Chapter DFI-SB 14

Chapter DFI-SB 14

REAL ESTATE INVESTMENTS

DFI-SB 14.01   Real estate investments limited.

Ch. DFI-SB 14 Note Note: Chapter SB 14 was renumbered ch. DFI-SB 14 under s. 13.93 (2m) (b) 1., Stats., and corrections made under s. 13.93 (2m) (b) 6. and 7., Stats., Register, November, 1997, No. 503.

DFI-SB 14.01 DFI-SB 14.01 Real estate investments limited.

DFI-SB 14.01(1) (1) “Real estate investment” defined. A savings bank’s real estate investment includes:

DFI-SB 14.01(1)(a) (a) Funds advanced for the purchase, development and operation of real estate.

DFI-SB 14.01(1)(b) (b) Partnership and joint venture capital contributions.

DFI-SB 14.01(1)(c) (c) Mortgage loans, commercial loans, loan guarantees and letters of credit related to underlying real estate in which the savings bank has invested.

DFI-SB 14.01(1)(d) (d) Liability for debt of the partnership or joint venture.

DFI-SB 14.01(1)(e) (e) Any other savings bank obligation for direct or contingent payment of debt relating to the real estate project.

DFI-SB 14.01(2) (2) Real estate investment conditions. A savings bank may make a real estate investment if:

DFI-SB 14.01(2)(a) (a) The division gives prior written approval after reviewing a feasibility study, a recent appraisal provided by the savings bank and other information which he or she may require; and

DFI-SB 14.01(2)(b) (b) The savings bank’s real estate investment does not directly or indirectly benefit an officer, director or employee of the savings bank or of its holding company if any or a subsidiary in excess of reasonable employment compensation unless the division gives prior written approval.

DFI-SB 14.01(3) (3) Exception. This section does not apply to a real estate investment permitted under s. 214.52, Stats.

DFI-SB 14.01 Note Note: This section interprets or implements s. 214.49, Stats.

DFI-SB 14.01 History History: Cr. Register, February, 1994, No. 458, eff. 3-1-94.