AB150,2004,2421 221.15 (7) The commissioner department shall also have the power to call for
22special reports from any bank whenever in the commissioner's department's
23judgment the same is necessary to inform the commissioner department fully of the
24condition of such bank.
AB150, s. 6139 25Section 6139. 221.16 of the statutes is amended to read:
AB150,2005,8
1221.16 One hundred dollars per day forfeiture. Every bank failing to
2make and transmit to the commissioner of banking department any of the reports
3or proofs of publication as required by this chapter shall be subject, at the discretion
4of the commissioner department, to a forfeiture of $100 for each day after the time
5required for making such reports. Whenever any bank fails or refuses to pay the
6forfeiture herein imposed for a failure to make and transmit such report, the
7commissioner department is hereby authorized to institute proceedings for the
8recovery of such forfeiture.
AB150, s. 6140 9Section 6140. 221.18 of the statutes is amended to read:
AB150,2005,20 10221.18 Inspection; refusal to permit; action to dissolve; prosecutions.
11Whenever any officer in charge of a bank refuses to submit the books, papers and
12concerns of such bank to the inspection of the commissioner of banking, the
13commissioner's deputy, or examiner appointed hereunder, department of financial
14institutions
or refuses to be examined on oath touching the concerns of the bank, the
15commissioner department of financial institutions may inform the attorney general.
16The department of justice shall then institute an action to procure a judgment
17dissolving such corporation. In order to carry out this section the commissioner
18department may commence and maintain in the commissioner's department's name
19as commissioner of banking any and all actions necessary or proper to enforce this
20section.
AB150, s. 6141 21Section 6141. 221.19 of the statutes is amended to read:
AB150,2005,25 22221.19 Prosecutions. In order to carry out ss. 220.07, 220.08 and 221.18, the
23commissioner of banking department may commence and maintain in the
24commissioner's department's name any and all actions necessary or proper to enforce
25any of said sections.
AB150, s. 6142
1Section 6142. 221.205 of the statutes is amended to read:
AB150,2006,24 2221.205 Banks; disciplinary provisions. Whenever the commissioner of
3banking
department shall have or receive information causing the commissioner
4department to believe that any bank, trust company bank, or any other corporation,
5limited liability company or association in respect to whose affairs or any part thereof
6the commissioner department has any supervision or control under the law, or any
7officer, employe, member or manager thereof has been guilty of a violation of any of
8the provisions of law or regulations or orders in execution thereof which subjects any
9such corporation, limited liability company or association or person to prosecution
10for a criminal offense or for recovery of penalty under the law, the commissioner
11department shall bring such facts and information to the attention of the banking
12review board with the commissioner's department's recommendation in writing as
13to action to be taken. Said banking review board shall, if in its judgment probable
14cause exists for believing that a criminal offense has been committed, or a penalty
15incurred, call the facts and information to the attention of the attorney general whose
16duty it shall be to cause prosecution or other action to be instituted if in the attorney
17general's judgment the facts warrant. Nothing herein contained shall be deemed to
18prevent the institution of any prosecution by any district attorney of this state with
19or without any advice or act on the part of the attorney general. Nothing herein
20contained shall preclude the commissioner of banking department, in any case
21where the commissioner department deems it important to act immediately, from
22causing any arrest and prosecution where the commissioner department is satisfied
23that there is reason to believe the offense has been committed and that prosecution
24should be immediately commenced.
AB150, s. 6143 25Section 6143. 221.21 of the statutes is amended to read:
AB150,2007,9
1221.21 When organized as national bank. Any bank organized under this
2chapter may reorganize under the laws of the United States as a national bank. As
3soon as such bank shall have obtained the certificate from the comptroller of the
4currency, authorizing it to commence business under the United States banking law,
5such reorganized bank shall take and hold all of the assets, real and personal, of such
6bank organized under this chapter, subject to all liabilities existing against said bank
7organized under this chapter at the time of such reorganization, and shall
8immediately notify the commissioner of banking department of such reorganization
9and transfer.
