186.113(19)(19) Client fund accounts. Maintain real estate broker trust accounts under s. 452.13 for firms, as defined in s. 452.01 (4w), that are eligible for membership in the credit union, attorney trust accounts under s. 757.293 for attorneys who are eligible for membership in the credit union, and collection agency trust accounts under s. 218.04 (9g) for persons who are eligible for membership in the credit union.

186.113(20)(20) Public depository. Act as a depository of state and local public funds.

186.113(21)(21) Federal depository. On request of the federal secretary of the treasury, act as federal depository, fiscal agent or both of the federal government. A credit union may perform such services as the federal secretary of the treasury may authorize in connection with the collection of taxes and other obligations due the federal government and the lending, borrowing and repayment of money by the federal government, including the issue, sale, redemption or repurchase of bonds, notes, treasury certificates of indebtedness, or other obligations of the federal government.

186.113(22)(22) Community currency exchange and money transmitter. Engage in the business and functions provided for in s. 218.05 and ch. 217 upon receiving a certificate of authority from the office of credit unions. An applicant shall meet the same requirements as other applicants under ch. 217, but no investigation fee may be charged of credit union applicants. The office of credit unions may revoke a certificate of authority following a hearing held upon 10 days’ notice to the credit union for any reason which would have justified the rejection of an application or on the ground that the continued operation of the business threatens the solvency of the credit union.

186.113(23)(23) Accept investments. Accept investments made by state or federally chartered credit unions.

186.113(24)(24) Funeral trusts. Accept deposits made by members for the purpose of funding burial agreements by trusts created pursuant to s. 445.125.

186.113(25)(25) Sale of insurance products. Sell insurance, annuities, and related products.

186.113(26)(26) Supplemental capital. In addition to the rights of credit unions under other law, issue or otherwise offer supplemental forms of capital in the form and with the conditions, including those related to the safety and soundness of the proposed use of the capital and the overall condition of the credit union, approved by the office of credit unions. This approval shall be in writing and obtained prior to the issuance of the supplemental capital.

186.113 AnnotationUnder sub. (7), a credit union is not obliged to secure a sales finance company license to purchase installment contracts of its members, nor is an auto dealer subject to a penalty if it sells such a contract to a credit union. 61 Atty. Gen. 439.

186.114(1)(1) In this section:

186.114(1)(c)(c) “Qualifying account” means a deposit account through which a credit union’s members may obtain chances to win prizes in a savings promotion.

186.114(1)(d)(d) “Savings promotion” means a contest or promotion to encourage savings deposits that is sponsored by one or more credit unions, or by a credit union trade association or its subsidiary in conjunction with one or more credit unions, and in which credit union members are offered a chance to win designated prizes.

186.114(2)(2) A credit union may sponsor, or participate in, a savings promotion if all of the following requirements are satisfied:

186.114(2)(a)(a) Credit union members are not required to pay any fee or otherwise provide any consideration in order to enter the savings promotion.

186.114(2)(b)(b) All fees charged by a credit union in connection with a qualifying account are comparable with all fees charged in connection with comparable nonqualifying accounts offered by the credit union.

186.114(3)(3) For purposes of sub. (2) (a), a member’s deposit of at least a specified amount of money for at least a specified time in a qualifying account, which is required in order to enter the savings promotion, is not consideration if the interest rate associated with the qualifying account is not reduced, as compared to comparable nonqualifying accounts offered by the credit union, to account for the possibility of winning a prize.

186.115(1)(1) Scope of authority. Subject to any regulatory approval required by law and subject to sub. (2), a credit union directly or through a subsidiary, may undertake any activity, exercise any power or offer any financially related product or service in this state that any other provider of financial products or services may undertake, exercise or provide or that the office of credit unions finds to be financially related.

186.115(2)(2) Rules. The activities, powers, products and services that may be undertaken, exercised or offered by credit unions under sub. (1) are limited to those specified by rule of the office of credit unions. The office of credit unions may direct any credit union to cease any activity, the exercise of any power or the offering of any product or service authorized by rule. Among the factors that the office of credit unions may consider in so directing a credit union are the credit union’s net worth, assets, management rating and liquidity ratio and its ratio of net worth to assets.

186.115(3)(3) Insurance underwriting not authorized. This section does not authorize a credit union, directly or through a subsidiary, to engage in the business of underwriting insurance.