reglab/statecodes huggingface dataset:
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.01 - Definitions.

186.01
Definitions.
In this chapter:
(2)
“Credit union" means, except as specifically provided under ss. 186.41 (1) and 186.45 (1), a cooperative, nonprofit corporation, incorporated under this chapter to encourage thrift among its members, create a source of credit at a fair and reasonable cost, and provide an opportunity for its members to improve their economic and social conditions.
(3)
“Deposit account" means an account treated as any form of savings.
(3c)
“Federal share insurance" means the national credit union share insurance fund under 12 USC 1783.
(3m)
“National board" means the national credit union administration board of the national credit union administration established under 12 USC 1752 or the managing body of any successor that is authorized to provide federal share insurance for credit unions.
(4)
“Net worth" means the aggregate of retained earnings of a credit union, as determined according to generally accepted accounting principles, and other forms of capital approved by the director of the office of credit unions.
(4m)
“Public depositor" has the meaning given in s. 34.01 (4).
(5)
“Regular reserve" means an irrevocable reserve set aside to cover losses.
(7m)
“Share deposit" means a balance that is established and maintained by a person at a credit union that confers membership rights to that person.
(8)
“Vicinal industries" includes employers which operate one or more facilities within a well-defined neighborhood or urban, suburban or rural community whose limits shall not be determined by any arbitrary physical standard.
History:  1971 c. 193; 1973 c. 255; 1979 c. 34; 1979 c. 175 s. 53; 1979 c. 282; 1981 c. 156; 1983 a. 189; 1985 a. 29; 1995 a. 27, 151; 1997 a. 152; 2003 a. 63; 2015 a. 304.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.03 - Use of name exclusive.

186.03
Use of name exclusive.
(1)
Limits. A person may not use a name containing the phrase “credit union", represent itself as a credit union or conduct business as a credit union unless the person is any of the following:
(a)
A credit union.
(b)
An association of credit unions.
(c)
An organization, association or corporation whose membership or ownership is primarily confined or restricted to credit unions.
(2)
Use required. A credit union shall use the phrase “credit union" in its corporate name.
(3)
Name approval. The office of credit unions shall approve a credit union's name before the name is officially adopted. A credit union may not adopt the name of another credit union doing business in this state.
(4)
Penalty. Whoever violates this section may be fined not more than $5,000.
History:  1971 c. 193 s. 42 (1); 1985 a. 127; 1993 a. 112; 1995 a. 27; 1995 a. 151 ss. 63, 64, 301.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.035 - Deceptive or misleading use of credit union name, logo, or symbol.

186.035
Deceptive or misleading use of credit union name, logo, or symbol.
(1)
Use of credit union name, logo, or symbol for marketing purposes. Except as provided in sub. (3), no person may use the name, logo, or symbol, or any combination thereof, of a credit union, or any name, logo, or symbol, or any combination thereof, that is deceptively similar to the name, logo, or symbol of a credit union, in any marketing material provided to or solicitation of another person in a manner such that a reasonable person may believe that the marketing material or solicitation originated from or is endorsed by the credit union or that the credit union is responsible for the marketing material or solicitation.
(2)
Enforcement and penalties. The office of credit unions shall direct any person the office finds to have violated sub. (1) to cease and desist from violating sub. (1). If a person violates sub. (1) after receiving such direction, the office of credit unions may impose a forfeiture of up to $1,000 for each violation. Each instance in which marketing material is provided to another person or solicitation of another person takes place in violation of sub. (1) constitutes a separate violation. This subsection does not affect the availability of any remedies otherwise available to a credit union.
(3)
Exceptions. Subsection (1) does not apply to a person who uses the name, logo, or symbol of a credit union in any of the following circumstances:
(a)
With the consent of the credit union.
(b)
If the person is the credit union, an affiliate of the credit union, or an agent of the credit union.
History:  2003 a. 262.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.06 - Membership meetings, fiscal year.

