AB150,1878,2118 215.61 (1) Form. The articles of incorporation of a stock association shall be
19approved by the commissioner department. The commissioner department shall,
20with the approval of the review board, promulgate rules governing articles of
21incorporation.

AB150,1879,223 215.61 (2) Filing and approval. Duplicate originals of the articles of
24incorporation executed by the incorporators, and any subsequent amendments

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1thereto adopted by the stockholders of the association, shall be filed with and
2approved by the commissioner department.

AB150,1879,74 215.61 (5) Effective date. The effective date of the articles of incorporation
5and amendments thereto shall be the date when left for record in the office of register
6of deeds. The register of deeds shall forward a certificate of recording to the
7commissioner department.

AB150,1879,119 215.62 (1) Form. The bylaws of a stock association shall be approved by the
10commissioner department. The commissioner department shall, with the approval
11of the review board, promulgate rules governing bylaws.

AB150,1879,1513 215.62 (2) Filing and approval. Duplicate originals of the bylaws and
14amendments thereto shall be filed with and approved by the commissioner
15department.

AB150,1879,1917 215.62 (3) Effective date. The effective date of bylaws and subsequent
18amendments thereto shall be the date on which such bylaws or amendments are
19approved by the commissioner department.

AB150,1880,1521 215.64 (1) A savings and loan holding company shall be deemed to be engaged
22in the savings and loan business and shall be subject to the supervision and control
23of the office of the commissioner department. Such savings and loan holding
24company shall file reports of its financial condition when requested by the
25commissioner department, and the commissioner department may order an

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1examination of its solvency and economic condition whenever, in the commissioner's
2department's opinion, an examination is required. The cost of the examination shall
3be paid by the savings and loan holding company. Whenever in the opinion of the
4commissioner department, the condition of the savings and loan holding company
5shall endanger the safety of the savings capital of any savings and loan association
6which it owns or in any manner controls, or the operation of such savings and loan
7holding company shall be carried on in a manner which endangers the safety of such
8savings and loan association or its savers, or is contrary to the public interest, the
9commissioner department may order the savings and loan holding company to
10remedy such condition or policy within 90 days. If the commissioner's department's
11order is not complied with, the commissioner department may fully direct the
12operation of such savings and loan association or savings and loan holding company
13until the order is complied with, and may withhold all dividends from the institution
14whose operation the commissioner department directs during the period in which
15the commissioner department exercises such authority.

AB150,1880,18 17215.67 Dividends. The board of a stock association may declare and pay
18dividends, subject to the orders and rules of the commissioner department.

AB150,1880,2520 215.70 (1) Management responsibility. The management of a stock
21association shall be vested in a board of directors, who are charged with the
22responsibility of complying with this chapter, orders of the commissioner
23department, rules of the commissioner department promulgated under ch. 227, the
24articles of incorporation and bylaws of the association, and other laws applicable to
25savings and loan operations.

AB150,1881,52 215.70 (4) Promulgation of rules. The board may by resolution adopt rules
3for the conduct of business by the association, provided they are consistent with this
4chapter, the rules of the commissioner department, and the articles of incorporation
5and bylaws of the association.

AB150,1881,107 215.73 (1) (a) (intro.) With the consent of the commissioner department and
8subject to any condition that the commissioner department prescribes, a stock
9association organized under this chapter may, by an affirmative vote of at least
10two-thirds of the board of each association, do any of the following:

AB150,1881,1612 215.73 (3) Withdrawal requests. Any saver in an absorbed association or
13savings bank, who intends to file a written withdrawal request for savings accounts
14within one year after the date of approval of such absorption by the commissioner
15department, may do so by giving 90 days' written notice of such intention, and the
16savings accounts shall be withdrawn as provided in s. 215.17.

AB150,1881,1918 215.76 (1) (b) 1. Certified to the commissioner department under the seal of the
19association, by its president and secretary.

AB150,1881,2321 215.76 (2) Period of liquidation. A stock association so liquidating shall
22dispose of its assets within 10 years from the date of liquidation, unless the
23commissioner department orders otherwise.

AB150,1882,3

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1215.76 (6) Resumption of business. A stock association in liquidation may
2resume business with the approval of the commissioner department upon conditions
3approved by the commissioner department.

AB150,1882,155 215.76 (7) (a) Unclaimed liquidating dividends and all funds remaining unpaid
6in the hands of the association or its board at or immediately prior to the date of final
7distribution, together with all final liquidating costs, shall be delivered to the
8commissioner department to be deposited in one or more state banks, state savings
9banks or state-chartered savings and loan associations, to the credit of the
10commissioner department, in trust for the various stockholders, owners of savings
11accounts or creditors entitled thereto. The commissioner department shall include
12in the annual report under s. 215.02 (11) the names of the associations so liquidated
13and the sums of unclaimed and unpaid liquidating dividends and unclaimed funds
14with respect to each of them respectively, including a statement of interest or
15dividends earned upon such funds.