AB150, s. 6144 10Section 6144. 221.22 of the statutes is amended to read:
AB150,2007,25 11221.22 National banks may reorganize as state banks. Any national bank
12authorized to dissolve, and which shall have taken the necessary steps to effect
13dissolution, may reorganize under this chapter, upon the consent in writing of the
14owners of two-thirds of the capital stock of such bank, and with the approval of the
15commissioner of banking department. Such stockholders shall make, execute and
16acknowledge articles of organization as required by this chapter, and shall set forth
17the said written consent of such stockholders. A national bank seeking to reorganize
18under this section shall pay to the commissioner department a fee of $1,000 plus the
19actual costs incurred by the commissioner department in investigating the proposed
20reorganization. Upon the filing of the articles as provided by this chapter, and upon
21the approval of the commissioner department, such bank shall be deemed to be
22reorganized under this chapter, and thereupon all assets, real and personal, of such
23dissolved national bank shall be vested in and be and become the property of such
24reorganized bank, subject to all liabilities of such national bank not liquidated before
25such reorganization.
AB150, s. 6145
1Section 6145. 221.23 of the statutes is amended to read:
AB150,2008,7 2221.23 Consolidation of banks. A bank, which is in good faith winding up
3its business, for the purpose of consolidating with some other bank, may transfer its
4resources and liabilities to the bank with which it is in process of consolidation; but
5no consolidation shall be made without the consent of the commissioner of banking
6department, and not then to defeat or defraud any of the creditors in the collection
7of their debts against such banks, or either of them.
AB150, s. 6146 8Section 6146. 221.24 (1) of the statutes is amended to read:
AB150,2008,159 221.24 (1) Any bank organized or doing business under this chapter may go
10into liquidation by a vote of its stockholders owning two-thirds of the capital stock.
11Whenever a vote is taken to go into liquidation, the board of directors shall give notice
12of this fact to the commissioner of banking department, and the notice shall be
13certified by the president or cashier under the seal of the bank. No liquidating bank
14may transfer assets or liabilities to another bank until the transfer is approved by
15the commissioner department.
AB150, s. 6147 16Section 6147. 221.245 of the statutes is amended to read:
AB150,2008,23 17221.245 Cancellation of charter of merged bank. Whenever any bank has
18merged or consolidated with or been absorbed by another bank, the commissioner of
19banking
department may cancel the charter of the first mentioned bank after notice
20of proposed cancellation has been published as a class 3 notice, under ch. 985, in the
21county wherein the bank is located, unless written objections are filed with the
22commissioner department within a time specified in the notice stating grounds
23which the commissioner department deems sufficient.
AB150, s. 6148 24Section 6148. 221.25 (1) of the statutes is amended to read:
AB150,2010,9
1221.25 (1) Any 2 or more banks may, with the approval of the commissioner of
2banking
department, consolidate into one bank under the charter of either existing
3bank on such terms and conditions as may be lawfully agreed upon by a majority of
4the board of directors of each bank proposing to consolidate and be ratified and
5confirmed by the affirmative vote of the stockholders of each such bank owning at
6least two-thirds of its capital stock outstanding and at least two-thirds of any
7outstanding preferred stock having voting rights, at a meeting to be held on call of
8the directors, after sending notice of the time, place and object of the meeting to each
9shareholder of record by registered mail at least 30 days prior to said meeting;
10provided that the capital stock of such consolidated bank shall not be less than that
11required under existing law for the organization of a state bank in the place in which
12it is located. When such consolidation is approved by the commissioner department,
13any shareholder of either of the banks so consolidated who has not voted for such
14consolidation shall be given notice of the approval by the bank in which the
15shareholder holds an interest and of the shareholder's right to receive the appraised
16value for the shareholder's shares. If within 20 days after the date that notice of
17approval is mailed or delivered to a shareholder the shareholder notifies the
18directors of the bank in which the shareholder is interested that the shareholder
19dissents from the plan of consolidation as adopted and approved and desires to
20withdraw from such bank, the shareholder shall be entitled to receive in cash the
21value of the shares so held by the shareholder, to be ascertained by an appraisal made
22by a committee of 3 persons, one to be selected by the shareholders, one by the
23directors, and the 3rd by the 2 so chosen; the expense of such appraisal shall be borne
24by the bank; and in case the value so fixed shall not be satisfactory to the shareholder
25he or she may within 5 days after being notified of the appraisal appeal to the

1commissioner, who department, which shall cause a reappraisal to be made by an
2appraiser or appraisers to be named by said commissioner the department, which
3appraisal shall be final and binding, and if said reappraisal shall exceed the value
4fixed by said committee the bank shall pay the expense of reappraisal, otherwise the
5shareholder shall pay said expense, and the value so ascertained and determined
6shall be deemed to be a debt due and be forthwith paid to said shareholder from said
7bank, and the share or shares so paid shall be surrendered and after such notice as
8the board of directors may provide, be sold at public auction within 30 days after the
9final appraisement provided for by this section.