186.06
Membership meetings, fiscal year.
(1)
Manner of meeting. The annual meeting and any special meeting of the members of a credit union shall be held in the manner provided by the bylaws.
(1m)
Voting. At a meeting, each member shall have one vote irrespective of the member's share total. Except as provided in sub. (2), a member may not vote by proxy.
(2)
Representation. An organization, association or corporation member of a credit union may be represented by and have its vote cast by an authorized representative of its members or owners.
(2m)
Voting eligibility. The bylaws shall prescribe the terms by which a member is eligible to vote at a meeting.
(3)
Meeting issues.
(a)
At any meeting, if the notice so indicates, a majority of the members present may direct the board of directors to do any of the following:
1.
Consider implementing any policy proposed by the members.
2.
Reconsider any decision of the directors, officers or committees.
(b)
At any meeting, if the notice so indicates, the members may, by a three-fourths vote of the members present, do any of the following:
1.
Remove any member of the board of directors.
2.
Amend the bylaws.
(4)
Fiscal year. The fiscal year of every credit union shall end at the close of business on December 31.
History:  1971 c. 193; 1973 c. 255; 1979 c. 282; 1981 c. 156; 1983 a. 369; 1995 a. 151; 2003 a. 63.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.071 - Oath of office.

186.071
Oath of office.
(1)
Oath. Every director, officer, committee member and employee shall sign an oath of office. The oath shall require the director, officer, committee member and employee to do all of the following:
(a)
Keep confidential the financial affairs of credit union members, unless state and federal laws, security requirements or sound lending practices permit disclosure.
(b)
Keep confidential the records and accounts of the credit union and the deliberations of the board of directors unless state or federal law permits disclosure.
(c)
Familiarize themselves with the credit union laws, bylaws, rules and policies.
(d)
Avoid initiating or participating in any insider dealings using credit union funds or the credit union's power or authority.
(e)
Avoid initiating or participating in any action that may present to that person a personal conflict of interest.
(2)
Removal for violation. If an individual refuses to sign the oath of office or knowingly and willfully violates the oath of office, the board shall remove that individual as a director, officer or committee member or shall direct that the individual be terminated as an employee.
History:  1995 a. 151; 1997 a. 152; 2015 a. 304.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.08 - Officers, management.

186.08
Officers, management.
(1)
Management. At its first meeting following the annual membership meeting, the board of directors shall elect from its number a chairperson and one or more vice chairpersons, a secretary of the board and a treasurer of the board. Any 2 or more offices of the board may be held by the same person, except the offices of chairperson and vice chairperson and the offices of chairperson and secretary. The board of directors shall have the general oversight and final decision-making authority over the affairs, funds and records of the credit union, and shall meet as often as may be necessary. The president of the credit union shall be the chief executive officer of the credit union and shall be in active charge of managing the credit union's day-to-day operations.
(1m)
Board duties. The board's duties include all of the following:
(a)
Acting on all applications for membership, unless the board delegates that responsibility.
(b)
Expelling members for cause.
(c)
Setting the type and amount of bond required for directors, officers and employees.
(d)
Filling vacancies on the board of directors.
(e)
Establishing rates of interest on all loans or authorizing an officer or committee of the credit union to establish interest rates on loans.
(f)
Establishing conditions applicable to deposit accounts.
(g)
Establishing rates of interest on all deposit accounts or authorizing an officer or committee of the credit union to establish interest rates on deposit accounts.
(3)
Executive committee, meetings. The board of directors may appoint an executive committee consisting of at least 3 directors. If an executive committee is appointed, the executive committee shall meet as often as necessary, and the full board of directors shall meet at least quarterly. The board of directors may delegate all or any part of its authority to an executive committee, subject to any conditions or limitations the board may impose.
History:  1971 c. 193 ss. 18, 19, 42 (3); 1975 c. 345; 1977 c. 152; 1981 c. 156; 1983 a. 369; 1993 a. 184; 1995 a. 151; 1997 a. 152.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.082 - Definitions applicable to indemnification and insurance provisions.

186.082
Definitions applicable to indemnification and insurance provisions.
In ss. 186.082 to 186.091:
(1)
“Credit union" means a cooperative, nonprofit corporation incorporated under s. 186.02 and any domestic or foreign predecessor of that corporation where the predecessor's existence ceased upon the consummation of a merger or other transaction.
(2)
“Director or officer" means any of the following:
(a)
A natural person who is or was a director or officer of a credit union.
(b)
A natural person who, while a director or officer of a credit union, is or was serving at the credit union's request as a director, officer, partner, trustee, member of any governing or decision-making committee, manager, employee or agent of another credit union or foreign credit union, corporation, limited liability company, partnership, joint venture, trust or other enterprise.
(c)
A natural person who, while a director or officer of a credit union, is or was serving an employee benefit plan because his or her duties to the credit union also imposed duties on, or otherwise involved services by, the person to the plan or to participants in or beneficiaries of the plan.
(d)
Unless the context requires otherwise, the estate or personal representative of a director or officer.
(e)
A natural person who is or was a member of a credit union's credit committee.
(3)
“Expenses" include fees, costs, charges, disbursements, attorney fees and any other expenses incurred in connection with a proceeding.
(4)
“Liability" includes the obligation to pay a judgment, settlement, forfeiture, or fine, including any excise tax assessed with respect to an employee benefit plan, plus costs, fees, and surcharges imposed under ch. 814, and reasonable expenses.
(5)
“Party" means a natural person who was or is, or who is threatened to be made, a named defendant or respondent in a proceeding.
(6)
“Proceeding" means any threatened, pending or completed civil, criminal, administrative or investigative action, suit, arbitration or other proceeding, whether formal or informal, which involves foreign, federal, state or local law and which is brought by or in the right of the credit union or by any other person.
History:  1987 a. 13; 1993 a. 112; 2003 a. 139; 2005 a. 134; 2021 a. 241.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.083 - Mandatory indemnification.

