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2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.512 - Definitions applicable to indemnification and insurance provisions.

215.512
Definitions applicable to indemnification and insurance provisions.
In ss. 215.512 to 215.521:
(1)
“Director or officer" means any of the following:
(a)
A natural person who is or was a director or officer of a mutual association.
(b)
A natural person who, while a director or officer of a mutual association, is or was serving at the mutual association's request as a director, officer, partner, trustee, member of any governing or decision-making committee, manager, employee or agent of another mutual association or foreign association, corporation, limited liability company, partnership, joint venture, trust or other enterprise.
(c)
A natural person who, while a director or officer of a mutual association, is or was serving an employee benefit plan because his or her duties to the mutual association 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.
(2)
“Expenses" include fees, costs, charges, disbursements, attorney fees and any other expenses incurred in connection with a proceeding.
(3)
“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.
(4)
“Mutual association" means a mutual savings and loan association organized under this subchapter and any domestic or foreign predecessor of the mutual association where the predecessor mutual association's existence ceased upon the consummation of a merger or other transaction.
(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 mutual association or by any other person.
History:  1987 a. 13; 1993 a. 112, 491; 2003 a. 139.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.513 - Mandatory indemnification.

215.513
Mandatory indemnification.
(1)
A mutual association 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 mutual association.
(2)
(a)
In cases not included under sub. (1), a mutual association 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 mutual association, unless liability was incurred because the director or officer breached or failed to perform a duty he or she owes to the mutual association and the breach or failure to perform constitutes any of the following:
1.
A willful failure to deal fairly with the mutual association 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. 215.514.
(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)
A director or officer who seeks indemnification under this section shall make a written request to the mutual association.
(4)
(a)
Indemnification under this section is not required to the extent limited by the articles of incorporation under s. 215.516.
(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 mutual association, in connection with the same proceeding.
History:  1987 a. 13.
Cooperative indemnification. La Rowe and Weine. WBB Sept. 1988.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.514 - Determination of right to indemnification.

215.514
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 mutual association, the director or officer seeking indemnification under s. 215.513 (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 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 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 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, 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 members by an affirmative vote of a majority of votes cast in person or by proxy as provided in s. 215.43 (4). 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. 215.518.
(6)
By any other method provided for in any additional right to indemnification permitted under s. 215.517.
History:  1987 a. 13.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.515 - Allowance of expenses as incurred.

215.515
Allowance of expenses as incurred.
Upon written request by a director or officer who is a party to a proceeding, a mutual association may pay or reimburse his or her reasonable expenses as incurred if the director or officer provides the mutual association 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 mutual association.
(2)
A written undertaking, executed personally or on his or her behalf, to repay the allowance and, if required by the mutual association, to pay reasonable interest on the allowance to the extent that it is ultimately determined under s. 215.514 that indemnification under s. 215.513 (2) is not required and that indemnification is not ordered by a court under s. 215.518 (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 215 - Savings and loan associations. › 215.516 - Mutual association may limit indemnification.

215.516
Mutual association may limit indemnification.
(1)
A mutual association's obligations to indemnify under s. 215.513 may be limited as follows:
(a)
If the mutual association obtains a certificate of incorporation on or after June 13, 1987, by the articles of incorporation, including any amendments to the articles of incorporation.
(b)
If the mutual association has obtained a certificate of incorporation before June 13, 1987, by an amendment to the articles of incorporation with an effective date, as provided in s. 215.41 (5), on or after June 13, 1987.
(2)
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.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.517 - Additional rights to indemnification and allowance of expenses.

215.517
Additional rights to indemnification and allowance of expenses.
(1)
Except as provided in sub. (2), ss. 215.513 and 215.515 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 mutual association.
(c)
A resolution of the board.
(d)
A resolution, after notice, adopted by members by an affirmative vote of a majority of votes cast in person or by proxy as provided in s. 215.43 (4).
(2)
Regardless of the existence of an additional right under sub. (1), the mutual association 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 mutual association that the director or officer did not breach or fail to perform a duty he or she owes to the mutual association which constitutes conduct under s. 215.513 (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)
Sections 215.512 to 215.521 do not affect a mutual association'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 mutual association.
History:  1987 a. 13.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.518 - Court-ordered indemnification.

