reglab/statecodes huggingface dataset:
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.765 - Unsafe and unsound practices; orders of prohibition and removal.

214.765
Unsafe and unsound practices; orders of prohibition and removal.
(1)
A violation of subch. VI or VII or s. 214.34, 214.59 or 214.76, or the failure to comply with recommendations of an examination report of the division within 60 days after the date of issuance of the report or within any other period the division specifies, shall be considered an unsafe and unsound practice and creates an unsafe and unsound condition in the savings bank. A savings bank or a person affiliated with a savings bank who violates these provisions shall be subject to a forfeiture under s. 214.935 and to other enforcement powers of the division under this subchapter, subch. XII and rules of the division.
(2)
Continued violation of any provision in sub. (1) after the division issues an order to correct shall subject the members of the board of directors of the savings bank to removal from the board and to a permanent order of prohibition under s. 214.91.
(3)
The division shall promulgate rules to implement this section.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.775 - Procedure upon the impairment of capital.

214.775
Procedure upon the impairment of capital.
If the division finds from a report, examination or other source that a savings bank's capital is impaired, the division may do any of the following:
(1)
Direct the board of directors to do any of the following:
(a)
Require stockholders to contribute an amount at least sufficient to eliminate the impairment.
(b)
Reduce the amount of additional paid-in capital by at least the amount of the impairment and allocate the reduction to undivided profits or reserves to absorb the loss that created the impairment.
(2)
Take custody of the savings bank under subch. XI, establish a conservatorship and proceed to merge, sell or otherwise dispose of the savings bank in a manner that will remove the capital impairment, remove operating losses and restore compliance with capital requirements.
(3)
Declare the stock worthless and order the directors to cancel the stock or order the directors to sell, merge or otherwise restructure the savings bank in a manner that will remove the capital impairment, eliminate operating losses and restore compliance with capital requirements.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.78 - Review board.

214.78
Review board.
(1)
The review board shall do all of the following:
(a)
Advise the division on matters related to this chapter.
(b)
Review the acts, orders and determinations of the division.
(c)
Act on matters pertaining to this chapter that may be submitted to it by the division.
(d)
Perform other review functions relating to this chapter.
(e)
Conduct hearings and take testimony, and subpoena and swear witnesses at such hearings. The review board shall have the subpoena powers under s. 885.01 (4).
(2)
An interested party may appear at a proceeding of the review board and may participate in the examination of witnesses and present evidence.
(3)
A person who subpoenaes a witness shall advance the fees and mileage of the witness. Witness fees shall be the same as fees under s. 814.67 (1) (b) and (c). The fees of witnesses who are called by the review board in the interests of the state shall be paid by the state upon presentation of proper vouchers approved by the chairperson of the review board and charged to the appropriation under s. 20.144 (1) (g).
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.785 - Review of acts, orders or determinations.

214.785
Review of acts, orders or determinations.
(1)
Any interested person or a savings bank aggrieved by any act, order or determination of the division, which relates to savings banks may, within 20 days after receipt or service of a copy of the act, order or determination, file a written notice requesting the review board's review of the division's act, order or determination. The sole review of the division's decision shall be to determine if the division acted within the scope of the division's authority, has not acted in an arbitrary or capricious manner and that the act, order or determination of the division is supported by substantial evidence in view of the entire record as submitted. The review of applications for new savings banks, branch offices or relocation of offices shall be based exclusively on the record and new evidence may not be taken by the review board. Applications under this subsection shall be considered and disposed of as speedily as possible.
(2)
A determination of the review board shall be subject to review under ch. 227. If an act, order or determination of the division is reversed or modified by the review board, the division shall be considered to be a person aggrieved and directly affected by the decision under s. 227.53 (1).
(3)
A member of the review board may not act on any matter involving a savings bank or savings bank holding company of which the member is an officer, director, employee or agent.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.825 - Purposes of taking custody.

214.825
Purposes of taking custody.
The purposes of taking custody of a savings bank may include examination; production of an audit report or audited financial statement; reconstruction of books and records; conservation of assets; restoration of impaired capital; the making of any necessary or equitable adjustment, including changes in officers and management, considered necessary by the division under any plan of reorganization or liquidation; restructuring of the savings bank through a merger or formation of an interim institution; establishment of a conservatorship to operate and manage a savings bank as an ongoing concern until the grounds for custody and conservatorship are remedied; or the maturing of an obligation of the deposit insurance corporation.
History:  1991 a. 221; 1995 a. 27; 1997 a. 35; 2011 a. 182.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.83 - Division's powers during custody.