186.083
Mandatory indemnification.
(1)
Indemnification required. A credit union shall indemnify a director or officer, to the extent he or she has been successful on the merits or otherwise in the defense of a proceeding, for all reasonable expenses incurred in the proceeding if the director or officer was a party because he or she is a director or officer of the credit union.
(2)
Exceptions.
(a)
In cases not included under sub. (1), a credit union shall indemnify a director or officer against liability incurred by the director or officer in a proceeding to which the director or officer was a party because he or she is a director or officer of the credit union, unless liability was incurred because the director or officer breached or failed to perform a duty he or she owes to the credit union and the breach or failure to perform constitutes any of the following:
1.
A willful failure to deal fairly with the credit union or its members in connection with a matter in which the director or officer has a material conflict of interest.
2.
A violation of criminal law, unless the director or officer had reasonable cause to believe his or her conduct was lawful or no reasonable cause to believe his or her conduct was unlawful.
3.
A transaction from which the director or officer derived an improper personal profit.
4.
Willful misconduct.
(b)
Determination of whether indemnification is required under this subsection shall be made under s. 186.084.
(c)
The termination of a proceeding by judgment, order, settlement or conviction, or upon a plea of no contest or an equivalent plea, does not, by itself, create a presumption that indemnification of the director or officer is not required under this subsection.
(3)
Written requests. A director or officer who seeks indemnification under this section shall make a written request to the credit union.
(4)
Indemnification not required.
(a)
Indemnification under this section is not required to the extent limited by the articles of incorporation under s. 186.086.
(b)
Indemnification under this section is not required if the director or officer has previously received indemnification or allowance of expenses from any person, including the credit union, in connection with the same proceeding.
History:  1987 a. 13; 1995 a. 151.
Cooperative indemnification. La Rowe and Weine. WBB Sept. 1988.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.084 - Determination of right to indemnification.

186.084
Determination of right to indemnification.
Unless otherwise provided by the articles of incorporation or bylaws or by written agreement between the director or officer and the credit union, the director or officer seeking indemnification under s. 186.083 (2) shall select one of the following means for determining his or her right to indemnification:
(1)
By majority vote of a quorum of the board of directors consisting of directors not at the time parties to the same or related proceedings. If a quorum of disinterested directors cannot be obtained, by majority vote of a committee duly appointed by the board of directors and consisting solely of 2 or more directors not at the time parties to the same or related proceedings. Directors who are parties to the same or related proceedings may participate in the designation of members of the committee.
(2)
By independent legal counsel selected by a quorum of the board of directors or its committee in the manner prescribed in sub. (1) or, if unable to obtain such a quorum or committee, by a majority vote of the full board of directors, including directors who are parties to the same or related proceedings.
(3)
By a panel of 3 arbitrators consisting of one arbitrator selected by those directors entitled under sub. (2) to select independent legal counsel, one arbitrator selected by the director or officer seeking indemnification and one arbitrator selected by the 2 arbitrators previously selected.
(4)
By an affirmative vote of a majority of members present at an annual meeting or special meeting called for that purpose. Voting rights owned by, or voted under the control of, persons who are at the time parties to the same or related proceedings, whether as plaintiffs or defendants or in any other capacity, may not be voted in making the determination.
(5)
By a court under s. 186.088.
(6)
By any other method provided for in any additional right to indemnification permitted under s. 186.087.
History:  1987 a. 13.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.085 - Allowance of expenses as incurred.

