CHAPTER 224
MISCELLANEOUS BANKING AND FINANCIAL INSTITUTIONS PROVISIONS
SUBCHAPTER I
BANKING PROVISIONS
224.03 Banking, unlawful, without charter; penalty.
224.05 Municipality not preferred creditor.
224.06 Fidelity bonds for bank officers and employees.
224.07 Checks to clear at par.
224.075 Financially related services tie-ins.
224.10 Indian loan funds.
SUBCHAPTER II
FINANCIAL INSTITUTIONS
224.25 Customer access to appraisals.
224.26 Customer access to credit reports.
224.30 Powers and duties of the department.
224.40 Disclosure of financial records for child support enforcement.
224.42 Disclosure of financial records for Medical Assistance and food stamp program eligibility.
224.44 Disclosure of financial records for collection of unemployment insurance debt.
224.46 Independent data processing servicers.
224.48 College tuition and expenses program.
224.50 College savings program.
224.51 College savings program vendor.
224.52 Repayment to the general fund.
SUBCHAPTER III
MORTGAGE BANKERS, LOAN ORIGINATORS
AND MORTGAGE BROKERS
224.72 Licensing of mortgage bankers and mortgage brokers.
224.722 Registered entities.
224.725 Licensing of mortgage loan originators.
224.728 Nationwide mortgage licensing system and registry and cooperative arrangements.
224.73 Relationship between mortgage loan originator and a mortgage banker, mortgage broker, or registered entity; branch offices.
224.74 Division's review of the operations of a mortgage loan originator, mortgage broker, mortgage banker, or registered entity.
224.75 Record-keeping requirements for licensees.
224.755 Education and testing requirements for mortgage loan originators.
224.76 Mortgage banker, mortgage loan originator, and mortgage broker trust accounts.
224.77 Prohibited acts and practices, and discipline, of mortgage bankers, mortgage loan originators, mortgage brokers, and registered entities.
224.79 Mortgage brokerage agreements and disclosures; mortgage broker agency relationship and duties.
224.80 Penalties and private cause of action.
224.81 Limitation on actions for commissions and other compensation.
224.82 Compensation presumed.
SUBCHAPTER IV
NONDEPOSITORY SMALL BUSINESS LENDERS
224.923 License application.
224.927 Disclosure of certain application information.
224.935 Expiration of license.
224.94 Renewal of license.
224.95 Denial of or disciplinary action relating to license.
224.96 Required loan loss reserve.
224.97 Division review of nondepository lender operations.
224.98 Powers of licensee.
224.985 Required records and reports.
Ch. 224 Cross-reference
Cross-reference: See definitions in s.
220.01
BANKING PROVISIONS
224.02
224.02
Banking, defined. The soliciting, receiving, or accepting of money or its equivalent on deposit as a regular business by any person, partnership, association, or corporation, shall be deemed to be doing a banking business, whether such deposit is made subject to check or is evidenced by a certificate of deposit, a passbook, a note, a receipt, or other writing, provided that nothing herein shall apply to or include money left with an agent, pending investment in real estate or securities for or on account of the agent's principal.
224.02 History
History: 991 a. 316;
1993 a. 490;
2005 a. 158.
224.02 Annotation
A “junior achievement" bank would be a banking business and violate s. 224.03. 62 Atty. Gen. 254.
224.03
224.03
Banking, unlawful, without charter; penalty. It shall be unlawful for any person, partnership, association, or corporation to do a banking business without having been regularly organized and chartered as a national bank, a state bank or a trust company bank. Any person or persons violating any of the provisions of this section, either individually or as an interested party in any partnership, association, or corporation shall be guilty of a misdemeanor and on conviction thereof shall be fined not less than $300 nor more than $1,000 or imprisoned in the county jail for not less than 60 days nor more than one year or both.
224.05
224.05
Municipality not preferred creditor. If any bank, banking institution or trust company, being indebted to the state of Wisconsin, or indebted to any county, city, town or other municipality therein, for deposits made or indebtedness incurred after April 23, 1899, becomes insolvent or bankrupt, except as provided in s.
34.07, the state, county, city, town or other municipality shall not be a preferred creditor and shall have no preference or priority of claim whatever over any other creditor or creditors thereof; but a just and fair distribution of the property of such bank, banking institution or trust company, and of the proceeds thereof, shall be made among the creditors thereof proportionally, according to the amount of their respective claims. Nothing herein contained shall in any manner affect the provisions of law as they existed on said date providing for the payment of unpaid taxes and assessments, laborer's claims, expenses of assignment and execution of the trust.
224.05 History
History: 1979 c. 110 s.
60 (12);
1985 a. 257.
224.06
224.06
Fidelity bonds for bank officers and employees. 224.06(1)(1)
As a condition precedent to qualification or entry upon the discharge of his or her duties, every person appointed or elected to any position requiring the receipt, payment or custody of money or other personal property owned by a bank or in its custody or control as collateral or otherwise, shall give a bond from an insurer qualified under s.
610.11 to do business in this state, in such adequate sum as the directors shall require and approve. In lieu of individual bonds the division may accept a schedule or blanket bond which covers all of the officers and employees of any bank whose duties include the receipt, payment or custody of money or other personal property for or on behalf of the bank. All such bonds shall be in the form prescribed by the division.
224.06(2)
(2) No officer or employee who is required to give bond shall be deemed qualified nor shall be permitted to enter upon the discharge of duties until the bond is approved by a majority of the board of directors. The minute books of each bank shall contain a record of each bond executed and approved.
224.06(3)
(3) Such bond shall be sufficient in amount to protect the bank from loss by reason of acts of fraud or dishonesty including forgery, theft, embezzlement, wrongful abstraction or misapplication on the part of the person, directly or through connivance with others. At any time the division may require additional bond or security, when in the division's opinion, the bonds then executed and approved are insufficient.
