LRB-4783/1
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2023 - 2024 LEGISLATURE
2023 ASSEMBLY BILL 1105
February 20, 2024 - Introduced by LAW REVISION COMMITTEE. Referred to
Committee on Rules.
***AUTHORS SUBJECT TO CHANGE***
AN ACT to amend 221.0802 of the statutes; relating to: eliminating an obsolete
provision relating to the state treasurer (suggested as remedial legislation by
the Office of the State Treasurer).
Analysis by the Legislative Reference Bureau
This bill eliminates an obsolete provision relating to the duties of the state
treasurer.
Under current law, a bank may place its affairs and assets under the control of
the Division of Banking in the Department of Financial Institutions, which takes
possession of the bank. The bank must pay the Division the actual cost of the
liquidation proceedings and the Division must transfer to the state treasurer the
amount paid.
In 2003 Wisconsin Act 33, the state treasurer's duty to have custody of moneys
paid into the state treasury was eliminated.
This bill eliminates the requirement that the Division transfer the amounts
described above to the state treasurer.
For further information, see the NOTES provided by the Law Revision
Committee of the Joint Legislative Council.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
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3 - 2 -2023 - 2024 Legislature LRB-4783/1
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ASSEMBLY BILL 1105
LAW REVISION COMMITTEE PREFATORY NOTE: This bill is a remedial legislation
proposal, requested by the Office of the State Treasurer and introduced by the Law
Revision Committee under s. 13.83 (1) (c) 4. and 5., stats. After careful consideration of
the various provisions of the bill, the Law Revision Committee has determined that this
bill makes minor substantive changes in the statutes, and that these changes are
desirable as a matter of public policy.
SECTION 1. 221.0802 of the statutes is amended to read:
221.0802 Banks may be placed in hands of division. A bank doing
business under this chapter may place its affairs and assets under the control of the
division by posting a notice on its front door, as follows: “This bank is in the hands
of the Division of Banking of the Department of Financial Institutions". Immediately
upon posting such notice, the bank shall notify the division of this action. The posting
of the notice, or the taking possession of a bank by the division, places the bank's
assets and property in the possession of the division, and bars any attachment
proceedings. For each day the division is placed in possession of the bank, and until
such time as a special deputy is appointed under s. 220.08 (4), the bank shall pay to
the division the actual cost of such liquidation proceedings. The division shall pay
the amounts to the state treasurer and the percentage specified in s. 20.144 (1) (g)
shall be credited to the appropriation account under s. 20.144 (1) (g).
NOTE: This SECTION eliminates the requirement that the Division of Banking in the
Department of Financial Institutions transfers certain moneys it receives relating to a
bank liquidation to the state treasurer.
(END)
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