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AB504,11,2018 220.04 (7) (b) (intro.) The division may, with the approval of the banking
19institutions review board, establish uniform rules regulating organizations
20engaging in fiduciary operations. Such rules may:
AB504,24 21Section 24. 220.04 (8) of the statutes is amended to read:
AB504,12,722 220.04 (8) Unless the division is expressly restricted by statute from acting
23under this subsection with respect to a specific power, right, or privilege, the division
24by rule may, with the approval of the banking institutions review board, authorize
25state banks to exercise any power under the notice, disclosure, or procedural

1requirements governing national banks or to make any loan or investment or
2exercise any right, power, or privilege permitted national banks under federal law,
3regulation, or interpretation. Notice, disclosure , and procedures prescribed by
4statute which may be modified by a rule adopted under this subsection include, but
5are not limited to, those provided under s. 138.056. A rule adopted under this
6subsection may not affect s. 138.041 or chs. 421 to 428 or restrict powers specifically
7granted state banks under this chapter or ch. 221 or 224.
AB504,25 8Section 25. 220.04 (9) (f) 2. of the statutes is amended to read:
AB504,12,149 220.04 (9) (f) 2. An official or regulated entity who violates an order issued
10under par. (d) shall, for each violation, forfeit not more than $1,000 per day for each
11day the violation continues. Assessment of a forfeiture under this subdivision shall
12commence on the latest of 10 days after the date of delivery of the order or, if an appeal
13is taken under s. 220.035, 10 days after the date of the decision of the banking
14institutions review board.
AB504,26 15Section 26. 220.04 (12) of the statutes is amended to read:
AB504,13,816 220.04 (12) If the division has information that causes the division to believe
17that any bank, trust company bank, or any other person subject in whole or in part
18to supervision or control by the division, or any officer, employee, member, or
19manager thereof, has violated any law, rule, or order that subjects the person to
20prosecution for a criminal offense or to a penalty, the division shall bring such
21information to the attention of the banking institutions review board, with the
22division's recommendation in writing as to action to be taken. The banking
23institutions review board shall, if in its judgment probable cause exists for believing
24that a criminal offense has been committed, or a penalty incurred, call the facts and
25information to the attention of the attorney general whose duty it shall be to cause

1prosecution or other action to be instituted if, in the attorney general's judgment, the
2facts warrant. This subsection does not prevent the institution of any prosecution
3by any district attorney of this state with or without any advice or act on the part of
4the attorney general. This subsection does not preclude the division, in any case
5where the division deems it important to act immediately, from causing any arrest
6and prosecution where the division is satisfied that there is reason to believe the
7offense has been committed and that prosecution should be immediately
8commenced.
AB504,27 9Section 27. 220.05 (2) of the statutes is amended to read:
AB504,13,1510 220.05 (2) On or before July 15 of each year, each state bank and trust company
11bank shall pay to the division an annual assessment for the maintenance of the
12functions of the division in an amount to be determined by the banking institutions
13review board, but which shall not exceed 8 cents per $1,000 of resources, or part
14thereof, for the first $5,000,000 and shall not exceed 6 cents per $1,000, or part
15thereof, for all resources over $5,000,000.
AB504,28 16Section 28. 220.06 (1m) of the statutes is amended to read:
AB504,14,1117 220.06 (1m) No division employee may examine a bank or licensee in which
18that person is interested as a stockholder, officer, or employee. No division employee
19may examine a bank or licensee located in the same village, city , or county with any
20bank or licensee in which that person is so interested. Employees in the division, and
21each member and employee of the banking institutions review board, shall keep
22secret all facts and information obtained in the course of examinations or from
23reports not under s. 221.1002 (1) filed by a bank or licensee with the division, except
24so far as the public duty of the person requires reporting upon or taking special action
25regarding the affairs of any bank or licensee, and except when called as a witness in

