186.45 Non-Wisconsin credit union, Wisconsin offices.
(1) Definitions. In this section:
(a) “Non-Wisconsin credit union" means a credit union organized under the laws of and with its principal office located in a state other than this state.
(b) “Wisconsin credit union" has the meaning given in s. 186.41 (1) (bm).
(2) Approval. A non-Wisconsin credit union may open an office and conduct business as a credit union in this state if the office of credit unions finds that Wisconsin credit unions are allowed to do business in the other state under conditions similar to those contained in this section and that all of the following apply to the non-Wisconsin credit union:
(a) It is a credit union organized under laws similar to the credit union laws of this state.
(b) It is financially solvent based upon national board ratings.
(c) It has member savings insured with federal share insurance.
(d) It is effectively examined and supervised by the credit union authorities of the state in which it is organized.
(e) It has received approval to open an office and conduct business as a credit union in this state from the credit union authorities of the state in which it is organized.
(f) It has a need to place an office in this state to adequately serve its members in this state.
(g) It meets all other relevant standards or qualifications established by the office of credit unions.
(3) Requirements. A non-Wisconsin credit union that opens an office and conducts business as a credit union in this state shall do all of the following:
(a) Grant loans at rates not in excess of the rates permitted for Wisconsin credit unions.
(b) Comply with this state's laws.
(c) Designate and maintain an agent for the service of process in this state.
(4) Records. As a condition of a non-Wisconsin credit union doing business in this state under this section, the office of credit unions may require copies of examination reports and related correspondence regarding the non-Wisconsin credit union.
History: 2003 a. 63, 326.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
186.015 - Credit union review board.
186.02 - Incorporation, bylaws, amendment, fees.
186.03 - Use of name exclusive.
186.035 - Deceptive or misleading use of credit union name, logo, or symbol.
186.06 - Membership meetings, fiscal year.
186.08 - Officers, management.
186.082 - Definitions applicable to indemnification and insurance provisions.
186.083 - Mandatory indemnification.
186.084 - Determination of right to indemnification.
186.085 - Allowance of expenses as incurred.
186.086 - Credit union may limit indemnification.
186.087 - Additional rights to indemnification and allowance of expenses.
186.088 - Court-ordered indemnification.
186.089 - Indemnification and allowance of expenses of employees and agents.
186.093 - Definitions applicable to liability-related provisions.
186.094 - Reliance by directors or officers.
186.095 - Consideration of interests in addition to members' interests.
186.096 - Limited liability of directors and officers.
186.10 - Minors' rights; shares in trust.
186.112 - Credit union borrowing.
186.113 - Credit union powers.
186.114 - Savings promotion prize programs.
186.115 - Additional credit union authority.
186.116 - Financially related services tie-ins.
186.118 - Incidental powers parity with federal credit unions.
186.12 - Compensation of officers, operation expenses.
186.14 - Expelled member rights and liabilities.
186.19 - Bonding requirements.
186.21 - Credit unions promoted.
186.235 - Office of credit unions.
186.315 - Charter cancellation.
186.32 - Corporate central credit union.
186.325 - National corporate central credit union.
186.34 - Federal share insurance.
186.36 - Sale of insurance in credit unions.
186.41 - Interstate acquisitions and mergers of credit unions.
186.45 - Non-Wisconsin credit union, Wisconsin offices.
186.52 - Customer access to appraisals.
186.53 - Customer access to credit reports.
186.70 - Record search; members' inspection of records.