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Can you summarize WIST Chapter 222?
Partnerships and Corporations; Transportation; Utilities; Banks; Savings Associations. > Universal banks.
Short Summary
The ‘Wisconsin universal bank law’ governs universal banks, which are financial institutions that have been issued a certificate of authority. The law defines the term ‘capital’ for a universal bank and provides definitions for related terms such as ‘deposit insurance corporation’ and ‘division’. Universal banks organized as savings banks, savings and loan associations, or banks remain subject to all the requirements, duties, and liabilities of their respective types. However, in case of a conflict, this law takes precedence. The law establishes requirements for certification as a universal bank, including a minimum of 3 years of existence, being well-capitalized, and meeting credit needs and consumer compliance regulations. Failure to maintain eligibility may result in limitations or revocation of the certificate of authority. The law also governs the use of the word ‘bank’ in the name of a universal bank, allowing them to use the word without including ‘savings’ and specifying requirements for name distinguishability. Universal banks in Wisconsin have various powers, including loan powers, investment powers, purchase of own stock, necessary or convenient powers, and trust powers. They can exercise powers directly or through subsidiaries, subject to certain limitations and approval by the division. The law does not mention specific exemptions or penalties.
Whom does it apply to?
Financial institutions seeking certification as a universal bank
What does it govern?
Universal banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Wisconsin