1any criminal proceeding or trial in a court of justice. The division may furnish to the
2federal deposit insurance corporation, to a federal home loan bank, or to any
3regulatory authority for state or federal financial institutions, insurance, or
4securities a copy of any examination made of any such bank or licensee or of any
5report made by such bank or licensee and may give access to and disclose to the
6corporation or to any regulatory authority for state or federal financial institutions,
7insurance, or securities any information possessed by the division, or to a federal
8home loan bank any information created by the division, with reference to the
9conditions or affairs of any such insured bank or licensee if the regulatory authority
10agrees to treat all information received with the same degree of confidentiality as
11applies to reports of examination that are in the custody of the division.
AB504,29 12Section 29. 220.06 (2) of the statutes is amended to read:
AB504,14,1813 220.06 (2) If any employee in the division or any member of the banking
14institutions review board or any employee thereof discloses the name of any debtor
15of any bank or licensee, or anything relative to the private account or transactions
16of such bank or licensee, or any fact obtained in the course of any examination of any
17bank or licensee, except as herein provided, that person is guilty of a Class I felony
18and shall be subject, upon conviction, to forfeiture of office or position.
AB504,30 19Section 30. 220.07 (2) of the statutes is amended to read:
AB504,15,320 220.07 (2) Review of order. In any case where the division has made an order
21requiring capital to be made good, the bank may within 10 days after the making of
22said order secure a review of same by the banking institutions review board by filing
23with the division a statement requesting such review and stating the grounds of
24objection to the order of the division. Said board shall promptly conduct a hearing
25thereon after affording reasonable notice to the bank and shall affirm, modify, or set

1aside the order of the division. No such review or hearing shall extend the time for
2compliance with the order of the division unless the banking institutions review
3board shall so direct.
AB504,31 4Section 31. 220.08 (1) of the statutes is amended to read:
AB504,16,145 220.08 (1) Whenever it shall appear to the division that any bank or banking
6corporation to which this chapter is applicable has violated its charter or any law of
7the state, or is conducting its business in an unsafe or unauthorized manner, or if the
8capital of any such bank or banking corporation is impaired, or if any such bank or
9banking corporation shall refuse to submit its books, papers, and concerns to the
10inspection of any examiner, or if any officer thereof shall refuse to be examined upon
11oath touching the concerns of any such bank or banking corporation, or if any such
12bank or banking corporation shall suspend payment of its obligations, or if from any
13examination or report provided for by this chapter the division shall have reason to
14conclude that such bank or banking corporation is in an unsound or unsafe condition
15to transact the business for which it is organized, or that it is unsafe and inexpedient
16for it to continue business, or if any such bank or banking corporation shall neglect
17or refuse to observe an order of the division, specified in s. 220.07, or if the division
18shall find that the management of the bank or the manner in which the work of any
19of its officers or employees is done, if continued, is such as to endanger the safety or
20solvency of the bank and the division shall have made written recommendations for
21change in management or officers and employees and such recommendation shall
22not have been complied with after the expiration of a reasonable time therefor fixed
23by the division, the division may take possession of the property and business of such
24bank or banking corporation, and retain such possession until such bank or banking
25corporation shall resume business, or its affairs be finally liquidated as herein

1provided. Whenever facts have come to the attention of the division which cause the
2division to believe that it may be necessary or advisable to take possession of a bank,
3or if the division has reasonable cause to believe that any of the grounds for taking
4possession of a bank, specified in this section, exist, the division shall bring the
5matter to the attention of the banking institutions review board, reporting to them
6in writing the situation and the division's recommendation as to action to be taken.
7The banking institutions review board shall promptly consider the matter and
8promptly decide whether or not the division should take possession of the bank. If
9the review board decides that the division should take possession, the division shall
10forthwith take possession as hereinbefore provided. If at any time the division is
11confronted with an emergency situation where in the division's opinion it is
12imperative in order to protect the public or for other reasons that possession of the
13bank be at once taken, the division may do so forthwith without referring the matter
14to the banking institutions review board.
AB504,32 15Section 32. 220.08 (3a) of the statutes is amended to read:
AB504,16,2216 220.08 (3a) That in addition to the authority conferred by sub. (3), the division
17with the approval of the banking institutions review board may, for purposes of
18collection or liquidation, sell, assign, convey, and transfer or approve the sale,
19assignment, conveyance, and transfer of the assets of a closed bank or bank operating
20under a stabilization and readjustment agreement to any other bank or trust
21company under such terms and conditions as the division may deem for the best
22interests of the depositors and unsecured creditors of such bank.
AB504,33 23Section 33. 220.08 (9) of the statutes is amended to read:
AB504,17,1624 220.08 (9) Whenever any such bank or banking corporation, of whose property
25and business the division has taken possession, as aforesaid, deems itself aggrieved