214.83
Division's powers during custody.
During the period in which the division has custody of a savings bank, the division shall have all powers necessary to accomplish the purposes of custody of the savings bank and the authority to call meetings of the members, stockholders, former officers and directors, liquidators or trustees to consider and act upon matters considered by the division to be of sufficient importance to obtain the views of those persons.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.835 - Custody of savings banks.

214.835
Custody of savings banks.
If the division takes custody of a savings bank, in addition to powers conferred under ss. 214.825 and 214.83, the division may do any of the following:
(1)
Notify the deposit insurance corporation of the custody and the reasons for that action, including a copy of the division's report of examination and condition of the savings bank, and to appoint the deposit insurance corporation or its designee as receiver or conservator for the savings bank.
(2)
Permit the deposit insurance corporation to submit any plan or proposal for the reorganization, merger or liquidation of the savings bank that it considers to be feasible.
(3)
Determine and declare the savings bank to be in default, find from the division's examination and from reports of the savings bank the amount of insured deposits and make any necessary orders that may be required for the purpose of making deposit insurance available to depositors.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.84 - Notice of custody; action to enjoin.

214.84
Notice of custody; action to enjoin.
On the date the division takes custody of a savings bank, the division shall provide by 1st class mail a written notice of that action to the president or secretary and to 2 or more directors of the savings bank or to 2 or more of the trustees of any trust or to 2 or more of the liquidators if the savings bank is in liquidation. If the parties receiving notice believe the division does not have authority to take custody, the savings bank, the directors or officers of the savings bank or the trustees or liquidators, within 20 days after the mailing of the notice, or within further periods of time as the division may extend up to an additional 60 days, may file a complaint in the circuit court of the county in which the savings bank is located to enjoin custody. The court shall require the division to show cause why custody should not be enjoined. If, upon hearing, the court finds that grounds do not exist for the division's custody, it may enter an order enjoining further custody.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.845 - Segregation of collections during custody.

214.845
Segregation of collections during custody.
All payments received on deposit accounts on depositors' unpledged accounts during custody of the savings bank shall be segregated in a separate account until the savings bank is redelivered to the directors, trustees or liquidators or delivered to a conservator or receiver. A depositor whose payments have been segregated may request the return of those payments and the division shall repay them without interest or dividends. Before delivery of the savings bank or its assets to any trustee, liquidator, receiver or conservator, the division shall return the money segregated in the separate account.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.85 - Redelivery of possession.

214.85
Redelivery of possession.
If, after examination of the savings bank and consideration of all conditions affecting its affairs, the division finds that the cause for taking custody has been removed, the division shall relinquish custody of the savings bank, remove any conservator appointed and redeliver the savings bank and all assets, books and records to its qualified directors, trustees or liquidators.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.855 - Limitations upon custody.

214.855
Limitations upon custody.
The custody of a savings bank by the division, including a conservatorship, may be continued for a reasonable period not to exceed 12 months, unless a longer time period is approved by a vote of two-thirds of the directors of the savings bank or ordered by a court.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.90 - Action to correct conditions.

214.90
Action to correct conditions.
The division may issue an order requiring a savings bank, savings bank subsidiary, service corporation, affiliate, savings bank holding company or a party affiliated with a savings bank to take action to correct any condition resulting from a violation or practice identified in the order. The division may by order require the savings bank, savings bank subsidiary, service corporation, affiliate, savings bank holding company or party affiliated with a savings bank to do any of the following:
(1)
Make restitution or provide reimbursement, indemnification or guarantees for or against losses if any of the following conditions occurs:
(a)
The person was unjustly enriched or received direct or indirect personal benefit in connection with the violation or practice.
(b)
The violation or practice involved a reckless disregard for applicable state or federal laws, regulations, rules or orders of the division or other appropriate regulator.
(2)
Restrict the savings bank's growth or institute appropriate operating restrictions.
(3)
Dispose of any loan or asset involved.
(4)
Rescind an agreement or contract.
(5)
Submit candidates for future directors, employees or officers to the division for approval.
(6)
Take any other action the division considers necessary.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.905 - Books and records corrective orders.