186.085
Allowance of expenses as incurred.
Upon written request by a director or officer who is a party to a proceeding, a credit union may pay or reimburse his or her reasonable expenses as incurred if the director or officer provides the credit union with all of the following:
(1)
A written affirmation of his or her good faith belief that he or she has not breached or failed to perform his or her duties to the credit union.
(2)
A written undertaking, executed personally or on his or her behalf, to repay the allowance and, if required by the credit union, to pay reasonable interest on the allowance to the extent that it is ultimately determined under s. 186.084 that indemnification under s. 186.083 (2) is not required and that indemnification is not ordered by a court under s. 186.088 (2) (b). The undertaking under this subsection shall be an unlimited general obligation of the director or officer and may be accepted without reference to his or her ability to repay the allowance. The undertaking may be secured or unsecured.
History:  1987 a. 13.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.086 - Credit union may limit indemnification.

186.086
Credit union may limit indemnification.
(1)
Limitations. A credit union's obligations to indemnify under s. 186.083 may be limited as follows:
(a)
If the credit union is incorporated on or after June 13, 1987, by the articles of incorporation, including any amendments to the articles of incorporation.
(b)
If the credit union was incorporated before June 13, 1987, by an amendment to the articles of incorporation which becomes effective on or after June 13, 1987, as provided under s. 186.35 (1), 2003 stats., or s. 186.02 (4) (a).
(2)
Limitation applicability. A limitation under sub. (1) applies if the first alleged act of a director or officer for which indemnification is sought occurred while the limitation was in effect.
History:  1987 a. 13; 1995 a. 151; 2005 a. 134.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.087 - Additional rights to indemnification and allowance of expenses.

186.087
Additional rights to indemnification and allowance of expenses.
(1)
Additional rights. Except as provided in sub. (2), ss. 186.083 and 186.085 do not preclude any additional right to indemnification or allowance of expenses that a director or officer may have under any of the following:
(a)
The articles of incorporation or bylaws.
(b)
A written agreement between the director or officer and the credit union.
(c)
A resolution of the board of directors.
(d)
A resolution, after notice, adopted by a majority vote of members present at an annual meeting or special meeting called for that purpose.
(2)
Allowance expenses. Regardless of the existence of an additional right under sub. (1), the credit union may not indemnify a director or officer, or permit a director or officer to retain any allowance of expenses unless it is determined by or on behalf of the credit union that the director or officer did not breach or fail to perform a duty he or she owes to the credit union which constitutes conduct under s. 186.083 (2) (a) 1., 2., 3. or 4. A director or officer who is a party to the same or related proceeding for which indemnification or an allowance of expenses is sought may not participate in a determination under this subsection.
(3)
Other expenses. Sections 186.082 to 186.091 do not affect a credit union's power to pay or reimburse expenses incurred by a director or officer in any of the following circumstances:
(a)
As a witness in a proceeding to which he or she is not a party.
(b)
As a plaintiff or petitioner in a proceeding because he or she is or was an employee, agent, director or officer of the credit union.
History:  1987 a. 13; 1995 a. 151.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.088 - Court-ordered indemnification.

186.088
Court-ordered indemnification.
(1)
Application. Except as provided otherwise by written agreement between the director or officer and the credit union, a director or officer who is a party to a proceeding may apply for indemnification to the court conducting the proceeding or to another court of competent jurisdiction. Application shall be made for an initial determination by the court under s. 186.084 (5) or for review by the court of an adverse determination under s. 186.084 (1), (2), (3), (4) or (6). After receipt of an application, the court shall give any notice it considers necessary.
(2)
Conditions. The court shall order indemnification if it determines any of the following:
(a)
That the director or officer is entitled to indemnification under s. 186.083 (1) or (2). If the court also determines that the credit union unreasonably refused the director's or officer's request for indemnification, the court shall order the credit union to pay the director's or officer's reasonable expenses incurred to obtain the court-ordered indemnification.
(b)
That the director or officer is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, regardless of whether indemnification is required under s. 186.083 (2).
History:  1987 a. 13; 1995 a. 151.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.089 - Indemnification and allowance of expenses of employees and agents.

186.089
Indemnification and allowance of expenses of employees and agents.
A credit union may indemnify and allow reasonable expenses of an employee or agent who is not a director or officer to the extent provided by the articles of incorporation or bylaws, by general or specific action of the board of directors or by contract.
History:  1987 a. 13.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.091 - Insurance.

186.091
Insurance.
A credit union may purchase and maintain insurance on behalf of an individual who is an employee, agent, director or officer of the credit union against liability asserted against and incurred by the individual in his or her capacity as an employee, agent, director or officer, or arising from his or her status as an employee, agent, director or officer, regardless of whether the credit union is required or authorized to indemnify or allow expenses to the individual against the same liability under ss. 186.083, 186.085, 186.087 and 186.089.
History:  1987 a. 13.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.093 - Definitions applicable to liability-related provisions.