AB150, s. 6149 10Section 6149. 221.25 (3) of the statutes is amended to read:
AB150,2010,2311 221.25 (3) The commissioner department may after consultation with the
12banking review board make recommendations to any bank or trust company within
13this state as to advisability of consolidation with other banks and may make
14recommendations as to terms for consolidation or merger of banks in order to avoid
15a condition of oversupply of banks in any community or area of the state. The
16commissioner department may also, if requested so to do, act as mediator or
17arbitrator to fix any of the terms of any such consolidation or merger. It shall be
18within the power of the board of directors of any bank or trust company organized
19under the laws of this state to appropriate a reasonable amount from the assets of
20the bank toward assisting in bringing about a consolidation or merger of banks or to
21aid in reorganization or in avoiding the closing of a bank where such action is deemed
22to be in the interests of safe banking and the maintenance of credit and banking
23facilities in the county in which such bank is located.
AB150, s. 6150 24Section 6150. 221.25 (4) of the statutes is amended to read:
AB150,2011,4
1221.25 (4) Application for approval of a consolidation under sub. (1) shall be
2made on a form prescribed by the commissioner department. The application shall
3be accompanied by a fee of $5,000, except that if more than 3 banks are to be
4consolidated the fee is $5,000 plus $1,000 for each bank after the 3rd bank.
AB150, s. 6151 5Section 6151. 221.26 of the statutes is amended to read:
AB150,2011,21 6221.26 (title) Banks may be placed in hands of commissioner under
7department control
. Any bank doing business under this chapter may place its
8affairs and assets under the control of the commissioner of banking department by
9posting a notice on its front door, as follows: "This bank is in the hands of the
10commissioner of banking department of financial institutions". Immediately upon
11posting such notice, the bank shall notify the commissioner department of such
12action. The posting of such notice, or the taking possession of any bank by the
13commissioner department, shall be sufficient to place all its assets and property of
14whatever nature in the possession of the commissioner department, and shall
15operate as a bar to any attachment proceedings. For each day the commissioner
16department is so placed in possession of the bank, and until such time as a special
17deputy commissioner of banking is appointed under s. 220.08 (4), the bank shall pay
18to the commissioner department the actual cost of such liquidation proceedings. All
19such fees shall be paid by the commissioner department to the state treasurer to be
20placed to the credit of s. 20.124 20.144 (1) (g) in the percentage specified in that
21paragraph.
AB150, s. 6152 22Section 6152. 221.27 (2) of the statutes is amended to read:
AB150,2012,323 221.27 (2) Every bank shall maintain sufficient reserves to meet anticipated
24withdrawals, commitments and loan demand. Every bank shall maintain at least
25the level of reserves required for it by the federal reserve system. The commissioner

1of banking
department may prescribe additional reserve requirements for an
2individual bank based on examination findings or other reports available to the
3commissioner department.
AB150, s. 6153 4Section 6153. 221.27 (3) (g) of the statutes is amended to read:
AB150,2012,65 221.27 (3) (g) Short-term obligations approved by rule of the commissioner of
6banking
department.
AB150, s. 6154 7Section 6154. 221.28 of the statutes is amended to read:
AB150,2012,20 8221.28 Reserve to be kept up. Whenever the reserve of any bank falls below
9the amount required to be kept, such bank shall not increase its loans or discounts
10otherwise than by discounting or purchasing bills of exchange payable at sight or on
11demand, and the commissioner department of financial institutions shall notify any
12bank whose reserve is below the amount required, to make good such reserve, and
13in case the bank fails, for 30 days thereafter to make good such reserve, the
14commissioner department of financial institutions may assess such bank $100 for
15each 2-week period which the bank has been in default or may notify the attorney
16general and the department of justice shall institute proceedings for the
17appointment of a receiver and to wind up the business of the bank. Such assessment
18shall be paid to the commissioner department of financial institutions and if any such
19bank fails or refuses to pay such assessment the commissioner department of
20financial institutions
may maintain an action for the recovery of the assessment.
AB150, s. 6155 21Section 6155. 221.29 (1) (f) of the statutes is amended to read:
AB150,2013,222 221.29 (1) (f) The limitations in this section shall not apply to that portion of
23any loan which is guaranteed by a federal or Wisconsin state guaranty program
24approved by the commissioner department. The commissioner department shall

1designate federal and Wisconsin state guaranty programs which qualify under this
2paragraph.
AB150, s. 6156 3Section 6156. 221.295 (1) of the statutes is amended to read:
AB150,2013,164 221.295 (1) Except as provided in sub. (3), a bank may lend under this
5subsection, through the bank or a subsidiary of the bank, to all borrowers from the
6bank and all of its subsidiaries, an aggregate amount not to exceed the percentage
7of its capital and surplus established by the commissioner department under sub. (3).
8Neither a bank nor any subsidiary of the bank may lend to any borrower, under this
9subsection and any other law or rule, an amount that would result in an aggregate
10amount for all loans to that borrower that exceeds the percentage of the bank's
11capital and surplus established under sub. (3). A bank or its subsidiary may take an
12equity position or other form of interest as security in a project funded through such
13loans. Every transaction by a bank or its subsidiary under this subsection shall
14require prior approval by the board of directors of the bank or its subsidiary,
15respectively. Such loans are not subject to s. 221.36 or to classification as losses for
16a period of 2 years from the date of each loan except as provided in sub. (3).
AB150, s. 6157 17Section 6157. 221.295 (2) of the statutes is amended to read:
AB150,2014,418 221.295 (2) Except as provided in sub. (3), a bank may invest under this
19subsection amounts not to exceed, in the aggregate, that percentage of its capital and
20surplus established by the commissioner of banking department under sub. (3) in
21equity positions, such as profit-participation projects. A bank may take an
22investment position in a project with respect to which it is also a lender. The bank
23shall limit its liability as an investor in a specific project under this subsection to an
24amount not exceeding the amount of its investment in that project. For purposes of
25calculating the bank's aggregate investment under this subsection, the amount of

1each investment shall be established as of the date that the investment is made.
2Every transaction by a bank under this subsection shall require prior approval by
3the board of directors of the bank and shall be disclosed to the shareholders of the
4bank prior to each annual meeting of the shareholders.
AB150, s. 6158 5Section 6158. 221.295 (3) of the statutes is amended to read:
AB150,2014,136 221.295 (3) The commissioner of banking department shall establish for each
7bank the applicable percentage, not to exceed 20%, under sub. (1) and the applicable
8percentage, not to exceed 10%, under sub. (2). The commissioner department may
9withdraw or suspend a percentage established under this subsection and, in such
10case, may specify how outstanding loans or investments shall be treated by the bank
11or subsidiary. Among the factors that the commissioner department may consider
12in establishing, withdrawing or suspending a percentage under this subsection are
13the bank's capital, assets, management and liquidity ratio and its capital ratio.
AB150, s. 6159 14Section 6159. 221.295 (4) of the statutes is amended to read:
AB150,2014,1815 221.295 (4) At the time of making a loan or investment, the bank or subsidiary
16shall note in its records whether it is made under sub. (1) or (2). The forms of security
17for loans under sub. (1) and the forms of investment under sub. (2) shall be as
18approved by the commissioner of banking department by rule.
AB150, s. 6160 19Section 6160. 221.295 (6) of the statutes is amended to read:
AB150,2015,220 221.295 (6) A bank may make loans secured by assignment or transfer of stock
21certificates or other evidence of the borrower's ownership interest in a corporation
22formed for the cooperative ownership of real estate. Sections 846.10 and 846.101, as
23they apply to a foreclosure of a mortgage involving a one-family residence, apply to
24a proceeding to enforce the lender's rights in security given for a loan under this
25subsection. The commissioner department shall promulgate joint rules with the

1commissioners office of credit unions and savings and loan that establish procedures
2for enforcing a lender's rights in security given for a loan under this subsection.