214.905
Books and records corrective orders.
(1)
If an order under s. 214.90 specifies that the books and records of a savings bank are so incomplete and inaccurate that the division is unable to determine the financial condition of the savings bank or unable to determine the nature, details or purpose of any transaction that may have a material effect on the savings bank's financial condition, the division shall issue an order that requires all of the following:
(a)
Specific steps to restore, reconstruct or adjust the books and records to accuracy and compliance.
(b)
Rescission or cessation of transactions or activities that led to the incomplete or inaccurate condition of the books and records.
(c)
Establishment of reserves for any losses that the division finds were incurred due to the condition of the books and records.
(2)
An order under sub. (1) shall be effective until the division determines through an examination that the condition has been corrected and rescinds the order.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.91 - Removal and prohibition authority.

214.91
Removal and prohibition authority.
(1)
The division may remove from a savings bank any employee, agent or person affiliated with the savings bank if the division finds that the person has done any of the following:
(a)
Directly or indirectly violated any state or federal law, regulation, rule or order or any agreement between the savings bank and the division or between the savings bank and the deposit insurance corporation.
(b)
Breached fiduciary or professional responsibilities to the savings bank.
(2)
The division may serve upon a savings bank employee, agent or person affiliated with the savings bank a written notice of the division's intention to remove or suspend the person from office in the savings bank or to prohibit any further participation in any manner by that person in the conduct of the affairs of a savings bank or of a savings and loan association organized under ch. 215, if the division finds that, because of a violation permitting removal under sub. (1), any of the following conditions exists:
(a)
A savings bank has or probably will suffer financial loss or other damage.
(b)
The interests of the savings bank's depositors have been or could be prejudiced.
(c)
The person received financial gain or other benefit by reason of the violation.
(d)
The violation or breach involves personal dishonesty on the part of the person or demonstrates willful or continuing disregard by the person for the safety and soundness of the savings bank.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.915 - Participation prohibition.

214.915
Participation prohibition.
(1)
Except as provided in rules of the division, any person who has been removed or suspended from office in a savings bank or prohibited from participating in the conduct of the affairs of a savings bank under s. 214.90 may not, while an order is in effect, hold any office in or participate in any manner in the conduct of the affairs of another savings bank, savings bank subsidiary, affiliate, service corporation, savings bank holding company or state savings and loan association.
(2)
A violation of sub. (1) by any person who is subject to an order described in that subsection shall be treated as a violation of the order.
History:  1991 a. 221, 315; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.92 - Effect of termination or resignation.

214.92
Effect of termination or resignation.
The resignation, termination of employment, or separation of a person affiliated with a savings bank from the savings bank does not affect the authority of the division to issue an order under s. 214.90, 214.91 or 214.915 if the order is issued within 6 years after the person ceases to be a person affiliated with the savings bank.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.925 - Unauthorized participation by convicted individual.

214.925
Unauthorized participation by convicted individual.
(1)
Except with the prior written consent of the division, a person who has been convicted of a criminal offense involving dishonesty or a breach of trust may not participate, directly or indirectly, in any manner in the conduct of the affairs of a savings bank.
(2)
The directors or officers of a savings bank may not permit a person described in sub. (1) to participate in the conduct of the affairs of the savings bank.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.93 - False statements.

214.93
False statements.
A person may not knowingly make, cause, or allow another person to make or cause to be made, a false statement, under oath if required by this chapter or on any report or statement required by the division or by this chapter. In addition to any forfeiture under s. 214.935, a person who violates this section is guilty of a Class F felony.
History:  1991 a. 221; 1995 a. 27, 103; 1997 a. 283; 2001 a. 109.
2023 Wisconsin Statutes & Annotations › Chapter 214 - Savings banks. › 214.935 - Civil forfeitures.

