reglab/statecodes huggingface dataset:
Wisconsin Administrative Code › Department of Financial Institutions › DFI-CU 51-75 - Department of Financial Institutions-Credit Unions › Chapter DFI-CU 74 - Debt Cancellation Contracts And Debt Suspension Agreements › Section DFI-CU 74.06 - Method of payment of fees

Current through June 24, 2024
Except as provided in s. DFI-CU 74.04(3) (b), a credit union
				  may offer a customer the option of paying the fee for a contract in a single
				  payment, provided the credit union also offers the customer a bona fide option
				  of paying the fee for that contract in monthly or other periodic payments. If
				  the credit union offers the customer the option to finance the single payment
				  by adding it to the amount the customer is borrowing, the credit union shall
				  also disclose to the customer, in accordance with s. DFI-CU 74.07, whether and,
				  if so, the time period during which the customer may cancel the agreement and
				  receive a refund.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-CU 51-75 - Department of Financial Institutions-Credit Unions › Chapter DFI-CU 74 - Debt Cancellation Contracts And Debt Suspension Agreements › Section DFI-CU 74.07 - Disclosures

Current through June 24, 2024
(1) CONTENT OF SHORT FORM DISCLOSURES. The
				short form of disclosures required by this section shall include information
				relating to any of the following that is appropriate to the product offered:
(a) That the product is optional.
(b) Lump sum payment of fee.
(c) Lump sum payment of fee with no
				refund.
(d) Refund of fee paid in
				lump sum.
(e) Any additional
				disclosures.
(f) Eligibility
				requirements, conditions and exclusions.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-CU 51-75 - Department of Financial Institutions-Credit Unions › Chapter DFI-CU 74 - Debt Cancellation Contracts And Debt Suspension Agreements › Section DFI-CU 74.08 - Affirmative election to purchase and acknowledgement of receipt of disclosures required

Current through June 24, 2024
(1) AFFIRMATIVE ELECTION AND ACKNOWLEDGEMENT
				OF RECEIPT OF DISCLOSURES. Before entering into a contract the credit union
				shall obtain a customer's written affirmative election to purchase a contract
				and written acknowledgement of receipt of the disclosures required by s. DFI-CU
				74.07(2). The election and acknowledgement information shall be conspicuous,
				simple, direct, readily understandable, and designed to call attention to their
				significance. The election and acknowledgement satisfy these standards if they
				conform with the requirements in s. DFI-CU 74.07(2).
(2) TELEPHONE SOLICITATIONS. If the sale of a
				contract occurs by telephone, the customer's affirmative election to purchase
				may be made orally, provided the credit union does all of the following:
(a) Maintains sufficient documentation to
				show that the customer received the short form disclosures and then
				affirmatively elected to purchase the contract.
(b) Mails the affirmative written election
				and written acknowledgement, together with the long form disclosures required
				by s. DFI-CU 74.07, to the customer within 3 business days after the telephone
				solicitation, and maintains sufficient documentation to show it made reasonable
				efforts to obtain the documents from the customer.
(c) Permits the customer to cancel the
				purchase of the contract without penalty within 30 days after the credit union
				has mailed the loan form disclosures to the customer.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-CU 51-75 - Department of Financial Institutions-Credit Unions › Chapter DFI-CU 74 - Debt Cancellation Contracts And Debt Suspension Agreements › Section DFI-CU 74.09 - Safety and soundness

Current through June 24, 2024
A credit union shall manage the risks associated with debt
				  cancellation contracts and debt suspension agreements in accordance with safety
				  and soundness principles. A credit union shall establish and maintain effective
				  risk management and control processes over its debt cancellation contracts and
				  debt suspension agreements. The processes include appropriate recognition and
				  financial reporting of income, expenses, assets and liabilities, and
				  appropriate treatment of all expected and unexpected losses associated with the
				  products. A credit union shall assess the adequacy of its internal control and
				  risk mitigation activities in view of the nature and scope of its debt
				  cancellation contract and debt suspension agreement programs. The director may
				  limit, restrict or prohibit a credit union from utilizing any incidental power
				  if examination results indicate that the credit union is conducting its
				  business in an unauthorized or unsafe manner or is violating any of the
				  provisions of this chapter.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-CU 51-75 - Department of Financial Institutions-Credit Unions › Chapter DFI-CU 75 - Authorized Incidental Powers Activities › Section DFI-CU 75.01 - Purpose

