186.113 Credit union powers.

324 words·~1 min read·/wi/chapter-186/186-113

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

186.113 Credit union powers. A credit union may:

(1)Branch offices. With the approval of the office of credit unions, establish branch offices inside or outside of this state. Permanent records may be maintained at branch offices established under this subsection. In this subsection, the term “branch office” does not include a remote terminal, a limited services office, or a service center.

(1s)Service centers. Upon notice to the office of credit unions, establish and maintain service centers that are reasonably necessary to furnish services to members. A credit union may operate a shared service center with one or more credit unions and may participate in a shared service center network that is operated from inside or outside of this state. This subsection does not prohibit a credit union from referring to a service center as a branch office. A service center shall be under the supervision of the office of credit unions.

(2)Credit union center corporation. With other credit unions, organize a credit union center corporation that provides facilities, equipment and personnel. A credit union center corporation shall be under the supervision of the office of credit unions.

(3)Financial counseling. Provide nonprofit financial counseling.

(4)Fees. Charge for perfection of security interests and investigations of borrowers.

(5)Third-party checks. Issue 3rd-party checks from an account of a member upon request of the member.

(6)Trust services.

(a)Contract with a trust organization authorized to do business in this state to provide trust services to the credit union’s members.

(b)Act as trustees or custodians of member tax deferred retirement funds, individual retirement accounts, medical savings accounts, or other employee benefit accounts or funds permitted by federal law to be deposited in a credit union.

(c)Act as a depository for member qualified and nonqualified deferred compensation funds as permitted by federal law.

(7)Acquiring interests in credit sales transactions. Purchase or acquire interests in credit sales transactions involving credit union members.