214.935
Civil forfeitures.
In addition to the enforcement authority granted to the division, the following forfeiture provisions apply:
(1)
Except as provided in sub. (2), any person who violates this chapter, any rule promulgated under this chapter or an order of the division may be required to forfeit not more than $10,000. Each day of continued violation constitutes a separate offense.
(2)
Any person who fails to comply with a reporting requirement under this chapter may be required to forfeit not more than $1,000 for the first offense and may be required to forfeit not more than $2,500 for the 2nd or any later offense.
History:  1991 a. 221; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.04 - Review board.

215.04
Review board.
(1)
Duties. The review board shall do all of the following:
(a)
Advise the division on matters related to this chapter.
(b)
Review the acts, orders, and determinations of the division.
(c)
Act on any matters pertaining to this chapter that are submitted to it by the division.
(d)
Perform other review functions relating to this chapter.
(e)
Conduct hearings and take testimony, and subpoena and swear witnesses at such hearings. The review board shall have the subpoena powers under s. 885.01 (4).
(2)
Appearances. An interested party may appear at a proceeding of the review board and may participate in the examination of witnesses and present evidence.
(3)
Witness fees. A person who causes a witness to be subpoenaed shall advance the fees and mileage expense of the witness. Witness fees shall be the same as fees under s. 814.67 (1) (b) and (c). The fees of witnesses who are called by the review board in the interests of the state shall be paid by the state upon presentation of proper vouchers approved by the chairperson of the review board and charged to the appropriation under s. 20.144 (1) (g).
(4)
Review of acts, orders, or determinations. Any interested person or a savings association aggrieved by any act, order, or determination of the division, which relates to savings and loan associations, may, within 20 days after receipt or service of a copy of the act, order, or determination, file a written notice requesting the review board's review of the division's act, order, or determination. The review of the division's decision shall be solely to determine if the division acted within the scope of the division's authority and did not act in an arbitrary or capricious manner and to determine if the act, order, or determination of the division is supported by substantial evidence in view of the entire record as submitted. The review of applications for new charters, branch offices, or relocation of offices shall be based exclusively on the record and new evidence may not be taken by the review board. Requests for review under this subsection shall be considered and disposed of as speedily as possible.
(5)
Review. A determination of the review board is subject to review under ch. 227. If an act, order, or determination of the division is reversed or modified by the review board, the division shall be considered to be a person aggrieved and directly affected by the decision under s. 227.53 (1).
(6)
Board member not to act. A member of the review board may not act on any matter involving a savings and loan association or savings and loan holding company of which the member is an officer, director, employee, or agent.
History:  1971 c. 164, 243; 1975 c. 359; 1983 a. 167; 1985 a. 182 s. 57; 1991 a. 316; 1995 a. 27 ss. 5558 to 5563, 9130 (4); 1997 a. 3, 35; 2003 a. 33.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.12 - Penalty for dishonest acts; falsification of records.

215.12
Penalty for dishonest acts; falsification of records.
Every officer, director, employee or agent of any association who steals, abstracts, or willfully misapplies any property of the association, whether owned by it or held in trust, or who, without authority, issues or puts forth any certificate of savings accounts, assigns any note, bond, mortgage, judgment or decree, or, who makes any false entry in any book, record, report or statement of the association with intent to injure or defraud the association or any person or corporation, or to deceive any officer or director of the association, or any other person, or any agent appointed to examine the affairs of such association, or any person who, with like intent, aids or abets any officer, director, employee or agent in the violation of this section, is guilty of a Class F felony.
History:  1977 c. 418 s. 924 (18) (e); 1997 a. 283; 2001 a. 109.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.135 - Additional authority.

215.135
Additional authority.
(1)
Subject to any regulatory approval required by law and subject to sub. (2), a savings and loan association, directly or through a subsidiary, may undertake any activity, exercise any power or offer any financially related product or service in this state that any other provider of financial products or services may undertake, exercise or provide or that the division finds to be financially related.
(2)
The activities, powers, products and services that may be undertaken, exercised or offered by savings and loan associations under sub. (1) are limited to those specified by rule of the division. The division may direct any savings and loan association to cease any activity, the exercise of any power or the offering of any product or service authorized by rule under this subsection. Among the factors that the division may consider in so directing a savings and loan association are the savings and loan association's net worth, assets, management rating and liquidity ratio and its ratio of net worth to assets.
(3)
This section does not authorize a savings and loan association, directly or through a subsidiary, to engage in the business of underwriting insurance.
History:  1985 a. 325; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.137 - Savings promotion prize programs.

