Chapter 220

CHAPTER 220

BANKING

220.01   Definitions.

220.02   Division; duties.

220.035   Banking institutions review board.

220.04   Powers of division.

220.05   Examination fees and assessments.

220.06   Not to disclose information.

220.065   Immunity.

220.07   Banks; impairment of capital.

220.08   Delinquent banks; division may take possession.

220.081   Closed insured banks; federal deposit insurance corporation may be receiver.

220.082   Closed insured banks; subrogation of federal deposit insurance corporation.

220.085   Federal aid to banks.

220.086   Receiver of delinquent bank may borrow from federal government agency; court order.

220.09   Indemnity fund, national bank.

220.10   Books and accounts; division’s control.

220.12   Attorney general, duty of.

220.13   Copies as evidence.

220.14   Division’s report.

220.17   Effect of consolidating banks and trust companies.

220.18   Bank or corporate notaries; permitted acts.

220.285   Reproduction and destruction of records; evidence.

220.30   Closing in emergencies.

220.32   Transfer of trust business within bank holding company groups.

220.01 220.01 Definitions. As used in chs. 220 to 224:

220.01(1) (1) Unless the context requires otherwise, the term “bank” means any banking institution incorporated under the laws of this state.

220.01(1e) (1e) “Department” means the department of financial institutions.

220.01(1m) (1m) “Division” means the division of banking.

220.01(2) (2) The term “lawful money” means all forms of money issued by or under the authority of the United States as a circulating medium, and includes any form of certificate declared to be lawful money by any law of the United States.

220.01 History History: 1983 a. 189; 1991 a. 221; 1993 a. 213; Stats. 1993 s. 220.01; 1995 a. 27; 1997 a. 191.

220.02 220.02 Division; duties.

220.02(2) (2) The division shall enforce all laws relating to banks and banking in this state, and shall enforce and cause to be enforced every law relating to the supervision and control thereof, including those relating to:

220.02(2)(a) (a) State banks under this chapter and ch. 221 and trust company banks under ch. 223.

220.02(2)(b) (b) The lending of money under s. 138.09 or 138.14, or those relating to finance companies, motor vehicle dealers, adjustment service companies, community currency exchanges and collection agencies under ch. 218.

220.02(2)(c) (c) Money transmitters under ch. 217.

220.02(2)(d) (d) Fiduciary operations of organizations under ss. 220.04 (7) and 223.105.

220.02(2)(e) (e) Savings banks under ch. 214.

220.02(2)(f) (f) Savings and loan associations under ch. 215.

220.02(2)(g) (g) Mortgage bankers, mortgage loan originators, and mortgage brokers under subch. III of ch. 224.

220.02(2)(h) (h) Nondepository small business lenders under subch. IV of ch. 224.

220.02(2)(i) (i) Insurance premium finance companies under s. 138.12.

220.02(2)(j) (j) Earned wage access services providers under ch. 203.

220.02(3) (3) It is the intent of sub. (2) to give the division jurisdiction to enforce and carry out all laws relating to banks or banking in this state, including those relating to state banks, savings banks, savings and loan associations, and trust company banks, and also all laws relating to small loan companies or other loan companies or agencies, finance companies, insurance premium finance companies, earned wage access services providers, motor vehicle dealers, adjustment service companies, community currency exchanges, mortgage bankers, mortgage loan originators, mortgage brokers, and collection agencies and those relating to money transmitters under ch. 217, whether doing business as corporations, individuals, or otherwise, but to exclude laws relating to credit unions.

220.02(5) (5) Except for acts and decisions of the division under chs. 138, 217, and 218, any interested person or any bank or banking corporation aggrieved by an act, order, or determination of the division may, within 10 days from the date thereof, apply to the banking institutions review board to review the same. All such applications for review shall be considered and disposed of as speedily as possible. The banking institutions review board may require the division to submit any of the division’s actions subject to such review to said board for its approval.

