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214.765

214.765 Unsafe and unsound practices; orders of prohibition and removal.

214.765(1)

(1) A violation of subch. VI or VII or s. 214.34, 214.59 or 214.76, or the failure to comply with recommendations of an examination report of the division within 60 days after the date of issuance of the report or within any other period the division specifies, shall be considered an unsafe and unsound practice and creates an unsafe and unsound condition in the savings bank. A savings bank or a person affiliated with a savings bank who violates these provisions shall be subject to a forfeiture under s. 214.935 and to other enforcement powers of the division under this subchapter, subch. XII and rules of the division.

214.765(2)

(2) Continued violation of any provision in sub. (1) after the division issues an order to correct shall subject the members of the board of directors of the savings bank to removal from the board and to a permanent order of prohibition under s. 214.91.

214.765(3)

(3) The division shall promulgate rules to implement this section.

214.765 - ANNOT.

History: 1991 a. 221; 1995 a. 27.

214.765 - ANNOT.

Cross Reference: See also s. DFI-SB 2.04, Wis. adm. code.