215.137
Savings promotion prize programs.
(1)
In this section:
(a)
“Nonqualifying account" means a savings account that is not a qualifying account.
(b)
“Qualifying account" means a savings account through which savers 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 and loan associations, or by a banking or thrift trade association or its subsidiary in conjunction with one or more savings and loan associations, and in which savers are offered a chance to win designated prizes.
(2)
A savings and loan association may sponsor, or participate in, a savings promotion if all of the following requirements are satisfied:
(a)
Savers 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 and loan association in connection with a qualifying account are comparable with all fees charged in connection with comparable nonqualifying accounts offered by the savings and loan association.
(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 saver'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 and loan association, to account for the possibility of winning a prize.
History:  2017 a. 72.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.14 - Savings accounts.

215.14
Savings accounts.
(1)
Aggregate of savings accounts. The aggregate of savings accounts of an association is unlimited, and consists of the total deposits in savings accounts and the total earnings credited to the accounts, less withdrawals.
(2)
Ownership of accounts. Any person may become the owner of a savings account in an association if the person is accepted by the association or if the person acquires ownership by a transfer authorized under s. 215.15 (3).
(3)
Deposits in savings accounts. Deposits may be made in savings accounts in any amount at any time, unless otherwise determined by the board.
(4)
Maximum ownership of savings accounts by one person. The aggregate amount of the withdrawal value of savings accounts owned by one person in any association is unlimited, unless the board determines otherwise.
(5)
Nonassessability of savings accounts. All savings accounts shall be nonassessable. No person may, in the person's capacity as a saver, be responsible for any losses incurred by the association beyond the loss of the withdrawal value of the person's savings accounts.
(6)
Savings accounts eligible investment for trust funds. A personal representative, guardian, trustee, or other fiduciary authorized to invest trust funds, may acquire, own, or hold savings accounts in an association, within the limits of standards contained in s. 881.01, and shall have the same rights and be subject to the same obligations and limitations as other savings account owners, except the right to be an officer or director. Savings accounts owned or held by a personal representative, guardian, trustee, or other fiduciary shall specifically name the trust represented.
(7)
Voting rights of joint savings accounts. When a savings account in a mutual association is a multiple-party account under subch. I of ch. 705, the right to vote such account shall be no greater than if the account were held by an individual.
(8)
Rights of fiduciaries.
(a)
In a mutual association a fiduciary shall have all rights and privileges of a saver except the right to hold office.
(b)
In a capital stock association a fiduciary shall have all rights and privileges as other savers in the association.
(9)
Savings accounts of deceased persons. The savings account of a decedent may be held and controlled by the personal representative or trustee of the estate, or after 60 days after death, the legal representative may be paid the withdrawal value of the savings account. If the savings account is pledged to the association for a loan, the loan shall first be fully repaid.
History:  1971 c. 41 s. 12; 1971 c. 229; 1971 c. 307 s. 118; 1973 c. 291; 1975 c. 359, 421; 1983 a. 167; 1989 a. 331; 2001 a. 102; 2005 a. 387.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.141 - Financially related services tie-ins.

215.141
Financially related services tie-ins.
In any transaction conducted by an association, a savings and loan 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 association, savings and loan holding company, or subsidiary), is related to ..... (insert name and address of association, savings and loan 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:  1985 a. 325; 1995 a. 27; 1999 a. 9; 2003 a. 33.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.15 - Evidence of ownership of savings accounts.

215.15
Evidence of ownership of savings accounts.
(1)
Savings account forms. The association shall issue to each saver a written summary of the terms of the saver's account or, if permitted by the division, a receipt. The division may promulgate rules prescribing the form of or otherwise regulating issuance and use of evidences of savings accounts, summaries of savings accounts and receipts.
(2)
Validation of passbooks and certificates. The board of directors may designate one or more persons to sign passbooks, certificates or other evidence of savings accounts. Facsimile signatures of designated signatures may be used when authorized by the board of directors.
(3)
General.
(a)
The board of directors may, subject to the rules of the division and par. (b), provide for the following:
1.
The transfer of savings accounts by any procedure permitted by law or limit or prohibit transfer of savings accounts.
2.
The replacement of lost or destroyed evidences of savings accounts.
(b)
Unless the division approves, a mutual association may not issue negotiable certificates of deposit which are not in registered form in an aggregate amount exceeding 20 percent of the total amount in savings accounts.
(c)
The division may promulgate rules governing the transfer of savings accounts or the replacement of lost or destroyed evidences of savings accounts.
History:  1975 c. 359; 1983 a. 167; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.16 - Savings account earnings.

