Wis. Admin. Code Department of Financial Institutions DFI-SL 2.07

Current through November 25, 2024

Section DFI-SL 2.07 - Communications with members

(1) MEMBERS' RIGHT TO COMMUNICATE.

(a) Although under s. 215.26(8), Stats., no person may be furnished with a partial or complete list of members, each member of a mutual association shall have the right to communicate with other members of the association under this section.

(b) This section does not apply to any communication which:

1. Without expressed factual foundation, impugns the character, integrity or reputation of any person, makes charges concerning improper or immoral conduct of any person, or impugns the stability or soundness of the association; or

2. Is not significantly related to the business of the association.

(2) NOTICE TO THE ASSOCIATION.

(a) A member wishing to communicate with other members under this section shall furnish the association with a signed request containing:

1. The requesting member's full name and address;

2. The nature and extent of his or her interest in the association;

3. A statement of the reasons for and the purposes of the communication requested;

4. A copy of the proposed communication; and

5. The date of any scheduled meeting of members at which the subject of the communication is expected to be presented for consideration.

(b) The request required in par. (a) shall be furnished to the association not less than 30 days before the annual or special meeting, at which the subject of the communication is to be presented for consideration.

(3) ASSOCIATION'S ACTION UPON RECEIVING NOTICE.

(a) Within 5 days after receiving a request under sub. (2), the association shall notify the requestor of:

1. The number of members of the association and the estimated cost that would be incurred by the association in handling and mailing the proposed communication; or

2. The association's decision not to honor the request because the request fails to comply with the requirements of this section or because the proposed communication is not within the scope of this section, stating the rationale in support of its decision.

(b) If circumstances beyond the association's control are anticipated to prevent mailing of the proposed communication in time for it to be received by members prior to a meeting indicated by the requestor under sub. (2) (a), the association shall so notify the requestor at the earliest possible time.

(c) Unless the association has notified the requestor that it will not honor the request, the association shall, upon receiving a sufficient number of copies of the communication and payment sufficient to defray the association's estimated cost of handling and mailing, mail the communication to all of its members at the earliest practicable date or at such later date as the requestor may specify.

(4) REVIEW BY DIVISION. Upon the request of any member or association, the division may review the appropriateness of form, content, frequency, subject or method of mailing any communication under this section, and the estimated cost of its handling and mailing.

Wis. Admin. Code Department of Financial Institutions DFI-SL 2.07

CR Register, June, 1989, No. 402, eff. 7-1-89.

This section interprets or implements ss. 215.03(1), 215.26(8), Stats.