reglab/statecodes huggingface dataset:
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 11 - Real estate owned and other repossessed assets › Section DFI-SL 11.01 - Real estate owned and other repossessed assets

Current through June 24, 2024
(1) VALUE CARRIED
				ON BOOKS. Real estate and other assets repossessed by an association shall be
				carried on the books at their estimated market value and in accordance with
				generally accepted accounting principles.
(2) APPRAISALS. When real estate is
				repossessed, the association shall have it appraised. The real estate shall be
				subsequently reappraised if:
(a) There is a
				material change in its use or condition; or
(b) Reappraisal is ordered by the
				division.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 12 - Remote Service Units › Section DFI-SL 12.01 - Authority

Current through June 24, 2024
This chapter is promulgated by the division of banking in
				  accordance with s.
				  215.13(46)
				  (a) 1, Stats.
See chs.
					 DFI-Bkg 14, DFI-CU 63 and
					 DFI-SB 12, Wis. Adm. Code.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 12 - Remote Service Units › Section DFI-SL 12.02 - Definitions

Current through June 24, 2024
In this chapter:
(2)
				"Days" mean calendar days computed under s.
				990.001(4),
				Stats.
(2m) "Division" means the
				division of banking in the department of financial institutions or its
				authorized representative.
(3)
				"Financial institution" means a state or federal savings and loan association,
				a state or national bank, a state or federal credit union or a mutual savings
				bank.
(4) "Remote service unit"
				means a remote service unit as defined in s.
				215.13(46)
				(a), Stats., or a remote terminal as defined
				in s.
				186.113(15)
				(b), Stats., or a customer bank
				communications terminal as defined in s.
				221.0303(1),
				Stats.
(5) "Supplier" means any
				person furnishing equipment, goods or services used to complete any function
				performed through a given remote service unit.
The commissioner of savings and loan has been replaced by
					 the division of banking.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 12 - Remote Service Units › Section DFI-SL 12.04 - Restrictions on access prohibited

Current through June 24, 2024
(1) GENERAL
				PROVISIONS. Except as provided in sub. (2), no association may directly or
				indirectly acquire, place or operate a remote service unit, and no association
				may participate in the acquisition, placement or operation of a remote service
				unit, unless the unit is available on a nondiscriminatory basis to the
				following financial institutions and their designated customers:
(a) Any financial institution that has its
				home office in this state;
(b) Any
				other association which is qualified to do business in this state and has
				obtained the written consent of a savings and loan association that has its
				home office in this state and is making use of the unit; and
(c) Any other bank which is qualified to do
				business in this state and has obtained the written approval of a bank that has
				its home office in this state and is making use of the unit; and
(d) Any other credit union which is qualified
				to do business in this state and has obtained the written consent of a credit
				union that has its home office in this state and is making use of the
				unit.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 12 - Remote Service Units › Section DFI-SL 12.05 - Discriminatory rates or services prohibited

Current through June 24, 2024
A remote service unit will not be deemed available for use on
				  a nondiscriminatory basis unless:
(1)
				USER FEES. The fees charged to a financial institution for the use of the unit
				by the institution or its customers are equitably apportioned and reasonably
				reflect the costs of the services actually provided to the institution or
				customer. Such fees may provide for the amortization of development costs and
				capital expenditures over a reasonable period of time.
(2) CUSTOMER SERVICES. Each financial
				institution making use of the unit may permit its customers to make use of all
				of the functions performed by the unit at each location of the unit or only
				those functions and locations that such institution elects to make available to
				its customers.
(3) TECHNICAL
				INFORMATION AND SPECIFICATIONS. Each supplier provides at reasonable cost such
				technical information and specifications as may be necessary to enable a
				financial institution that is eligible to use the unit, or any data processor
				serving the accounts of such an institution, to obtain interface with the
				unit.
(4) OTHER REQUIREMENTS. No
				financial institution eligible to use the unit is required to purchase from any
				supplier any goods, equipment or services not reasonably necessary to complete
				a transaction through the unit.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 12 - Remote Service Units › Section DFI-SL 12.06 - Confidentiality and security requirements

