Wisconsin 2023-2024 Regular Session

Wisconsin Senate Bill SB1058 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	LRB-5908/1
2	2	ARG:cdc
3	3	2023 - 2024 LEGISLATURE
4	4	2023 SENATE BILL 1058
5	5	February 21, 2024 - Introduced by LAW REVISION COMMITTEE. Referred to
6	6	Committee on Senate Organization.
7	7	*AUTHORS SUBJECT TO CHANGE*
8	8	AN ACT to amend 221.0802 of the statutes; relating to: eliminating an obsolete
9	9	provision relating to the state treasurer (suggested as remedial legislation by
10	10	the Office of the State Treasurer).
11	11	Analysis by the Legislative Reference Bureau
12	12	This bill eliminates an obsolete provision relating to the duties of the state
13	13	treasurer.
14	14	Under current law, a bank may place its affairs and assets under the control of
15	15	the Division of Banking in the Department of Financial Institutions, which takes
16	16	possession of the bank. The bank must pay the Division the actual cost of the
17	17	liquidation proceedings and the Division must transfer to the state treasurer the
18	18	amount paid.
19	19	In 2003 Wisconsin Act 33, the state treasurer's duty to have custody of moneys
20	20	paid into the state treasury was eliminated.
21	21	This bill eliminates the requirement that the Division transfer the amounts
22	22	described above to the state treasurer.
23	23	For further information, see the NOTES provided by the Law Revision
24	24	Committee of the Joint Legislative Council.
25	25	The people of the state of Wisconsin, represented in senate and assembly, do
26	26	enact as follows:
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29	29	3 - 2 -2023 - 2024 Legislature LRB-5908/1
30	30	ARG:cdc
31	31	SENATE BILL 1058
32	32	LAW REVISION COMMITTEE PREFATORY NOTE: This bill is a remedial legislation
33	33	proposal, requested by the Office of the State Treasurer and introduced by the Law
34	34	Revision Committee under s. 13.83 (1) (c) 4. and 5., stats. After careful consideration of
35	35	the various provisions of the bill, the Law Revision Committee has determined that this
36	36	bill makes minor substantive changes in the statutes, and that these changes are
37	37	desirable as a matter of public policy.
38	38	SECTION 1. 221.0802 of the statutes is amended to read:
39	39	221.0802 Banks may be placed in hands of division. A bank doing
40	40	business under this chapter may place its affairs and assets under the control of the
41	41	division by posting a notice on its front door, as follows: “This bank is in the hands
42	42	of the Division of Banking of the Department of Financial Institutions". Immediately
43	43	upon posting such notice, the bank shall notify the division of this action. The posting
44	44	of the notice, or the taking possession of a bank by the division, places the bank's
45	45	assets and property in the possession of the division, and bars any attachment
46	46	proceedings. For each day the division is placed in possession of the bank, and until
47	47	such time as a special deputy is appointed under s. 220.08 (4), the bank shall pay to
48	48	the division the actual cost of such liquidation proceedings. The division shall pay
49	49	the amounts to the state treasurer and the percentage specified in s. 20.144 (1) (g)
50	50	shall be credited to the appropriation account under s. 20.144 (1) (g).
51	51	NOTE: This SECTION eliminates the requirement that the Division of Banking in the
52	52	Department of Financial Institutions transfers certain moneys it receives relating to a
53	53	bank liquidation to the state treasurer.
54	54	(END)
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