215.16
Savings account earnings.
Subject to the rules of the division, the board of directors of an association may:
(1)
Declare or contractually fix one or more rates of earnings on savings accounts.
(2)
Prescribe the methods for computing, and the time and manner of crediting or paying, earnings on savings accounts.
History:  1971 c. 229; 1973 c. 205; 1975 c. 359; 1983 a. 167; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.17 - Withdrawal of savings accounts.

215.17
Withdrawal of savings accounts.
(1)
When permitted. The association may pay, on request, withdrawals on its savings accounts to the owners of such savings accounts. The association may require advance notice of withdrawal.
(2)
Withdrawal requests of savers. In a mutual association a saver who has made a withdrawal request does not become a creditor of the association by reason of the withdrawal request.
History:  1975 c. 359 ss. 25 to 27, 51; 1975 c. 421; 1979 c. 175 s. 53; 1983 a. 167.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.18 - Closing of savings accounts.

215.18
Closing of savings accounts.
(1)
Except as provided in sub. (3), an association may close a savings account by delivering notice of the closing to the saver or mailing notice to the last-known address of the saver.
(2)
On the date the notice required under sub. (1) is delivered or mailed, all rights of the saver in the savings account terminate except the right to receive the withdrawal value of the account calculated as of the date of delivery or mailing of the notice. A saver remains a member until the withdrawal value of the savings account is paid.
(3)
An association may agree in writing not to close a savings account. The division may promulgate rules restricting the authority of an association to close savings accounts.
History:  1975 c. 359; 1983 a. 167; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.19 - Loans on savings accounts.

215.19
Loans on savings accounts.
(1)
An association may make loans on the security of its savings accounts.
(2)
In no event shall a savings account loan exceed the withdrawal value of the savings account pledged as security therefor.
(3)
Each savings account loan shall be evidenced by a savings account loan note and a pledge of the savings account books or savings account certificates securing said loan.
(5)
Any corporation, owning savings accounts in an association, and whose officers, directors or employees are officers, directors or employees of said association, may obtain a savings account loan on the security of said saving accounts.
History:  1975 c. 359; 1983 a. 167.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.20 - Property improvement loans.

215.20
Property improvement loans.
(1)
For the purpose of this section, a property improvement loan means a loan, the proceeds of which are used to repair, modernize, alter, furnish, equip or improve the real estate or the structure upon it, or both. As used in this section, loans made for the purpose of furnishing or equipping a structure shall be made to the owners thereof only.
(2)
An association may make, buy, sell and hold property improvement loans to such persons, for such purposes, in such individual and aggregate amounts, and upon such terms as the division by rule prescribes.
History:  1975 c. 359; 1977 c. 140; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.205 - Other loans and investments.

215.205
Other loans and investments.
Subject to such rules as the division prescribes, an association may make, buy, sell and hold the following loans and investments:
(1)
Loans or obligations, or interests therein, for the purpose of mobile home or manufactured home financing.
(2)
Housing project loans or interests therein, having the benefit of any guaranty under sec. 221 of the foreign assistance act of 1961, as now or hereafter in effect, or loans or interests therein, having the benefit of any guaranty under sec. 224 of such act, or any commitment or agreement with respect to such loans or interests therein, made pursuant to either of such sections.
(3)
Loans or obligations or interests therein, which the association has the benefit of any guaranty under Title IV of the housing and urban development act of 1968, as now or hereafter in effect, or of a commitment or agreement therefor.
(4)
Loans or interests in loans to financial institutions with respect to which the United States, or any agency or instrumentality thereof, has any function of examination or supervision, or to any broker or dealer registered with the securities and exchange commission, secured by loans, obligations or investments in which it has any statutory authority to invest directly, subject to such rules as the division may issue.
(5)
Notwithstanding any other statutory provision relating to investments in or ownership of real property, an association may invest in, or in interests in, real property located within urban renewal areas as defined in the national housing act of 1949 as now or hereafter in effect, and in obligations secured by first liens on real property so located.
(6)
Loans to building contractors for the purpose of the development and construction of residential property.
History:  1975 c. 11; 1995 a. 27; 2007 a. 11.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.215 - Nonconforming loans.