220.02 History History: 1971 c. 239, 307; 1973 c. 3, 243; 1975 c. 65; 1977 c. 196 s. 131; 1977 c. 418; 1981 c. 390; 1985 a. 127; 1987 a. 399; 1989 a. 31; 1991 a. 221, 316; 1995 a. 27 ss. 52c, 5979 to 5984; 1995 a. 55, 216; 1997 a. 27; 2003 a. 33; 2005 a. 158, 215; 2007 a. 97; 2009 a. 2, 405; 2019 a. 65; 2023 a. 131, 267.

220.02 Cross-reference Cross-reference: See also DFI-Bkg, Wis. adm. code.

220.02 Annotation The test for whether this state can, consistent with due process, exercise its police power to regulate an out-of-state entity is whether the out-of-state entity has incidents and requires activities within the state intimately related to local welfare. In this case, the contacts between the entity and residents of this state, coupled with the state’s interest in exercising its police power by enforcing its law governing adjustment service companies, sufficed to satisfy due process. Payday Loan Resolution, LLC v. DFI, 2019 WI App 28, 388 Wis. 2d 117, 931 N.W.2d 279, 18-0821.

220.035 220.035 Banking institutions review board.

220.035(1) (1) 

220.035(1)(a) (a) The banking institutions review board shall advise the division and others in respect to improvement in the condition and service of banks and banking business in this state and shall review the acts and decisions of the division with respect to banks, except for such acts and decisions of the division under chs. 138, 217, and 218, and shall perform such other review functions in relation to banking as are provided by law. The banking institutions review board may require the division to submit any of the division’s actions to it for its approval. The board may make rules of procedure as provided in ch. 227.

220.035(1)(b) (b) Any interested person aggrieved by any act, order or determination of the division may apply for review thereof by filing a petition with the secretary of the board within 10 days after the act, order or determination to be reviewed, which petition shall state the nature of the petitioner’s interest, facts showing that petitioner is aggrieved and directly affected by the act, order or determination to be reviewed and the ground or grounds upon which petitioner claims that the act, order or determination should be modified or reversed. The issues raised by the petition for review shall be considered by the board upon giving at least 10 days’ written notice of the time and place when said matter will be heard to the division and the person applying for review or that person’s attorney and upon any other person who participated in the proceedings before the division or that other person’s attorney. Notice of hearing may be given by registered mail, return receipt requested, and the return receipt signed by the addressee or the addressee’s agent shall be presumptive evidence that such notice was received by the addressee on the day stated on the receipt. Any other interested party shall have the right to appear in any proceeding before the board.

220.035(1)(c) (c) The board shall base its determination upon the record made by the division and may also receive additional evidence to supplement such record if it finds it necessary. The board shall affirm, modify or reverse the act, order or determination under review. The burden of overcoming the act, order or determination of the division under review shall be on the person seeking the review. Any findings of fact made by the division shall be sustained if supported by substantial evidence in the record made by the division or in such record supplemented by evidence taken by the board. The board shall have the powers granted by s. 885.01 (4). Any person causing a witness to be subpoenaed shall advance and pay the fees and mileage of such witness which shall be the same as in circuit court. The fees and mileage of witnesses who are called at the instance of the division shall be paid by the state in the same manner that other expenses are audited and paid upon presentation of properly verified vouchers approved by at least one member of the board and charged to the appropriation of the division.

220.035(1)(d) (d) Each member of the board and all employees of the board shall, with respect to the disclosure of information concerning banks, be subject to the same requirements and penalties as the employees of the division.

220.035(2) (2) The banking institutions review board may make rules and regulations to safeguard the interest of depositors and stockholders generally in emergencies.

220.035(3) (3) Any final order or determination of the banking institutions review board shall be subject to review in the manner provided in ch. 227.

220.035(4) (4) The board shall have an office in the quarters of the division. The board’s secretary shall keep a record of the meetings of the board and of all hearings, decisions, orders and determinations of the board. The board may make reasonable rules not inconsistent with law as to the time of meetings, time of hearings, notice of hearings and manner of conducting same and of deciding the matters presented. The board may direct that hearings and testimony be taken by any member of the board or by an examiner designated by the board.

220.035(5) (5) The board may employ assistance necessary in the performance of its work and fix reasonable compensation therefor, subject to any statutes applicable thereto.