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DFI-SB 13.02(5)(a)2. 2. All taxes on the property and contractual loan payments are current; and
DFI-SB 13.02(5)(a)3. 3. The borrower and the savings bank execute a written extension agreement.
DFI-SB 13.02(5)(b) (b) Appraisals and other documentation. Before making a development loan a savings bank shall obtain:
DFI-SB 13.02(5)(b)1. 1. A feasibility study which contains a current appraisal.
DFI-SB 13.02(5)(b)2. 2. A statement from the borrower indicating the borrower's intended use of the property. If further improvements must be made to the land to make it suitable for the construction of a dwelling unit and loan proceeds are expected to be used in that development, the statement shall include a development schedule and the estimated cost of those improvements.
DFI-SB 13.02(5)(c) (c) Release schedule. When a development loan is secured by more than one lot:
DFI-SB 13.02(5)(c)1. 1. The savings bank and the borrower shall enter into a written agreement governing the release of individual lots from the savings bank's security interest.
DFI-SB 13.02(5)(c)2. 2. No portion of the qualifying real estate security may be released unless:
DFI-SB 13.02(5)(c)2.a. a. The savings bank has obtained an appraisal that individually sets forth the value of each developed lot and of any qualifying security remaining to be developed; and
DFI-SB 13.02(5)(c)2.b. b. The ratio of the unpaid balance of the savings bank's loan to the value 56 of the remaining real estate security will not exceed the applicable maximum loan to value ratio under sub. (3).
DFI-SB 13.02 Note Note: This section interprets or implements ss. 138.056, 214.03, 214.48 and 214.485, Stats.
DFI-SB 13.02 History History: Cr. Register, February, 1994, No. 458, eff. 3-1-94.
DFI-SB 13.03 DFI-SB 13.03 Approval of indices used for variable rate loans. The division shall publish on its website a list of approved indices as described under s. 138.056 (1) (a) 4. d., Stats.
DFI-SB 13.03 History History: Cr. Register, February, 1994, No. 458, eff. 3-1-94; CR 23-039: r. and recr. Register March 2024 No. 819, eff. 4-1-24; correction made under s. 35.17, Stats., Register March 2024 No. 819.
DFI-SB 13.04 DFI-SB 13.04 Consumer loans.
DFI-SB 13.04(1)(1)Activities authorized. A savings bank may do all of the following:
DFI-SB 13.04(1)(a) (a) Consumer loans. Invest in, sell, purchase, participate in, make or otherwise deal in consumer loans.
DFI-SB 13.04(1)(b) (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.
DFI-SB 13.04(2) (2) Savings bank policy required. The board of directors of each savings bank making consumer loans shall establish a maximum dollar limit for such loans over which any unsecured portion must be supported by a borrower's current, sworn financial statement obtained prior to the extension of credit and updated at least annually. This limit may be incorporated into the savings bank's consumer loan policy.
DFI-SB 13.04 Note Note: This section interprets or implements ss. 214.03, 214.04, and 214.485, Stats.
DFI-SB 13.04 History History: Cr. Register, February, 1994, No. 458, eff. 3-1-94.
DFI-SB 13.05 DFI-SB 13.05 Commercial loans.
DFI-SB 13.05(1)(1)Activities authorized. A savings bank may do all of the following:
DFI-SB 13.05(1)(a) (a) Commercial loans. Make, invest in, sell, purchase, participate in, or otherwise deal in commercial loans.
DFI-SB 13.05(1)(b) (b) Consumer-related loans. Make loans to dealers in consumer goods to finance inventory, including floor planning loans.
DFI-SB 13.05(1)(c) (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.
DFI-SB 13.05(1)(d) (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.
DFI-SB 13.05(2) (2) Savings bank policy required. The board of directors of each savings bank making commercial loans shall establish a maximum dollar limit for such loans over which any unsecured portion of a commercial loan must be supported by a borrower's balance sheet and statement of operations attested to by an officer prior to the extension of credit and updated at least annually. This limit may be incorporated into the savings bank's commercial loan policy.
DFI-SB 13.05 Note Note: This section interprets or implements ss. 214.03, and 214.485, Stats.
DFI-SB 13.05 History History: Cr. Register, February, 1994, No. 458, eff. 3-1-94.
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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.