Current through June 24, 2024
The purpose of this chapter is to set forth a list of
				  incidental powers activities that are authorized for federally chartered credit
				  unions and in which Wisconsin-chartered credit unions may engage, pursuant to
				  s.
				  186.118,
				  Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-CU 51-75 - Department of Financial Institutions-Credit Unions › Chapter DFI-CU 75 - Authorized Incidental Powers Activities › Section DFI-CU 75.02 - Interpretation

Current through June 24, 2024
The interpretation of rules in this chapter shall be
				  coordinated with and parallel to the interpretation of federal laws and
				  regulations from which these rules are derived, except as otherwise provided
				  for by Wisconsin law.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-CU 51-75 - Department of Financial Institutions-Credit Unions › Chapter DFI-CU 75 - Authorized Incidental Powers Activities › Section DFI-CU 75.03 - Definitions

Current through June 24, 2024
In this chapter:
(2)
				"Certification services" has the meaning set forth in
				12
				CFR 721.3(a).
(3) "Charitable contributions and donations"
				has the meaning set forth in
				12
				CFR 721.3(b) (1).
(4) "Charitable donation accounts" has the
				meaning set forth in
				12
				CFR 721.3(b) (2).
(5) "Correspondent services" has the meaning
				set forth in
				12
				CFR 721.3(c).
(6) "Electronic financial services" has the
				meaning set forth in
				12
				CFR 721.3(d).
(7) "Excess capacity" has the meaning set
				forth in
				12
				CFR 721.3(e).
(8) "Financial counseling services" has the
				meaning set forth in
				12
				CFR 721.3(f).
(9) "Finder activities" has the meaning set
				forth in
				12
				CFR 721.3(g).
(9m) "Grandfathered secondary capital" has
				the meaning set forth in
				12
				CFR 702.402.
(10) "Loan-related products" has the meaning
				set forth in
				12
				CFR 721.3(h).
(11) "Marketing activities" has the meaning
				set forth in
				12
				CFR 721.3(i).
(12) "Monetary instrument services" has the
				meaning set forth in
				12
				CFR 721.3(j).
(13) "Operational programs" has the meaning
				set forth in
				12
				CFR 721.3(k).
(14) "Stored value products" has the meaning
				set forth in
				12
				CFR 721.3(l).
(14m) "Subordinated debt" has the meaning set
				forth in
				12
				CFR 702.402.
(15) "Trustee or custodial services" has the
				meaning set forth in
				12
				CFR 721.3(m).
Wisconsin Administrative Code › Department of Financial Institutions › DFI-CU 51-75 - Department of Financial Institutions-Credit Unions › Chapter DFI-CU 75 - Authorized Incidental Powers Activities › Section DFI-CU 75.04 - Incidental powers activities

Current through June 24, 2024
The following incidental powers activities are preapproved
				  for Wisconsin-chartered credit unions:
(2) Certification services.
(3) Charitable contributions and
				donations.
(4) Charitable donation
				accounts.
(5) Correspondent
				services.
(6) Electronic financial
				services.
(7) Excess
				capacity.
(8) Financial counseling
				services.
(9) Finder
				activities.
(9m) Grandfathered
				secondary capital.
(10) Loan-related
				products.
(11) Marketing
				activities.
(12) Monetary instrument
				services.
(13) Operational
				programs.
(14) Stored value
				products.
(14m) Subordinated
				debt.
(15) Trustee or custodial
				services.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Gen 2 - Department of Financial Institutions-General › Chapter DFI-Gen 2 - Small business enforcement discretion › Section DFI-Gen 2.01 - Purpose

Current through June 24, 2024
The purpose of this chapter is to disclose, pursuant to s.
				  895.59,
				  Stats., in advance the discretion the department will follow in the enforcement
				  of rules and guidelines against a small business.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Gen 2 - Department of Financial Institutions-General › Chapter DFI-Gen 2 - Small business enforcement discretion › Section DFI-Gen 2.02 - Definitions