AB150, s. 6161 3Section 6161. 221.296 (1) of the statutes is amended to read:
AB150,2015,134 221.296 (1) A bank may invest amounts not to exceed, in the aggregate, that
5percentage of its capital and surplus established by the commissioner of banking
6department under sub. (2) in partnership interests in farm operations. A bank may
7acquire a partnership interest in a farm operation with respect to which it is also a
8lender. The bank may only acquire a partnership interest in a farm operation as a
9limited partner. For purposes of calculating the bank's aggregate investment, the
10amount of each investment shall be established as of the date that the investment
11is made. Every transaction by a bank under this subsection shall require prior
12approval by the board of directors of the bank and shall be disclosed to the
13shareholders of the bank prior to each annual meeting of the shareholder.
AB150, s. 6162 14Section 6162. 221.296 (2) of the statutes is amended to read:
AB150,2015,2215 221.296 (2) The commissioner of banking department shall establish for each
16bank the applicable percentage, not to exceed 10%, under sub. (1). The commissioner
17department may withdraw or suspend a percentage established under this
18subsection and, in such case, may specify how outstanding investments shall be
19treated by the bank. Among the factors the commissioner department may consider
20in establishing, withdrawing or suspending a percentage established under this
21subsection are the bank's capital, assets, management and liquidity ratio and its
22capital ratio.
AB150, s. 6163 23Section 6163. 221.297 (1) of the statutes is amended to read:
AB150,2016,324 221.297 (1) Subject to any regulatory approval required by law and subject to
25sub. (2), a bank, directly or through a subsidiary, may undertake any activity,

1exercise any power or offer any financially related product or service in this state that
2any other provider of financial products or services may undertake, exercise or
3provide or that the commissioner department finds to be financially related.
AB150, s. 6164 4Section 6164. 221.297 (2) of the statutes is amended to read:
AB150,2016,135 221.297 (2) The activities, powers, products and services that may be
6undertaken, exercised or offered by banks under sub. (1) are limited to those
7specified by rule of the commissioner of banking department and, with respect to
8loans under s. 221.295 (1) and investments under s. 221.295 (2), are subject to the
9limitations set forth in s. 221.295. The commissioner department may direct any
10bank to cease any activity, the exercise of any power or the offering of any product
11or service authorized by rule under this subsection. Among the factors that the
12commissioner department may consider in so directing a bank are the bank's capital,
13assets, management and liquidity ratio and its capital ratio.
AB150, s. 6165 14Section 6165. 221.33 (1) of the statutes is amended to read:
AB150,2017,2215 221.33 (1) Except as provided in s. 34.07, no bank or bank officer shall give
16preference to any depositor or creditor by pledging the assets of the bank as collateral
17security. A state bank may deposit with the treasurer of the United States, or in the
18custody of federal reserve banks or branches thereof designated by the judges of the
19several courts of bankruptcy, so much of its assets not exceeding its capital and
20surplus as may be necessary under the act of congress approved June 25, 1910, and
21all amendments thereof, to qualify as a depository for postal savings funds, other
22government deposits and as depository for bankrupt estates, debtors, corporations
23and railroads under reorganization under U.S. bankruptcy laws, and amendments
24thereto, and receivers, trustees and other officers thereof appointed by any U.S.
25district court or by any bankruptcy court of the United States and that in acting as

1such depository a state bank shall have all the rights and privileges granted to
2banking institutions under section 61 of the U.S. bankruptcy act, and amendments
3thereto; and any bank may borrow money for temporary purposes, and may pledge
4assets of the bank not exceeding 50% in excess of the amount borrowed as collateral
5security therefor. Any state bank so authorized by the commissioner of banking, who
6department, that complies with s. 223.02, shall be exempt from furnishing the bond
7specified in s. 221.04 (6), and shall be entitled to the same exemption as to making
8and filing any oath or giving any bond or security as is conferred on trust company
9banks by s. 223.03 (8), but it is unlawful for any bank to borrow money unless the
10board of directors has adopted a resolution designating the bank from which the
11money may be borrowed, the maximum amount for which the bank may become
12indebted at any one time, and the names of the officers who may sign the promissory
13note evidencing the indebtedness. A bank may pledge assets in an amount not to
14exceed 4 times the amount of its capital and surplus to the federal reserve bank (as
15fiscal agent of the United States) of the federal reserve district in which it is located,
16except that no such pledge shall be made in excess of the amount of its capital and
17surplus without the consent of the commissioner of banking department. Whenever
18it appears that a bank is borrowing habitually for the purpose of reloaning, the
19commissioner department may require the bank to repay money so borrowed.
