SB457,27
9Section
27. 220.05 (2) of the statutes is amended to read:
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220.05
(2) On or before July 15 of each year, each state bank and trust company
11bank shall pay to the division an annual assessment for the maintenance of the
12functions of the division in an amount to be determined by the banking
institutions 13review board, but which shall not exceed 8 cents per $1,000 of resources, or part
14thereof, for the first $5,000,000 and shall not exceed 6 cents per $1,000, or part
15thereof, for all resources over $5,000,000.
SB457,28
16Section
28. 220.06 (1m) of the statutes is amended to read:
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220.06
(1m) No division employee may examine a bank or licensee in which
18that person is interested as a stockholder, officer
, or employee. No division employee
19may examine a bank or licensee located in the same village, city
, or county with any
20bank or licensee in which that person is so interested. Employees in the division, and
21each member and employee of the banking
institutions review board, shall keep
22secret all facts and information obtained in the course of examinations or from
23reports not under s. 221.1002 (1) filed by a bank or licensee with the division, except
24so far as the public duty of the person requires reporting upon or taking special action
25regarding the affairs of any bank or licensee, and except when called as a witness in
1any criminal proceeding or trial in a court of justice. The division may furnish to the
2federal deposit insurance corporation, to a federal home loan bank, or to any
3regulatory authority for state or federal financial institutions, insurance
, or
4securities a copy of any examination made of any such bank or licensee or of any
5report made by such bank or licensee and may give access to and disclose to the
6corporation or to any regulatory authority for state or federal financial institutions,
7insurance
, or securities any information possessed by the division, or to a federal
8home loan bank any information created by the division, with reference to the
9conditions or affairs of any such insured bank or licensee if the regulatory authority
10agrees to treat all information received with the same degree of confidentiality as
11applies to reports of examination that are in the custody of the division.
SB457,29
12Section
29. 220.06 (2) of the statutes is amended to read:
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220.06
(2) If any employee in the division or any member of the banking
14institutions review board or any employee thereof discloses the name of any debtor
15of any bank or licensee, or anything relative to the private account or transactions
16of such bank or licensee, or any fact obtained in the course of any examination of any
17bank or licensee, except as herein provided, that person is guilty of a Class I felony
18and shall be subject, upon conviction, to forfeiture of office or position.
SB457,30
19Section
30. 220.07 (2) of the statutes is amended to read:
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220.07
(2) Review of order. In any case where the division has made an order
21requiring capital to be made good, the bank may within 10 days after the making of
22said order secure a review of same by the banking
institutions review board by filing
23with the division a statement requesting such review and stating the grounds of
24objection to the order of the division. Said board shall promptly conduct a hearing
25thereon after affording reasonable notice to the bank and shall affirm, modify
, or set
1aside the order of the division. No such review or hearing shall extend the time for
2compliance with the order of the division unless the banking
institutions review
3board shall so direct.
SB457,31
4Section
31. 220.08 (1) of the statutes is amended to read:
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220.08
(1) Whenever it shall appear to the division that any bank or banking
6corporation to which this chapter is applicable has violated its charter or any law of
7the state, or is conducting its business in an unsafe or unauthorized manner, or if the
8capital of any such bank or banking corporation is impaired, or if any such bank or
9banking corporation shall refuse to submit its books, papers, and concerns to the
10inspection of any examiner, or if any officer thereof shall refuse to be examined upon
11oath touching the concerns of any such bank or banking corporation, or if any such
12bank or banking corporation shall suspend payment of its obligations, or if from any
13examination or report provided for by this chapter the division shall have reason to
14conclude that such bank or banking corporation is in an unsound or unsafe condition
15to transact the business for which it is organized, or that it is unsafe and inexpedient
16for it to continue business, or if any such bank or banking corporation shall neglect
17or refuse to observe an order of the division, specified in s. 220.07, or if the division
18shall find that the management of the bank or the manner in which the work of any
19of its officers or employees is done, if continued, is such as to endanger the safety or
20solvency of the bank and the division shall have made written recommendations for
21change in management or officers and employees and such recommendation shall
22not have been complied with after the expiration of a reasonable time therefor fixed
23by the division, the division may take possession of the property and business of such
24bank or banking corporation, and retain such possession until such bank or banking
25corporation shall resume business, or its affairs be finally liquidated as herein
1provided. Whenever facts have come to the attention of the division which cause the
2division to believe that it may be necessary or advisable to take possession of a bank,
3or if the division has reasonable cause to believe that any of the grounds for taking
4possession of a bank, specified in this section, exist, the division shall bring the
5matter to the attention of the banking
institutions review board, reporting to them
6in writing the situation and the division's recommendation as to action to be taken.
7The banking
institutions review board shall promptly consider the matter and
8promptly decide whether or not the division should take possession of the bank. If
9the review board decides that the division should take possession, the division shall
10forthwith take possession as hereinbefore provided. If at any time the division is
11confronted with an emergency situation where in the division's opinion it is
12imperative in order to protect the public or for other reasons that possession of the
13bank be at once taken, the division may do so forthwith without referring the matter
14to the banking
institutions review board.