215.518
Court-ordered indemnification.
(1)
Except as provided otherwise by written agreement between the director or officer and the mutual association, 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. 215.514 (5) or for review by the court of an adverse determination under s. 215.514 (1), (2), (3), (4) or (6). After receipt of an application, the court shall give any notice it considers necessary.
(2)
The court shall order indemnification if it determines any of the following:
(a)
That the director or officer is entitled to indemnification under s. 215.513 (1) or (2). If the court also determines that the mutual association unreasonably refused the director's or officer's request for indemnification, the court shall order the mutual association 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. 215.513 (2).
History:  1987 a. 13.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.519 - Indemnification and allowance of expenses of employees and agents.

215.519
Indemnification and allowance of expenses of employees and agents.
A mutual association 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 or by contract.
History:  1987 a. 13.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.521 - Insurance.

215.521
Insurance.
A mutual association may purchase and maintain insurance on behalf of an individual who is an employee, agent, director or officer of the mutual association 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 mutual association is required or authorized to indemnify or allow expenses to the individual against the same liability under ss. 215.513, 215.515, 215.517 and 215.519.
History:  1987 a. 13.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.523 - Reliance by directors or officers.

215.523
Reliance by directors or officers.
Unless the director or officer has knowledge that makes reliance unwarranted, a director or officer of a mutual association organized under this subchapter may, in discharging his or her duties to the mutual association, 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 mutual association 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 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 215 - Savings and loan associations. › 215.524 - Consideration of interests in addition to members' interests.

215.524
Consideration of interests in addition to members' interests.
In discharging his or her duties to a mutual association organized under this subchapter and in determining what he or she believes to be in the best interests of the mutual association, 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 and customers of the mutual association.
(2)
The effects of the action on communities in which the mutual association operates.
(3)
Any other factors the director or officer considers pertinent.
History:  1987 a. 13.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.525 - Limited liability of directors and officers.

215.525
Limited liability of directors and officers.
(1)
Except as provided in subs. (2) and (3), a director or officer of a mutual association organized under this subchapter is not liable to the mutual association, its members or creditors, or any person asserting rights on behalf of the mutual association, 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 mutual association 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)
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. 215.02 (10) or (15), 215.12 or 215.21 (21).
(b)
A civil or criminal proceeding, other than a proceeding described under 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)
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.
Cooperative indemnification. La Rowe and Weine. WBB Sept. 1988.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.528 - General operation of a mutual association.

215.528
General operation of a mutual association.
The general operations of a mutual savings and loan association shall comply with this subchapter and the applicable provisions of subch. I.
History:  1975 c. 359; 1987 a. 13 s. 26s; Stats. 1987 s. 215.528.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.61 - Articles of incorporation for capital stock associations.

215.61
Articles of incorporation for capital stock associations.
(1)
Form. The articles of incorporation of a stock 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 stockholders of the association, shall be filed with and approved by the division.
(3)
Recording. Articles of incorporation and amendments to the articles 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 stockholders duly called for that purpose. A statement of the nature of the proposed amendment shall be included in the notice of the meeting. The vote required for adoption of an amendment shall be prescribed in the articles but shall not be less than the affirmative vote of a majority of the eligible votes.
(5)
Effective date. The effective date of the articles of incorporation and amendments thereto shall be the date when left for record in the office of register of deeds. The register of deeds shall forward a certificate of recording to the division.
History:  1975 c. 359, 421; 1979 c. 287; 1983 a. 167; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.62 - Bylaws of stock associations.

215.62
Bylaws of stock associations.
(1)
Form. The bylaws of a stock association shall be approved by the division. The division shall, with the approval of the review board, promulgate rules governing bylaws.
(2)
Filing and approval. Duplicate originals of the bylaws and amendments thereto shall be filed with and approved by the division.
(3)
Effective date. The effective date of bylaws and subsequent amendments thereto shall be the date on which such bylaws or amendments are approved by the division.
(4)
Bylaws available to stockholders. Each stock association shall have its bylaws in convenient form and upon request shall furnish a copy to any stockholder.
(5)
Amendment to bylaws. The bylaws of the association may be amended as prescribed in the association's bylaws or articles of incorporation.
History:  1975 c. 359, 421; 1983 a. 167; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.64 - Control of association by holding company.

