Date of enactment:
2023 Assembly Bill 1105 Date of publication*:
2023 WISCONSIN ACT
AN ACT to amend 221.0802 of the statutes; relating to: eliminating an obsolete provision relating to the state trea-
surer (suggested as remedial legislation by the Office of the State Treasurer).
The people of the state of Wisconsin, represented in
senate and assembly, do enact as follows:
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 Commit-
tee under s. 13.83 (1) (c) 4. and 5., stats. After careful consid-
eration of the various provisions of the bill, the Law Revision
Committee has determined that this bill makes minor substan-
tive changes in the statutes, and that these changes are desir-
able 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 divi-
sion. 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 Depart-
ment of Financial Institutions”. Immediately upon post-
ing 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 Institu-
tions transfers certain moneys it receives relating to a bank liq-
uidation to the state treasurer.
* Section 991.11, WISCONSIN STATUTES: Effective date of acts. “Every act and every portion of an act enacted by the legislature over the governor’s
partial veto which does not expressly prescribe the time when it takes effect shall take effect on the day after its date of publication.”