LRB-5195/2
ARG:skw
2021 - 2022 LEGISLATURE
February 7, 2022 - Introduced by Representatives August, Katsma, Loudenbeck,
Armstrong, Penterman, Allen, Duchow, Sortwell, Cabral-Guevara,
Dallman, Plumer, Moses, Oldenburg, Kuglitsch, Knodl, Dittrich,
Wichgers, VanderMeer, Horlacher, Brandtjen, Brooks, Born and Murphy,
cosponsored by Senators Felzkowski and Stroebel. Referred to Committee
on State Affairs.
AB961,1,2
1An Act to create 224.28 of the statutes;
relating to: confidentiality of financial
2institution account information.
Analysis by the Legislative Reference Bureau
This bill prohibits a bank, savings bank, savings and loan association, or credit
union chartered under this state's law (state-chartered financial institution) from
disclosing to the federal Internal Revenue Service deposit and withdrawal
transaction information for any account held at the state-chartered financial
institution.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB961,1
3Section
1. 224.28 of the statutes is created to read:
AB961,1,5
4224.28 Privacy of certain financial information. (1) Definitions. In this
5section:
AB961,1,66
(a) “Account” has the meaning given in s. 71.91 (8) (a) 1.
AB961,2,3
1(b) “Financial institution" means a state bank organized under ch. 221, a
2savings bank organized under ch. 214, a savings and loan association organized
3under ch. 215, or a credit union organized under ch. 186.
AB961,2,6
4(2) Confidential account information. A financial institution may not
5disclose to the federal internal revenue service deposit and withdrawal transaction
6information for any account held at the financial institution.
