215.13 Powers of savings and loan associations.
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/wi/chapter-215/215-13-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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. 215.15 .
(3)Declaration and distribution of earnings on savings accounts. Declare and distribute earnings to savers, in accordance with s. 215.16 .
(4)Withdrawals of savings accounts. Pay withdrawal requests of savings accounts, in part or in full, in accordance with s. 215.17 .
(5)Close savings accounts. Close savings accounts, in part or in full, in accordance with s. 215.18 .
(6)Loans on savings accounts. Make loans to savers on the security of savings accounts owned by them, in accordance with s. 215.19 .
(7)Property improvement loans. Make property improvement loans in accordance with s. 215.20 .
(8)Insured or guaranteed loans. Make secured or unsecured loans, which are partially insured or guaranteed in any manner by the United States or any instrumentality thereof or for which there is a commitment to so insure or guarantee, pursuant to ch. 219 .
(9)Mortgage loans. Make mortgage loans in accordance with s. 215.21 .
(10)Additional collateral to mortgage loans. Accept additional collateral to mortgage loans in accordance with s. 215.21
(10).
(11)Purchasing mortgage loans. Purchase mortgage loans in accordance with s. 215.21
(13).
(12)Servicing of purchased mortgage loans. Negotiate servicing agreements to enable vendors of mortgage loans, purchased by the association, to collect payments for transmission to the association, in accordance with s. 215.21
(13).
(13)Selling mortgage loans. Sell mortgage loans in accordance with s. 215.21
(14).
(14)Servicing of mortgage loans sold. Negotiate servicing agreements to enable the association to collect payments for transmission to the purchasers of mortgage loans in accordance with s. 215.21
(14).
(15)Purchasing participating interests in mortgage loans. Purchase participating interests in mortgage loans from other lenders and negotiate servicing agreements with said lenders in accordance with s. 215.21
(15).
(16)Selling participating interests in mortgage loans. Sell participating interests in mortgage loans, to other lenders, and negotiate servicing agreements with said lenders in accordance with s. 215.21
(15).
(17)Acquiring real estate. Acquire real estate to enforce protection of its securities in accordance with s. 215.22
(1).
(18)Selling of acquired real estate. Sell acquired real estate in accordance with s. 215.22
(2).
(19)Acquiring real estate subject to sales contracts. Acquire real estate, subject to a sales contract, from any instrumentality of the United States.
(20)Purchasing property improvement loans. Purchase secured or unsecured property improvement loans from any person, whether or not such loans are partially insured or guaranteed in any manner by the United States or any instrumentality thereof, provided such loans could have been made by the association in the first instance.
(21)Acquiring assets of other associations. Acquire all or any part of the assets of any other association with prior approval of the division.
(22)Selling of assets to other associations. Sell all or any part of its assets to any other association with prior approval of the division.
(23)Association office building. Acquire real estate for use as the association’s office building in accordance with s. 215.23 .
(24)Membership in any federal finance or credit corporation. Become a member in any federal finance or credit corporation organized by an act of congress for aiding associations to utilize their resources and credit. Membership in such federal finance or credit corporation to include:
(a)Purchasing stock therein;
(b)Purchasing notes and debentures thereof;
(c)Borrowing money therefrom, not exceeding that allowed under sub.
(28).
(25)Membership in a national mortgage company. Become a member in, and purchase stock or securities of a national mortgage company, under the national housing act approved June 27, 1934, and acts amendatory thereof and supplemental thereto.
(26)Investment securities. Invest in the following types of securities, subject to such limitations as may be fixed by the division:
(a)United States government securities.
(b)Savings accounts of savings and loan associations doing business in the state.