215.33 Foreign associations.
215.33
215.33 Foreign associations.215.33(1)
(1) Doing business in this state. A foreign association is "doing business" in this state if it accepts funds for deposit in this state, takes loan applications in this state in the regular course of business, or otherwise engages in any activity which would, if engaged in by a domestic association or corporation, require it to be chartered under the laws of this state as a savings and loan association. However, a foreign association is not considered to be doing business in this state solely because it does one or more of the following:215.33(1)(a)
(a) Makes a mortgage loan in this state, purchases a loan secured by real property located in this state, or otherwise acquires an interest in real property located in this state.215.33(1)(b)
(b) Holds or disposes of any interest in real property located in this state.215.33(1)(c)
(c) Pursues its rights or remedies in this state as the owner of real estate or under the terms of a real estate mortgage or similar security interest.215.33(1)(d)
(d) Advertises in this state.215.33(2)
(2) Limitations on the activities of foreign association. The activities in which a foreign association may engage in this state are limited to those in which an association chartered by this state may engage, and are subject to the laws of this state to the same extent as those activities of an association chartered by this state. No foreign association may do business in this state without a certificate of authority issued under this section.215.33(3)
(3) Certificate of authority to do business.215.33(3)(a)
(a) Application fee and contents. Each application by a foreign association for a certificate of authority to do business in this state shall be accompanied by a $500 application fee payable to the office and shall contain:215.33(3)(a)1.
1. A certified copy of the association's current articles of incorporation and bylaws, or other similar governing documents.215.33(3)(a)2.
2. The name and address of an individual in this state who will serve as the association's agent under sub. (5).215.33(3)(a)3.
3. Satisfactory evidence that the association is in good standing with the authorities responsible for its supervision in the jurisdiction in which it is organized.215.33(3)(a)4.
4. If the accounts of the association are insured, satisfactory evidence that the insurance is in force.215.33(3)(a)5.
5. Such other information as the division may require.215.33(3)(b)
(b) Approval of applications. Upon receipt of a completed application and the required fee, the division may issue a certificate of authority. The certificate of authority may be subject to specific conditions that the division believes necessary to adequately safeguard the interests of the residents of this state. A certificate of authority to do business in this state shall not be issued unless:215.33(3)(b)1.
1. The association is in sound financial condition and entitled to public confidence, and the division is satisfied that the association will conduct its business in this state in accordance with the laws of this state.215.33(3)(b)2.
2. The accounts of the association are insured by the deposit insurance corporation or any other insurer acceptable to the division, or that adequate and sufficient securities have been deposited with the secretary of administration to assure that the association will meet its obligations to the residents of this state.215.33(3)(c)
(c) Revocation. The division may revoke a certificate of authority issued under this section if:215.33(3)(c)1.
1. The association fails to conduct its business in this state in accordance with the laws of this state.215.33(3)(c)2.
2. The association refuses to permit the division to conduct a complete examination of the association, or fails to pay applicable costs or fees.215.33(3)(c)3.
3. The division determines that the association is in an unsafe condition or that its continued operation in this state is otherwise inconsistent with the best interests of the residents of this state.215.33(4)
(4) Examination and audit of foreign associations. Each foreign association doing business in this state shall be examined by the division as provided under s. 215.03, audited under s. 215.25 and assessed fees and costs as provided under s. 215.02 (16), together with any out-of-state travel expenses incurred in the course of the examination and audit. However, the division may accept an examination to the extent permitted under s. 215.03 (2) (b) and may accept as all or part of the audit, all or any part of an audit made on behalf of the agency responsible for the supervision of the foreign association in the jurisdiction in which the association is organized.215.33(5)
(5) Designation of registered agent. Each foreign association doing business in this state shall maintain on file with the division the name and address of an individual in this state who is authorized to receive legal process on behalf of the association. The division shall maintain a current record of each individual so designated. The record of the division shall be conclusive evidence of the authority of the person whose name appears therein to receive process on behalf of the association.215.33(6)
(6) Reciprocity. If the laws of another jurisdiction prohibit an association chartered by this state and insured by the deposit insurance corporation from doing business in that jurisdiction, no association organized under the laws of that jurisdiction may be authorized to do business in this state. If the laws of another jurisdiction require the posting of securities or impose other additional requirements as a condition of permitting an association chartered by this state to do business in that jurisdiction, the division may impose similar requirements on an association organized under the laws of that jurisdiction before issuing the association a certificate of authority to do business in this state.215.33 - ANNOT.
History: 1975 c. 56; 1979 c. 287; 1983 a. 167; 1985 a. 135, 157; 1995 a. 27, 104; 2003 a. 33, 263.