This is the preview version of the Wisconsin State Legislature site.
Please see http://docs.legis.wisconsin.gov for the production version.
Register February 2004 No. 578
Chapter DFI-CU 62
SUPERVISORY ORDERS
DFI-CU 62.01   Supervisory orders.
DFI-CU 62.02   Stay of order during appeal.
Ch. DFI-CU 62 Note Note: Chapter CU 62 was renumbered chapter DFI-CU 62 under s. 13.93 (2m) (b) 1., Stats., and corrections made under s. 13.93 (2m) (b) 6. and 7., Stats., Register, October, 1997, No. 502.
DFI-CU 62.01 DFI-CU 62.01Supervisory orders.
DFI-CU 62.01(1) (1) When issued. The director may issue a supervisory order to cease and desist whenever he or she determines that a credit union is:
DFI-CU 62.01(1)(a) (a) Violating the provisions of its articles or by-laws, or the laws of this state, or the laws of the United States, or any lawful rule, order or regulation promulgated by the director and the credit union review board; or
DFI-CU 62.01(1)(b) (b) Violating any order of the director which may restrict, limit or prohibit the credit union from engaging in any act or practice specified under s. 186.235 (11) (a) 1. to 9., Stats., inclusive;
DFI-CU 62.01(1)(c) (c) The supervisory order could include but would not be limited to the declaration and/or payment of dividends on member savings; the granting or payout of member loans; the acceptance of payments on member savings; the payout of member requests for member savings; or any other portion of the business of a credit union.
DFI-CU 62.01(2) (2)How issued. The director shall deliver or cause to have delivered a formal written signed order to the board of directors of the credit union in which the facts known to the director are set forth and shall demand the discontinuance of such practice(s) and whenever applicable, order the credit union to comply and/or institute corrective action.
DFI-CU 62.01 History History: Cr. Register, August, 1972, No. 200, eff. 9-1-72; correction (1) (intro.) made under s. 13.93 (2m) (b) 5., Stats., Register, September, 1993, No. 453; correction in (1) (b) made under s. 13.93 (2m) (b) 7., Stats., Register, June, 2000, No. 534.
DFI-CU 62.02 DFI-CU 62.02Stay of order during appeal. The institution of the proceedings for review shall not stay enforcement of the director's decision, but the credit union review board may order a stay upon such terms as it deems proper.
DFI-CU 62.02 History History: Cr. Register, August, 1972, No. 200, eff. 9-1-72.
Loading...
Loading...
Published under s. 35.93, Stats. Updated on the first day of each month. Entire code is always current. The Register date on each page is the date the chapter was last published.