Section 1.03. Definitions.

  In chs. DFI-SB 1 to 22 , unless otherwise indicated:

(1)  "Association" means a savings and loan association organized under ch. 215 , Stats. or doing business in this state under s. 215.33 , Stats.

(2)  "Commercial loan" means a secured or unsecured loan to a person for business, corporate, commercial or agricultural purposes.

(3)  "Consumer loan" means a secured or unsecured loan, or an interest in a loan, made to a natural person for a personal, family or household purpose. "Consumer loan" includes a loan reasonably incident to lending for a personal, family or household purpose but does not include a loan to a natural person for a commercial, corporate, agricultural or other business activity.

(4)  "Days" mean calendar days computed under s. 990.001 (4) , Stats.

(5)  "Development loan" means a loan:

(a) To finance the purchase of land or the accomplishment of all improvements required to convert the land to developed building lots, or both; or

(b) Made on the security of real estate upon which all facilities and improvements have been completely installed as required by local regulations and practices so that it is entirely prepared for the erection of structures.

(6)  "FDIC" means the federal deposit insurance corporation or any successor to it.

(7)  "Federal insuring agency" means the FDIC or other federal agency insuring the accounts of a savings bank.

(7m)  "LLC" means a limited liability company organized under ch. 183 , Stats.

(8)  "Mortgage insurance" means a policy of insurance indemnifying a lender in whole or in part against losses resulting from a borrower's failure to make contractual payments as specified in a mortgage note.

(9)  "Net worth ratio" means the ratio, expressed as a percentage, the numerator of which is the result of subtracting the savings bank's liabilities from its assets and adding to that number unallocated, general loan loss reserves, but not loss reserves for specific, identified losses, and the denominator of which is the savings bank's assets.

(10)  "Repossessed", in ch. DFI-SB 11 and s. DFI-SB 16.01 (7) , means acquired by purchase, exchange, surrender or otherwise as may be necessary to protect or enforce a savings bank's or a subsidiary's security interest or to collect claims or debts owed to either.

(11)  "Subsidiary" means any business in which a savings bank directly or indirectly owns an interest, and includes a service corporation, partnership, joint venture, LLC and a company or business in which a savings bank indirectly owns an interest through another subsidiary or a series of subsidiaries.

History: Cr. Register, February, 1994, No. 458 , eff. 3-1-94; correction in (10) made under s. 13.93 (2m) (b) 7., Stats., Register August 2001 No. 548 ; CR 98-137 : cr. (7m), am. (11) Register February 2003 No. 566 , eff. 3-1-03.

Note

The authority for savings banks to make commercial loans is s. 214.485 (8) , Stats. Microsoft Windows NT 6.1.7601 Service Pack 1 The authority for savings banks to make consumer loans is s. 214.485 (9) , Stats. Microsoft Windows NT 6.1.7601 Service Pack 1