Section 13.05. Commercial loans.

 

(1)   Activities authorized. A savings bank may do all of the following:

(a) Commercial loans. Make, invest in, sell, purchase, participate in, or otherwise deal in commercial loans.

(b) Consumer-related loans. Make loans to dealers in consumer goods to finance inventory, including floor planning loans.

(c) Commercial leases. Lease tangible personal property or real property acquired under s. DFI-SB 16.01 (2) for business, commercial, corporate, or agricultural purposes.

(d) "Indirect" commercial loans. Make an indirect commercial loan by purchasing commercial debt securities of a corporation which securities do not qualify as authorized investments.

(2)   Savings bank policy required. The board of directors of each savings bank making commercial loans shall establish a maximum dollar limit for such loans over which any unsecured portion of a commercial loan must be supported by a borrower's balance sheet and statement of operations attested to by an officer prior to the extension of credit and updated at least annually. This limit may be incorporated into the savings bank's commercial loan policy.

Cr. Register, February, 1994, No. 458 , eff. 3-1-94.

Note

This section interprets or implements ss. 214.03 , and 214.485 , Stats. Microsoft Windows NT 6.1.7601 Service Pack 1