Section 12.03. Advance notice required.

  Each savings bank proposing to engage in an activity authorized under s. 214.04 (21) , Stats., or proposing to change the place or manner in which it engages in such an activity, shall file with the division a written notice containing such information as the division may from time to time prescribe. No savings bank may commence any such activity until the savings bank has filed the written notice under this section. If the division regularly receives information on additions, deletions or changes in locations of remote service units from a supplier, a savings bank is excused from filing a written notice merely to add, delete or change the place at which it offers the services. A savings bank may not commence or continue to engage in any activity authorized under s. 214.04 (21) , Stats., if, in the opinion of the division, the activity is beyond the financial or management capabilities of the savings bank, would result in unfair competition among financial institutions, or is otherwise in violation of this chapter.

Cr. Register, February, 1994, No. 458 , eff. 3-1-94; 2015 Wis. Act 304 : am. Register April 2016 No. 724 , eff. 5-1-16.