reglab/statecodes huggingface dataset:
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 6 - Records Management, Retention And Destruction › Section DFI-SB 6.04 - Clerical and accounting services

Current through June 24, 2024
Upon specific authorization of its board of directors, a
				  savings bank may perform any of the following services for itself, whether on
				  or off its premises, or by another person for a fee, if assurances satisfactory
				  to the division are furnished to the division by both the savings bank and the
				  party performing the services that performance will be subject to regulation
				  and examination by the division to the same extent as if the services were
				  performed by the savings bank on its own premises:
(1) The posting of payments, withdrawals,
				computation and distribution of earnings on accounts.
(2) The posting of entries, payments and
				credits on accounts of borrowers, the computation of interest and other charges
				on these accounts and the determination of the contractual status of these
				accounts.
(3) The preparations and
				mailing of checks, statements, notices and similar items.
(4) Any other clerical, bookkeeping,
				accounting, statistical or similar functions.
This section interprets or implements s.
					 214.75,
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 6 - Records Management, Retention And Destruction › Section DFI-SB 6.05 - Recordkeeping standards, availability for examination

Current through June 24, 2024
A savings bank shall provide, at its expense, any
				  facilities, equipment or services necessary to enable the division to
				  conveniently examine and reproduce individual records.
This section interprets or implements s.
					 214.75,
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 7 - Employment contracts and compensation › Section DFI-SB 7.01 - Employment contracts

Current through June 24, 2024
A savings bank may enter into an employment contract with its
				  officer or employee. No employment contract may exceed 5 years in
				  duration.
This section interprets or implements ss.
					 214.342 and
					 214.345,
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 7 - Employment contracts and compensation › Section DFI-SB 7.02 - Plans for the deferral of earned income

Current through June 24, 2024
A savings bank may contract with any of its officers,
				  directors or employees to defer payment of a portion of current income to a
				  later date if the remuneration is currently earned and the deferral is charged
				  to current earnings and is reflected as a savings bank
				  liability.
This section interprets or implements s.
					 214.345,
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 7 - Employment contracts and compensation › Section DFI-SB 7.03 - Other plans

Current through June 24, 2024
(1) A savings bank may enter into a pension
				plan or otherwise provide retirement benefits, for active full-time directors,
				officers or employees. Full-time officers and employees of a savings bank's
				subsidiary, service corporation or affiliate may be included under a savings
				bank's pension plan or other retirement benefit plan if the subsidiary, service
				corporation or affiliate pays its pro rata share of costs incurred.
(2) Full-time officers and employees of a
				savings bank's subsidiaries, service corporation or affiliate may be included
				under a savings bank's pension plan or deferred compensation agreement if the
				subsidiary, service corporation or affiliate pays its pro rata share of costs
				incurred.
This section interprets or implements s.
					 214.345,
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 8 - Fairness in lending › Section DFI-SB 8.01 - Purpose

Current through June 24, 2024
The purpose of this chapter is to require savings banks to
				  provide each applicant an equal opportunity to obtain a loan by evaluating the
				  applicant's creditworthiness on an individual basis without referring to
				  presumed characteristics of an applicant, a group or a
				  neighborhood.
This section interprets or implements ss.
					 138.20
					 and
					 214.715,
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 8 - Fairness in lending › Section DFI-SB 8.02 - Certain underwriting practices prohibited

Current through June 24, 2024
Unless required by state or federal law, including ch. 766,
				  Stats., or by state rules or federal regulations, no savings bank may utilize
				  an underwriting practice that does any of the following:
(1) Fails to consider all of the regular and
				dependable income of each person who will become obligated for payment of the
				debt.
(2) Varies the terms or
				criteria of the extension of credit on the basis of the child-bearing capacity
				of an applicant or an applicant's spouse.
(3) Utilizes lending standards that have no
				economic basis and are discriminatory in effect.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 8 - Fairness in lending › Section DFI-SB 8.03 - Discrimination prohibited

Current through June 24, 2024
(1) PROHIBITED
				BASES OF DISCRIMINATION. No savings bank may, on the grounds of an applicant's
				physical condition, developmental disability as defined in s.
				51.01(5),
				Stats., sex, marital status, race, color, creed, national origin, religion or
				ancestry:
(a) Deny a person any form of loan
				or credit service.
(b) Provide a
				person with any loan or credit service which is different from, or is provided
				in a different manner than, that provided other persons similarly
				situated.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 8 - Fairness in lending › Section DFI-SB 8.04 - Right to submit loan applications