186.093
Definitions applicable to liability-related provisions.
In ss. 186.093 to 186.096:
(1)
“Credit union" means a cooperative, nonprofit corporation incorporated under s. 186.02.
(2)
“Director or officer" means a natural person who serves as a director or officer of a credit union or as a member of a credit union's credit committee.
History:  1987 a. 13; 2005 a. 134; 2021 a. 241.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.094 - Reliance by directors or officers.

186.094
Reliance by directors or officers.
Unless the director or officer has knowledge that makes reliance unwarranted, a director or officer, in discharging his or her duties to the credit union, may rely on information, opinions, reports or statements, any of which may be written or oral, formal or informal, including financial statements and other financial data, if prepared or presented by any of the following:
(1)
An officer or employee of the credit union whom the director or officer believes in good faith to be reliable and competent in the matters presented.
(2)
Legal counsel, certified public accountants licensed or certified under ch. 442, or other persons as to matters the director or officer believes in good faith are within the person's professional or expert competence.
(3)
In the case of reliance by a director, a committee of the board of directors of which the director is not a member if the director believes in good faith that the committee merits confidence.
History:  1987 a. 13; 2001 a. 16.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.095 - Consideration of interests in addition to members' interests.

186.095
Consideration of interests in addition to members' interests.
In discharging his or her duties to the credit union and in determining what he or she believes to be in the best interests of the credit union, a director or officer may, in addition to considering the effects of any action on members, consider the following:
(1)
The effects of the action on employees, suppliers, members of the credit union and the public.
(2)
The effects of the action on communities in which the credit union operates.
(3)
Any other factors the director or officer considers pertinent.
History:  1987 a. 13; 1995 a. 151.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.096 - Limited liability of directors and officers.

186.096
Limited liability of directors and officers.
(1)
Limited liability. Except as provided in subs. (2) and (3), a director or officer is not liable to the credit union, its members or creditors, or any person asserting rights on behalf of the credit union, its members or creditors, or any other person, for damages, settlements, fees, fines, penalties or other monetary liabilities arising from a breach of, or failure to perform, any duty resulting solely from his or her status as a director or officer, unless the person asserting liability proves that the breach or failure to perform constitutes any of the following:
(a)
A willful failure to deal fairly with the credit union or its members in connection with a matter in which the director or officer has a material conflict of interest.
(b)
A violation of criminal law, unless the director or officer had reasonable cause to believe his or her conduct was lawful or no reasonable cause to believe his or her conduct was unlawful.
(c)
A transaction from which the director or officer derived an improper personal profit.
(d)
Willful misconduct.
(2)
Exceptions. Except as provided in sub. (3), this section does not apply to any of the following:
(a)
A proceeding brought against a director or officer under s. 186.235 (8), (10) or (11) (b) 1.
(b)
A civil or criminal proceeding, other than a proceeding described in par. (a), brought by or on behalf of any governmental unit, authority or agency.
(c)
A proceeding brought by any person for a violation of state or federal law where the proceeding is brought pursuant to an express private right of action created by state or federal statute.
(3)
Applicability to governments. Subsection (2) (b) and (c) does not apply to a proceeding brought by a governmental unit, authority or agency in its capacity as a private party or contractor.
History:  1987 a. 13; 1995 a. 151.
Cooperative indemnification. La Rowe and Weine. WBB Sept. 1988.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.10 - Minors' rights; shares in trust.

186.10
Minors' rights; shares in trust.
(1)
Minors' shares. Shares may be issued in the name of a minor, and may be withdrawn by such minor or by the minor's agent under subch. I of ch. 705. Minors' eligibility to vote at the meetings of the members is at the discretion of the board of directors.
(2)
Shares in trust. Shares may be issued in trust, subject to any conditions prescribed in the bylaws. Share accounts and deposit accounts may be held by a member in trust for a beneficiary, held by a nonmember in trust for a beneficiary who is a member or held by a nonmember custodian for a member under ss. 54.854 to 54.898.
History:  1971 c. 193; 1973 c. 291; 1983 a. 369; 1989 a. 331; 1991 a. 32; 1995 a. 151; 1997 a. 152; 2005 a. 387.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.112 - Credit union borrowing.

