Chapter DFI-SL 14

Register July 1998 No. 511

Chapter DFI-SL 14

REAL ESTATE INVESTMENTS

DFI-SL 14.01   Real estate investments limited.

Ch. DFI-SL 14 Note Note: Chapter S-L 14 was renumbered chapter DFI-SL 14 under s. 13.93 (2m) (b) 1., Stats., and corrections made under s. 13.93 (2m) (b) 6. and 7., Stats., Register, July, 1998, No. 511.

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

DFI-SL 14.01(1) (1) “Real estate investment” defined. An association’s real estate investment includes:

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

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

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

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

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

DFI-SL 14.01(2) (2) An association may make a real estate investment if:

DFI-SL 14.01(2)(a) (a) The division gives prior written approval after reviewing a feasibility study, a recent appraisal provided by the association and other information which it may require; and

DFI-SL 14.01(2)(b) (b) The association’s real estate investment does not directly or indirectly benefit an officer, director or employe of the association or of a subsidiary in excess of reasonable employment compensation unless the division gives prior written approval.

DFI-SL 14.01(3) (3) This section does not apply to a real estate investment permitted under s. 215.22 or 215.23, Stats.

DFI-SL 14.01 Note Note: This section interprets of implements s. 215.13 (42), Stats.

DFI-SL 14.01 History History: Cr. Register, June, 1989, No. 402, eff. 7-1-89.