215.64
Control of association by holding company.
(1)
A savings and loan holding company shall be deemed to be engaged in the savings and loan business and shall be subject to the supervision and control of the division. Such savings and loan holding company shall file reports of its financial condition when requested by the division, and the division may order an examination of its solvency and economic condition whenever, in the division's opinion, an examination is required. The cost of the examination shall be paid by the savings and loan holding company. Whenever in the opinion of the division, the condition of the savings and loan holding company shall endanger the safety of the savings capital of any savings and loan association which it owns or in any manner controls, or the operation of such savings and loan holding company shall be carried on in a manner which endangers the safety of such savings and loan association or its savers, or is contrary to the public interest, the division may order the savings and loan holding company to remedy such condition or policy within 90 days. If the division's order is not complied with, the division may fully direct the operation of such savings and loan association or savings and loan holding company until the order is complied with, and may withhold all dividends from the institution whose operation the division directs during the period in which the division exercises such authority.
(2)
Subsection (1) shall apply to any foreign corporation, association, investment trust, or other form of trust which shall be authorized to do business in Wisconsin.
(3)
All of the foregoing provisions of this section relating to companies shall apply equally to all other forms of organization, whether so specifically stated or not, but nothing contained in this section shall be construed to prohibit any trust company bank, or state or national bank, authorized to administer or execute trusts, to accept and carry out the provisions of any personal trust, or any trust created by will where the owner of savings and loan association stock shall create a trust for the owner's benefit during the owner's lifetime, or shall provide by will a trust in savings and loan association stock for the benefit of the owner's heirs, and trusts so created shall not be deemed to come within the provisions of this section.
History:  1971 c. 229; 1975 c. 359 s. 40; Stats. 1975 s. 215.64; 1989 a. 242; 1991 a. 316; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.70 - Directors of a stock association.

215.70
Directors of a stock association.
(1)
Management responsibility. The management of a stock association shall be vested in a board of directors, who are charged with the responsibility of complying with this chapter, orders of the division, rules of the division promulgated under ch. 227, the articles of incorporation and bylaws of the association, and other laws applicable to savings and loan operations.
(2)
Directors to fix compensation. The compensation of officers, directors, employees and committee members, including but not limited to pension or deferred compensation agreements, shall be fixed by a majority vote of the board of directors in accordance with the bylaws.
(3)
Meetings of directors.
(a)
The board shall hold meetings in accordance with the bylaws.
(b)
Unless the articles of incorporation or bylaws provide otherwise, the board may permit any or all directors to participate in a regular or special meeting or in a committee meeting of the board by, or to conduct the meeting through the use of, any means of communication by which any of the following occurs:
1.
All participating directors may simultaneously hear each other during the meeting.
2.
All communication during the meeting is immediately transmitted to each participating director, and each participating director is able to immediately send messages to all other participating directors.
(c)
If a meeting will be conducted through the use of any means described in par. (b), all participating directors shall be informed that a meeting is taking place at which official business may be transacted. A director participating in a meeting by any means described in par. (b) is deemed to be present in person at the meeting. If requested by a director, minutes of the meeting shall be prepared and distributed to each director.
(4)
Promulgation of rules. The board may by resolution adopt rules for the conduct of business by the association, provided they are consistent with this chapter, the rules of the division, and the articles of incorporation and bylaws of the association.
(5)
Qualification of directors. At least two-thirds of the directors shall reside in this state.
History:  1975 c. 11, 199; 1975 c. 359 ss. 18, 49; 1975 c. 421, 422; 1983 a. 167; 1989 a. 308; 1991 a. 16; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.71 - Officers of stock association.

215.71
Officers of stock association.
(1)
General officers.
(a)
The general officers of a stock 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 board of directors by resolution designate.
(b)
The president shall also be a director.
(2)
When elected. Immediately following each annual meeting of stockholders the directors shall convene and elect general officers for the ensuing year, in accordance with the bylaws.
(3)
Duties of officers. In addition to the duties and functions prescribed in the articles of incorporation and the bylaws, the officers shall perform such other duties as are delegated by the directors.
(4)
Filling vacancies. If a vacancy occurs in any general office, the directors shall, as soon as practicable, fill such vacancy by an election for the duration of the unexpired term.
History:  1975 c. 359; 1983 a. 167.
2023 Wisconsin Statutes & Annotations › Chapter 215 - Savings and loan associations. › 215.73 - Absorption involving stock associations.