186.112
Credit union borrowing.
The board of directors may borrow money from any source if the amount borrowed does not exceed 30 percent of the credit union's total savings, deposits and reserves. Credit union borrowing may exceed 30 percent if the office of credit unions approves.
History:  1971 c. 193 ss. 23, 42 (1); 1979 c. 34, 282; 1981 c. 156; 1983 a. 369; 1995 a. 27, 151.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.114 - Savings promotion prize programs.

186.114
Savings promotion prize programs.
(1)
In this section:
(a)
“Member” means any person holding an account authorized under s. 186.113.
(b)
“Nonqualifying account" means a deposit account that is not a qualifying account.
(c)
“Qualifying account" means a deposit account through which a credit union's members may obtain chances to win prizes in a savings promotion.
(d)
“Savings promotion" means a contest or promotion to encourage savings deposits that is sponsored by one or more credit unions, or by a credit union trade association or its subsidiary in conjunction with one or more credit unions, and in which credit union members are offered a chance to win designated prizes.
(2)
A credit union may sponsor, or participate in, a savings promotion if all of the following requirements are satisfied:
(a)
Credit union members 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 credit union in connection with a qualifying account are comparable with all fees charged in connection with comparable nonqualifying accounts offered by the credit union.
(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 member'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 credit union, to account for the possibility of winning a prize.
History:  2017 a. 72.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.115 - Additional credit union authority.

186.115
Additional credit union authority.
(1)
Scope of authority. Subject to any regulatory approval required by law and subject to sub. (2), a credit union 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 office of credit unions finds to be financially related.
(2)
Rules. The activities, powers, products and services that may be undertaken, exercised or offered by credit unions under sub. (1) are limited to those specified by rule of the office of credit unions. The office of credit unions may direct any credit union to cease any activity, the exercise of any power or the offering of any product or service authorized by rule. Among the factors that the office of credit unions may consider in so directing a credit union are the credit union's net worth, assets, management rating and liquidity ratio and its ratio of net worth to assets.
(3)
Insurance underwriting not authorized. This section does not authorize a credit union, directly or through a subsidiary, to engage in the business of underwriting insurance.
History:  1985 a. 325; 1995 a. 27, 151.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.116 - Financially related services tie-ins.

186.116
Financially related services tie-ins.
In any transaction conducted by a credit union or a subsidiary of a credit union with a customer who is also a customer of any other subsidiary of the credit union, 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 credit union or subsidiary), is related to .... (insert name and address of credit union 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 office of credit unions at .... (insert address).
History:  1985 a. 325; 1995 a. 27, 151.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.12 - Compensation of officers, operation expenses.

186.12
Compensation of officers, operation expenses.
(1)
Board members. No member of the board of directors may receive any compensation for services as a member of the board other than reasonable health, accident and similar insurance.
(3)
Expenditures. To the extent permitted by a credit union's bylaws, the officers elected by the board of directors and the members of the credit committee may receive such compensation as the board authorizes, but the expenditures of the credit union for all purposes shall be paid from its earnings.
History:  1971 c. 193; 1983 a. 369; 1995 a. 151; 1997 a. 152; 2015 a. 304.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.13 - Expulsion.

186.13
Expulsion.
If the board of directors adopts a written policy, a credit union may expel a member if the member neglects or refuses to comply with this chapter or the credit union bylaws or if the board has other just cause. The credit union shall provide notice to the member in writing of the reason for expulsion. The notice shall include a description of the member's right to petition the board for reconsideration of the member's expulsion and the time period for the member to petition. If a member petitions the board in writing within 45 days of receipt of the expulsion notice, the board shall reconsider the expulsion within 90 days after the date of the expulsion notice.
History:  1971 c. 193; 1981 c. 156; 1995 a. 151; 1997 a. 152; 2015 a. 304.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.14 - Expelled member rights and liabilities.

186.14
Expelled member rights and liabilities.
The amounts paid in on shares by members who have withdrawn or have been expelled shall be paid to them, but in the order of withdrawal or expulsion as funds become available and after deducting any amounts due from the members to the credit union. Expulsion or withdrawal shall not relieve a member from any remaining liability to the credit union.
History:  1971 c. 193 s. 42 (3); 1995 a. 151.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.15 - Auditing.

