Chapter 222, UNIVERSAL BANKS

222.0101 Title. This chapter may be cited as the “Wisconsin universal bank law.” History: 2003 a. 63.

222.0102 Definitions. In this chapter: (1) “Capital” of a universal bank means the sum of the following, less the amount of intangible assets that is not considered to be qualifying capital by a deposit insurance corporation or the division: (a) For a universal bank organized as …

222.0103 Applicability. (1) SAVINGS BANKS. A universal bank that is a savings bank organized under ch. 214 remains subject to all of the requirements, duties, and liabilities, and may exercise all of the powers, of a savings bank, except that, in the 222.0301 222.0303 222.0305 22…

222.0105 Fees. The division may establish such fees as it determines are appropriate for documents filed with the division under this chapter and for services provided by the division under this chapter. History: 2003 a. 63.

222.0107 Administration. (1) POWERS OF DIVISION. The division shall administer this chapter for all universal banks. (2) RULE-MAKING AUTHORITY. The division may promulgate rules to administer and carry out this chapter. The division may establish additional limits or requirements…

222.0201 Procedure. (1) APPLICATION. A financial institution may apply to become certified as a universal bank by filing a written application with the division. The application shall include all information required by the division. The application shall be on the forms and in a…

222.0203 Eligibility. (1) REQUIREMENTS. The division may approve an application from a financial institution for certification as a universal bank only if all of the following requirements are met: (a) The financial institution has been in existence and continuous operation for a…

222.0205 Certificate of authority. Upon approval of an application for certification as a universal bank, the division shall issue to the applicant a certificate of authority stating that the financial institution is certified as a universal bank under this chapter. History: 2003…

222.0207 Voluntary termination of certification. A financial institution that is certified as a universal bank under this chapter may elect to terminate its certification by giving 60 days’ prior written notice of the termination to the division. A termination under this section …

222.0301 Articles of incorporation and bylaws. A universal bank shall continue to operate under its articles of incorporation and bylaws as in effect prior to certification as a universal bank or as such articles or bylaws may be subsequently amended in accordance with the provis…

222.0303 Name. (1) USE OF “BANK”. Notwithstanding ss. 214.035, 215.40 (1) (c), and 215.60 (1) (c) and subject to subs. (2) and (3) (b), a universal bank may use the word “bank” in its name, without having to include the word “savings.” Notwithstanding ss. 215.40 (1) (a) and 215.6…

222.0305 Capital and assets. (1) CAPITAL REQUIREMENTS. Notwithstanding subch. VI of ch. 214 and ss. 215.24 and 221.0205, the division shall determine the minimum capital requirements of universal banks. (2) CERTAIN ASSET REQUIREMENTS. Section 214.045 does not apply to universal b…

222.0307 Acquisitions, mergers, and asset purchases. (1) IN GENERAL. A universal bank may, with the approval of the division, purchase the assets of, merge with, acquire, or be acquired by any other financial institution, universal bank, national bank, or federally chartered savi…

222.0401 Federal financial institution powers. (1) IN GENERAL. (a) Powers exercised by universal bank. Subject to any applicable requirements of sub. (2), a universal bank may exercise any power that may be directly exercised by a federally chartered savings bank, a federally cha…

222.0403 Loan powers. (1) PERMITTED PURPOSES. A universal bank may make, sell, purchase, arrange, participate in, invest in, or otherwise deal in loans or extensions of credit for any purpose. (2) IN GENERAL. (a) Percentage limitation. Except as provided in subs. (3) to (8), the …

222.0405 Investment powers. (1) INVESTMENT SECURITIES. Except as provided in subs. (3) to (8), a universal bank may purchase, sell, underwrite, and hold investment securities, consistent with safe and sound banking practices, up to 100 percent of the universal bank’s capital. A u…

222.0407 Universal bank purchase of its own stock. (1) IN GENERAL. A universal bank may hold or purchase not more than 10 percent of its capital stock, notes, or debentures, except as provided in sub. (2) or (3). (2) DIVISION APPROVAL. A universal bank may hold or purchase more t…

222.0409 Stock in bank-owned banks. With the approval of the division, a universal bank may acquire and hold stock in one or more banks chartered under s. 221.1202 or national banks chartered under 12 USC 27 (b) or in one or more holding companies wholly owning such a bank. Aggre…

222.0411 General deposit powers. (1) IN GENERAL. A universal bank may set eligibility requirements for, and establish the types and terms of, deposits that the universal bank solicits and accepts. The terms set under this subsection may include minimum and maximum amounts that th…

222.0413 Necessary or convenient powers, reasonably related or incidental activities, and other approved activities. (1) NECESSARY OR CONVENIENT POWERS. Unless otherwise prohibited or limited by this chapter, a universal bank may exercise all powers necessary or convenient to eff…

222.0415 Trust powers. Subject to rules of the division, a universal bank may exercise trust powers in accordance with s. 221.0316. History: 2003 a. 63.