215.73
Absorption involving stock associations.
(1)
Conditions precedent.
(a)
With the consent of the division and subject to any condition that the division prescribes, a stock association organized under this chapter may absorb or be absorbed by a thrift institution, with the affirmative vote of at least two-thirds of the board of the association and of the thrift institution.
(b)
The absorbed thrift institution shall transfer its assets and liabilities to the absorbing thrift institution but not to defeat or defraud creditors.
(2)
Effect of absorption.
(a)
Upon absorption the rights, franchises and property interests of the absorbed thrift institution shall be deemed to be transferred to the absorbing thrift institution, which shall hold and enjoy same, in the same manner and to the same extent as the absorbed thrift institution.
(b)
Stockholders of a thrift institution absorbed under this section may be compensated by converting the shares of the absorbed thrift institution into, in whole or in part: shares, obligations or other securities of the absorbing thrift institution or of any other thrift institution or corporation; or cash or other thing of value.
(c)
All savers in the absorbed thrift institution shall be owners of savings accounts of the same withdrawal value in the absorbing thrift institution.
(3)
Withdrawal requests. Any saver in an absorbed thrift institution, who intends to file a written withdrawal request for savings accounts within one year after the date of approval of such absorption by the division, may do so by giving 90 days' written notice of such intention, and the savings accounts shall be withdrawn as provided in s. 215.17.
History:  1975 c. 359, 421; 1983 a. 167; 1989 a. 242; 1991 a. 32, 221; 1995 a. 27, 104.
2023 Wisconsin Statutes & Annotations › Chapter 216 - Investment associations. › 216.01 - Regulation.

216.01
Regulation.
No person and no partnership, association or corporation, whether local or foreign, heretofore organized or which may hereafter be organized, doing business as a so-called investment, loan, benefit, cooperative, home, trust or guarantee company, for the licensing, control and management of which there is no law now in force in this state, and which such person, partnership, association or corporation, shall solicit payments to be made to himself, herself or itself either in a lump sum, or periodically, or on the installment plan, issuing therefor so-called bonds, shares, coupons, certificates of membership or other evidences of obligation or agreement, or pretended agreement to return to the holder or owners thereof money or anything of value at some future date, shall solicit or transact any business in this state unless such person, partnership, association or corporation, shall have first complied with all the provisions prescribed in ch. 215 required of foreign savings and loan associations authorized to do business in this state.
History:  1985 a. 30 s. 42; 1993 a. 490.
2023 Wisconsin Statutes & Annotations › Chapter 216 - Investment associations. › 216.02 - Laws applicable.

216.02
Laws applicable.
All provisions of ch. 215 with respect to the supervision, control and conditions upon which foreign savings and loan associations are permitted to do business in this state are hereby made applicable to and imposed upon persons, partnerships, associations or corporations described in s. 216.01, the same as though they were foreign savings and loan associations under ch. 215, so far as such supervision, control and conditions can be made applicable to the particular business done by such persons, partnerships, associations or corporations.
History:  1993 a. 490.
2023 Wisconsin Statutes & Annotations › Chapter 216 - Investment associations. › 216.03 - Penalty.

216.03
Penalty.
Any person, partnership, association or corporation who or which shall act as principal or agent in doing such business or in soliciting business for, or membership or participation in, any such partnership, association or corporation, or solicit business for such person or persons doing business as such companies, not authorized to do business in this state, shall be deemed guilty of a misdemeanor and upon conviction thereof shall be fined not less than $100 nor more than $1,000 or imprisoned in the county jail for not less than 3 months nor more than one year or both.
History:  1993 a. 490.
2023 Wisconsin Statutes & Annotations › Chapter 216 - Investment associations. › 216.05 - Participation in federal legislation; conversion into federal associations.

216.05
Participation in federal legislation; conversion into federal associations.
Any investment association organized under this chapter may be eligible for and participate in the benefits of any federal legislation made available to savings and loan associations. Any such investment association may convert itself into a federal savings and loan association in the same manner and subject to the same conditions as savings and loan associations under s. 215.57 which section, so far as applicable, shall apply to investment associations.
History:  1975 c. 359 s. 51.
2023 Wisconsin Statutes & Annotations › Chapter 217 - Seller of checks. › 217.02 - Definitions.