215.215
Nonconforming loans.
Notwithstanding generally accepted underwriting standards, an association 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 association's total assets.
History:  1997 a. 144.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.22 - Real estate owned by association.

215.22
Real estate owned by association.
(1)
A savings and loan association may acquire such real estate, by purchase, exchange or otherwise, as may be necessary to protect or enforce its securities and to collect claims or debts due the association.
(2)
All real estate acquired pursuant to this section shall be sold within 10 years from acquiring title thereto, unless the division grants extensions of time within which such real estate shall be sold.
(3)
All real estate owned by the association shall be assessed for taxation.
History:  1975 c. 359; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.23 - Limitations on investments in office buildings and related facilities.

215.23
Limitations on investments in office buildings and related facilities.
An association's aggregate investment in the following may not exceed the association's net worth without the prior written approval of the division:
(1)
Land used or intended to be used as the site of an office of the association.
(2)
Buildings used in whole or in part as an office of the association.
(3)
Leasehold improvements to properties rented or leased by the association for use as an office of the association.
(4)
Parking facilities used by the association in connection with an office of the association.
History:  1973 c. 205; 1975 c. 59; 1975 c. 359 ss. 36, 51; 1979 c. 287; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.24 - Minimum net worth.

215.24
Minimum net worth.
An association shall maintain net worth at an amount not less than the minimum amount established by the division. If an association fails to maintain the minimum net worth required under this section, the division may take appropriate action, including but not limited to ordering the association to take corrective action or to restrict payment of dividends.
History:  1973 c. 205; 1975 c. 359; 1983 a. 167; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.25 - Annual audit requirement.

215.25
Annual audit requirement.
(1)
Except as provided in sub. (2), the board of directors of an association 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 association.
(2)
The board of directors of an association may appoint an auditing committee of one or more capable persons to annually audit the records, accounts, and cash of the association and to verify customer accounts. Verification procedures shall be conducted according to the association's auditing program or the rules of the division.
(3)
Audit reports under this section shall be submitted to the association's board of directors and retained as records of the association.
History:  1973 c. 205; 1983 a. 167; 1995 a. 27; 2011 a. 182.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.35 - Conversion; or absorption; waiver.

215.35
Conversion; or absorption; waiver.
(1)
The division may waive any portion of s. 215.53, 215.57, 215.58, 215.73 or 215.77 if the division makes written findings of both of the following:
(a)
The net worth of an association is equal to less than one percent of the assets of the association or is reasonably expected to be less than one percent within one year.
(b)
The waiver is in the best interest of savers of the association and the public.
(2)
(a)
An acquisition under this section is not subject to s. 215.36.
(b)
Section 215.36 does not limit any authority of the federal regulatory agency or deposit insurance corporation in connection with an acquisition under this section.
History:  1983 a. 167, 538; 1985 a. 325; 1995 a. 27, 104.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.41 - Articles of incorporation for mutual associations.

215.41
Articles of incorporation for mutual associations.
(1)
Form. The articles of incorporation of a mutual association shall be approved by the division. The division shall, with the approval of the review board, promulgate rules governing articles of incorporation.
(2)
Filing and approval. Duplicate originals of the articles of incorporation executed by the incorporators, and any subsequent amendments thereto adopted by the members of the association, shall be filed with and approved by the division.
(3)
Recording. Upon their approval by the division, articles of incorporation and amendments thereto shall be recorded in the office of the register of deeds of the county in which the home office of the association is located.
(4)
Amendment procedure. Amendments to the articles of incorporation may be made at any annual or special meeting of the members duly called for that purpose, provided that a statement of the nature of the proposed amendment is included in the notice of meeting. The proposed amendment shall be adopted upon receiving the affirmative vote of a majority of the total eligible votes thereon, pursuant to s. 215.43 (4).
(5)
Effective date. The effective date of articles of incorporation and amendments thereto shall be the date when left for record in the office of the register of deeds. The register of deeds shall forward a certificate of recording to the division.
History:  1975 c. 359 s. 8; Stats. 1975 s. 215.41; 1979 c. 287; 1983 a. 167 ss. 54, 112; 1991 a. 316; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.42 - Bylaws of mutual associations.