20Nothing herein contained shall prevent any bank from rediscounting in good faith
21and endorsing any of its negotiable notes if the same has been authorized by a
22recorded resolution of the board of directors.
AB150, s. 6166 23Section 6166. 221.37 (1) of the statutes is amended to read:
AB150,2018,724 221.37 (1) Before the board of directors of a bank may declare and pay a cash
25dividend, a sum equivalent to not less than one-fifth of the net profits of the bank

1for the preceding half year, or for such period as is covered by the dividend, shall be
2carried to a surplus fund, until such surplus fund shall amount to 100 per cent of the
3capital stock, except that the bank, with the approval of the commissioner
4department, may be exempted from the requirements of this section whenever its
5daily average of deposits for a period of one year shall be less than 10 times the
6unimpaired capital and surplus; such surplus shall not include items classified by
7the commissioner of banking department as doubtful or loss.
AB150, s. 6167 8Section 6167. 221.38 (1) (b) of the statutes is amended to read:
AB150,2018,149 221.38 (1) (b) Compliance has been made with s. 221.37; except that, if a bank
10has had, during the immediate preceding 2 years, insufficient net profits to declare
11and pay a dividend out of current earnings and has paid a dividend out of undivided
12profits accrued during prior years, such bank shall not declare and pay a second
13dividend either in part or in full out of undivided profits accrued during prior years
14except with the written consent of the commissioner of banking department.
AB150, s. 6168 15Section 6168. 221.38 (2) of the statutes is amended to read:
AB150,2019,416 221.38 (2) No dividend shall be declared by the directors of a bank to the
17stockholders except out of net profits applicable thereto, and which shall not in any
18way impair or diminish the capital; and if any such shall be paid, every stockholder
19receiving the same shall be liable to restore the full amount thereof unless the capital
20be subsequently made good; and if the directors of any bank shall pay such dividend
21when the corporation is insolvent or in danger of insolvency, or not having reason to
22believe that there were sufficient net profits properly applicable thereto, to pay the
23same without impairing or diminishing the capital, they shall be jointly and
24severally liable to the creditors of the corporation at the time of declaring such
25dividends to double the amount thereof. Interest unpaid, although due or accrued,

1on debts owing to any bank, shall not be included in calculation of its profits previous
2to a dividend; nor shall any bank, except with the previous written consent of the
3commissioner department, enter or at any time, carry on its books any of its assets
4at a valuation exceeding its actual cost to such bank.
AB150, s. 6169 5Section 6169. 221.41 of the statutes is amended to read:
AB150,2019,15 6221.41 Charter, how forfeited. If the board of directors or a quorum thereof
7or any committee of such board of any bank shall knowingly violate or knowingly
8permit any of the officers, agents or employes of the bank to violate any of the
9provisions of this chapter, such directors shall jointly and severally be liable for the
10amount of the loss sustained by the bank; and if after a warning from the
11commissioner of banking department it shall fail to make good any loss or damage
12resulting from such acts, or continue such conduct, it shall constitute a ground for
13the forfeiture of the charter of such bank, and it shall thereupon be the duty of the
14commissioner department to institute proceedings to enforce such forfeiture and to
15secure a dissolution and a winding up of the affairs of such bank.
