chapter, the division may require the directors, officers and employees to take necessary corrective action. If the necessary corrective action is not taken, the division may issue an order to the directors of the entity, to be served personally or by certified mail, specifying a date for the performance of the corrective action.
(2)
If the order contains a finding that the business of the savings bank or savings bank holding company is being conducted in a fraudulent, illegal, unsafe or unsound manner or that the violation or the continuance of the practice to be corrected may cause insolvency, substantial dissipation of assets or earnings or the impairment of capital, the savings bank or savings bank holding company shall comply with the order immediately, unless the order is modified or withdrawn by the division or modified or terminated by a court. Notwithstanding sub. (3), the division may apply to the circuit court in the county in which the home office of the savings bank or savings bank holding company is located for enforcement of an order.
(3)
If a hearing before the review board has not been requested within 20 days after service of an order, the division may, at any time within 90 days after the date specified in the order for an action to be taken or discontinued, commence an action in the circuit court of the county in which the home office of the savings bank or savings bank holding company is located to compel the directors, officers or employees to take required corrective action. If a hearing is requested pursuant to s. 214.78, the division may institute suit within 90 days after a determination by the review board.
(4)
This section is in addition to the enforcement authority of the division under subch. XII.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.745 - Division's notice to members or stockholders.

214.745
Division's notice to members or stockholders.
The division may prepare a statement of the condition of the savings bank, affiliate, savings bank subsidiary, service corporation or savings bank holding company and may mail the statement to the members or stockholders or may publish the statement as a class 1 notice under ch. 985. The expense of a mailing or publication shall be paid by the savings bank, affiliate, savings bank subsidiary, service corporation or savings bank holding company.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.75 - Record keeping and retention.

214.75
Record keeping and retention.
(1)
A savings bank shall maintain books and records, as required by the division, in accordance with generally accepted accounting principles and the requirements of its deposit insurance corporation. All books and records shall be current, complete, organized and accessible to the division's agents and examiners and to the savings bank's auditors and accountants.
(2)
A savings bank employing an outside data processing service shall inform the division at the initiation, renewal or changing of a contract for data processing services with an outside data processing service. The contract shall be submitted to the division at least 60 days before its implementation. The contract shall provide that the records maintained shall at all times be available for examination and audit by the division. A savings bank shall implement internal control and security measures for its data processing activities.
(3)
The division may examine any data processing center that provides data processing or related services to a savings bank as often as the division examines the savings bank it serves.
(4)
The division shall by rule prescribe standards by which savings banks must retain records and may destroy those records. Liability may not accrue against the savings bank, the division or this state for destruction of records according to rules of the division promulgated under this subsection. In an action in which records of the savings bank may be called in question or demanded, a showing of compliance with the division's standards shall be sufficient to excuse any inability to produce the records.
(5)
(a)
A savings bank may cause records kept by the savings bank 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 savings bank may thereafter dispose of the original record. This subsection is applicable to federal savings banks if it does not contravene federal law.
(b)
Any photographic, photostatic, or miniature photographic copy or reproduction or copy reproduced from a film record or any copy of a record generated by optical disc storage of a savings bank record shall be 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 a photographic copy or reproduction, copy reproduced from a film record, or copy generated from optical disc storage of a record shall, for all purposes, be considered to be a facsimile, exemplification, or certified copy of the original record.
History:  1991 a. 221, 280; 1995 a. 27; 2013 a. 277; 2015 a. 196.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.755 - Disclosure of examination reports and other records.

214.755
Disclosure of examination reports and other records.
(1)
Employees of the division and members of the review board may not disclose information gathered by examination of or obtained through reports from a savings bank or from a state or federal financial institution regulatory authority except to any of the following:
(a)
Directors, officers or employees of the savings bank if required to administer this chapter.
(b)
A state or federal financial institution regulatory authority if the regulatory authority agrees to keep the information confidential.
(c)
A court, or law enforcement or prosecutorial agencies for use in investigating or prosecuting a crime involving that information.
(d)
The savings bank's independent certified public accountants.
(e)
The savings bank's deposit insurance corporation.
(f)
A federal home loan bank if the federal home loan bank agrees to keep the information confidential.
(1m)
The officers or employees of a savings bank may not disclose the contents of an examination report except to any of the following:
(a)
A court, or law enforcement or prosecutorial agencies for use in investigating or prosecuting a crime involving the contents of the report.
(b)
The savings bank's attorneys, independent certified public accountants or other professional advisers.
(c)
The savings bank's deposit insurance corporation.
(2)
An individual who violates sub. (1) or (1m) shall forfeit his or her office or position.
History:  1991 a. 221; 1995 a. 27, 103; 2017 a. 340.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.76 - Annual audit requirement.

214.76
Annual audit requirement.
(1)
Except as provided in sub. (2), the board of directors of a savings bank shall hire a certified public accountant licensed or certified under ch. 442 or other qualified person to conduct a comprehensive annual audit of the records, accounts, and affairs of the savings bank.
(2)
The board of directors of a savings bank may appoint an auditing committee of one or more capable persons to annually audit the records, accounts, and cash of the savings bank and to verify customer accounts. Verification procedures shall be conducted according to the savings bank's auditing program or the rules of the division.
(3)
Audit reports under this section shall be submitted to the savings bank's board of directors and retained as records of the savings bank.
History:  1991 a. 221, 315; 1995 a. 27, 325; 2001 a. 16; 2011 a. 182.