Current through June 24, 2024
In this chapter:
(1)
				"Department" means the department of financial institutions.
(2) "Small business" has the meaning set
				forth in s.
				227.114(1),
				Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Gen 2 - Department of Financial Institutions-General › Chapter DFI-Gen 2 - Small business enforcement discretion › Section DFI-Gen 2.03 - Discretion

Current through June 24, 2024
(1) Except as provided in sub. (2), the
				department shall exercise the following discretion in the enforcement of rules
				and guidelines against a small business:
(a)
				The department shall provide a reduction or waiver of penalties for a voluntary
				disclosure, by a small business, of actual or potential violations of rules or
				guidelines.
(b) The department may
				consider the small business's ability to pay when determining the amount of any
				monetary penalty, assessment, or surcharge.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 1 - Definitions › Section DFI-SL 1.01 - Construction of language

Current through June 24, 2024
In all chapters beginning with DFI-SL, unless otherwise
				  indicated, all words and phrases shall be construed according to their common
				  and approved usage unless such construction would produce a result inconsistent
				  with the manifest intent of the legislature in enacting ch. 215, Stats., or of
				  the division and the review board in adopting these rules.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 1 - Definitions › Section DFI-SL 1.02 - Pick-up of statutory definitions

Current through June 24, 2024
In all chapters beginning with DFI-SL, unless otherwise
				  indicated, words and phrases shall have the meanings specified in ss.
				  215.01 and
				  990.01, Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 1 - Definitions › Section DFI-SL 1.03 - Definitions

Current through June 24, 2024
In all chapters beginning with DFI-SL, unless otherwise
				  indicated:
(1) "Association" means a
				savings and loan association chartered under ch. 215, Stats. or doing business
				in this state under s.
				215.33, Stats.
(2) "Commercial loan" means a secured or
				unsecured loan to a natural person or business entity for commercial,
				corporate, business or agricultural purposes.
(3) "Consumer loan" means a secured or
				unsecured loan, or an interest in a loan, made to a natural person for a
				personal, family or household purpose. "Consumer loan" includes a loan
				reasonably incident to lending for a personal, family or household purpose but
				does not include a loan to a natural person for a commercial, corporate,
				agricultural or other business activity.
(4) "Days" mean calendar days computed under
				s. 990.001 (4),
				Stats.
(5) "Development loan" means
				a loan:
(a) To finance the purchase of land
				and the accomplishment of all improvements required to convert it to developed
				building lots; or
(b) Made on the
				security of real estate upon which all facilities and improvements have been
				completely installed as required by local regulations and practices so that it
				is entirely prepared for the erection of structures.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 2 - General Provisions; Procedures; Division's Authority › Section DFI-SL 2.01 - Purpose

Current through June 24, 2024
The purpose of chs.
				  DFI-SL 1 to 20 is to provide
				  rules and procedures for the organization, incorporation, examination,
				  operation, regulation and supervision of associations, giving primary
				  consideration to the best practices of financial institutions operating in this
				  state. Lending and investment authorities provided under statutes and rules are
				  intended to provide associations the necessary flexibility to maintain their
				  primary role of providing credit for housing related
				  purposes.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 2 - General Provisions; Procedures; Division's Authority › Section DFI-SL 2.02 - Safety and soundness

Current through June 24, 2024
Subject to supervision by the division, the board of
				  directors of each association shall assure that the association operates in a
				  safe and sound manner, adhering to sound business practices and applicable
				  statutes, rules and federal regulations.
This section interprets or implements ss.
					 215.03,
					 215.50
					 and
					 215.70,
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 2 - General Provisions; Procedures; Division's Authority › Section DFI-SL 2.03 - Conflicts of interest

Current through June 24, 2024
When a person in a decision making position with an
				  association must decide between his or her personal financial interests and
				  those of the association, the association is exposed to unnecessary risk. Each
				  officer, director and employee shall avoid such conflict of interest
				  situations. The board of directors of each association shall establish and
				  implement written policies and procedures reasonably calculated to identify
				  potential conflicts of interest and, when reasonably possible, to avoid placing
				  an association's officer, director or employe in such a position. Establishing
				  and implementing policies and procedures that assure compliance with its
				  federal insuring agency's regulations governing transactions between the
				  insured association and affiliated persons shall constitute compliance with
				  this section.
This section interprets or implements ss.
					 215.21 (17),
					 215.50 and
					 215.70,
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 2 - General Provisions; Procedures; Division's Authority › Section DFI-SL 2.04 - Supervisory orders