AB150,1882,1717 215.76 (7) (b) (intro.) The commissioner department may:

AB150,1882,2019 215.76 (7) (b) 3. Apply the interest and dividends earned by the moneys so held
20toward defraying the expenses of the office department.

AB150,1882,2422 215.76 (8) (title) Reserved authority of commissioner. This section does not
23prohibit the commissioner department from proceeding against any association as
24provided in s. 215.32.

AB150,1883,7

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1215.77 (1) (b) At such meeting, the stockholders may by the affirmative vote,
2in person or by proxy, of not less than two-thirds of the outstanding capital stock of
3the association the stockholders may by resolution declare to convert the association
4into a federal association, or in the case of a federal capital stock association into a
5state-chartered association. A copy of the minutes of the meeting, verified by the
6affidavit of the chairperson and the secretary of the meeting, shall be filed in the
7office of the commissioner with the department within 10 days after the meeting.

AB150,1883,159 215.77 (1) (d) 1. Within 6 months after the adjournment of a meeting to convert
10into a federal association, the association shall do what is necessary to make it a
11federal association. Within 10 days after receipt of the federal charter, the
12association shall file with the commissioner department a copy of the federal charter,
13certified by the federal home loan bank board. Upon such filing the association shall
14cease to be a state-chartered association and shall thereafter be a federal
15association.

AB150,1883,2217 215.77 (1) (d) 2. Within 6 months after the adjournment of a meeting of the
18stockholders of a federal stock association called for the purpose of converting the
19association into a state-chartered association, the commissioner department shall
20examine such association and shall determine the action necessary to qualify the
21converting federal stock association for a state charter. Upon complying with the
22necessary requirements, a state charter shall be issued to such association.

AB150,1884,224 215.77 (4) (title) Commissioner's approval Approval required before
25conversion becomes effective. Before any conversion under this section is final and

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1in effect, the written approval of the commissioner department must be secured by
2the converting association.

AB150,1884,44 217.02 (2m) "Department" means the department of financial institutions.

AB150,1884,76 217.02 (3) "General order" means an order of the office department other than
7a special order.

AB150,1884,1110 217.02 (10) "Special order" means an order of the office department to or
11affecting a person.

AB150,1884,1813 217.03 (1) No person shall, as a service or for a fee or other consideration,
14engage in the business as a seller of checks without first securing a license from the
15office department to do so. Any person lawfully engaged in said business on March
1618, 1968 may continue to engage therein without a license until the office has acted
17upon the person's application for a license, provided such application is filed within
1830 days after March 18, 1968.

AB150,1884,2520 217.03 (2) The licensee shall be liable on checks duly issued for it by each
21authorized agent and shall furnish each such agent not exempt under s. 217.04 with
22an authorization in the form approved by the office department in lieu of a license
23from the office department, to be displayed in the agent's place of business indicating
24that it is an authorized agent of the licensee. An agent so authorized by a licensee
25shall not be required to secure a license.

AB150,1885,5 2217.05 Application and fees. (intro.) Each application for a license shall be
3made in writing and under oath to the office department and shall contain such
4information and be in such form as it the department prescribes. The application
5shall state the full name and business address of:

AB150,1885,87 217.05 (5) (a) Financial statements. Financial statements reasonably
8satisfactory to the office department.

AB150,1885,1610 217.05 (5) (c) Investigation fee. A nonrefundable fee of $100 $300 to the office
11for investigating the application. If the cost of the investigation exceeds $100 $300,
12the applicant shall, upon demand of the office, pay the excess cost. No investigation
13fee shall be required for renewal of a license. Any person holding a license as a
14community currency exchange or a foreign exchange company on March 18, 1968, is
15not required to pay an investigation fee nor a license fee for a single location for the
16remainder of the current licensing year.

AB150,1885,2219 217.05 (5) (c) Investigation fee. A nonrefundable fee of $300 to the office
20department for investigating the application. If the cost of the investigation exceeds
21$300, the applicant shall, upon demand of the office department, pay the excess cost.
22No investigation fee shall be required for renewal of a license.

AB150,1886,1024 217.05 (5) (d) License fee. An annual license fee of $50 for each location not
25exceeding 6. If the applicant has more than 6 locations, a license fee of $50 each for

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1the first 6 locations plus $2 for each location in excess of 6 locations up to and
2including a total of 100 locations and $1 for each location in excess of 100 with a
3maximum annual fee of $1,000. For each single location license issued between
4January 1 and June 30 of any year, the licensee shall pay the full annual license fee
5for the year ending December 31; for each license issued between July 1 and
6December 31 of any year, the licensee shall pay one-half of the annual license fee
7except for multiple office locations, for which the full annual fee shall be charged.
8No license fee shall be payable with respect to the location of any agent who is
9exempted from this chapter by s. 217.04 $500 plus $5 for each location within this
10state at which a licensee sells or issues checks, with a maximum annual fee of $1,500.