1thereby, it may, at any time within 10 days after such taking possession, apply to the
2circuit court for the county in which such bank or banking corporation is located to
3enjoin further proceedings; and said court, after citing the division to show cause why
4further proceedings should not be enjoined and hearing the allegations and proofs
5of the parties and determining the facts may, upon the merits dismiss such
6application or enjoin the division from further proceedings, and direct the division
7to surrender such business and property to such bank or banking corporation. Said
8bank or banking corporation may, if it desires so to do, within 10 days after taking
9possession apply to the banking institutions review board to review the action of the
10division in taking possession. The banking institutions review board shall act
11speedily on such application. Within 10 days after notice of the decision of the
12banking institutions review board, said bank or banking corporation may apply to
13said circuit court of the county in which such bank or banking corporation is located
14to enjoin further proceedings. The proceedings on such application shall be on notice
15to the division and shall be the same as where the application to the court is made
16as above provided without application to the review board.
AB504,34 17Section 34. 220.085 of the statutes is amended to read:
AB504,17,22 18220.085 Federal aid to banks. On approval of the banking institutions
19review board, any state bank or trust company, or the receiver of any insolvent or
20delinquent state bank or trust company, may take advantage of any act that may be
21enacted by the congress of the United States for the relief of any state banks or trust
22companies.
AB504,35 23Section 35. 221.0202 (5) of the statutes is amended to read:
AB504,18,824 221.0202 (5) Decision. After completing the investigation under sub. (4), the
25division shall make a written report to the banking institutions review board stating