Current through June 24, 2024
No association may directly or indirectly acquire, place or
				  operate a remote service unit, and no association may participate in the
				  acquisition, placement or operation of a remote service unit, unless
				  precautions acceptable to the division are provided to:
(1) PRECAUTIONS AGAINST UNAUTHORIZED ACCESS.
				Prevent unauthorized access to, or use of, the unit.
(2) PRECAUTIONS TO ASSURE CONFIDENTIALITY.
				Prevent information regarding a transaction conducted through the unit from
				being disclosed to any person other than:
(a)
				The customer making the transaction;
(b) Any other person who is a party to the
				transaction or is necessary to effect the transaction, but only to the extent
				that the information disclosed is necessary to effect the transaction;
				or
(c) Those persons lawfully
				authorized to have access to the records of the association or of parties to
				the transaction.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 12 - Remote Service Units › Section DFI-SL 12.07 - Allocation of liability

Current through June 24, 2024
(1) BETWEEN ASSOCIATION AND THIRD PARTIES.
				Each activity authorized under s.
				215.13(46),
				Stats., shall be conducted in accordance with a written agreement between the
				association and any participating merchant, service center, data processor or
				other third party, setting out the manner in which liability from errors,
				malfunctions or the unauthorized use of a remote service unit will be allocated
				between the parties.
(2) LIMITED
				CUSTOMER LIABILITY FOR UNAUTHORIZED USE.
(a)
				The liability of a customer of an association for the unauthorized use of a
				plastic card or other means providing the customer access to a remote service
				unit may not exceed the lesser of the following:
1. $50.
2. The amount of any money, property or
				services obtained by its unauthorized use prior to the time the association is
				notified of, or otherwise becomes aware of, circumstances which lead to the
				belief that unauthorized access to the customer's account may be obtained.
				Notice is sufficient when the customer takes such steps as may reasonably be
				required in the ordinary course of business to provide the association with the
				pertinent information.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 12 - Remote Service Units › Section DFI-SL 12.08 - Customer service and disclosure requirements

Current through June 24, 2024
(1) PERIODIC
				STATEMENTS. An association shall provide each customer with a periodic
				statement of each account of the customer that is accessible through a remote
				service unit. The statement shall be provided on a monthly basis for each month
				in which a transaction occurs, or once every 3 months, whichever is more
				frequent. The statement shall identify the date, location and nature of each
				transaction. An account statement issued under this subsection may include
				transactions made through a remote service unit or otherwise.
(2) TRANSACTION DOCUMENTATION. Every transfer
				of funds made through a remote service unit by a customer of an association
				shall be evidenced by a written document made available to the customer at the
				time of the transaction. The document shall indicate with reasonable
				specificity the identity of any third party to whom funds are electronically
				transferred, the identity of the customer's account, the amount of funds
				transferred, the type of transaction and the date of the transaction. A
				customer may be required to reenter an access device, such as a card, at a
				terminal in order to receive transaction documentation if all the following
				conditions are met:
(a) The terminal
				simultaneously controls distribution of products at several locations on the
				same site to more than one customer;
(b) Each customer must remove the access
				device from the terminal and move to another location in order to complete the
				transaction; and
(c) The terminal
				cannot produce transaction documentation for a particular transaction until the
				customer completes distribution of the product and the amount of the
				transaction is known.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 12 - Remote Service Units › Section DFI-SL 12.09 - Charge backs

Current through June 24, 2024
When any sale of goods or services is paid directly through a
				  remote service unit and involves an aggregate transfer of funds of $50 or more
				  from an account of a customer in an association to the account of another
				  person but does not involve a check or draft, the association shall reverse the
				  transaction and recredit the customer's account upon receipt of oral or written
				  notice by the customer within 3 business days after the date of the sale.
				  "Business day" means the part of any day on which an association is open for
				  carrying on substantially all of its business functions.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 12 - Remote Service Units › Section DFI-SL 12.10 - Advertising restrictions

Current through June 24, 2024
If use of a remote service unit is restricted under s. DFI-SL
				  12.04(2) to designated financial institutions, all advertisements regarding the
				  unit shall clearly state that use of the unit will be available to customers of
				  other financial institutions at the end of the period of restricted use
				  authorized by the division.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 12 - Remote Service Units › Section DFI-SL 12.11 - Filing of supplemental information

Current through June 24, 2024
Each association engaging in an activity authorized under s.
				  215.13(46),
				  Stats., shall file with the division such additional information regarding its
				  activity as the division may from time to time require.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 13 - Loans › Section DFI-SL 13.01 - Loans to one borrower

Current through June 24, 2024
(1) LOANS TO ONE BORROWER. Except as
				otherwise authorized by the division in writing, the aggregate of an
				association's mortgage, consumer and commercial loans to one borrower may not
				exceed the lesser of the association's net worth or 5% of the association's
				assets.
(2) SINGLE LOAN AND PROJECT
				LIMITATION. Except as otherwise authorized by the division in writing, no loan
				or group of loans on one real estate project may exceed 25% of the
				association's net worth.
(3)
				COMMERCIAL LOANS. The aggregate of commercial loans to one borrower is subject
				to the limitations contained in
				12 CFR
				32.3.
(4) LOANS TO SUBSIDIARIES. Loans to
				association subsidiaries, which are subject to division approval under ch.
				DFI-SL 14 or 15 are not restricted by this section.
(5) CALCULATION. In this subsection, the
				unpaid balance of a loan is deemed to remain a loan to the original borrower
				unless the borrower conveys title to the mortgaged property to another person
				who assumes responsibility for the payment of the mortgage and the association
				releases the original borrower of liability for the loan's repayment. In
				calculating limitations under this section, participating interests sold are
				not included.
This section interprets or implements s.
					 215.21 (5),
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 13 - Loans › Section DFI-SL 13.02 - Loan policies

Current through June 24, 2024
Each association's board of directors shall adopt written
				  policies to direct the association's mortgage, consumer and commercial loan
				  activities.
This section interprets or implements s.
					 215.03(1),
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 13 - Loans › Section DFI-SL 13.04 - Approval of indexes used for variable rate loans under s. 138.056, Stats (Repealed)

Current through June 24, 2024
This section interprets or implements s.
					 138.056(1) (a)
					 4 a., Stats.
Section
					 138.056(1) (a)
					 4 a., Stats., was repealed by 2003 Wis. Act
					 33.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 13 - Loans › Section DFI-SL 13.05 - Consumer loans

Current through June 24, 2024
(1) ACTIVITIES AUTHORIZED. An association
				may:
(a)
Consumer loans.
Invest in, sell, purchase, participate in, make or otherwise deal in consumer
				loans.
(b)
Consumer
				leases.
Lease tangible personal property acquired under s. DFI-SL
				16.01(2) to a natural person for a personal, family or household
				purpose.
(c)
Credit
				cards.
Issue credit cards, extend credit in connection with credit
				cards and otherwise engage in or participate in credit card
				operations.
(d)
Overdraft
				loans.
Extend secured or unsecured credit to cover payment of drafts
				or other funds transfer orders in excess of the available balance of an account
				on which they are drawn.
(e)
Education loans.
Make loans for the payment of educational
				expenses.
(f)
Mobile home
				loans.
Make mobile home loans on mobile homes to be used as the
				borrower's residence.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 13 - Loans › Section DFI-SL 13.06 - Commercial loans

Current through June 24, 2024
(1) ACTIVITIES AUTHORIZED. An association
				may:
(a)
Commercial loans.
Invest in, sell, purchase, participate in, make or otherwise deal in commercial
				loans.
(b)
Consumer-related
				loans.
Make loans to dealers in consumer goods to finance inventory,
				including floor planning loans.
(c)
Commercial leases.
Lease tangible personal property or real
				property acquired under s. DFI-SL 16.01(2) for commercial, corporate, business
				or agricultural purposes.
(d)
Overdraft loans.
Extend secured or unsecured credit to cover
				payment of drafts or other funds transfer orders in excess of the available
				balance of an account on which they are drawn.
(e)
"Indirect" commercial
				loans.
Make an indirect commercial loan by purchasing commercial debt
				securities of a corporation which securities do not qualify as authorized
				investments.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 14 - Real state investments › Section DFI-SL 14.01 - Real estate investments limited

Current through June 24, 2024
(1) "REAL ESTATE
				INVESTMENT" DEFINED. An association's real estate investment includes:
(a) Funds advanced for the purchase,
				development and operation of the real estate.
(b) Partnership and joint venture capital
				contributions.
(c) Mortgage loans,
				commercial loans, loan guarantees and letters of credit related to underlying
				real estate in which the association has invested.
(d) Liability for debt of the partnership or
				joint venture.
(e) Any other
				association obligation for direct or contingent payment of debt relating to the
				real estate project.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 15 - Investments In Subsidiaries › Section DFI-SL 15.01 - Subsidiary investments authorized