Current through June 24, 2024
No savings bank may deny an individual an opportunity to
				  submit a written loan application except:
(1) A savings bank may require the
				application to be accompanied by a loan application fee, when such a fee is
				charged by the savings bank in the regular course of business.
(2) A savings bank may require the
				application to be on a form prepared by the savings bank or accepted by the
				savings bank for its use.
(3) A
				savings bank may require an application for a purchase money mortgage to be
				accompanied by the applicant's accepted offer to purchase the subject
				property.
(4) A savings bank is not
				required to accept a loan application for a type of loan which the savings bank
				does not extend.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 8 - Fairness in lending › Section DFI-SB 8.05 - Written notice to borrower required for denial of loan applications

Current through June 24, 2024
There shall be a presumption of discrimination, in violation
				  of s. DFI-SB 8.03, if a loan application is rejected or the loan commitment
				  contains terms other than those originally applied for and the reason for the
				  rejection or modification is not indicated to the applicant in writing. This
				  section does not apply if notice of denial is given under federal
				  law.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 8 - Fairness in lending › Section DFI-SB 8.06 - Fairness in lending notice

Current through June 24, 2024
Each savings bank shall maintain in a conspicuous place in
				  each of its offices, for free distribution to the public, a notice adequately
				  describing the savings bank's obligations under this chapter to persons who
				  apply or wish to apply for loans. The form and content of the notice shall be
				  prescribed or approved by the division.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 9 - Articles of incorporation › Section DFI-SB 9.01 - Articles of incorporation of a mutual savings bank

Current through June 24, 2024
The following form of articles of incorporation is approved
				  for use by each state chartered mutual savings bank:
ARTICLES OF INCORPORATION OF
(full name of savings bank)
a Wisconsin mutual savings bank
Article 1.
The name of the savings bank is
								_________________
Article 2.
The purpose of the savings bank is to engage in any
								lawful activity within the purposes for which a mutual savings bank may be
								organized and operated under Chapter 214 of the Wisconsin Statutes.
Article 3.
The capital of the savings bank is
								unlimited.
Article 4.
The number of directors shall be fixed by bylaw,
								but may not be less than five.
Article 5.
Membership in the savings bank is governed by
								Chapter 214 of the Wisconsin Statutes.
Article 6.
The address of the savings bank's home office at
								the time of adoption of these articles is____________________________
Article 7.
The names and addresses of the incorporators are:
								[for a new savings bank only]
This section interprets or implements s.
					 214.25,
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 9 - Articles of incorporation › Section DFI-SB 9.02 - Articles of incorporation of a capital stock savings bank

Current through June 24, 2024
The following form of articles of incorporation is approved
				  for use by each stock savings bank:
ARTICLES OF INCORPORATION OF
(full name of savings bank)
a Wisconsin capital stock savings bank
Article 1.
The name of the savings bank
								is_____________________
Article 2.
The purpose of the savings bank is to engage in any
								lawful activity for which a capital stock savings bank may be organized and
								operated under Chapter 214 of the Wisconsin Statutes.
Article 3.
The savings bank is authorized to issue____ shares
								of common stock having a par value of $_____ per share.
Article 4.
Voting rights shall be vested exclusively in the
								savings bank's stockholders.
Article 5.
The number of directors shall be fixed by bylaw,
								but may not be less than five.
Article 6.
The address of the savings bank's home office at
								the time of adoption of these articles is
________________________________________
Article 7.
The names and addresses of the incorporators are:
								[for a new savings bank only]
This section interprets or implements s.
					 214.25,
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 10 - Bylaws › Section DFI-SB 10.03 - Optional board of directors' maximum age limitations

Current through June 24, 2024
A savings bank may add limitations on the maximum age at
				  which persons may be nominated to or continue to serve on the board of
				  directors. The limitations shall be stated in the savings bank's bylaws, within
				  article 4.01 (1) (c) ("Qualifications") using one of the following
				  forms:
(1) In addition, no person may
				be nominated for the office of director if he or she is more than years of
				age.
(2) In addition, except for
				directors serving on the board at the time of this bylaw's adoption, no person
				may be nominated for the office of director if he or she is more than years of
				age.
(3) In addition, no director
				may serve beyond the annual meeting of the savings bank's stockholders
				following the date on which he or she becomes years of age.
(4) In addition, no director may serve beyond
				the annual meeting of the savings bank's stockholders following the date on
				which he or she becomes years of age, although persons serving as directors at
				the time of the adoption of this bylaw may continue to serve out their present
				terms.
(5) In addition:
1) No person may be nominated for the office
				of director if he or she is more than years of age.
2) No director may serve beyond the annual
				meeting of the savings bank's shareholders following the date on which he or
				she becomes years of age.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 11 - Real estate owned and other repossessed assets › Section DFI-SB 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 a savings bank 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 savings bank 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-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 12 - Remote Service Units › Section DFI-SB 12.01 - Joint rule