186.15
Auditing.
(1)
Annual audit. Except as provided in sub. (2), the board of directors 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 credit union.
(2)
Audit committee. The board of directors may appoint an auditing committee of one or more capable persons to annually audit the records, accounts and cash of the credit union and to verify member accounts. Verification procedures shall be conducted according to the credit union's bylaws or the rules of the office of credit unions.
(3)
Independent audit. The office of credit unions may order an independent audit at the credit union's expense if the office of credit unions finds an annual audit to be unsatisfactory.
(4)
Audit reports. Audit reports under this section shall be submitted to the board of directors and retained as records of the credit union.
History:  1971 c. 193; 1993 a. 482; 1995 a. 151; 2001 a. 16.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.16 - Dividends.

186.16
Dividends.
(1)
Board establishes dividends. The board of directors shall establish the dividend period. Dividends shall be considered a normal operating expense of the credit union. Rates of dividends and terms of payment may be established and guaranteed in advance by action of the board of directors. The board of directors may classify its accounts and declare dividends which may be at variable rates.
(2)
Maximum set by office of credit unions. The office of credit unions may establish the maximum dividend that a credit union and a corporate central credit union may pay in each classification of its savings.
History:  1971 c. 193; 1979 c. 282; 1981 c. 156; 1995 a. 27, 151.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.17 - Reserves.

186.17
Reserves.
A credit union shall maintain sufficient reserves to meet anticipated withdrawals, commitments, and loan demand. A credit union shall maintain at least the level of reserves required for it by the national credit union administration. The office of credit unions may prescribe additional reserve requirements for an individual credit union based on examination findings or other reports available to the office.
History:  1971 c. 193; 1975 c. 345; 1995 a. 27, 151; 2003 a. 63; 2015 a. 304.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.18 - Dissolution.

186.18
Dissolution.
Upon a two-thirds recommendation of the board of directors, the members may vote to dissolve the credit union. If a majority of the total membership vote by ballot, in person or by letter or other written communication in favor of dissolution, and if not more than the greater of 15 members or 10 percent of the total membership, by written notice, vote against dissolution, the credit union shall be dissolved. If both the number of votes in favor of dissolution and the number of votes against dissolution are each less than 25 percent of the total number of members, the board of directors may, with the permission of the office of credit unions, mail to each member at the member's last-known address a written notice which states that the board's proposal to dissolve the credit union will be approved or disapproved at a special or annual meeting to be held at the time and place specified in the notice. The credit union shall be dissolved only if a majority of the members present at the meeting vote in favor of the board's proposal to dissolve the credit union. If the members vote to dissolve the credit union, a committee of 3 shall be elected by the members to liquidate the assets of the credit union. After assets are liquidated and debts paid, members shall be paid a liquidating dividend in proportion to their savings from remaining assets. The committee in charge of liquidation may sell or dispose of the assets in whole or in part at a public or private sale subject to confirmation by the board of directors and the office of credit unions.
History:  1971 c. 193; 1981 c. 156; 1995 a. 27, 151.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.19 - Bonding requirements.

186.19
Bonding requirements.
A credit union shall maintain the necessary bonds for directors, officers and employees according to any standards prescribed by the national board.
History:  1971 c. 193 s. 42 (1); 1971 c. 307; 1993 a. 482; 1995 a. 27; 1995 a. 151 ss. 180, 302; 1997 a. 152.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.21 - Credit unions promoted.

186.21
Credit unions promoted.
(1)
Office to cooperate. It shall be the duty of the office of credit unions to cooperate with every group of people that is interested in the formation of, or in an affiliation with, a credit union in this state. The office of credit unions may do all things reasonably necessary for the discharge of this duty.
(2)
Advertising. The office of credit unions shall use advertising that is suitable and effective to acquaint the people of this state with the agencies and organizations dealing with credit unions.
(3)
Consultations. The office of credit unions shall offer without charge to any group, either joined in a credit union or considering such an organization, advice and direction on accounting practices and managerial problems.
(4)
Materials. The office of credit unions shall provide application forms, model bylaws, and other materials to help in the organization, efficient functioning and expansion of credit unions.
History:  1971 c. 193 s. 42 (2); 1995 a. 27, 151; 2001 a. 107.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.31 - Mergers.