1the results of the investigation and the division's recommendation. The board shall
2consider the matter, conduct any necessary hearing, and promptly make its decision
3approving or disapproving the application. The decision shall be final except
4pursuant to s. 220.035 (1) and (3). If the application is approved, the division shall
5endorse on each of the original applications the word “Approved". If the application
6is disapproved, the division shall endorse the word “Disapproved". One of the
7duplicate originals shall be filed in the division's office and one shall be returned by
8mail to the applicants.
AB504,36 9Section 36. 221.0205 of the statutes is amended to read:
AB504,18,15 10221.0205 Capital stock. Immediately following a bank's organization under
11this chapter, the division shall determine the required capital of the bank, subject to
12review by the banking institutions review board. In addition to the required capital
13stock, a contingent fund and paid-in surplus each in an amount equal to at least 25
14percent of the aggregate amount of the capital stock, shall be subscribed at the time
15the subscription list of shareholders is prepared by the incorporators.
AB504,37 16Section 37. 221.0324 (9) of the statutes is amended to read:
AB504,18,2317 221.0324 (9) Pledges to and loans from the federal home loan bank.
18Notwithstanding sub. (3), a bank that is a member of the federal home loan bank may
19borrow money from the federal home loan bank for a term not to exceed 20 years and
20may pledge bank assets having a value that does not exceed 2 times the amount of
21the loan
as collateral to secure the loan. Total assets pledged under this subsection
22may not exceed 4 times the amount of the bank's capital
or any other extension of
23credit from the federal home loan bank
.
AB504,38 24Section 38. 221.0702 (3) of the statutes is amended to read:
AB504,19,12
1221.0702 (3) Role of division. After consultation with the banking institutions
2review board, the division may make recommendations to any bank within this state
3as to the advisability of consolidation or merger with other banks and may make
4recommendations as to terms for consolidation or merger of banks in order to avoid
5a condition of oversupply of banks in any community or area of the state. The division
6may also, if requested so to do, act as mediator or arbitrator to fix any of the terms
7of any such consolidation or merger. The board of directors of any bank organized
8under the laws of this state may use a reasonable amount of the assets of the bank
9toward assisting in bringing about a consolidation or merger of banks or to aid in
10reorganization or in avoiding the closing of a bank, if the board considers it to be in
11the interests of safe banking and the maintenance of credit and banking facilities in
12the county in which the bank is located.
AB504,39 13Section 39. 221.1006 of the statutes is amended to read:
AB504,19,17 14221.1006 Fees for certified copies. If a certified copy of a record filed in the
15division is lawfully required to be furnished by the division, the division may assess
16a reasonable fee as determined by the banking institutions review board. These fees
17shall be deposited in the general fund.
AB504,40 18Section 40. 223.01 of the statutes is amended to read:
AB504,19,25 19223.01 Trust company banks, capital. Trust company banks may be
20organized pursuant to ch. 221 and shall be subject to all the provisions,
21requirements, and liabilities of chs. 220 and 221, so far as applicable, except that
22trust company banks may not accept deposits other than trust deposits and except
23as otherwise hereinafter provided. The division may, with the approval of the
24banking institutions review board, establish minimum capital requirements for a
25trust company bank.
AB504,41
1Section 41. 224.46 of the statutes is created to read:
AB504,20,3 2224.46 Independent data processing servicers. (1) Definitions. In this
3section:
AB504,20,44 (a) “Financial institution" has the meaning given in s. 214.01 (1) (jn).
AB504,20,105 (b) “Independent data processing servicer" means an entity that provides to a
6financial institution electronic data processing services, but not including the
7exchange of data and settlement of funds between 2 or more unaffiliated financial
8institutions resulting from transactions involving remote terminals under s. 186.113
9(15), remote service units under s. 214.04 (21) or 215.13 (46), or customer bank
10communications terminals under s. 221.0303 (2).
AB504,20,1311 (c) “Interface agreement" means a written agreement specifying the terms and
12conditions under which an interface of communications, data, or systems between
13independent data processing servicers shall be accomplished.
AB504,20,24 14(2) Ownership of financial institution data. If a financial institution
15transfers or otherwise makes available to an independent data processing servicer
16any data from the financial institution's records, this data shall remain the property
17of the financial institution. The independent data processing servicer has no right,
18title, or interest in, or claim to legal ownership of, the data. The transfer of the data
19by the financial institution authorizes the independent data processing servicer only
20to exercise temporary control of the data for the limited purpose of performing the
21contracted services requested by the financial institution. This subsection also
22applies with respect to an independent data processing servicer that receives a
23financial institution's data under an interface agreement or other agreement with
24another independent data processing servicer.
AB504,21,4
1(3) Contract disclosures by independent data processing servicers. No
2independent data processing servicer may enter into a contract with a financial
3institution, or renew or amend such a contract, unless the contract discloses, in
4separate contract provisions, all of the following:
AB504,21,65 (a) All fees or charges, including any fee schedule, that the independent data
6processing servicer may impose on the financial institution.
AB504,21,87 (b) Any formula or other grounds that the independent data processing servicer
8may apply or rely upon to terminate the contract.
AB504,42 9Section 42 . 224.725 (1) of the statutes is amended to read:
AB504,21,1710 224.725 (1) License required. Except as provided in sub. subs. (1m) and (1r),
11an individual may not regularly engage in the business of a mortgage loan originator
12with respect to a residential mortgage loan, or use the title “mortgage loan
13originator," advertise, or otherwise portray himself or herself as a mortgage loan
14originator in this state, unless the individual has been issued by the division, and
15thereafter maintains, a license under this section. Each licensed mortgage loan
16originator shall register with, and maintain a valid unique identifier issued by, the
17nationwide mortgage licensing system and registry.
AB504,43 18Section 43. 224.725 (1r) of the statutes is created to read:
AB504,21,2519 224.725 (1r) Employment transition; temporary authority. (a) An individual
20who was a registered mortgage loan originator immediately prior to becoming
21employed by, and who remains employed by, a mortgage banker or mortgage broker
22licensed under this subchapter and who has applied to the division for a mortgage
23loan originator license is considered to have temporary authority to act as a mortgage
24loan originator under this subchapter, for the period specified in par. (c), if all of the
25following apply:
AB504,22,2
11. The individual has not previously had an application for a mortgage loan
2originator license denied.
AB504,22,43 2. The individual has not previously had a mortgage loan originator license
4suspended or revoked in any governmental jurisdiction.
AB504,22,75 3. The individual has not been subject to, or served with, a cease and desist
6order in any governmental jurisdiction or by the director of the federal bureau of
7consumer financial protection under 12 USC 5113 (c).
AB504,22,98 4. The individual has not been convicted of any crime that disqualifies the
9individual under sub. (3) (b) from issuance of a license.
AB504,22,1310 5. The individual was registered with the nationwide mortgage licensing
11system and registry as a loan originator during the one-year period immediately
12preceding the date on which the individual furnished the information required under
13sub. (2) (c).
AB504,22,1814 (b) An individual who is licensed as a mortgage loan originator in another state,
15who is employed by a mortgage banker or mortgage broker licensed under this
16subchapter, and who has applied to the division for a mortgage loan originator license
17is considered to have temporary authority to act as a mortgage loan originator under
18this subchapter, for the period specified in par. (c), if all of the following apply:
AB504,22,1919 1. The individual meets the requirements of par. (a) 1. to 4.
AB504,22,2220 2. The individual was licensed in another state during the 30-day period
21immediately preceding the date on which the individual furnished the information
22required under sub. (2) (c).
AB504,23,323 (c) 1. The period during which an individual described in par. (a) or (b) is
24considered to have temporary authority to act as a mortgage loan originator under
25this subchapter shall begin on the date on which the individual furnishes to the

