Section 8.03. Discrimination prohibited.

 

(1)   Prohibited bases of discrimination. No savings bank may, on the grounds of an applicant's physical condition, developmental disability as defined in s. 51.01 (5) , Stats., sex, marital status, race, color, creed, national origin, religion or ancestry:

(a) Deny a person any form of loan or credit service.

(b) Provide a person with any loan or credit service which is different from, or is provided in a different manner than, that provided other persons similarly situated.

(2)   Discrimination by location of security. No savings bank may deny or vary the terms of a written loan application on the grounds that the real estate proposed as security for a mortgage loan is located within a given geographic area.

(3)   Enforcement. In the enforcement of this section, the division shall consider business judgments made to achieve genuine business, economic or social policy needs, including:

(a) Diversification of a savings bank's investment portfolio.

(b) Operating within the scope of a savings bank's lending experience.

(c) Requiring that the terms of a mortgage loan be such that the amortization of the debt is not less than any reasonably anticipated decline in the value of real property securing the loan.

(d) Complying with state or federal laws or the rules or regulations of a state or federal agency.

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

Note

This section interprets or implements s. 138.20 , Stats. Microsoft Windows NT 6.1.7601 Service Pack 1