186.31
Mergers.
(1)
Transfer of assets and liabilities. Any credit union, which is in good faith winding up its business for the purpose of merging with another credit union, may transfer its assets and liabilities to the credit union with which it is in the process of merging; but no merger may be made without the consent of the office of credit unions, and not then to defeat or defraud any of its creditors in the collection of debts against such credit union.
(2)
Approval. To effect a merger, the board of directors of each credit union shall, by resolution, propose a specific plan for merger which shall be agreed to by a majority of the board of each credit union joining in the merger. The proposed merger plan shall be submitted to a vote at an annual or special meeting of members of the merging credit union. Written notice of the meeting setting forth the proposed plan of merger or a summary shall be given to each member of the merging credit union within the time and in the manner provided for the giving of notice of meetings of members of the credit union. The proposed plan shall be adopted upon receiving a majority of the votes entitled to be cast by members present at the meeting.
(2m)
Emergency merger. Notwithstanding sub. (2), if the office of credit unions determines that the merging credit union is in danger of insolvency, and that the proposed merger would reduce or avoid a threatened loss to federal share insurance, the office of credit unions may permit the merger to become effective without an affirmative vote of the membership of the merging credit union.
(3)
Rights transferred. The credit union merging with another credit union shall not be required to go into liquidation but its assets and liabilities shall be reported by the credit union with which it has merged, and all the rights, franchises and interests of the merging credit union to any property belonging to the credit union shall be considered to be transferred, and the resulting credit union shall hold and enjoy the same and all rights of property, franchises and interest in the same manner and to the same extent as was held and enjoyed by the merging credit union. The members or shareholders of the merging credit union shall without any further act on their part be members and shareholders of the resulting credit union and be subject to all rights, privileges and duties as provided for in the bylaws of the resulting credit union.
History:  1971 c. 193; 1977 c. 152; 1985 a. 29; 1995 a. 27, 151.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.315 - Charter cancellation.

186.315
Charter cancellation.
Upon completion of a voluntary liquidation as provided in s. 186.18, or upon completion of the liquidation in cases under s. 186.235 (11), or after the assets and liabilities of a credit union are transferred to another credit union for the purpose of merger as provided in s. 186.31 (3), the office of credit unions shall cancel the charter of the credit union liquidated or merged without any other or further notice to the credit union or to any person. A certified copy of the order or certificate of the office of credit unions shall be recorded with the register of deeds of the county in which the credit union is located. The register of deeds shall note on the margin of the record of the articles of incorporation of the credit union the document number and, if the order or certificate is assigned a volume and page number, the volume and page where the order or certificate canceling the credit union's charter is recorded. In case of voluntary liquidation under s. 186.18 or merger under s. 186.31, the credit union shall record the order or certificate of the office of credit unions and pay the fee. In case of liquidation under s. 186.235 (11), the office of credit unions or special deputy shall record the order or certificate of the office of credit unions and pay the fee out of the assets of the credit union as an expense of liquidation.
History:  1971 c. 193 s. 42 (1); 1995 a. 27, 151; 2017 a. 102.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.32 - Corporate central credit union.

186.32
Corporate central credit union.
(1)
Organization. A corporate central credit union may be organized and operated under the conditions and provisions of this chapter and subject to all of the provisions of this chapter not inconsistent with this section. It shall be lawful for other credit unions located in this state and any other state to become members of a corporate central credit union. Credit unions having membership in a corporate central credit union may be represented at an annual or special meeting of the corporate central credit union by one member authorized by the board of directors of that member credit union and shall be entitled to one vote. The representative may be eligible for office in the corporate central credit union the same as if the representative were a member of the corporate central credit union.
(2)
Dividends. A corporate central credit union may pay to the accounts of member credit unions dividends on a basis other than that required by this subsection for other members of a corporate central credit union. Dividends paid under this subsection shall be considered a normal operating expense of the corporate central credit union's operation. Rates of such dividends and terms of payment may be established and guaranteed in advance by action of the corporate central credit union's board of directors.
History:  1971 c. 193; 1979 c. 282; 1981 c. 5; 1993 a. 482; 1995 a. 151.
2023 Wisconsin Statutes & Annotations › Chapter 186 - Credit unions. › 186.325 - National corporate central credit union.

186.325
National corporate central credit union.
(1)
Criteria. A corporate central credit union is a national corporate central credit union if all of the following conditions are met:
(a)
Its membership consists of any of the following:
1.
Central or corporate central credit unions that are organized under the laws of this state or another state or under federal law.
2.
Officers and directors of the qualifying corporate central credit union.
3.
Organizations operated primarily to service and otherwise assist credit union operations.
(b)
Its membership does not include any of the following:
1.
Credit unions other than those under par. (a) 1.
2.
Individuals other than those under par. (a) 2.
(c)
At least 75 percent of its savings and deposits are derived from members under par. (a) 1. and the remainder of its savings and deposits are derived from members under par. (a) 2. and 3.
(2)
Borrowing limits. The borrowing limits under s. 186.112 do not apply to a national corporate central credit union.
History:  1995 a. 151.