1nationwide mortgage licensing system and registry the information required under
2sub. (2) (c) in connection with the application for a mortgage loan originator license
3under this subchapter.
AB504,23,54 2. The period that begins under subd. 1. shall end on the earliest of the
5following:
AB504,23,76 a. The date on which the individual withdraws the application for a mortgage
7loan originator license.
AB504,23,98 b. The date on which the division denies, or issues a notice of intent to deny, the
9application for a mortgage loan originator license.
AB504,23,1110 c. The date on which the division grants to the individual a mortgage loan
11originator license.
AB504,23,1412 d. If the individual's application is listed on the nationwide mortgage licensing
13system and registry as incomplete, the date that is 120 days after the date on which
14the individual applied for a mortgage loan originator license.
AB504,23,1815 (d) 1. Any person employing an individual who is considered to have temporary
16authority to act as a mortgage loan originator under this subsection shall be subject
17to the requirements of this subchapter to the same extent as if that individual were
18a licensed mortgage loan originator.
AB504,23,2319 2. Any individual who is considered to have temporary authority to act as a
20mortgage loan originator under this subsection and who engages in any activity
21described in s. 224.71 (6) (c) and (d) shall be subject to the requirements of this
22subchapter to the same extent as if the individual were a licensed mortgage loan
23originator.
AB504,44 24Section 44. 227.52 (3) of the statutes is amended to read:
AB504,24,4
1227.52 (3) Those decisions of the division of banking that are subject to review,
2prior to any judicial review, by the banking institutions review board, and decisions
3of the division of banking relating to savings banks or savings and loan associations,
4but no other institutions subject to the jurisdiction of the division of banking.
AB504,45 5Section 45. 227.53 (1) (a) 1. of the statutes is amended to read:
AB504,24,136 227.53 (1) (a) 1. Proceedings for review shall be instituted by serving a petition
7therefor personally or by certified mail upon the agency or one of its officials, and
8filing the petition in the office of the clerk of circuit court for the county where the
9judicial review proceedings are to be held. If the agency whose decision is sought to
10be reviewed is the tax appeals commission, the banking institutions review board,
11or the credit union review board, or the savings institutions review board, the
12petition shall be served upon both the agency whose decision is sought to be reviewed
13and the corresponding named respondent, as specified under par. (b) 1. to 4.
AB504,46 14Section 46. 227.53 (1) (b) 2. of the statutes is repealed.
AB504,47 15Section 47. 227.53 (1) (b) 4. of the statutes is amended to read:
AB504,24,1916 227.53 (1) (b) 4. The savings banking institutions review board, the division of
17banking, except if the petitioner is the division of banking, the prevailing parties
18before the savings banking institutions review board shall be the named
19respondents.
AB504,48 20Section 48. 227.53 (1) (d) of the statutes is amended to read:
AB504,25,321 227.53 (1) (d) Except in the case of the tax appeals commission, the banking
22institutions review board, and the credit union review board, and the savings
23institutions review board,
the agency and all parties to the proceeding before it shall
24have the right to participate in the proceedings for review. The court may permit
25other interested persons to intervene. Any person petitioning the court to intervene