SB457,32
15Section
32. 220.08 (3a) of the statutes is amended to read:
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220.08
(3a) That in addition to the authority conferred by sub. (3), the division
17with the approval of the banking
institutions review board may, for purposes of
18collection or liquidation, sell, assign, convey
, and transfer or approve the sale,
19assignment, conveyance
, and transfer of the assets of a closed bank or bank operating
20under a stabilization and readjustment agreement to any other bank or trust
21company under such terms and conditions as the division may deem for the best
22interests of the depositors and unsecured creditors of such bank.
SB457,33
23Section
33. 220.08 (9) of the statutes is amended to read:
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220.08
(9) Whenever any such bank or banking corporation, of whose property
25and business the division has taken possession, as aforesaid, deems itself aggrieved
1thereby, it may, at any time within 10 days after such taking possession, apply to the
2circuit court for the county in which such bank or banking corporation is located to
3enjoin further proceedings; and said court, after citing the division to show cause why
4further proceedings should not be enjoined and hearing the allegations and proofs
5of the parties and determining the facts may, upon the merits dismiss such
6application or enjoin the division from further proceedings, and direct the division
7to surrender such business and property to such bank or banking corporation. Said
8bank or banking corporation may, if it desires so to do, within 10 days after taking
9possession apply to the banking
institutions review board to review the action of the
10division in taking possession. The banking
institutions review board shall act
11speedily on such application. Within 10 days after notice of the decision of the
12banking
institutions review board, said bank or banking corporation may apply to
13said circuit court of the county in which such bank or banking corporation is located
14to enjoin further proceedings. The proceedings on such application shall be on notice
15to the division and shall be the same as where the application to the court is made
16as above provided without application to the review board.
SB457,34
17Section
34. 220.085 of the statutes is amended to read:
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18220.085 Federal aid to banks. On approval of the banking
institutions 19review board, any state bank or trust company, or the receiver of any insolvent or
20delinquent state bank or trust company, may take advantage of any act that may be
21enacted by the congress of the United States for the relief of any state banks or trust
22companies.
SB457,35
23Section
35. 221.0202 (5) of the statutes is amended to read:
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221.0202
(5) Decision. After completing the investigation under sub. (4), the
25division shall make a written report to the banking
institutions review board stating
1the results of the investigation and the division's recommendation. The board shall
2consider the matter, conduct any necessary hearing
, and promptly make its decision
3approving or disapproving the application. The decision shall be final except
4pursuant to s. 220.035 (1) and (3). If the application is approved, the division shall
5endorse on each of the original applications the word “Approved". If the application
6is disapproved, the division shall endorse the word “Disapproved". One of the
7duplicate originals shall be filed in the division's office and one shall be returned by
8mail to the applicants.
SB457,36
9Section
36. 221.0205 of the statutes is amended to read:
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10221.0205 Capital stock. Immediately following a bank's organization under
11this chapter, the division shall determine the required capital of the bank, subject to
12review by the banking
institutions review board. In addition to the required capital
13stock, a contingent fund and paid-in surplus each in an amount equal to at least 25
14percent of the aggregate amount of the capital stock, shall be subscribed at the time
15the subscription list of shareholders is prepared by the incorporators.
SB457,37
16Section
37. 221.0324 (9) of the statutes is amended to read:
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221.0324
(9) Pledges to and loans from the federal home loan bank. 18Notwithstanding sub. (3), a bank that is a member of the federal home loan bank may
19borrow money from the federal home loan bank
for a term not to exceed 20 years and
20may pledge bank assets
having a value that does not exceed 2 times the amount of
21the loan as collateral to secure the loan
. Total assets pledged under this subsection
22may not exceed 4 times the amount of the bank's capital or any other extension of
23credit from the federal home loan bank.
SB457,38
24Section
38. 221.0702 (3) of the statutes is amended to read:
SB457,19,12
1221.0702
(3) Role of division. After consultation with the banking
institutions 2review board, the division may make recommendations to any bank within this state
3as to the advisability of consolidation or merger with other banks and may make
4recommendations as to terms for consolidation or merger of banks in order to avoid
5a condition of oversupply of banks in any community or area of the state. The division
6may also, if requested so to do, act as mediator or arbitrator to fix any of the terms
7of any such consolidation or merger. The board of directors of any bank organized
8under the laws of this state may use a reasonable amount of the assets of the bank
9toward assisting in bringing about a consolidation or merger of banks or to aid in
10reorganization or in avoiding the closing of a bank, if the board considers it to be in
11the interests of safe banking and the maintenance of credit and banking facilities in
12the county in which the bank is located.
SB457,39
13Section
39. 221.1006 of the statutes is amended to read:
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14221.1006 Fees for certified copies. If a certified copy of a record filed in the
15division is lawfully required to be furnished by the division, the division may assess
16a reasonable fee as determined by the banking
institutions review board. These fees
17shall be deposited in the general fund.
SB457,40
18Section
40. 223.01 of the statutes is amended to read:
SB457,19,25
19223.01 Trust company banks, capital. Trust company banks may be
20organized pursuant to ch. 221 and shall be subject to all the provisions,
21requirements, and liabilities of chs. 220 and 221, so far as applicable, except that
22trust company banks may not accept deposits other than trust deposits and except
23as otherwise hereinafter provided. The division may, with the approval of the
24banking
institutions review board, establish minimum capital requirements for a
25trust company bank.
SB457,41
1Section
41. 224.46 of the statutes is created to read: