Chapter 215, SAVINGS AND LOAN ASSOCIATIONS

215.01 Definitions. In this chapter: (1) “Association” means a savings and loan association, a building and loan association or a savings association operating as a mutual or capital stock corporation. (2) “Board” means the board of directors of an association. (3) “Branch office…

215.02 Powers of the division. (4) IMMUNITY. Employees of the division shall not be subject to any civil liability or penalty, nor to any criminal prosecution, for any error in judgment or discretion made in good faith and upon reasonable grounds in any action taken or omitted by…

215.03 Supervision and control of associations. (1) TYPES OF ASSOCIATIONS SUPERVISED. All associations organized under this chapter or similar laws, or permitted by license to transact, in this state, a business similar to that authorized by this chapter, shall be under the super…

215.04 Review board. (1) DUTIES. 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 any matters pertaining to this chapter that are submitted to it…

215.11 Surety bond of association’s officers, directors and employees. (1) WHO SHALL FURNISH BOND; TYPE AND FORM. Before entry upon the discharge of the person’s duties, every person appointed or elected to any position requiring receipt, payment or custody of money or other pers…

215.12 Penalty for dishonest acts; falsification of records. Every officer, director, employee or agent of any association who steals, abstracts, or willfully misapplies any property of the association, whether owned by it or held in trust, or who, without authority, issues or pu…

215.13 Powers of savings and loan associations. Savings and loan associations may: (1) SAVINGS ACCOUNTS. Accept payments on savings accounts in accordance with s. 215.14. (2) EVIDENCE OF SAVINGS ACCOUNT OWNERSHIP. Issue evidence of ownership to savers, in accordance with s. 215.1…

215.135 Additional authority. (1) Subject to any regulatory approval required by law and subject to sub. (2), a savings and loan association, directly or through a subsidiary, may undertake any activity, exercise any power or offer any financially related product or service in th…

215.137 Savings promotion prize programs. (1) In this section: (a) “Nonqualifying account” means a savings account that is not a qualifying account. (b) “Qualifying account” means a savings account through which savers may obtain chances to win prizes in a savings promotion. (c) …

215.14 Savings accounts. (1) AGGREGATE OF SAVINGS ACCOUNTS. The aggregate of savings accounts of an association is unlimited, and consists of the total deposits in savings accounts and the total earnings credited to the accounts, less withdrawals. (2) OWNERSHIP OF ACCOUNTS. Any p…

215.141 Financially related services tie-ins. In any transaction conducted by an association, a savings and loan holding company, or a subsidiary of either with a customer who is also a customer of any other subsidiary of any of them, the customer shall be given a notice in 12-po…

215.15 Evidence of ownership of savings accounts. (1) SAVINGS ACCOUNT FORMS. The association shall issue to each saver a written summary of the terms of the saver’s account or, if permitted by the division, a receipt. The division may promulgate rules prescribing the form of or o…

215.16 Savings account earnings. Subject to the rules of the division, the board of directors of an association may: (1) Declare or contractually fix one or more rates of earnings on savings accounts. (2) Prescribe the methods for computing, and the time and manner of crediting o…

215.17 Withdrawal of savings accounts. (1) WHEN PERMITTED. The association may pay, on request, withdrawals on its savings accounts to the owners of such savings accounts. The association may require advance notice of withdrawal. (2) WITHDRAWAL REQUESTS OF SAVERS. In a mutual ass…

215.18 Closing of savings accounts. (1) Except as provided in sub. (3), an association may close a savings account by delivering notice of the closing to the saver or mailing notice to the last-known address of the saver. (2) On the date the notice required under sub. (1) is deli…

215.19 Loans on savings accounts. (1) An association may make loans on the security of its savings accounts. (2) In no event shall a savings account loan exceed the withdrawal value of the savings account pledged as security therefor. (3) Each savings account loan shall be eviden…

215.20 Property improvement loans. (1) For the purpose of this section, a property improvement loan means a loan, the proceeds of which are used to repair, modernize, alter, furnish, equip or improve the real estate or the structure upon it, or both. As used in this section, loan…

215.205 Other loans and investments. Subject to such rules as the division prescribes, an association may make, buy, sell and hold the following loans and investments: (1) Loans or obligations, or interests therein, for the purpose of mobile home or manufactured home financing. (…

215.21 Mortgage loans. (1) BASIC SECURITY REQUIRED. Subject to such additional limitations as the division may prescribe, associations may make loans on the security of any of the following: (a) A mortgage on real estate owned by the borrower in fee simple if the aggregate value …

215.215 Nonconforming loans. Notwithstanding generally accepted underwriting standards, an association may make loans secured by real property used primarily for residential or farming purposes, even if those loans do not comply with one or more of the requirements under those pr…

215.22 Real estate owned by association. (1) A savings and loan association may acquire such real estate, by purchase, exchange or otherwise, as may be necessary to protect or enforce its securities and to collect claims or debts due the association. (2) All real estate acquired …

215.23 Limitations on investments in office buildings and related facilities. An association’s aggregate investment in the following may not exceed the association’s net worth without the prior written approval of the division: (1) Land used or intended to be used as the site of …

215.24 Minimum net worth. An association shall maintain net worth at an amount not less than the minimum amount established by the division. If an association fails to maintain the minimum net worth required under this section, the division may take appropriate action, including …

215.25 Annual audit requirement. (1) Except as provided in sub. (2), the board of directors of an association shall hire a certified public accountant licensed or certified under ch. 442 or other qualified person to conduct a comprehensive annual audit of the records, accounts, a…

215.26 Miscellaneous provisions. 215.26(2)(2) Retaliatory taxes and restrictions. When the laws of any other state or territory impose any taxes, fines, penalties, licenses, fees, deposits, money, securities or other obligations or prohibitions on associations of this state doing…

215.32 Possession by division; involuntary liquidation. (1) DEFINITION. In this section, “circuit court” means the circuit court of Dane County, notwithstanding s. 801.50. (1m) CONDITIONS FOR TAKING POSSESSION. The division may take possession of the business and property of any …

215.33 Foreign associations. 215.33(1)(1) Doing business in this state. A foreign association is “doing business” in this state if it accepts funds for deposit in this state, takes loan applications in this state in the regular course of business, or otherwise engages in any acti…

215.35 Conversion; or absorption; waiver. (1) The division may waive any portion of s. 215.53, 215.57, 215.58, 215.73 or 215.77 if the division makes written findings of both of the following: (a) The net worth of an association is equal to less than one percent of the assets of …

215.36 Interstate acquisition and merger of associations. (1) DEFINITIONS. In this section: (a) “In-state savings and loan” means an association or federal savings and loan association, both having their home offices in this state. (b) “In-state savings and loan holding company” …

215.40 Incorporation of a mutual savings and loan association. (1) USE OF NAME. (a) A corporation organized under this subchapter shall be known as a mutual savings and loan association. The words “savings and loan association” or “savings association” shall form part of the name…

215.41 Articles of incorporation for mutual associations. (1) FORM. The articles of incorporation of a mutual association shall be approved by the division. The division shall, with the approval of the review board, promulgate rules governing articles of incorporation. (2) FILING…

215.42 Bylaws of mutual associations. (1) FORM. The bylaws of a mutual association shall be approved by the division. The division shall, with the approval of the review board, promulgate rules governing bylaws. (2) FILINGS AND APPROVAL. Duplicate originals of the bylaws and any …

215.43 Members and voting rights in a mutual association. (1) WHO MAY BECOME A MEMBER. Any person, including but not limited to a partnership, corporation, fiduciary, association or federal agency, may become a member of any mutual association by owning a savings account in the a…

215.50 Directors of a mutual association. (1) MANAGEMENT RESPONSIBILITY. The government and management of a mutual association shall be vested in a board of directors, who are charged with the responsibility of compliance with this chapter, orders of the division, rules of the di…

215.51 Officers of a mutual association. 215.51(1)(1) General officers. 215.51(1)(a)(a) The general officers of a mutual association shall be: 215.51(1)(a)1.1. A president; 215.51(1)(a)2.2. One or more vice presidents; 215.51(1)(a)3.3. A secretary; 215.51(1)(a)4.4. A treasurer; a…

215.512 Definitions applicable to indemnification and insurance provisions. In ss. 215.512 to 215.521: (1) “Director or officer” means any of the following: (a) A natural person who is or was a director or officer of a mutual association. (b) A natural person who, while a directo…

215.513 Mandatory indemnification. (1) A mutual association shall indemnify a director or officer, to the extent he or she has been successful on the merits or otherwise in the defense of a proceeding, for all reasonable expenses incurred in the proceeding if the director or offi…

215.514 Determination of right to indemnification. Unless otherwise provided by the articles of incorporation or bylaws or by written agreement between the director or officer and the mutual association, the director or officer seeking indemnification under s. 215.513 (2) shall s…

215.515 Allowance of expenses as incurred. Upon written request by a director or officer who is a party to a proceeding, a mutual association may pay or reimburse his or her reasonable expenses as incurred if the director or officer provides the mutual association with all of the…

215.516 Mutual association may limit indemnification. (1) A mutual association’s obligations to indemnify under s. 215.513 may be limited as follows: (a) If the mutual association obtains a certificate of incorporation on or after June 13, 1987, by the articles of incorporation, …

215.517 Additional rights to indemnification and allowance of expenses. (1) Except as provided in sub. (2), ss. 215.513 and 215.515 do not preclude any additional right to indemnification or allowance of expenses that a director or officer may have under any of the following: (a)…

215.518 Court-ordered indemnification. (1) Except as provided otherwise by written agreement between the director or officer and the mutual association, a director or officer who is a party to a proceeding may apply for indemnification to the court conducting the proceeding or to…

215.519 Indemnification and allowance of expenses of employees and agents. A mutual association may indemnify and allow reasonable expenses of an employee or agent who is not a director or officer to the extent provided by the articles of incorporation or bylaws, by general or sp…

215.521 Insurance. A mutual association may purchase and maintain insurance on behalf of an individual who is an employee, agent, director or officer of the mutual association against liability asserted against and incurred by the individual in his or her capacity as an employee,…

215.523 Reliance by directors or officers. Unless the director or officer has knowledge that makes reliance unwarranted, a director or officer of a mutual association organized under this subchapter may, in discharging his or her duties to the mutual association, rely on informat…

215.524 Consideration of interests in addition to members’ interests. In discharging his or her duties to a mutual association organized under this subchapter and in determining what he or she believes to be in the best interests of the mutual association, a director or officer m…

215.525 Limited liability of directors and officers. (1) Except as provided in subs. (2) and (3), a director or officer of a mutual association organized under this subchapter is not liable to the mutual association, its members or creditors, or any person asserting rights on beh…

215.528 General operation of a mutual association. The general operations of a mutual savings and loan association shall comply with this subchapter and the applicable provisions of subch. I. History: 1975 c. 359; 1987 a. 13 s. 26s; Stats. 1987 s. 215.528.

215.53 Absorption involving mutual associations. (1) CONDITIONS PRECEDENT. (a) With the consent of the division and subject to any condition that the division prescribes, a mutual association organized under this chapter may, by an affirmative vote of at least two-thirds of the b…

215.56 Voluntary liquidation of a mutual association. (1) PROCEDURE FOR VOLUNTARY LIQUIDATION. (a) A mutual association may go into liquidation by a majority vote of the dollar value of the outstanding savings accounts at a members’ meeting held especially for that purpose, after…