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Toepel, M. G.; Kuehn, Hazel L. (ed.) / The Wisconsin Blue Book, 1958

The state government: administrative branch,   pp. [323]-484 PDF (46.9 MB)

Page 339

                    BANKING DEPARTMENT                        339
to be appointed by the Governor by and with the consent of the
senate, and included provisions for the organization, operation and
supervision of banks in Wisconsin. Private banks as well as incorpor-
ated banks were permitted. Chapter 28, Laws of 1868, abolished the
office of Bank Comptroller, effective January 1, 1870, and placed
state incorporated and private banks under supervision of the State
Treasurer. Chapter 291, Laws of 1895, directed the State Treasurer,
with approval of the Governor, to appoint a Bank Examiner to be in
active charge of the supervision and examination of banks. The
Bank Examiner was authorized to appoint a deputy to assist him.
Banks were not examined prior to enactment of this chapter. Chapter
234, Laws of 1903, created a Banking Department to be under the
management and control of a Commissioner of Banking, appointed
by the Governor with advice and consent of the senate. This chapter
included the banking laws substantially in the form presently in
effect. Authority to operate private banks was abolished and all such
banks then in operation had 75 days from the date the law was pub-
lished, May 15, 1903, to incorporate under the Banking Department
or to go out of business. Chapter 374, Laws of 1933, abolished the
office of Commissioner of Banks and created a Banking Commission
consisting of 3 members, appointed by the Governor with the advice
and consent of the senate. Chapter 10, Laws of Special Session of
1931-32, created a Banking Review Board. Chapter 411, Laws of
1947, abolished the Banking Commission and created the position
of Commissioner of Banks. The act provided that the commissioner
appoint a deputy with consent of the Governor. The organization,
operation and supervision of credit unions was provided by Chapter
334, Laws of 1923.
  Consumer credit agencies were placed under the supervision of the
Banking Department by the following acts:
    Foreign exchanges              Chapter 217, Laws of 1921
    Small loan companies           Chapter 540, Laws of 1927
    Discount loan companies        Chapter 408, Laws of 1929
    Sales finance companies        Chapter 474, Laws of 1935
    Adjustment service companies   Chapter 515, Laws of 1935
    Collection agencies            Chapter 358, Laws of 1937
    Community currency exchanges Chapter 240, Laws of 1945
Bank Division. Administers the laws relating to state commercial
banks, mutual savings banks and trust company banks.
  1. Enforces the laws relating to banks and the banking business.
  2. Establishes rules and regulations relating to bank operations
     as authorized and directed by the statutes.
  3. Receives and acts upon applications for new banks.
  4. Examines all state banks at least once in each calendar year.
  5. Prepares and furnishes forms for report of condition of each
     bank at least twice in each year.
  6. Assesses and collects fees from banks covering cost of exami-
     nations and for the cost of maintenance of the Banking Depart-

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