SB457,6,18 15.185 (1) Banking institutions review board. There is created in the department of financial institutions a banking institutions review board consisting of 10 5 persons until May 1, 2020, and consisting of 6 persons after May 1, 2020. The members of the board shall be, appointed for staggered 5-year terms. At least 3 members shall be experienced bankers or savings institution employees having at least 5 years' experience in the banking or savings institution business. No member is qualified to act in any matter involving a bank or savings institution in which the member is an officer, director, or stockholder, or to which the member is indebted.

SB457,7 Section 7. 15.185 (3) of the statutes is repealed.

SB457,8 Section 8. 71.91 (6) (a) 1r. of the statutes is created to read:

SB457,6,22 71.91 (6) (a) 1r. “Financial institution" has the meaning given in s. 214.01 (1) (jn).

SB457,9 Section 9. 71.91 (6) (c) 1. of the statutes is amended to read:

SB457,7,3 71.91 (6) (c) 1. Except as provided in subd. 2. and par. (d) 4., any person in possession of, or obligated with respect to, property subject to levy upon which a levy has been made shall, upon demand of the department, surrender that property unless it is subject to attachment or execution under judicial process, or discharge that obligation, to the department.

SB457,10 Section 10. 71.91 (6) (d) 1. of the statutes is amended to read:

SB457,7,14 71.91 (6) (d) 1. Any Except as provided in subd. 4., any person, including an officer or employee, who fails to surrender property that is subject to levy upon demand of the department is liable to the department for a sum equal to the value of the property not surrendered, but not exceeding the amount of taxes for the collection of which that levy was made, together with costs and interest at the rate of 18 percent per year from the date of that levy. Any amount, other than costs, recovered under this paragraph shall be credited against the tax liability for the collection of which that levy was made. The liability under this paragraph may be assessed, levied and collected as are additional income or franchise taxes or may be recovered by the department in a civil action.

SB457,11 Section 11. 71.91 (6) (d) 4. of the statutes is created to read:

SB457,7,20 71.91 (6) (d) 4. If a financial institution is in possession of, or obligated with respect to, property subject to levy upon which a levy has been made, the financial institution is liable under this paragraph for failure to surrender that property or discharge that obligation only upon expiration of a reasonable time to comply with the department's demand for the property.

SB457,12 Section 12. 214.01 (1) (sr) of the statutes is amended to read:

SB457,7,23 214.01 (1) (sr) “Review board" means the savings banking institutions review board.

SB457,13 Section 13. 215.01 (22) of the statutes is amended to read:

SB457,8,2 215.01 (22) “Review board" means the savings banking institutions review board.

SB457,14 Section 14. 220.02 (5) of the statutes is amended to read:

SB457,8,10 220.02 (5) Except for acts and decisions of the division under chs. 138, 217, and 218, any interested person or any bank or banking corporation aggrieved by an act, order, or determination of the division may, within 10 days from the date thereof, apply to the banking institutions review board to review the same. All such applications for review shall be considered and disposed of as speedily as possible. The banking institutions review board may require the division to submit any of the division's actions subject to such review to said board for its approval.

SB457,15 Section 15. 220.035 (title) of the statutes is amended to read:

SB457,8,12 220.035 (title) Banking institutions review board.

SB457,16 Section 16. 220.035 (1) (a) of the statutes is amended to read:

SB457,8,21 220.035 (1) (a) The banking institutions review board shall advise the division and others in respect to improvement in the condition and service of banks and banking business in this state and shall review the acts and decisions of the division with respect to banks, except for such acts and decisions of the division under chs. 138, 217, and 218, and shall perform such other review functions in relation to banking as are provided by law. The banking institutions review board may require the division to submit any of the division's actions to it for its approval. The board may make rules of procedure as provided in ch. 227.

SB457,17 Section 17. 220.035 (2) of the statutes is amended to read:

SB457,8,25 220.035 (2) The banking institutions review board may make rules and regulations to safeguard the interest of depositors and stockholders generally in emergencies.

SB457,18 Section 18. 220.035 (3) of the statutes is amended to read:

SB457,9,3 220.035 (3) Any final order or determination of the banking institutions review board shall be subject to review in the manner provided in ch. 227.

SB457,19 Section 19. 220.035 (6) of the statutes is amended to read:

SB457,9,9 220.035 (6) Any bank whose assets, upon the basis of a fair valuation, are equal to or in excess of its liabilities exclusive of capital stock, preferred stock, capital notes, and debentures, shall be deemed to be safe and solvent. The banking institutions review board may prescribe schedules, rules, and regulations for arriving at a fair valuation of various classes of assets of banks.

SB457,20 Section 20. 220.04 (1) (a) of the statutes is amended to read:

SB457,9,22 220.04 (1) (a) The division shall examine at least once every 18 months the cash, bills, collaterals, securities, assets, books of account, condition, and affairs of each bank and trust company bank doing business in this state, except national banks. For that purpose the division may examine on oath any of the officers, agents, directors, clerks, stockholders, customers, or depositors thereof, touching the affairs and business of such institution. In conducting examinations under this paragraph, the division may accept and rely on information collected by other agencies or independent 3rd parties in determining whether a bank or trust company bank has satisfied any requirement that is part of the examination. In making such examinations of banks, the division shall determine the fair valuation of all assets in accordance with the schedules, rules, and regulations prescribed by the banking institutions review board.

SB457,21 Section 21. 220.04 (4) of the statutes is amended to read: