215.13 Powers of savings and loan associations.
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/wi/chapter-215/215-13-3A 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.
(c)Savings accounts of savings and loan associations located outside the state, if those savings accounts are insured by the deposit insurance corporation.
(d)Bonds, notes or other evidences of indebtedness which are general obligations supported by the full faith and credit of any state in the United States or any city, town, village, county, technical college district or school district in any state in the United States if the obligations have been assigned one of the 4 highest grades by a nationally recognized investment rating service. Before purchasing any obligation under this paragraph other than an obligation issued in this state, the association shall ascertain whether suitable obligations issued in this state are available in the quantity sought by the association at a competitive rate of return at the time the investment is intended to be made. If such obligations are available, the association shall give preference to obligations issued in this state. Notwithstanding any other requirement of this paragraph, an association may invest not more than one percent of its assets in the obligations of any city, town, village, county, technical college district or school district in this state which are not assigned one of the 4 highest grades by a nationally recognized investment rating service, if the obligations are issued by a city, town, village, county, technical college district or school district in which the association maintains one or more offices.
(e)Certificates of deposit of a state or national bank.
(em)Shares of stock, whether purchased or otherwise acquired, in a corporation acquiring, placing and operating remote service units under sub.
(46).
(f)Such other types of securities which may be approved and authorized by the division.
(27)Lend money to other associations. Lend money to other savings and loan associations incorporated and operating under this chapter, subject to approval of the division.
(28)Borrowing money. Borrow money and issue its obligations for the borrowed money, including but not limited to obligations, bonds, notes or other debt securities. The aggregate amount borrowed under this subsection may not exceed 50 percent of the association’s total assets, except with the prior written approval of the division. An obligation, bond, note or other debt security may include a written provision subordinating the debt to claims of other creditors or of savers.
(29)Assign collateral for borrowed money. Assign as collateral for borrowed money its mortgages and mortgage notes or any of the securities enumerated in sub.
(26).
(30)Interest and other charges. Assess and collect interest, premiums, fines, fees and other charges. No savings and loan association may demand or receive for loans or discounts a rate of interest exceeding that allowed by law.
(31)Insurance of savings accounts. Insure the savings accounts of savers with the deposit insurance corporation or with another instrumentality approved by the division.
(32)Act as agent for the United States. Whenever designated by the secretary of the treasury of the U.S. or any other instrumentality of the U.S., and authorized by a resolution of the board of directors, act as agent for them, and perform all duties as agent that may be required.
(33)Store microfilm records of other associations. Act as custodian or keeper of microfilm records of other savings and loan associations for a fee.
(34)Place microfilm records for storage at other associations. Place microfilm records of the association for storage and safekeeping with another association for a fee.