215.42
Bylaws of mutual associations.
(1)
Form. The bylaws of a mutual association shall be approved by the division. The division shall, with the approval of the review board, promulgate rules governing bylaws.
(2)
Filings and approval. Duplicate originals of the bylaws and any subsequent amendments thereto shall be filed with and approved by the division.
(3)
Effective date. The effective date of bylaws and amendments thereto shall be the date when approved by the division.
(4)
Bylaws available to members. Each association shall have its bylaws prepared in convenient form and upon request shall furnish a copy to any member.
(5)
Amendments to bylaws. The bylaws of the association may be amended as prescribed therein.
History:  1975 c. 359 s. 9; Stats. 1975 s. 215.42; 1983 a. 167; 1991 a. 316; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.43 - Members and voting rights in a mutual association.

215.43
Members and voting rights in a mutual association.
(1)
Who may become a member. Any person, including but not limited to a partnership, corporation, fiduciary, association or federal agency, may become a member of any mutual association by owning a savings account in the association unless the savings account is evidenced by a negotiable certificate of deposit which is not in registered form. As of March 29, 1984, no person is a member of a state chartered mutual savings and loan association solely because the person has borrowed money from the association regardless of when the borrowing occurred.
(2)
Ownership of savings accounts by minors. With respect to any account created before July 1, 1975:
(a)
Minors under 14 years of age may own savings accounts held by a trustee or guardian.
(b)
Minors above the age of 14 years may own savings accounts, and shall then be subject to the same duties and liabilities as adult members. Payment for the withdrawal of savings accounts may, in the discretion of the board, be made to such minor, the parents or guardian, and the payments made on such withdrawals shall be valid, as well as payments on forfeited savings accounts or redeemed savings accounts.
(3)
Meetings of members. Annual and special meetings of members shall be held in accordance with the method prescribed in the bylaws.
(4)
Voting rights.
(a)
Each saver in a mutual association shall have one vote for each $100 or additional fraction of $100 of the withdrawal value of each of the saver's savings accounts as they appear on the books of the association at the end of a day determined by the board which shall be not more than 60 days preceding the first day of a meeting at which a vote is taken.
(b)
At any meeting of members, voting may be in person or by proxy. Every proxy shall be in writing and signed by the member or the member's duly authorized attorney in fact.
(c)
If a member appears at a meeting, the member's proxy shall be void for that meeting.
(d)
Any proxy, when filed with the secretary, shall, unless otherwise specified in the proxy, continue in force from year to year until revoked by a written notice delivered to the secretary or until superseded by subsequent proxies.
(5)
Termination of membership. Any member who has made a request for the withdrawal of the member's savings account remains a member and has all rights, privileges and duties of a member, until the withdrawal value of the savings account is paid.
History:  1971 c. 229; 1973 c. 291; 1975 c. 359 ss. 13, 47; 1975 c. 421; 1977 c. 140; 1983 a. 167; 1991 a. 316.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.51 - Officers of a mutual association.

215.51
Officers of a mutual association.
(1)
General officers.
(a)
The general officers of a mutual association shall be:
1.
A president;
2.
One or more vice presidents;
3.
A secretary;
4.
A treasurer; and
5.
Such other officers as the directors by resolution designate.
(b)
The president shall also be a director.
(2)
When elected. Immediately following each annual meeting of members, the directors shall convene and elect general officers for the ensuing year, in accordance with the bylaws.
(3)
Duties of officers. The officers shall, in addition to the duties and functions prescribed in the articles of incorporation and the bylaws, perform such other duties as are delegated by the directors.
(4)
Filling vacancies. Whenever any vacancy occurs in any general office, the directors shall, as soon as practicable, fill such vacancy by an election for the then unexpired term.
History:  1975 c. 359 ss. 20, 51; Stats. 1975 s. 215.51; 1983 a. 167.