Current through June 24, 2024
(1) "INVESTMENT IN
				SUBSIDIARIES" DEFINED. An association's investment in subsidiaries includes:
(a) Capital stock and paid in
				surplus.
(b) Partnership, joint
				venture or LLC capital contributions.
(c) Mortgage loans, commercial loans, loan
				guarantees and letters of credit related to a subsidiary in which an
				association has invested.
(d)
				Liability for the debt of a partnership, joint venture or LLC.
(e) Any other obligation for direct or
				contingent payment of a subsidiary's debt.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 16 - Authorized Activities Of Associations › Section DFI-SL 16.01 - Powers of an association

Current through June 24, 2024
An association may:
(1) THIRD PARTY PAYMENTS. With or without
				fee, transfer an accountholder's funds from any account of or pursuant to any
				credit arrangement with the accountholder in the association or in another
				financial institution to a third party or to another account of the
				accountholder, in accordance with the accountholder's order or authorization.
				Such transfer may be made by any mechanism or device if the transfer otherwise
				conforms with applicable laws and established commercial practices.
(2) LEASES. Become the legal or beneficial
				owner of, or invest in, tangible personal property or real property for the
				purpose of leasing the property or obtain an assignment of a lessor's interest
				in a lease of tangible personal property or real property.
(3) DEMAND ACCOUNTS. Accept and maintain
				noninterest bearing demand accounts:
(a) From
				persons that have a business, corporate, commercial or agricultural loan
				relationship with the association; or
(b) For the sole purpose of effectuating
				payment to such persons by a nonbusiness customer.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 16 - Authorized Activities Of Associations › Section DFI-SL 16.02 - Election of loan or investment classification

Current through June 24, 2024
If an association makes an investment or loan under more than
				  one section of the statutes or this chapter, the association may designate
				  under which section the investment or loan or any portion of either is made and
				  may change its designation at any time.
This section interprets or implements ss.
					 215.02(18)
					 and
					 215.135,
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 16 - Authorized Activities Of Associations › Section DFI-SL 16.03 - Absorptions

Current through June 24, 2024
A stock association may, subject to the approval of the
				  division, convert the shares of a stock association absorbed under s.
				  215.73,
				  Stats., into stock, savings accounts, or other securities of the surviving
				  association or cash, property, rights, or securities of any other entity in
				  connection with the absorption.
This section interprets or implements ss.
					 215.02(18)
					 and
					 215.135,
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 16 - Authorized Activities Of Associations › Section DFI-SL 16.05 - Investments in development companies

Current through June 24, 2024
A savings and loan association is authorized to invest, in an
				  amount not to exceed in the aggregate 5% of its capital, in shares of small
				  business investment companies located in this state.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 16 - Authorized Activities Of Associations › Section DFI-SL 16.06 - Stock in bank-owned banks

Current through June 24, 2024
An association may, with the prior written approval of the
				  division, acquire and hold stock, in an aggregate amount not exceeding 10% of
				  its capital, in one or more of the following:
(1) A bank chartered under s.
				221.1202, Stats.
(2) A bank chartered under
				12 USC 27
				(b) (1).
(3) A bank holding company wholly owning a
				bank under sub. (1) or (2).
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 17 - Trust Powers › Section DFI-SL 17.02 - Special permit

Current through June 24, 2024
The division may, on application, grant a special permit to
				  an association or affiliate of an association to exercise trust powers. Except
				  as permitted under s.
				  215.13,
				  Stats., or s. DFI-SL 16.01(10) no association may exercise trust powers without
				  obtaining such a permit.
Sentence one parallels
					 12 USC
					 1464(n)1.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 17 - Trust Powers › Section DFI-SL 17.03 - Filing applications

Current through June 24, 2024
(1) APPLICATION. An application filed under
				s. DFI-SL17.02 shall indicate the trust services the association wishes to
				offer and provide the information necessary to make the determinations under
				sub. (2).
(2) FACTORS CONSIDERED.
				Factors the division will consider in passing upon an application to exercise
				trust powers include, but are not limited to, the following:
(a) The financial condition of the
				association, except trust powers may not be granted to an association if its
				financial condition is such that the association does not meet the financial
				standards required of state chartered corporate fiduciaries;
(b) The needs of the community for fiduciary
				services and the probable volume of fiduciary business available to the
				association.
(c) The general
				character and ability of the management of the association;
(d) The nature of the supervision to be given
				to the fiduciary activities, including the qualifications, experience and
				character of the proposed officers of the trust department; and
(e) Whether the association has available
				legal counsel to advise and pass upon fiduciary matters.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 17 - Trust Powers › Section DFI-SL 17.04 - Administration of trust powers