AB150, s. 6170 16Section 6170. 221.43 of the statutes is amended to read:
AB150,2020,2 17221.43 Shares of stock, when not transferable. The shares of stock of an
18incorporated bank shall be deemed personal property, and shall be transferred on the
19books of the bank in such manner as the bylaws thereof may direct, and no transfer
20of capital stock shall be valid while the bank is under notice to make good the
21impairment of its capital, as provided in s. 220.07, nor until such impairment shall
22have been made good. A transfer of stock shall be certified by the bank cashier to the
23commissioner of banking department within 3 days after the transfer, if the transfer
24is of at least 5% of the outstanding shares or affects the holdings of the owner of

1record or beneficial owner of at least 5% of the outstanding shares. Failure to comply
2with this requirement shall be punishable by a fine of not to exceed $100.
AB150, s. 6171 3Section 6171. 221.47 of the statutes is amended to read:
AB150,2020,11 4221.47 Circulating notes, when issuable. If the congress of the United
5States hereafter removes the tax on bank circulation or provides for the
6establishment of circulation of banks organized under state laws, any bank
7organized or doing business under this chapter may issue circulating notes or
8currency in accordance with any such act of congress, or under such regulations as
9the office of the commissioner of banking department prescribes. This section shall
10not be construed to permit any loan and trust company or any other than a banking
11corporation to issue circulating notes.
AB150, s. 6172 12Section 6172. 221.49 (1) of the statutes is amended to read:
AB150,2020,2413 221.49 (1) Except as provided in sub. (2), no person engaged in business in this
14state, not subject to supervision and examination by the commissioner of banking
15department, and not required to make reports to the commissioner of banking
16department by this chapter, may use the term "bank", in any form upon any office
17sign at the place where the business is transacted, nor may the person make use of
18or circulate any letterheads, billheads, blank notes, blank receipts, certificates,
19circulars, or any written or printed or partly written and partly printed paper having
20thereon any artificial or corporate name, or other words, indicating that the business
21is the business of a bank, but mortgage bankers registered under s. 440.72 224.72
22may use the designation "mortgage banker" and a savings bank organized under ch.
23214 may use the designation "savings bank". Violations of this section are subject
24to s. 220.02 (2).
AB150, s. 6173 25Section 6173. 221.50 of the statutes is amended to read:
AB150,2021,9
1221.50 Declaration of unlimited individual responsibility. The
2stockholders of any bank organized under the provisions of this chapter may file with
3the commissioner of banking department a declaration in writing, signed by each
4and all of them and by them acknowledged, consenting and agreeing to hold
5themselves individually responsible for all the debts, demands and liabilities of said
6bank. Upon application therefor the commissioner department shall make and
7certify a copy of said declaration which shall be received in evidence and have the
8same effect as the original declaration would have if produced in evidence and duly
9proved.
AB150, s. 6174 10Section 6174. 221.51 of the statutes is amended to read:
AB150,2022,6 11221.51 Liability under the stockholders' declaration. On and from the
12filing of such declaration the persons who have executed the same shall be
13individually liable for all the debts, demands and liabilities of said bank, as well
14those then existing and unpaid as those thereafter to be made, created or incurred.
15And in any action brought against any such bank for any debt, demand or liability
16thereof it shall be competent for the party plaintiff to join as defendant therewith any
17one, or more, or all of the stockholders, whose names are attached to such
18declaration, and in such action to recover and have judgment and execution against
19the defendants or either or any of them; provided, that nothing herein shall be
20construed to prevent any action from being maintained for any debt, demand or
21liability of such bank against said bank alone, or against the said stockholders, or
22either or any of them. In case of the bona fide sale and transfer of any stock or interest
23of any stockholder, in any such bank, as provided in s. 221.43, a written
24memorandum of such transfer, signed and acknowledged in manner aforesaid by the
25vendor of said stock or interest, may be filed with the commissioner of banking

1department, and thereupon the individual liability of such vendor for the debts,
2demands and liabilities of said bank, which may be created or incurred after the
3expiration of 6 months from and after the filing of said memorandum shall cease; and
4in such case the purchaser of said stock shall not become or be responsible or liable
5in any manner for the debts, demands and liabilities of such bank unless the
6purchaser shall execute and file the declaration mentioned in s. 221.50.
AB150, s. 6175 7Section 6175. 221.52 of the statutes is amended to read:
AB150,2022,13 8221.52 (title) Commissioner Department may disregard such
9declaration.