1shall serve a copy of the petition on each party who appeared before the agency and
2any additional parties to the judicial review at least 5 days prior to the date set for
3hearing on the petition.
AB504,49 4Section 49. 403.312 (2) (c) 1. of the statutes is amended to read:
AB504,25,85 403.312 (2) (c) 1. The claim becomes enforceable at the later of the time that
6the claim is asserted, or the 90th 14th day following the date of the check, in the case
7of a cashier's check or teller's check, or the 90th 14th day following the date of the
8acceptance, in the case of a certified check.
AB504,50 9Section 50. 705.04 (2) (intro.) of the statutes is amended to read:
AB504,25,1210 705.04 (2) (intro.) If Except as provided in s. 705.06 (2m), if the account is a
11P.O.D. account, on the death of the original payee or the survivor of 2 or more original
12payees, all of the following apply:
AB504,51 13Section 51 . 705.04 (2g) of the statutes, as affected by 2019 Wisconsin Act 9,
14is amended to read:
AB504,25,2215 705.04 (2g) Notwithstanding subs. (1) and (2) and s. 705.06 (2m), the
16department of health services may collect, from funds of a decedent that are held by
17the decedent immediately before death in a joint account or a P.O.D. account, an
18amount equal to the medical assistance that is recoverable under s. 49.496 (3) (a), an
19amount equal to aid under s. 49.68, 49.683, 49.685, or 49.785 that is recoverable
20under s. 49.682 (2) (a) or (am), or an amount equal to long-term community support
21services under s. 46.27, 2017 stats., that is recoverable under s. 46.27 (7g) (c) 1., 2017
22stats., and that was paid on behalf of the decedent or the decedent's spouse.
AB504,52 23Section 52. 705.06 (2m) of the statutes is created to read:
AB504,26,824 705.06 (2m) If a financial institution has any lien right, right to setoff, or
25security interest in a P.O.D. account resulting from the financial institution's loan

1or other extension of credit to an original payee, on the death of the original payee
2or the survivor of 2 or more original payees, the financial institution may retain
3control of all sums on deposit in the P.O.D. account to the extent necessary to exercise
4its lien right or right to setoff or to protect its security interest or may tender such
5sums to a court and seek a court determination, but shall pay any remaining balance
6of the sums on deposit to the P.O.D. beneficiary or beneficiaries as provided in s.
7705.04 (2). This subsection applies notwithstanding any limitation on the rights of
8creditors under s. 705.07 (1).
AB504,53 9Section 53. 705.06 (3) of the statutes is amended to read:
AB504,26,1210 705.06 (3) The protection provided by this section subs. (1) and (2) shall have
11no bearing on the rights of parties or their successors in disputes concerning the
12beneficial ownership of funds in or withdrawn from an account.
AB504,54 13Section 54. 812.18 (1) of the statutes is amended to read:
AB504,26,2014 812.18 (1) From Subject to s. 812.19 (4), from the time of service upon the
15garnishee, the garnishee shall be liable to the creditor for the property then in the
16garnishee's possession or under his or her control belonging to the debtor or in which
17the debtor is interested to the extent of his or her right or interest therein and for all
18the garnishee's debts due or to become due to the debtor, except such as are exempt
19from execution, or are required by a court to be paid by the debtor as restitution under
20s. 973.20, but not in excess of the amount of the creditor's claim.
AB504,55 21Section 55. 812.19 (4) of the statutes is created to read:
AB504,27,222 812.19 (4) If a garnishee is a financial institution, as defined in s. 214.01 (1)
23(jn), in possession of, or obligated with respect to, property subject to garnishment,
24the financial institution is liable for the surrender of that property only upon

1expiration of a reasonable time to comply with or respond to the garnishee summons
2and complaint.
AB504,56 3Section 56. Nonstatutory provisions.
AB504,27,84 (1) Board membership; transition provision. On the effective date of this
5subsection, each member of the savings institutions review board under s. 15.185 (3),
62017 stats., serving an unexpired term on that board shall become a member of the
7banking institutions review board for a term that expires on the member's expiration
8date previously established for the savings institutions review board.
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