217.02
Definitions.
In this chapter, unless the context requires otherwise:
(1)
“Authorized agent" is a person who is authorized by a licensee to sell its checks.
(2)
“Check" means any check, draft, money order, traveler's check, personal money order or other instrument for the transmission or payment of money.
(2m)
“Division" means the division of banking.
(3)
“General order" means an order of the division other than a special order.
(4)
“Licensee" means a person licensed under this chapter.
(5)
“Location" includes each place in this state where business as a seller of checks is conducted, including any office of the licensee and the place of business of any authorized agent of the licensee.
(7)
“Personal money order" means any instrument for the transmission or payment of money in relation to which the purchaser or remitter appoints or purports to appoint the seller thereof as the purchaser's or remitter's agent for the receipt, transmission or handling of money, whether such instrument is signed by the seller or by the purchaser or remitter or some other person.
(8)
“Sell" means to sell, issue or deliver a check.
(9)
“Seller of checks" means a person who, as a service or for a fee or other consideration, engages in the business of selling and issuing checks or the receiving of money for transmission or the transmitting of money, or the transmitting of money to foreign countries.
(10)
“Special order" means an order of the division to or affecting a person.
History:  1983 a. 189; 1991 a. 316; 1995 a. 27; 2005 a. 158.
2023 Wisconsin Statutes & Annotations › Chapter 217 - Seller of checks. › 217.03 - License required.

217.03
License required.
(1)
No person shall, as a service or for a fee or other consideration, engage in the business as a seller of checks without first securing a license from the division to do so.
(2)
The licensee shall be liable on checks duly issued for it by each authorized agent and shall furnish each such agent not exempt under s. 217.04 with an authorization in the form approved by the division in lieu of a license from the division, to be displayed in the agent's place of business indicating that it is an authorized agent of the licensee. An agent so authorized by a licensee shall not be required to secure a license.
History:  1991 a. 316; 1995 a. 27.
Wisconsin has a compelling interest in applying statutory regulations to banking activities on Indian reservations. 80 Atty. Gen. 337.
2023 Wisconsin Statutes & Annotations › Chapter 217 - Seller of checks. › 217.04 - Exemptions.

217.04
Exemptions.
This chapter does not apply to any of the following:
(1)
Banks organized under the laws of this state or authorized to do business in this state with respect to checks sold in a bank.
(2)
Credit unions, with respect to checks sold in the credit union office, except as provided in s. 186.113 (22).
(3)
Savings and loan associations with respect to checks sold in the savings and loan office, except as provided by s. 215.13 (41).
(4)
U.S. post-office money orders.
(5)
Savings banks with respect to checks sold in the savings bank office, except as provided under s. 214.04 (20).
History:  1991 a. 221; 1995 a. 151.
2023 Wisconsin Statutes & Annotations › Chapter 217 - Seller of checks. › 217.07 - Order denying application.

217.07
Order denying application.
If the division is not satisfied as to all matters specified in s. 217.06, it shall enter a special order denying the application for a license and shall return the license fee to the applicant and retain the investigation fee. The division shall make findings of fact as part of and in support of its orders denying any application for a license.
History:  1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 217 - Seller of checks. › 217.08 - License procedures.

217.08
License procedures.
(1)
License posting. Every license issued shall state the office either within or without the state, where the records are maintained. The license and the authorizations as agent shall be kept conspicuously posted at the respective locations, and no such license or authorization shall be transferable or assignable. Nothing herein shall prevent a licensee from appointing new agents or from terminating the authorization of any existing agent.
(2)
Annual license fee; additions and deletions of locations. Each licensee shall file with the division on or before December 1 of each year a statement listing the locations of the offices of the licensee and the names and locations of the agents authorized by the licensee. Every licensee shall also on or before December 1 of each year file a financial statement of its assets and liabilities as of a date not earlier than the preceding August 31 or, if the licensee is audited annually by an independent certified public accountant licensed or certified under ch. 442 at the end of each fiscal year, the licensee may submit financial statements certified by the certified public accountant for the licensee's latest fiscal year. Such statement shall be accompanied by the annual licensee fee for the calendar year beginning the following January 1 in an amount determined under s. 217.05. The amount of the surety bond or deposit of securities required by s. 217.06 shall be adjusted to reflect the number of such locations. Licensees which do not pay the maximum license fee under s. 217.05 and which do not maintain a bond or deposit of securities in the maximum sum of $300,000 as provided in s. 217.06 shall also file a supplemental statement setting forth any changes in the list of offices and agents with the division on or before April 1, July 1 and October 1 of each year, and the principal sum of the corporate surety bond or deposit of securities required by s. 217.06 shall be adjusted to reflect any increase or decrease in the number of such locations. Any additional license fees which may become due under s. 217.05 shall be paid to the division.
(3)
Removal consent. Whenever a licensee changes its single or principal office location to another location it shall give written notice thereof to the division, which shall amend the license accordingly without charge.
History:  1995 a. 27; 2001 a. 16.
2023 Wisconsin Statutes & Annotations › Chapter 217 - Seller of checks. › 217.10 - Powers of division.