Current through June 24, 2024
This chapter is patterned after a joint rule promulgated by
				  the division of banking and the office of credit unions in accordance with s.
				  214.04 (21)
				  (b), Stats.
See chs.
					 DFI-Bkg 14, DFI-CU 63 and
					 DFI-SL 12, Wis. Adm. Code.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 12 - Remote Service Units › Section DFI-SB 12.02 - Definitions

Current through June 24, 2024
In this chapter:
(1)
				"Division" means the division of banking or its authorized
				representative.
(2) "Days" mean
				calendar days computed under s.
				990.001(4),
				Stats.
(3) "Financial institution"
				means a state or federal savings bank or savings and loan, a state or national
				bank or a state or federal credit union.
(4) "Remote service unit" means a remote
				service unit as defined in s.
				214.01(1)
				(sm) or
				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.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 12 - Remote Service Units › Section DFI-SB 12.04 - Restrictions on access prohibited

Current through June 24, 2024
(1) GENERAL
				PROVISIONS. Except as provided in sub. (2), no savings bank may directly or
				indirectly acquire, place or operate a remote service unit, and no savings bank
				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 savings bank which is qualified to do business in this state and has
				obtained the written consent of a savings bank or 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-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 12 - Remote Service Units › Section DFI-SB 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 permits 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-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 12 - Remote Service Units › Section DFI-SB 12.06 - Confidentiality and security requirements

Current through June 24, 2024
No savings bank may directly or indirectly acquire, place or
				  operate a remote service unit, and no savings bank 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 savings bank or of parties to
				the transaction.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 12 - Remote Service Units › Section DFI-SB 12.07 - Allocation of liability

Current through June 24, 2024
(1) BETWEEN SAVINGS BANK AND THIRD PARTIES.
				Each activity authorized under s.
				214.04(21),
				Stats., shall be conducted in accordance with a written agreement between the
				savings bank 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 a savings bank 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 savings bank 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 savings bank with
				the pertinent information.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 12 - Remote Service Units › Section DFI-SB 12.08 - Customer service and disclosure requirements

Current through June 24, 2024
(1) PERIODIC
				STATEMENTS. A savings bank 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.
(2) TRANSACTION DOCUMENTATION. Every transfer
				of funds made through a remote service unit by a customer of a savings bank
				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-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 12 - Remote Service Units › Section DFI-SB 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 a savings bank to the account of another
				  person but does not involve a check or draft, the savings bank 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 a savings bank is open
				  for carrying on substantially all of its business functions.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 12 - Remote Service Units › Section DFI-SB 12.10 - Advertising restrictions

Current through June 24, 2024
If use of a remote service unit is restricted under s. DFI-SB
				  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-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 12 - Remote Service Units › Section DFI-SB 12.11 - Filing of supplemental information

Current through June 24, 2024
Each savings bank engaging in an activity authorized under s.
				  214.04(21),
				  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-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 13 - Loans › Section DFI-SB 13.01 - Loan policies

Current through June 24, 2024
Each savings bank's board of directors shall adopt written
				  policies to direct the savings bank's mortgage, consumer and commercial loan
				  activities.
This section interprets or implements s.
					 214.715,
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 13 - Loans › Section DFI-SB 13.03 - Approval of indices used for variable rate loans

Current through June 24, 2024
The division shall publish on its website a list of approved
				  indices as described under s.
				  138.056 (1) (a)
				  4 d., Stats.
This section implements s.
					 138.056,
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 13 - Loans › Section DFI-SB 13.04 - Consumer loans

Current through June 24, 2024
(1) ACTIVITIES AUTHORIZED. A savings bank may
				do all of the following:
(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-SB 16.01(2) to a natural person for a personal, family or
				household purpose.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 13 - Loans › Section DFI-SB 13.05 - Commercial loans

Current through June 24, 2024
(1) ACTIVITIES AUTHORIZED. A savings bank may
				do all of the following:
(a)
Commercial loans.
Make, invest in, sell, purchase, participate
				in, 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-SB 16.01(2) for business, commercial, corporate,
				or agricultural purposes.
(d)
"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-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 14 - Real estate investments › Section DFI-SB 14.01 - Real estate investments limited

