214.90 Action to correct conditions. - Wisconsin Statutes

214.90

SUBCHAPTER XII
ENFORCEMENT POWERS
214.90 Action to correct conditions. The division may issue an order requiring a savings bank, savings bank subsidiary, service corporation, affiliate, savings bank holding company or a party affiliated with a savings bank to take action to correct any condition resulting from a violation or practice identified in the order. The division may by order require the savings bank, savings bank subsidiary, service corporation, affiliate, savings bank holding company or party affiliated with a savings bank to do any of the following:

214.90(1)

(1) Make restitution or provide reimbursement, indemnification or guarantees for or against losses if any of the following conditions occurs:

214.90(1)(a)

(a) The person was unjustly enriched or received direct or indirect personal benefit in connection with the violation or practice.

214.90(1)(b)

(b) The violation or practice involved a reckless disregard for applicable state or federal laws, regulations, rules or orders of the division or other appropriate regulator.

214.90(2)

(2) Restrict the savings bank's growth or institute appropriate operating restrictions.

214.90(3)

(3) Dispose of any loan or asset involved.

214.90(4)

(4) Rescind an agreement or contract.

214.90(5)

(5) Submit candidates for future directors, employees or officers to the division for approval.

214.90(6)

(6) Take any other action the division considers necessary.

214.90 - ANNOT.

History: 1991 a. 221; 1995 a. 27.