Current through June 24, 2024
(1) GENERAL
				PROVISIONS.
(a)
Responsibility of the
				board of directors.
The board of directors of an association is
				responsible for the proper exercise of fiduciary powers by the association. All
				matters pertinent to the exercise of fiduciary powers, including the
				determination of policies, the investment and disposition of property held in a
				fiduciary capacity, and the direction and review of the actions of all
				officers, employees, and committees utilized by the association in the exercise
				of its fiduciary powers, are the responsibility of the board. The board of
				directors may assign, by action entered in the minutes, the administration of
				any of the association's trust powers to a director, officer, employee, or
				committee.
(b)
Administration of accounts.
No fiduciary account may be
				accepted without the prior approval of the board of directors, or of the
				director, officer, employee or committee to whom the board may have assigned
				the performance of that responsibility. A written record shall be made of
				acceptances and of the relinquishment or closing out of all fiduciary accounts.
				Upon the acceptance of an account for which the association has investment
				responsibilities, the association shall make a prompt review of the assets. The
				board shall also ensure that at least once during every calendar year
				thereafter, and within 15 months of the last review, all the assets held in or
				held for each fiduciary account for which the association has investment
				responsibilities are reviewed to determine the advisability of retaining or
				disposing of the assets. The board shall act to ensure that all investments
				have been made in accordance with the terms and purposes of the governing
				instrument.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 17 - Trust Powers › Section DFI-SL 17.05 - Books and accounts

Current through June 24, 2024
(1) GENERAL. Every association exercising
				trust powers shall keep its fiduciary records separate and distinct from other
				records of the association. All fiduciary records shall be kept and retained
				for such time as to enable the association to furnish any information or
				reports with respect to the records as may be required by the division. The
				fiduciary records shall contain full information on each account.
(2) RECORD OF PENDING LITIGATION. Every
				association shall keep an adequate record of all pending litigation to which it
				is a party in connection with its exercise of trust powers.
This section parallels 12 CFR
					 550.6.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 17 - Trust Powers › Section DFI-SL 17.06 - Audit of trust department

Current through June 24, 2024
At least once during each calendar year, the association's
				  trust department shall be audited by auditors in a manner consistent with s.
				  215.25,
				  Stats. A copy of the report of the audit shall be promptly filed with the
				  division. Trust department audits may be made as part of the audits required by
				  s.
				  215.25,
				  Stats.
This section parallels 12 CFR
					 550.7.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 17 - Trust Powers › Section DFI-SL 17.07 - Segregation of assets; prohibited deposits

Current through June 24, 2024
Associations exercising any of the powers enumerated in this
				  chapter shall segregate all assets held in any fiduciary capacity from the
				  general assets of the association. No association may receive in its trust
				  department deposits of current funds subject to check or the deposit of checks,
				  drafts, bills of exchange, or other items for collection or exchange
				  purposes.
This section parallels
					 12 USC 1464(n) (3)
					 and (4) and is intended to prohibit operating
					 a check clearing exchange through a trust account.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 17 - Trust Powers › Section DFI-SL 17.08 - Funds awaiting investment or distribution

Current through June 24, 2024
(1) GENERAL. Funds
				held in a fiduciary capacity by an association awaiting investment or
				distribution may not be held uninvested or undistributed any longer than is
				reasonable for the proper management of the account.
(2) USE BY ASSOCIATION IN REGULAR BUSINESS.
				Funds held in trust by an association, including managing agency accounts,
				awaiting investment or distribution may, unless prohibited by the instrument
				creating the trust or by local law, be deposited in other departments of the
				association, except the association shall first set aside under control of the
				trust department as collateral security:
(a)
				Direct obligations of the United States, or other obligations fully guaranteed
				by the United States as to principal and interest;
(b) Readily marketable securities of the
				classes in which state chartered corporate fiduciaries may invest trust funds;
				or
(c) Other readily marketable
				securities as the division may determine.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 17 - Trust Powers › Section DFI-SL 17.09 - Investment of funds held as fiduciary

