Wisconsin Statutes 214.90 – Action to correct conditions
Current as of: 2024 | Check for updates
|
Other versions
The division may issue an order requiring a savings bank, savings bank subsidiary, service corporation, affiliate, savings bank holding company or a party affiliated with a savings bank to take action to correct any condition resulting from a violation or practice identified in the order. The division may by order require the savings bank, savings bank subsidiary, service corporation, affiliate, savings bank holding company or party affiliated with a savings bank to do any of the following:
Terms Used In Wisconsin Statutes 214.90
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Officers: when applied to corporations include directors and trustees. See Wisconsin Statutes 990.01
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
(1) Make restitution or provide reimbursement, indemnification or guarantees for or against losses if any of the following conditions occurs:
(a) The person was unjustly enriched or received direct or indirect personal benefit in connection with the violation or practice.
(b) The violation or practice involved a reckless disregard for applicable state or federal laws, regulations, rules or orders of the division or other appropriate regulator.
(2) Restrict the savings bank’s growth or institute appropriate operating restrictions.
(3) Dispose of any loan or asset involved.
(4) Rescind an agreement or contract.
(5) Submit candidates for future directors, employees or officers to the division for approval.
(6) Take any other action the division considers necessary.