The bill also creates a Class H felony for intentionally causing impairment or interruption of use of a financial institution’s ATM or customer bank communications terminal. A Class H felony is punishable by a fine not exceeding $10,000 or imprisonment not exceeding six years, or both.

Current law specifies the authority of an S&L association to make mortgage loans but also limits the lending area of an S&L association to a radius of 100 miles of the S&L association’s home office. In general, an S&L association may establish branch offices within the lending area of its home office.

The bill eliminates the lending-area restriction on an S&L association and, consequently, the limitation that a branch office must be located within the lending area.

Under current law, a residential mortgage loan generally is a loan secured by a first lien real estate mortgage on a one-family to four-family dwelling that the borrower uses as his or her principal residence. Current law imposes various requirements related to residential mortgage loans, including the following:

1. Before a lender accepts an application or fee in connection with a residential mortgage loan, the lender must deliver to the potential loan applicant a written disclosure that contains certain information, including whether an application fee is refundable and whether the interest rate and other terms of the agreement may change before the closing date.

2. The lender must provide a written statement to an applicant of the reasons for adverse action on an application. Delivery of a notice of adverse action in compliance with federal law satisfies this requirement.

3. The lender must provide written notice to the borrower if the loan servicing for the residential mortgage loan is sold. The notice must include the name, address, and telephone number of the new loan servicer.

The bill repeals the requirements identified as 1. to 3. immediately above.

Under current law, a variable rate loan generally is a residential mortgage loan the terms of which permit the interest rate to be increased or decreased. Current law imposes various requirements related to variable rate loans, including a disclosure requirement. Before making a variable rate loan, the lender must disclose specified information to at least one of the borrowers, including that the loan contract contains a variable interest rate provision; identification of the index used and its current base; and rights of the borrower with respect to a change in the interest rate.

The bill repeals these disclosure requirements.

Under current law, a public body that has the authority to borrow money and issue obligations to repay the money out of public funds or revenues and that has the authority to levy a tax may issue promissory notes for any public purpose. Public bodies covered by this provision include cities, villages, towns, counties, and school districts. Each promissory note, with several exceptions, must be repaid within 10 years after the original date of the note. Under the bill, each promissory note must be repaid within 20 years after the original date of the note.

Current law allows the board of directors of a credit union to remove a director. Within 60 days after the date of removal of a director, the board of directors must appoint a director to fill the vacancy. The bill requires a credit union’s board of directors to fill any vacancy, including a vacancy resulting from removal of a director, within 90 days.

Under current law, the Investment Board (SWIB) and the governing bodies of counties, municipalities, and certain other local governmental units (collectively, public depositors) must designate one or more financial institutions in this state for deposit of all public moneys received by the public depositor. DFI administers a claims process that repays public depositors for losses that exceed applicable deposit insurance resulting from a failed or failing financial institution’s failure to repay the deposit of public moneys. The maximum payment that DFI can make to a public depositor for losses from a single financial institution is $400,000. These loss payment provisions also apply to local government deposits in the local government pooled-investment fund managed by SWIB.

The bill increases, from $400,000 to $1,000,000, the maximum payment that DFI can make to a public depositor for losses from a single financial institution that exceed deposit insurance.

Current law includes certain provisions relating to parity between federally chartered and state-chartered credit unions. Under one of these provisions, OCU must establish, by rule, a list of activities and powers incidental to the business of a credit union that are authorized for federally chartered credit unions as of April 18, 2014. A credit union chartered under Wisconsin law (Wisconsin-chartered credit union) may engage in any activity or exercise any power listed by OCU in addition to exercising any other power authorized for the credit union. After April 18, 2014, if any additional activity or power incidental to the business of a credit union becomes authorized for federally chartered credit unions, OCU must make a determination, within 30 days after the activity or power becomes authorized, as to whether the activity or power should also be authorized for Wisconsin-chartered credit unions. If OCU determines that the activity or power authorized for federally chartered credit unions should also be authorized for Wisconsin-chartered credit unions, OCU must, by rule, add the activity or power to the list.

The bill extends, from 30 days to 60 days, the period during which OCU must determine whether an additional activity or power authorized for federally chartered credit unions should also be authorized for Wisconsin-chartered credit unions.

Current law generally requires OCU to conduct, at least once every 18 months, examinations of credit unions in which OCU examines the credit union’s records and accounts. OCU must charge the credit union for the cost of the examination, and the credit union must pay the charge on the day on which the examination is completed.