Current through June 24, 2024
(1) PURPOSE. To carry out the division's
				responsibilities, the division may issue a supervisory order when it determines
				that an association is:
(a) Violating the
				provisions of its articles, bylaws, the laws of this state, or the laws of the
				United States, or any order or rule issued by the division or by the division
				and the review board: or
(b)
				Engaging in any unsafe or unsound practice.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 2 - General Provisions; Procedures; Division's Authority › Section DFI-SL 2.05 - Division's authority

Current through June 24, 2024
The division may:
(1) LIMIT INVESTMENT OR ACTIVITY. Restrict or
				prohibit any investment or activity of an association upon determining that an
				investment or activity violates or may violate s. DFI-SL 2.02.
(2) REQUIRE CORRECTIVE ACTION. Require an
				association to correct any violation by it or a subsidiary if the association
				or subsidiary is found to violate any statute, rule or directive of the
				division. The division may require corrective action when it determines an
				association's lending practices or procedures are imprudent, even though
				individual loans may comply with applicable statutes and rules.
(3) REQUIRE HIGHER LIQUIDITY. Require an
				association to maintain a higher level of liquidity than the requirement of an
				applicable federal insuring agency for any association.
(4) REQUIRE REAPPRAISALS. Require
				reappraisals of property securing an association's loan. Such appraisals shall
				be conducted at the association's expense.
(5) REQUIRE ACTION WITH REGARD TO
				UNDERSECURED REAL ESTATE LOANS.
(a) If the
				division determines that the current market value of the real estate collateral
				and any other collateral that is acceptable security for a mortgage loan is
				less than the outstanding balance of the loan, require the association to:
1. Obtain additional collateral acceptable to
				the division;
2. Reduce the book
				value of the loan to the current market value of the acceptable collateral;
				or
3. Establish a valuation reserve
				reflecting the difference between the outstanding balance of the mortgage loan
				and the current market value of the acceptable collateral.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 2 - General Provisions; Procedures; Division's Authority › Section DFI-SL 2.06 - Complaints against associations

Current through June 24, 2024
(1) WHERE TO
				COMPLAIN. Any person with a complaint against an association who has been
				unable to satisfactorily resolve it after discussing it with the management of
				the association involved may complain to the division in writing.
(2) CONTENTS OF WRITTEN COMPLAINTS. Written
				complaints to the division shall contain:
(a)
				The name and address of the complainant.
(b) The name of the association and the
				person complained of or involved or both.
(c) A concise statement of the facts
				underlying the complaint.
(d) A
				statement of the specific action requested of the association.
(e) If the complainant has discussed the
				matter with a representative of the association, the dates of any discussions
				and name of the representatives.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 2 - General Provisions; Procedures; Division's Authority › Section DFI-SL 2.07 - Communications with members

Current through June 24, 2024
(1) MEMBERS' RIGHT
				TO COMMUNICATE.
(a) Although under s.
				215.26(8),
				Stats., no person may be furnished with a partial or complete list of members,
				each member of a mutual association shall have the right to communicate with
				other members of the association under this section.
(b) This section does not apply to any
				communication which:
1. Without expressed
				factual foundation, impugns the character, integrity or reputation of any
				person, makes charges concerning improper or immoral conduct of any person, or
				impugns the stability or soundness of the association; or
2. Is not significantly related to the
				business of the association.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 2 - General Provisions; Procedures; Division's Authority › Section DFI-SL 2.08 - Corporate name

Current through June 24, 2024
(1) GENERAL. The name of an institution
				regulated under ch. 215, Stats., may include the word "bank" and shall include
				the word "savings" and in some manner indicate that it is a state chartered
				savings institution. An institution may not adopt a title that misrepresents
				the nature of the institution or the services it offers.
(2) NAME CHANGE PROCEDURE. Prior to changing
				its corporate name, an institution shall file with the division a written
				notice indicating the intended change. The division shall notify the
				institution of its approval or objection on the grounds set forth in sub. (1).
				Upon receipt of approval, the institution may change its name by amending its
				articles of incorporation and bylaws.
This section interprets or implements ss.
					 215.02(18),
					 215.135,
					 Stats.
This section parallels
					 12 CFR
					 543.1. Amending the articles of incorporation
					 requires a vote of the members of a mutual institution under s.
					 215.41(4),
					 Stats., or the stockholders of a capital stock institution under s.
					 215.61(4),
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 2 - General Provisions; Procedures; Division's Authority › Section DFI-SL 2.09 - Advertising

Current through June 24, 2024
(1) ACCURATE REPRESENTATIONS REQUIRED. No
				institution regulated by the division may use advertising, including print or
				broadcast media, displays and signs, stationery and all other promotional
				materials, or make any representation which is inaccurate or which in any way
				misrepresents its services, contracts, investments or financial
				condition.
(2) USE OF WORD
				"SAVINGS". Any advertising shall specifically indicate that an institution is a
				"savings" institution except that if the word "bank" is not used in the
				advertising of the institution's name, the word "savings" need not be used in
				the advertising. No institution may advertise or hold itself out to the public
				as a commercial bank.
This section interprets or implements ss.
					 215.02(18),
					 215.135,
					 Stats.
This section parallels
					 12 CFR
					 563.27.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 3 - Uninsured associations › Section DFI-SL 3.01 - Uninsured associations

Current through June 24, 2024
An association, the accounts of which are not insured by a
				  federal insuring agency, shall comply with the provisions relating to the
				  following topics to the same extent as if the association were so
				  insured:
(1) SURETY BOND. The surety
				bond provisions of 12 CFR 563.19 to 563.21.
(2) CONFLICT OF INTEREST. The conflict of
				interest provisions of 12 CFR 563.34, 563.35 and 563.40 to 563.45.
(3) LIQUIDITY. The liquidity provisions of 12
				CFR 523.11.
(4) APPRAISAL POLICIES
				AND PRACTICES. The appraisal provisions of 12 CFR 563.17-1 a and
				571.1b.
This section interprets or implements ss.
					 215.03(1),
					 215.11
					 and
					 215.21(17),
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 4 - Annual statements › Section DFI-SL 4.01 - Annual printed statements

Current through June 24, 2024
(1) FORM AND
				CONTENT. The printed statement of condition and operations required by s.
				215.03(6)
				(a) 3, Stats., shall be in substantially the
				following form and shall contain, at a minimum, the following information: [See
				Figure DFI-SL 4.01(1) ]
STATEMENT OF CONDITION
ASSETS
See
								Image
LIABILITIES AND NET WORTH
See
								Image
STATEMENT OF OPERATIONS
See
								Image
See
								Image
(2) DELETION OF
				CERTAIN PRESCRIBED CATEGORIES. If the balance in any category prescribed under
				sub. (1) is zero, that category need not be shown in the statement.
(3) CAPITAL STOCK ASSOCIATIONS REPORTING TO
				THE FEDERAL HOME LOAN BANK BOARD. A capital stock association required to file
				an annual report with the federal office of thrift supervision in a format
				prescribed by the securities and exchange commission under 15 USC 78 m or
				78o(d) will be deemed to comply with this section if it makes available to the
				public a copy of the statement of income and statement of financial condition
				required under federal law to be made available to its
				stockholders.
This section interprets or implements s.
					 215.03(6)
					 (a),
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 4 - Annual statements › Section DFI-SL 4.02 - Method of preparation of annual printed statement

Current through June 24, 2024
(1) ALL
				ASSOCIATIONS. Except as otherwise required by s. DFI-SL 4.01(3), each statement
				of condition and operations required under s.
				215.03(6)
				(a), Stats., shall be prepared in accordance
				with generally accepted accounting principles.
(2) MUTUAL ASSOCIATIONS. In the case of a
				mutual association, unless "net income" equals the difference between "total
				net worth" at the end of the period and "total net worth" at the beginning of
				the period, the statement of condition and operations shall include:
(a) A clearly readable explanation of
				material adjustments to the net income of prior periods; or
(b) A restated statement of operations for
				the affected periods.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 4 - Annual statements › Section DFI-SL 4.03 - Publication requirement

Current through June 24, 2024
The annual report as submitted to the division under s.
				  215.03(6)
				  (a) 1, Stats., is designated as the condensed
				  form of the annual report which shall be published as a class 1 notice under
				  ch. 985, Stats., in the community in which the association maintains its home
				  office. In addition, the notice shall be published in each community in which
				  an association has a branch office or a limited office, in a newspaper of
				  general circulation in that community. Proof of publication of this condensed
				  form shall be submitted to the division within 45 days after the date of the
				  report.
This section interprets or implements s.
					 215.03(6)
					 (a) 3,
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 5 - Net Worth Requirements › Section DFI-SL 5.01 - Net worth requirement

Current through June 24, 2024
(1) LEVEL TO BE MAINTAINED.
(a)
General provision.
Except as provided in par. (b), an association shall at all times maintain a
				net worth ratio in an amount not less than 6.0%.
(b)
Exceptions.
The division
				may require an association to maintain a net worth ratio higher than that
				specified in par. (a) if the division determines that the nature of the
				association's operations otherwise entails a risk requiring a greater net worth
				ratio to assure the association's stability.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 5 - Net Worth Requirements › Section DFI-SL 5.02 - Other powers retained

Current through June 24, 2024
Nothing in this chapter shall limit the division's authority
				  to take such other remedial measures as it may deem necessary to safeguard the
				  interests of the public and the association.
This section interprets or implements s.
					 215.03(2),
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 6 - Records Management And Retention › Section DFI-SL 6.01 - Destruction of records

Current through June 24, 2024
Except where a retention period is required by state or
				  federal laws, rules, or regulations, an association may destroy its records
				  subject to the considerations set forth in s. DFI-SL 6.03. In the destruction
				  of records, the association shall take reasonable precautions to assure the
				  confidentiality of information in the records.
This section interprets or implements s.
					 215.26(4),
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 6 - Records Management And Retention › Section DFI-SL 6.02 - Records management

Current through June 24, 2024
(1) DESIGNATION OF RECORDS MANAGER. The board
				of directors of each association shall by resolution designate one employee
				responsible for the supervision and management of the association's program for
				the preservation, retention and authorized destruction of records, in
				accordance with this chapter and the applicable requirements of the internal
				revenue service and other government agencies.
(2) RECORDS MANAGEMENT. If an association
				utilizes a records storage center or records management service, the center or
				service must agree in writing to comply with the requirements of this chapter
				and to produce the association's records in a timely fashion for inspection by
				the division upon request.
This section interprets or implements s.
					 215.26(4),
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 6 - Records Management And Retention › Section DFI-SL 6.03 - Records retention requirements

Current through June 24, 2024
Each association shall retain its records in a manner
				  consistent with prudent business practices and in accordance with this chapter
				  and other applicable state or federal laws, rules, and regulations. The record
				  retention system utilized must be able to accurately produce such
				  records.
This section interprets or implements s.
					 215.26(4),
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 6 - Records Management And Retention › Section DFI-SL 6.04 - Clerical and accounting services

Current through June 24, 2024
Upon specific authorization of its board of directors, an
				  association may cause to be performed any of the following services for itself,
				  whether on or off its premises, by another person for a fee, if assurances
				  satisfactory to the division are furnished to the division by both the
				  association 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 association on its own premises:
(1) The posting of payments, withdrawals,
				computation and distribution of earnings on accounts;
(2) The posting of entries on accounts of
				borrowers, the posting of payments and credits thereon, and the computation of
				interest and other charges thereon and the computation of the contractual
				status of loan accounts;
(3) The
				preparations and mailing of checks, statements, notices and similar items;
				or
(4) Any other clerical,
				bookkeeping, accounting, statistical or similar functions.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 6 - Records Management And Retention › Section DFI-SL 6.05 - Recordkeeping standards, availability for examination

Current through June 24, 2024
An association shall provide at its expense such facilities,
				  equipment or services as may be necessary to enable the division to
				  conveniently examine and reproduce individual records.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 7 - Employment contracts and compensation › Section DFI-SL 7.01 - Employment contracts

Current through June 24, 2024
An association may enter into an employment contract with an
				  officer or employe of an association. No employment contract may exceed 5 years
				  in duration.
This section interprets or implements s.
					 215.50(7),
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 7 - Employment contracts and compensation › Section DFI-SL 7.02 - Director compensation

Current through June 24, 2024
Members of an association's board of directors may be paid
				  fees which are reasonable and customary. For their work on the board of
				  directors, directors may not receive a bonus or profit sharing proceeds. This
				  does not preclude directors of capital stock associations from receiving stock
				  options to the extent permitted under federal law.
This section interprets or implements ss.
					 215.50(7)
					 and
					 215.70(2),
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 7 - Employment contracts and compensation › Section DFI-SL 7.03 - Plans for the deferral of earned income

Current through June 24, 2024
An association may contract with an officer, director or
				  employe of the association 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 an association
				  liability.
This section interprets or implements s.
					 215.50(7),
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 7 - Employment contracts and compensation › Section DFI-SL 7.04 - Other plans

Current through June 24, 2024
(1) Except as provided by s. DFI-SL 7.03 and
				sub. (2), an association may enter into a pension plan or deferred compensation
				agreement, or otherwise provide retirement benefits, only for active or retired
				full-time officers or employes and not for directors of the association and
				only if the division and the review board give prior specific approval of each
				plan or agreement.
(2) Full-time
				officers and employes of an association's subsidiaries may be included under an
				association's pension plan or deferred compensation agreement if the subsidiary
				pays its pro rata share of costs incurred.
This section interprets or implements s.
					 215.50(7),
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 8 - Fairness in lending › Section DFI-SL 8.01 - Purpose

Current through June 24, 2024
The purpose of this chapter is to require associations to
				  give every applicant an equal opportunity to obtain a loan by evaluating the
				  applicant's credit-worthiness on an individual basis without referring to
				  presumed characteristics of a group or neighborhood.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 8 - Fairness in lending › Section DFI-SL 8.02 - Certain underwriting practices prohibited

Current through June 24, 2024
Unless required by state (including ch. 766, Stats.) or
				  federal law or by the rules or regulations of a state or federal agency, no
				  association may utilize an underwriting practice that:
(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-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 8 - Fairness in lending › Section DFI-SL 8.03 - Discrimination prohibited

Current through June 24, 2024
(1) PROHIBITED
				BASES OF DISCRIMINATION. No association 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 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-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 8 - Fairness in lending › Section DFI-SL 8.04 - Right to submit loan applications

Current through June 24, 2024
No association may deny an individual an opportunity to
				  submit a written loan application except:
(1) An association may require the
				application to be accompanied by a loan application fee, when such a fee is
				charged by the association in the regular course of its business.
(2) An association may require the
				application to be on a form prepared by the association or accepted by the
				association for its use.
(3) An
				association may require an application for a purchase money mortgage to be
				accompanied by the applicant's accepted offer to purchase the subject
				property.
(4) An association is not
				required to accept a loan application for a loan of a type which the
				association does not extend.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 8 - Fairness in lending › Section DFI-SL 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-SL 8.04, if a written 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 adverse action is given under
				  federal law.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 8 - Fairness in lending › Section DFI-SL 8.06 - Fairness in lending notice

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

Current through June 24, 2024
The following form of articles of incorporation is approved
				  for use by each state chartered mutual association:
ARTICLES OF INCORPORATION
OF THE
,
(full name of association)
a Wisconsin mutual savings and loan association
Article 1. The name of the association is .
Article 2. The purpose of the association is to engage in any
				  lawful activity within the purposes for which a mutual savings and loan
				  association may be organized and operated under Chapter 215 of the Wisconsin
				  Statutes and acts amending or supplementing that chapter.
Article 3. The capital of the association 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 association is governed by
				  Chapter 215 of the Wisconsin Statutes, and acts amending or supplementing that
				  chapter.
Article 6. The address of the association's home office at
				  the time of adoption of these articles is .
Article 7. The names and addresses of the incorporators are:
				  for new associations only]
This section interprets or implements s.
					 215.41(1),
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 9 - Articles Of Incorporation › Section DFI-SL 9.02 - Articles of incorporation of capital stock associations

Current through June 24, 2024
The following form of articles of incorporation is approved
				  for use by each stock association:
ARTICLES OF INCORPORATION
OF THE
a Wisconsin capital stock savings and loan association
Article 1. The name of the association is .
Article 2. The purpose of the association is to engage in any
				  lawful activity for which a capital stock savings and loan association may be
				  organized and operated under Chapter 215 of the Wisconsin Statutes and act
				  amending or supplementing that chapter.
Article 3. The association is authorized to issue shares of
				  common stock having a par value of $ per share.
Article 4. Holders of the capital stock of the association
				  are not entitled to any preemptive right with respect to any shares of the
				  association which may be issued.
Article 5. The number of directors shall be fixed by bylaw,
				  but may not be less than five.
Article 6. The address of the association's home office at
				  the time of adoption of these articles is .
Article 7. The names and addresses of the incorporators are:
				  for new associations only]
This section interprets or implements s.
					 215.61(1),
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 9 - Articles Of Incorporation › Section DFI-SL 9.03 - Optional article of incorporation of capital stock associations

Current through June 24, 2024
The following is an optional approved provision for articles
				  of incorporation of capital stock associations:
Article 8. Pursuant to the requirements of federal
				  regulations, the association shall establish and maintain a liquidation account
				  for the benefit of its savings account holders as of ("eligible savers"). In
				  the event of a complete liquidation of the association, it shall comply with
				  such regulations with respect to the amount and the priorities on liquidation
				  of each of the association's eligible saver's inchoate interest in the
				  liquidation account, to the extent it is still in existence, provided that an
				  eligible saver's inchoate interest in the liquidation account shall not entitle
				  such eligible saver to any voting rights at meetings of the association's
				  stockholders.
This section interprets or implements s.
					 215.61 (1),
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 9 - Articles Of Incorporation › Section DFI-SL 9.04 - Execution and certification of articles

Current through June 24, 2024
Articles of incorporation, restated articles of
				  incorporation, and amendments to articles of incorporation shall be executed
				  and certified in a manner acceptable to the division. Two original copies shall
				  be submitted to the division.
This section interprets or implements ss.
					 215.41
					 and
					 215.61,
					 Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 10 - Bylaws › Section DFI-SL 10.01 - Bylaws of mutual associations

Current through June 24, 2024
The following form of bylaws is approved for use by each
				  mutual association:
BYLAWS OF THE
(Full name of Association)
1.01
HOME OFFICE.
The home
				office of the association is located at in County, Wisconsin.
2.01
MEMBERSHIP.
Each person
				owning a savings account in the association, except a savings account evidenced
				by a negotiable certificate of deposit which is not in registered form, is a
				member of the association. The rights of membership are subject to these
				bylaws, the association's articles of incorporation, the Wisconsin Statutes,
				administrative rules and such resolutions as the association's board of
				directors may from time to time adopt and which are consistent with the bylaws,
				articles, statutes and rules.
3.01
MEETINGS OF MEMBERS
.
(1)
Annual Meeting.
The annual meeting of members of the
				association for the election of directors and the transaction of any other
				business of the association will be held at the association's home office at a
				time and date within 120 days after the end of the fiscal year fixed by the
				board of directors. The annual meeting shall be held at:
(a) the association's home office or at
				another place in the same community determined by the board of directors,
				or
(b) at such other location in
				Wisconsin determined by the board of directors and approved by the division of
				banking in the department of financial institutions.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 10 - Bylaws › Section DFI-SL 10.03 - Optional board of directors' maximum age limitations

Current through June 24, 2024
An association may add limitations on the maximum age at
				  which persons may be nominated to the board of directors or at which persons
				  may continue to serve as a board member. The limitations shall be stated in the
				  association's bylaws, within article 4.01 (1) (c) ("qualifications of
				  directors"), 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 the adoption of this bylaw, 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 association 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 association 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 for the unexpired portion of their
				present terms.
(5) In addition:
(a) No person may be nominated for the office
				of director if he or she is more than years of age.
(b) No director may serve beyond the annual
				meeting of the association following the date on which he or she becomes years
				of age.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-SL 1-22 - Department of Financial Institutions-Savings & Loan › Chapter DFI-SL 10 - Bylaws › Section DFI-SL 10.04 - Transition

Current through June 24, 2024
Unless the division and the review board specifically
				  approve a different form after July 1, 1989, each association shall conform its
				  bylaws to the approved form under s. DFI-SL 10.01 or 10.02 by the sooner of the
				  following times:
(1) The next time an
				association amends its bylaws; or
(2) July 1, 1991.