Section DFI-CU 60.01 - Definitions(1) "Certificate of deposit" means a savings deposit evidenced by a non-negotiable instrument which provides, either on its face or in an accompanying clear and conspicuous disclosure: (a) The name or names of the depositor;(b) The principal amount of the deposit or initial deposit;(c) The dividend rate applicable to the certificate of deposit or initial deposit;(d) The expiration date at which time the certificate of deposit is due and payable upon surrender of the instrument; and(e) Other material terms applicable to the certificate of deposit. These terms shall include, but are not limited to, any penalties which may be imposed by the credit union for premature withdrawal of the funds by the member; and the terms and conditions under which the deposit may be renewed, extended or increased.(2) "Passbook savings account" means any book, statement of account, or similar record in which a running account of all moneys paid in or withdrawn by a credit union member on a savings account are recorded.Wis. Admin. Code Department of Financial Institutions DFI-CU 60.01
CR Register, April, 1982, No. 316, eff. 5-1-82.