217.10
Powers of division.
The division may:
(1)
Issue general or special orders in execution of this chapter, but not in conflict therewith, to prevent deceptive practices of licensees;
(2)
Investigate, at any time, the business and examine the books, accounts, records and files used therein of every licensee or agent thereof. The cost of each such examination shall be paid by every licensee so examined within 30 days after demand therefor by the division, and the state may maintain an action for recovery of such costs in any court of competent jurisdiction;
(3)
Make such rules not inconsistent with this chapter as it deems necessary for the administration of this chapter.
History:  1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 217 - Seller of checks. › 217.11 - Duties of licensees.

217.11
Duties of licensees.
(1)
Every check sold by any licensee shall bear the name of the licensee clearly imprinted thereon, including the words authorized under s. 221.0402 (2) if applicable.
(2)
Any money received by a seller of checks to be transmitted to a foreign country shall be so transmitted within 5 days from the receipt thereof.
(3)
Every licensee shall furnish a customer with a receipt or other acknowledgment upon receiving funds from such customer. Such receipt or other acknowledgment shall be numbered serially.
(4)
Each licensee shall have at all times a minimum of $1,000 of its own cash funds available for the uses and purposes of its business which minimum sum shall be exclusive of and in addition to funds received for exchange or transfer and in addition thereto each such licensee who does not maintain a bond in the maximum sum of $300,000 or securities in lieu of such bond as required by s. 217.06 (3) shall have at all times an amount of liquid funds which may include investments readily convertible into cash sufficient to pay on demand all outstanding money orders issued by it.
(5)
If a licensee ceases to do business in this state, the licensee shall deposit the licensee's records and proceeds of checks and remittances relating to checks sold in this state with the secretary of revenue. On claim and submission of proof of ownership satisfactory to the secretary of revenue, the secretary of revenue shall pay such amount of the funds deposited as are owing to a person. Such funds as are not paid out within 20 years from date of deposit shall escheat to and become the property of the state, and shall be paid by the secretary of revenue and be dealt with in the same manner as other escheated property.
History:  1981 c. 259; 1991 a. 316; 1995 a. 336; 2013 a. 20.
2023 Wisconsin Statutes & Annotations › Chapter 217 - Seller of checks. › 217.12 - Prohibitions.

217.12
Prohibitions.
(1)
Licensee forbidden to act as depository. No licensee may accept money or evidences of money as a deposit to be returned to the depositor or upon the depositor's order except as permitted by this chapter, and no seller of checks may act as bailee or agent for persons to hold money or evidences of money or proceeds therefrom for the use and benefit of the owners and to deliver such money, evidences or proceeds upon request of the owner. Nothing in this subsection shall prevent a seller of checks from selling or issuing checks as authorized under this chapter.
(2)
Tokens. No licensee shall issue scrip or tokens other than checks to be used in lieu of money for the purchase of goods or services from any enterprise.
(3)
Other business forbidden. No seller of checks shall conduct its business, directly or through agents, on the same premises with a business whose chief source of revenue is derived from the sale of alcohol beverages for consumption on the premises.
(4)
Name, forbidden use. No company shall use a name which indicates that it is a branch, unit or agency of the state or federal government.
History:  1981 c. 79 s. 17; 1995 a. 27; 1997 a. 35.
2023 Wisconsin Statutes & Annotations › Chapter 217 - Seller of checks. › 217.15 - Delinquent seller of checks.