Current through June 24, 2024
(1) PRIVATE TRUSTS.
				Funds held by an association in a fiduciary capacity shall be invested in
				accordance with the instrument establishing the fiduciary relationship and
				local law. If the instrument does not specify the character or class of
				investments to be made and does not give the association, its directors, or its
				officers investment discretion in the matter, funds held under the instrument
				may be invested in any investment in which state chartered corporate
				fiduciaries may invest under local law.
(2) COURT TRUSTS. If, under local law,
				corporate fiduciaries appointed by a court are permitted to exercise discretion
				in investments, or if an association acting as fiduciary under appointment by a
				court is vested with discretion in investments by an order of the court, funds
				of the accounts may be invested in any investments which are permitted by local
				law. Otherwise, an association acting as fiduciary under appointment by a court
				shall make all investments of funds in such accounts under an order of that
				court. The orders in either case shall be preserved with the fiduciary records
				of the association.
(3) COLLECTIVE
				INVESTMENT OF TRUST FUNDS. The collective investment of funds received or held
				by an association as fiduciary is governed by ss. DFI-SL 17.13 and
				17.14.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 17 - Trust Powers › Section DFI-SL 17.10 - Self-dealing

Current through June 24, 2024
(1) PURCHASES. Unless authorized by the
				instrument creating the relationship, or by court order or local law, funds
				held by an association as fiduciary shall not be invested in:
(a) Stock or obligations of, or property
				acquired from, the association or its directors, officers, or employees, or
				individuals with whom there exists a connection, or organizations in which
				there exists an interest, which may affect the exercise of the best judgment of
				the association in acquiring the property; or
(b) Stock or obligations of, or property
				acquired from, affiliates of the association or their directors, officers or
				employees.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 17 - Trust Powers › Section DFI-SL 17.11 - Custody of investments

Current through June 24, 2024
(1) SEGREGATION OF TRUST ASSETS AND JOINT
				CUSTODY. The investments of each account shall be kept separate from the assets
				of the association, and shall be placed in the joint custody or control of not
				fewer than 2 of the officers or employees of the association designated for
				that purpose either by the board of directors of the association or by one or
				more officers designated by the board of directors of the association, and all
				such officers and employees shall be adequately bonded. To the extent permitted
				by law, an association may permit the investments of a fiduciary account to be
				deposited elsewhere.
(2)
				SEGREGATION OF ACCOUNTS. The investments of each account shall be either:
(a) Kept separate from those of all other
				accounts, except as provided in s. DFI-SL 17.13; or
(b) Adequately identified as the property of
				the relevant account.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 17 - Trust Powers › Section DFI-SL 17.12 - Compensation of association

Current through June 24, 2024
(1) GENERAL. If the
				amount of the compensation for acting in a fiduciary capacity is not regulated
				by local law or provided for in the instrument creating the fiduciary
				relationship or otherwise agreed to by the parties, an association acting in
				such capacity may charge or deduct a reasonable compensation for its services.
				When the association is acting in a fiduciary capacity under appointment by a
				court, it shall receive the compensation allowed or approved by that court or
				by local law.
(2) OFFICER OR
				EMPLOYEE OF ASSOCIATION AS CO-FIDUCIARY. No association may except with the
				specific approval of its board of directors, permit any of its officers or
				employees, while serving as a co-fiduciary, to retain any compensation for
				acting as a co-fiduciary with the association in the administration of any
				account undertaken by it.
(3)
				BEQUESTS OR GIFTS TO TRUST OFFICERS AND EMPLOYEES. No association may permit an
				officer or employee engaged in the operation of its trust department to accept
				a bequest or gift of assets held in a fiduciary capacity by the association
				unless the bequest or gift is directed or made by a relative or is approved by
				the board of directors of the association.
This section parallels 12 CFR
					 550.12.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 17 - Trust Powers › Section DFI-SL 17.13 - Collective investment

Current through June 24, 2024
(1) When not prohibited by local law, funds
				held by an association as fiduciary may be held in:
(a) A common trust fund maintained by the
				association exclusively for the collective investment and reinvestment of
				moneys contributed to the common trust fund by the association in its capacity
				as trustee, executor, administrator, personal representative, guardian, or
				custodian under a uniform gifts to minor act;
(b) A fund consisting solely of assets of
				retirement, pension, profit sharing, stock bonus or other trusts which are
				exempt from federal income taxation under the Internal Revenue Code.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 17 - Trust Powers › Section DFI-SL 17.14 - Common trust funds

Current through June 24, 2024
Investment of funds or other property under s. DFI-SL17.13
				  shall be administered as follows:
(1)
				Each collective investment fund shall be established and maintained in
				accordance with a written plan which shall be approved by a resolution of the
				association's board of directors and filed with the division. A copy of the
				plan shall be available at the principal office of the association for
				inspection during all business hours, and upon request a copy of the plan shall
				be furnished to any person. The plan shall contain appropriate provisions not
				inconsistent with this chapter as to the manner in which the fund is to be
				operated. The plan shall include provisions relating to:
(a) The investment powers and a general
				statement of the investment policy of the association with respect to the
				fund;
(b) The allocation of income,
				profits and losses;
(c) The terms
				and conditions governing the admission or withdrawal of participations in the
				fund;
(d) The auditing of accounts
				of the association with respect to the fund;
(e) The basis and method of valuing assets in
				the fund, setting forth specific criteria for each type of asset;
(f) The minimum frequency for valuation of
				assets of the fund;
(g) The period
				following each valuation date during which the valuation may be made (which
				period in usual circumstances shall not exceed 10 business days);
(h) The basis upon which the fund may be
				terminated; and
(i) Other matters
				as may be necessary to define clearly the rights of participants in the
				fund.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 17 - Trust Powers › Section DFI-SL 17.15 - Indemnity fund

Current through June 24, 2024
An association applying for trust powers under this chapter
				  shall comply with s.
				  220.04(7)
				  (b) 3, Stats., and s. DFI- Bkg
				  15.04.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 17 - Trust Powers › Section DFI-SL 17.16 - Surrender of trust powers

Current through June 24, 2024
(1) Any association
				may surrender its rights to exercise trust powers by filing with the division a
				certified copy of a resolution of its board of directors.
(2) Upon receipt of the resolution under sub.
				(1) the division shall make an investigation and if satisfied that the
				association has been discharged from all fiduciary duties which it has
				undertaken, the division shall issue a certificate to the association
				certifying that it is no longer authorized to exercise fiduciary powers.
(3) On issuance of a certificate
				by the division, an association:
(a) Is no
				longer subject to this chapter;
(b)
				Is entitled to have returned to it the indemnity fund required by s. DFI- Bkg
				15.04; and
(c) Shall not exercise
				any of the powers granted by this chapter without first applying for and
				obtaining new authorization to exercise trust powers.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 17 - Trust Powers › Section DFI-SL 17.17 - Effect of trust accounts of appointment of conservator or receiver or voluntary dissolution of association

Current through June 24, 2024
(1) APPOINTMENT OF
				LIQUIDATOR, CONSERVATOR OR RECEIVER. Whenever a liquidator, conservator or
				receiver is appointed for an association, the liquidator, receiver or
				conservator shall, pursuant to the instructions of the division and the orders
				of the court having jurisdiction, close such of the association's trust
				accounts as can be closed promptly and transfer all other trust accounts to
				substitute fiduciaries.
(2)
				VOLUNTARY DISSOLUTION. Whenever an association exercising trust powers is
				placed in voluntary dissolution, the liquidating agent shall, in accordance
				with local law, proceed at once to liquidate the affairs of the trust
				department as follows:
(a) All trusts and
				estates over which a court is exercising jurisdiction shall be closed or
				disposed of as soon as practicable in accordance with the order or instructions
				of the court; and
(b) All other
				accounts which can be closed promptly shall be closed as soon as practicable
				and final accounting made for the closed accounts and all remaining accounts
				shall be transferred by appropriate legal proceedings to substitute
				fiduciaries.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 17 - Trust Powers › Section DFI-SL 17.18 - Revocation of trust powers

Current through June 24, 2024
(1) NOTICE OF
				INTENT. In addition to the other sanctions available, if, in the opinion of the
				division, an association is unlawfully or unsoundly exercising, or has failed
				for a period of 5 consecutive years to exercise, the powers granted by this
				chapter or otherwise fails to comply with the requirements of this chapter, the
				division may issue and serve upon the association a notice of intent to revoke
				the authority of the association to exercise the powers granted by this
				chapter. The notice shall contain a statement of the facts constituting the
				alleged unlawful or unsound exercise of powers, or failure to exercise powers,
				or failure to comply, and shall fix a time and place at which a hearing will be
				held to determine whether an order revoking authority to exercise trust powers
				should be issued against the association.
(2) HEARING. A hearing under sub. (1) shall
				be conducted as a contested class 2 hearing under ch. 227, Stats.
(3) REVOCATION ORDER. Unless the association
				served under sub. (1) appears at the hearing by a duly authorized
				representative, it is deemed to have consented to the issuance of the
				revocation order. In the event of consent or if, upon the record made at the
				hearing, the division finds that any allegation specified in the notice of
				charges has been established, the division may issue and serve upon the
				association an order prohibiting it from accepting any new or additional trust
				accounts and revoking authority to exercise powers granted by this chapter
				except that the order shall permit the association to continue to service all
				previously accepted trust accounts pending their expeditious divestiture or
				termination.
(4) EFFECTIVE PERIOD.
				A revocation order is effective not earlier than the expiration of 30 days
				after service of the order upon the association, except a consent revocation
				order which is effective at the time specified in the order, and shall remain
				effective and enforceable, except to the extent it is stayed, modified,
				terminated, or set aside by action of the division or a reviewing
				court.
This section parallels 12 CFR
					 550.16.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 18 - Requirements to organize a new association › Section DFI-SL 18.01 - Minimum requirement for new associations

Current through June 24, 2024
(1) CAPITAL STOCK
				ASSOCIATIONS. Except as provided under sub. (2), the division may approve the
				organization of a stock association and issue a certificate of incorporation
				only if:
(a) Stockholders pay to the
				association capital and additional paid-in capital of at least $2,000,000 or a
				higher amount as the division may determine; and
(b) At least one person subscribes for and is
				issued stock of the association.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 19 - Savings and loan holding companies › Section DFI-SL 19.01 - Principal place of business of a savings and loan holding company

Current through June 24, 2024
(1)
				DEFINITION. In s.
				215.36(1)
				(b) and (e), Stats., "principal place of
				business" of a savings and loan holding company means the state in which the
				total deposits held by the savings and loan holding company and by all savings
				and loan association subsidiaries of the holding company are the
				largest.
(2) DETERMINATION OF
				DEPOSITS. Determination of the amount and location of deposits held by a
				savings and loan holding company and by each of its savings and loan
				association subsidiaries shall be made by the division from the most recent
				reports of condition and operations or similar reports filed by the savings and
				loan holding company and the holding company's savings and loan association
				subsidiaries with state or federal authorities.
This section interprets or implements ss.
					 215.36(1)
					 (b) and (e),
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 20 - Procedures before the savings and loan review board › Section DFI-SL 20.01 - Appeals to the review board

Current through June 24, 2024
(1) NOTICE OF
				HEARING. Upon receiving a properly executed notice of appeal stating grounds
				for review within the review board's jurisdiction, the review board shall
				request the division to make available to it the full public record of the
				matter appealed and shall, within 30 days, serve a notice of hearing on appeal
				upon the appellant and each party to the matter appealed. The notice shall
				assign the time and place of the hearing, if any, and shall indicate whether
				briefs or oral arguments or both based upon the public record will be allowed
				and whether additional evidence will be received.
(2) BRIEFS. When briefs are allowed by the
				review board:
(a) The appellant shall, within
				10 days after receiving notice of hearing on appeal, file with the review board
				8 copies of its brief and shall serve at least one copy upon each respondent.
				The appellant's brief shall contain:
1. A
				concise statement of the questions presented by the appeal.
2. A clear and concise statement of the facts
				relied upon by the appellant, including appropriate references to pages of the
				record when cited.
3. Argument in
				support of the appeal.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 21 - Financial Subsidiaries › Section DFI-SL 21.01 - Definitions

Current through June 24, 2024
In this chapter:
(1)
				"Affiliate" has the meaning set forth in s.
				221.0901,
				Stats.
(2) "Company" has the
				meaning set forth in s.
				221.0901,
				Stats.
(3) "Control" has the
				meaning set forth in s.
				221.0901,
				Stats.
(4) "Division" means the
				division of banking.
(5) "Financial
				institution" means a state savings and loan chartered under ch. 215,
				Stats.
(6) "Financial subsidiary"
				means any company that is controlled by one or more insured depository
				institutions other than a subsidiary that a financial institution is authorized
				to control under other applicable law, or a subsidiary that engages solely in
				activities that a financial institution is permitted to engage in directly and
				are conducted subject to the same terms and conditions that govern the conduct
				of such activities by the financial institution.
(7) "Insured depository institution" has the
				meaning set forth in
				12
				USC 1813(c)(2).
(8) "Subsidiary" has the meaning set forth in
				s.
				221.0901,
				Stats.
(9) "Well capitalized" has
				the meaning set forth in
				12 USC
				1831o(b)(1)(A).