AB150,1886,14 12217.06 Licenses, how granted; conditions. (intro.) Every license issued
13shall be in the form prescribed by the office department and shall be issued to the
14applicant if:

AB150,1886,2216 217.06 (2) The financial responsibility, financial condition, business
17experience, character and general fitness of the applicant are such, in the opinion of
18the office department, as to command the confidence of the public and to warrant
19belief that the business will be conducted honestly and efficiently. The office
20department may investigate and consider the qualifications, character and general
21fitness of officers and directors or others associated with the applicant in
22determining whether this qualification has been met.

AB150,1887,1724 217.06 (3) (a) A surety bond issued by a bonding company or insurance
25company authorized to do business in this state has been filed in the minimum

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1principal sum of $10,000 for the first location and an additional sum of $5,000 for
2each additional location unless the office department determines that a bond in such
3amount is insufficient in which event it may require a bond in a larger sum, but in
4no event shall the bond exceed $300,000. The bond shall be in a form satisfactory to
5the office department and shall run to the state for the benefit of any claimants
6against the applicant or the applicant's agents to secure the faithful performance of
7the obligations of the applicant and the applicant's agents with respect to the receipt,
8handling, transmission and payment of money in connection with the sale of checks
9and to reimburse the office department for any examination or liquidation expense.
10The aggregate liability of the surety in no event shall exceed the principal sum of the
11bond. The surety shall have the right to cancel such bond upon giving not less than
1260 days' written notice to the office department, but such cancellation shall not
13release the surety from any liability that may arise with respect to obligations of the
14licensee outstanding on or prior to the effective day that such bond is canceled. Such
15claimants against the applicant or the applicant's agents may themselves bring suit
16directly on the bond, or the attorney general may bring suit thereon in behalf of such
17claimants, either in one action or successive actions.

AB150,1888,719 217.06 (3) (b) In lieu of such corporate surety bond, or of any portion of the
20principal thereof as required by this section, the applicant may deposit with such
21banks or trust companies in this state as the applicant designates and the office
22department approves, interest-bearing obligations of the United States or any
23agency or instrumentality thereof, or guaranteed by the United States, or of this
24state, or of a city, county, town, village, school district or instrumentality of this state,
25or guaranteed by this state, to an aggregate amount, based upon principal amount

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1or market value, whichever is lower, of not less than the amount of the required
2corporate surety bond or portion thereof. The securities shall be held to secure the
3same obligations as would the surety bond but the depositor shall be entitled to
4receive all interest thereon, shall have the right with the approval of the office
5department to substitute other securities for those deposited, and shall be required
6to do so on written order of the office department. The licensee shall pay all expenses
7of maintaining the deposit of obligations deposited in lieu of a corporate surety bond.

AB150,1888,13 9217.07 Order denying application. If the office department is not satisfied
10as to all matters specified in s. 217.06, it shall enter a special order denying the
11application for a license and shall return the license fee to the applicant and retain
12the investigation fee. The office department shall make findings of fact as part of and
13in support of its orders denying any application for a license.

AB150,1889,915 217.08 (2) Annual license fee; additions and deletions of locations. Each
16licensee shall file with the office department on or before December 1 of each year
17a statement listing the locations of the offices of the licensee and the names and
18locations of the agents authorized by the licensee. Every licensee shall also on or
19before December 1 of each year file a financial statement of its assets and liabilities
20as of a date not earlier than the preceding August 31 or, if the licensee is audited
21annually by an independent public accountant at the end of each fiscal year, the
22licensee may submit financial statements certified by said accountant for the
23licensee's latest fiscal year. Such statement shall be accompanied by the annual
24licensee fee for the calendar year beginning the following January 1 in an amount
25determined under s. 217.05. The amount of the surety bond or deposit of securities

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1required by s. 217.06 shall be adjusted to reflect the number of such locations.
2Licensees which do not pay the maximum license fee under s. 217.05 and which do
3not maintain a bond or deposit of securities in the maximum sum of $300,000 as
4provided in s. 217.06 shall also file a supplemental statement setting forth any
5changes in the list of offices and agents with the office department on or before April
61, July 1 and October 1 of each year, and the principal sum of the corporate surety
7bond or deposit of securities required by s. 217.06 shall be adjusted to reflect any
8increase or decrease in the number of such locations. Any additional license fees
9which may become due under s. 217.05 shall be paid to the office department.

AB150,1889,1311 217.08 (3) Removal consent. Whenever a licensee changes its single or
12principal office location to another location it shall give written notice thereof to the
13office department, which shall amend the license accordingly without charge.

AB150,1889,1715 217.09 (1) (intro.) The office department shall, after complaint, notice and
16hearing, following the procedure in s. 217.19 so far as applicable, revoke any license
17in the following cases:

AB150,1889,2119 217.09 (1) (c) If any fact or condition exists which, if it had existed at the time
20of the original application for such license, clearly would have warranted the office
21department to refuse to issue such license.

AB150,1889,2523 217.09 (2) If the office department finds cause for revocation of a license, it shall
24issue a special order revoking the license, which includes its findings of fact upon
25which such order is based.