217.15
Delinquent seller of checks.
The division may take possession of any insolvent seller of checks under the circumstances and utilizing the procedure prescribed in s. 218.04 (9m), so far as applicable.
History:  1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 217 - Seller of checks. › 217.17 - Testimonial powers.

217.17
Testimonial powers.
(1)
The division may, in relation to any matter within the division's powers, issue subpoenas and take testimony.
(2)
Witnesses shall be entitled to the same fees as are allowed to witnesses in courts of record. Such fees shall be audited and paid by the state in the same manner as other expenses of the division are audited and paid. No witness subpoenaed at the instance of any party other than the division shall be entitled to payment of fees by the state, unless the division certifies that the testimony of such witness was material to the hearing or proceeding.
(3)
No person shall, without reasonable cause, fail to comply with a subpoena issued under this section, nor refuse to be sworn or to be examined, or to answer a proper question, or produce a pertinent document, when ordered to do so by the official conducting the investigation or proceeding.
History:  1973 c. 3 s. 10; Stats. 1973 s. 217.17; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 217 - Seller of checks. › 217.18 - Power to secure evidence.

217.18
Power to secure evidence.
(1)
The division may, by general or special order require licensees to file with the division at such time and in such manner as it may direct, sworn or unsworn reports, or sworn or unsworn answers in writing to specific questions as to any matter upon which the division may demand information under this chapter.
(2)
The division or any official, employee or agent authorized by it may, for purposes within the division's powers, have access during business hours to the offices and places of business, books, accounts, papers, records, files, safes and vaults of persons engaged in business as a seller of checks, whether licensees or not.
(3)
No person shall refuse, neglect or fail to render any reports or answer required under this section at such time and in such manner as the division may prescribe. No person shall willfully make any false entry or statement in any report or answer, nor shall willfully fail to make full and true entries and statements in any report or answer required under authority of this chapter.
History:  1973 c. 3 s. 11; Stats. 1973 s. 217.18; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 217 - Seller of checks. › 217.19 - Division orders; rules of procedure.

217.19
Division orders; rules of procedure.
(1)
The division, prior to the issuance of any general order under this chapter, shall hold a public hearing.
(2)
The division, prior to the issuance of any special order, shall serve a complaint, prepared in the name of the division, upon the person against whom the complaint is made and shall accompany such complaint by notice of a public hearing to be held in the matter not sooner than 10 days after such service. The person against whom the complaint is made shall be entitled to be heard in person, or by agent or attorney, and shall have the benefit of subpoena process to compel the attendance of witnesses.
(4)
The division shall serve a copy of any special order upon the person against whom the order is issued and such an order shall be effective upon such service, unless otherwise indicated in the order.
(5)
A complaint, notice of hearing, subpoena, special order or any other process issued by the division may be served in the same manner that process in a civil action is served.
(6)
The division shall make its own rules of practice and procedure for the conduct of hearings and other proceedings before it, not inconsistent with any provision of this chapter or with any other provision of law governing such practice or procedure.
History:  1973 c. 3 s. 12; Stats. 1973 s. 217.19; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 217 - Seller of checks. › 217.20 - Court review.

217.20
Court review.
Orders of the division under this chapter shall be subject to review in the manner provided in ch. 227.
History:  1973 c. 3 s. 13; Stats. 1973 s. 217.20; 1995 a. 27.
2023 Wisconsin Statutes & Annotations › Chapter 217 - Seller of checks. › 217.21 - Records; reports.

217.21
Records; reports.
(1)
The licensee shall keep and use in the licensee's business such books, accounts and records as the division, by general or special order, may find to be necessary and require to enable it to determine whether such licensee is complying with this chapter and with the lawful orders issued hereunder.
(2)
Each licensee shall annually, on or before March 15, file a report with the division giving such reasonable and relevant information as the division may, by general or special order, require concerning the business and operations conducted by such licensee within the state. Such report shall be made under oath and shall be in the form prescribed by the division and shall be subject to public inspection in the discretion of the division. The division shall make and publish annually an analysis and recapitulation of such reports.
(3)
Reports and records referred to in this section shall be maintained for not less than 6 years by each licensee.
History:  1973 c. 3 ss. 13, 17; Stats. 1973 s. 217.21; 1991 a. 316; 1995 a. 27.