The commissioner of banking, the commissioner's deputy or any
10examiner appointed by the commissioner
department shall not be required to take
11into consideration such certificate of unlimited individual responsibility in
12determining the impairment of capital of any bank, or in determining the solvency
13of any such bank.
AB150, s. 6176 14Section 6176. 221.53 of the statutes is amended to read:
AB150,2022,21 15221.53 Fees for certified copies. Whenever any certified copy or copies of
16any records or papers filed in the office of the commissioner of banking department
17shall be lawfully required to be furnished by the commissioner department, the
18commissioner department shall be entitled to a fee of 10 cents for each folio for
19making such copy or copies and 50 cents for each certificate. All such fees shall be
20paid by the commissioner department into the state treasury to the credit of the
21general fund.
AB150, s. 6177 22Section 6177. 221.56 (1) of the statutes is amended to read:
AB150,2023,1923 221.56 (1) Any domestic corporation, investment trust, or other form of trust
24or any regional state bank holding company which shall own, hold or in any manner
25control a majority of the stock in a state bank or trust company, or a bank or bank

1holding company which through a transaction under s. 701.108 acquires control of
2a majority of the stock in a state bank, shall be deemed to be engaged in the business
3of banking and shall be subject to the supervision of the office of the commissioner
4of banking
department. It shall file reports of its financial condition when called for
5by the commissioner of banking department, and the commissioner department may
6order an examination of its condition and solvency whenever in his or her the
7department's
opinion such examination is required, and the cost of such examination
8shall be paid by such corporation or association. Whenever in the opinion of the
9commissioner department the condition of such corporation or association shall be
10such as to endanger the safety of the deposits in any bank or trust company which
11is owned or in any manner controlled by such corporation, or the operation of such
12corporation, association or trust shall be carried on in such manner as to endanger
13the safety of such bank or trust company or its depositors, the commissioner
14department may order such corporation or trust to remedy such condition or policy
15within 90 days and if such order is not complied with, the commissioner department
16shall have power to fully direct the operation of such banks or trust companies until
17such order is complied with, and may withhold all dividends from such corporation
18or trust during the period in which the commissioner department may exercise such
19authority.
AB150, s. 6178 20Section 6178. 221.57 of the statutes is amended to read:
AB150,2024,7 21221.57 Bank-owned banks. The commissioner department may authorize
22the establishment of, and issue a charter to, a bank, all of the stock of which is owned
23by 2 or more state or national banks whose home offices are situated in this state.
24Notwithstanding any other requirement of this section, the commissioner
25department may authorize, by rule, up to 10% of the stock to be held by other persons

1to accommodate operational needs of the bank. The bank shall be deemed a state
2bank chartered under this chapter for all purposes, except that its functions shall be
3limited solely to providing banking and banking-related services to other banks,
4subsidiaries of banks, bank holding companies, subsidiaries of bank holding
5companies and directors, officers and employes of other banks, subsidiaries of banks,
6bank holding companies and subsidiaries of bank holding companies. Such bank
7shall be empowered to authorize and to hold authorized but not issued stock.
AB150, s. 6179 8Section 6179. 221.58 (2) (b) of the statutes is amended to read:
AB150,2024,139 221.58 (2) (b) An in-state bank or in-state bank holding company proposing
10any action under par. (a) shall provide the commissioner of banking department a
11copy of any original application seeking approval by a federal agency or by an agency
12of the regional state and of any supplemental material or amendments filed in
13connection with any application.
AB150, s. 6180 14Section 6180. 221.58 (4) (a) of the statutes is amended to read:
AB150,2024,1915 221.58 (4) (a) The commissioner of banking department finds that the statutes
16of the regional state in which the regional state bank holding company has its
17principal place of business permit in-state bank holding companies both to acquire
18one or more regional state banks and to acquire and merge with one or more regional
19state bank holding companies in the regional state.
AB150, s. 6181 20Section 6181. 221.58 (4) (b) of the statutes is amended to read:
AB150,2024,2321 221.58 (4) (b) The commissioner of banking department has not disapproved
22the acquisition of or merger with the in-state bank or in-state bank holding
23company.
AB150, s. 6182 24Section 6182. 221.58 (4) (c) of the statutes is amended to read:
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