Current through June 24, 2024
(1) "REAL ESTATE
				INVESTMENT" DEFINED. A savings bank's real estate investment includes:
(a) Funds advanced for the purchase,
				development and operation of 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 savings bank has invested.
(d) Liability for debt of the partnership or
				joint venture.
(e) Any other
				savings bank obligation for direct or contingent payment of debt relating to
				the real estate project.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 15 - Investments in service corporation or subsidiary › Section DFI-SB 15.01 - Service corporation and subsidiary investments authorized

Current through June 24, 2024
(1) "INVESTMENT"
				DEFINED. A savings bank's investment in a service corporation or subsidiary
				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 service corporation or subsidiary
				in which a savings bank 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 service corporation or
				subsidiary's debt.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 16 - Authorized Activities Of Savings Banks › Section DFI-SB 16.02 - Election of loan or investment classification

Current through June 24, 2024
If a savings bank makes an investment or loan under more than
				  one provision of the statutes or this chapter, the savings bank 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 s.
					 214.03,
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 16 - Authorized Activities Of Savings Banks › Section DFI-SB 16.04 - Debt cancellation contracts and debt suspension agreements

Current through June 24, 2024
(1) DEFINITIONS. In
				this section:
(a) "Actuarial method" means the
				method of allocating payments made on a debt between the amount financed and
				the finance charge pursuant to which a payment is applied first to the
				accumulated finance charge and any remainder is subtracted from, or any
				deficiency is added to, the unpaid balance of the amount financed.
(b) "Closed-end credit" means consumer credit
				other than open-end credit as defined in this section.
(c) "Contract" means a debt cancellation
				contract or a debt suspension agreement.
(d) "Customer" means an individual who
				obtains an extension of credit from a savings bank primarily for personal,
				family or household purposes.
(e)
				"Debt cancellation contract" means a loan term or contractual arrangement
				modifying loan terms under which a savings bank agrees to cancel all or part of
				a customer's obligation to repay an extension of credit from that savings bank
				upon the occurrence of a specified event. The agreement may be separate from or
				a part of other loan documents.
(f)
				"Debt suspension agreement" means a loan term or contractual arrangement
				modifying loan terms under which a savings bank agrees to suspend all or part
				of a customer's obligation to repay an extension of credit from that savings
				bank upon the occurrence of a specified event. The agreement may be separate
				from or a part of other loan documents. "Debt suspension agreement" does not
				include loan payment deferral arrangements in which the triggering event is the
				borrower's unilateral election to defer repayment or the savings bank's
				unilateral decision to allow a deferral of repayment.
(g) "Open-end credit" means consumer credit
				extended by a savings bank under a plan in which:
1. The savings bank reasonably contemplates
				repeated transactions;
2. The
				savings bank may impose a finance charge from time to time on an outstanding
				unpaid balance; and
3. The amount
				of credit that may be extended to the customer during the term of the plan, up
				to any limit set by the savings bank, is generally made available to the extent
				that any outstanding balance is repaid.
(h) "Residential mortgage loan" means a loan
				secured by 1-4 family, residential real property.
(i) "Savings bank" has the meaning set forth
				in s.
				214.01(1)
				(t), Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 17 - Trust powers › Section DFI-SB 17.02 - Special permit

Current through June 24, 2024
The division may, on application, grant a special permit to a
				  savings bank or affiliate of a savings bank to exercise trust powers. The
				  division shall review and make a determination on the application within 30
				  business days of its receipt. Except as permitted under s.
				  214.04(10) and
				  (22), Stats., no savings bank may exercise
				  trust powers without obtaining the permit.
Note: This section interprets or implements ss.
					 214.03 and
					 214.04,
					 Stats.
Sentence one parallels
					 12 USC
					 1464(n)1.
					 The section parallels s. DFI-SL
					 17.02.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 17 - Trust powers › Section DFI-SB 17.03 - Filing applications

Current through June 24, 2024
(1) APPLICATION. An application filed under
				s. DFI-SB 17.02 shall indicate the trust services the savings bank wishes to
				offer and provide the information necessary to make the determinations under
				sub. (2).
(2) FACTORS CONSIDERED.
				Factors the division will consider in acting upon an application to exercise
				trust powers include, but are not limited to, the following:
(a) The financial condition of the savings
				bank, except trust powers may not be granted to a savings bank if its financial
				condition is such that the savings bank 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 savings
				bank.
(c) The general character and
				ability of the management of the savings bank;
(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 savings bank has available
				legal counsel to advise and pass upon fiduciary matters.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 17 - Trust powers › Section DFI-SB 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 a savings bank is
				responsible for the proper exercise of fiduciary powers by the savings bank.
				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 savings bank 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 savings bank'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 savings bank has investment responsibilities, the
				savings bank 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 savings bank 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-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 17 - Trust powers › Section DFI-SB 17.05 - Books and accounts

Current through June 24, 2024
(1) GENERAL. Every savings bank exercising
				trust powers shall keep its fiduciary records separate and distinct from other
				records of the savings bank. All fiduciary records shall be kept and retained
				for such time as to enable the savings bank 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
				savings bank 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 and s. DFI-SL
					 17.05.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 17 - Trust powers › Section DFI-SB 17.06 - Audit of trust department

Current through June 24, 2024
At least once during each calendar year, the savings bank's
				  trust department shall be audited by certified public accountants in a manner
				  consistent with s.
				  214.76,
				  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.
				  214.76,
				  Stats.
This section parallels 12 CFR 550.7 and s. DFI-SL
					 17.06.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 17 - Trust powers › Section DFI-SB 17.07 - Segregation of assets; prohibited deposits

Current through June 24, 2024
Savings banks exercising any of the powers enumerated in this
				  chapter shall segregate all assets held in any fiduciary capacity from the
				  general assets of the savings bank. No savings bank 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 s. DFI-SL 17.07 and is intended
					 to prohibit operating a check clearing exchange through a trust account.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 17 - Trust powers › Section DFI-SB 17.08 - Funds awaiting investment or distribution

Current through June 24, 2024
(1) GENERAL. Funds
				held in a fiduciary capacity by a savings bank 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 a savings bank, including managed 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
				savings bank, except the savings bank 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-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 17 - Trust powers › Section DFI-SB 17.09 - Investment of funds held as fiduciary

Current through June 24, 2024
(1) PRIVATE TRUSTS.
				Funds held by a savings bank 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 savings bank, 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 a savings bank 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, a savings bank 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 savings bank.
(3) COLLECTIVE
				INVESTMENT OF TRUST FUNDS. The collective investment of funds received or held
				by a savings bank as fiduciary is governed by ss. DFI-SB 17.13 and
				17.14.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 17 - Trust powers › Section DFI-SB 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 a savings bank as fiduciary shall not be invested in:
(a) Stock or obligations of, or property
				acquired from, the savings bank 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 savings bank in acquiring the property; or
(b) Stock or obligations of, or property
				acquired from, affiliates of the savings bank or their directors, officers or
				employees.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 17 - Trust powers › Section DFI-SB 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 savings bank, and shall be placed in the joint custody or control of not
				fewer than 2 of the officers or employees of the savings bank designated for
				that purpose either by the board of directors of the savings bank or by one or
				more officers designated by the board of directors of the savings bank, and all
				such officers and employees shall be adequately bonded. To the extent permitted
				by law, a savings bank 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-SB 17.13; or
(b) Adequately identified as the property of
				the relevant account.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 17 - Trust powers › Section DFI-SB 17.12 - Compensation of savings bank

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, a savings bank acting in
				such capacity may charge or deduct a reasonable compensation for its services.
				When the savings bank 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 SAVINGS BANK AS CO-FIDUCIARY. No savings bank 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 savings bank in the administration of any
				account undertaken by it.
(3)
				BEQUESTS OR GIFTS TO TRUST OFFICERS AND EMPLOYEES. No savings bank 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 savings
				bank unless the bequest or gift is directed or made by a relative of the
				officer or employee or is approved by the board of directors of the savings
				bank.
This section parallels 12 CFR 550.12 and s. DFI-SL
					 17.12.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SB 1-22 - Department of Financial Institutions-Savings Banks › Chapter DFI-SB 17 - Trust powers › Section DFI-SB 17.13 - Collective investment

Current through June 24, 2024
(1) DEFINITION. In this section and in s.
				DFI-SB 17.14, the term "savings bank" includes 2 or more savings banks which
				are members of the same affiliated group with respect to any fund established
				under this section of which any of the affiliated savings banks is trustee, or
				of which 2 or more of the affiliated savings banks are co-trustees.
(2) FUNDS. When not prohibited by local law,
				funds held by a savings bank as fiduciary may be held in:
(a) A common trust fund maintained by the
				savings bank exclusively for the collective investment and reinvestment of
				moneys contributed to the common trust fund by the savings bank in its capacity
				as trustee, executor, administrator, personal representative, guardian, or
				custodian under a uniform transfers to minors 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.