Chapter 214, SAVINGS BANKS

214.772 Foreign savings banks. (1) In this section, “foreign savings bank” means a savings bank organized under the laws of another state or territory. “Foreign savings bank” does not include a federal savings bank. (2) A foreign savings bank is doing business in this state if it…

214.775 Procedure upon the impairment of capital. If the division finds from a report, examination or other source that a savings bank’s capital is impaired, the division may do any of the following: (1) Direct the board of directors to do any of the following: (a) Require stockh…

214.78 Review board. (1) The review board shall do all of the following: (a) Advise the division on matters related to this chapter. (b) Review the acts, orders and determinations of the division. (c) Act on matters pertaining to this chapter that may be submitted to it by the di…

214.785 Review of acts, orders or determinations. (1) Any interested person or a savings bank aggrieved by any act, order or determination of the division, which relates to savings banks may, within 20 days after receipt or service of a copy of the act, order or determination, fi…

214.82 Division’s authority to take custody and appoint a conservator or a receiver. (1) The division may take custody of and appoint a conservator for the property, liabilities, books, records, business and assets of a savings bank for any of the purposes under s. 214.825 if any…

214.825 Purposes of taking custody. The purposes of taking custody of a savings bank may include examination; production of an audit report or audited financial statement; reconstruction of books and records; conservation of assets; restoration of impaired capital; the making of …

214.83 Division’s powers during custody. During the period in which the division has custody of a savings bank, the division shall have all powers necessary to accomplish the purposes of custody of the savings bank and the authority to call meetings of the members, stockholders, …

214.835 Custody of savings banks. If the division takes custody of a savings bank, in addition to powers conferred under ss. 214.825 and 214.83, the division may do any of the following: (1) Notify the deposit insurance corporation of the custody and the reasons for that action, …

214.84 Notice of custody; action to enjoin. On the date the division takes custody of a savings bank, the division shall provide by 1st class mail a written notice of that action to the president or secretary and to 2 or more directors of the savings bank or to 2 or more of the t…

214.845 Segregation of collections during custody. All payments received on deposit accounts on depositors’ unpledged accounts during custody of the savings bank shall be segregated in a separate account until the savings bank is redelivered to the directors, trustees or liquidat…

214.85 Redelivery of possession. If, after examination of the savings bank and consideration of all conditions affecting its affairs, the division finds that the cause for taking custody has been removed, the division shall relinquish custody of the savings bank, remove any conse…

214.855 Limitations upon custody. The custody of a savings bank by the division, including a conservatorship, may be continued for a reasonable period not to exceed 12 months, unless a longer time period is approved by a vote of two-thirds of the directors of the savings bank or …

214.90 Action to correct conditions. The division may issue an order requiring a savings bank, savings bank subsidiary, service corporation, affiliate, savings bank holding company or a party affiliated with a savings bank to take action to correct any condition resulting from a …

214.905 Books and records corrective orders. (1) If an order under s. 214.90 specifies that the books and records of a savings bank are so incomplete and inaccurate that the division is unable to determine the financial condition of the savings bank or unable to determine the nat…

214.91 Removal and prohibition authority. (1) The division may remove from a savings bank any employee, agent or person affiliated with the savings bank if the division finds that the person has done any of the following: (a) Directly or indirectly violated any state or federal l…

214.915 Participation prohibition. (1) Except as provided in rules of the division, any person who has been removed or suspended from office in a savings bank or prohibited from participating in the conduct of the affairs of a savings bank under s. 214.90 may not, while an order …

214.92 Effect of termination or resignation. The resignation, termination of employment, or separation of a person affiliated with a savings bank from the savings bank does not affect the authority of the division to issue an order under s. 214.90, 214.91 or 214.915 if the order …

214.925 Unauthorized participation by convicted individual. (1) Except with the prior written consent of the division, a person who has been convicted of a criminal offense involving dishonesty or a breach of trust may not participate, directly or indirectly, in any manner in the…

214.93 False statements. A person may not knowingly make, cause, or allow another person to make or cause to be made, a false statement, under oath if required by this chapter or on any report or statement required by the division or by this chapter. In addition to any forfeiture…

214.935 Civil forfeitures. In addition to the enforcement authority granted to the division, the following forfeiture provisions apply: (1) Except as provided in sub. (2), any person who violates this chapter, any rule promulgated under this chapter or an order of the division ma…