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:

SB457,9,25 220.04 (4) Whenever the division is of the opinion that the loaning, investing, or other banking policies or practices of any officer or director of any bank have been prejudicial to the best interests of such bank or its depositors, or that such policies or practices, if put into operation or continued, will endanger the safety or solvency of said bank or impair the interests of its depositors, the division may, with the approval of the banking institutions review board, request the removal of such officer or director. Such request shall be served on the bank and on such officer or director in the manner provided by law for serving a summons in a court of record or shall be transmitted to said bank and officer or director by registered mail with return receipt requested. If such request for removal is not complied with within a reasonable time fixed by the division, the division may by order, with like approval of the banking institutions review board, remove such officer or director, but no order of removal shall be entered until after an opportunity for hearing before the banking institutions review board is given to such officer or director upon not less than 10 days' notice. An order of removal shall take effect as of the date issued. A copy of such order shall be served upon the bank and upon such officer or director in the manner provided by law for service of a summons in a court of record or by mailing such copy to the bank or officer or director at the bank's or officer's or director's last-known post-office address. Any removal under this subsection shall be effective in all respects the same as if made by the board of directors or stockholders of said bank. Any officer or director removed from office under the provisions of this subsection shall not be reelected as an officer or director of any bank without the approval of the division and the banking institutions review board. An order of removal under this subsection shall be deemed a final order or determination of the banking institutions review board within the meaning and contemplation of s. 220.035 (3).

SB457,22 Section 22. 220.04 (6) of the statutes is amended to read:

SB457,11,4 220.04 (6) (a) The division, with the approval of the banking institutions review board, may establish uniform savings rules which shall be adopted by every bank and trust company bank. Such rules may provide the conditions under which banks or trust company banks may accept deposits.

SB457,11,8 (b) In times of financial distress, the commissioner with the approval of the banking institutions review board may by order restrict the withdrawal of any class of deposits in any bank or trust company bank. The pendency of any proceeding for review of such order shall not stay or suspend the operation of such order.

SB457,11,16 (d) The division, with the approval of the banking institutions review board, may establish rules regulating the kind and amount of foreign bonds or bonds and securities offered for sale by the international bank for reconstruction and development, the inter-American development bank, the international finance corporation, the African development bank and the Asian development bank which state banks and trust company banks may purchase, except that such rules shall not apply to bonds and securities of the Canadian government and Canadian provinces, which are payable in American funds.