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Wisconsin Statutes Banking and Finance (Ch. 214 to 225) § 214.035. Use of name

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) An institution organized under this chapter shall be known as a state savings bank and shall adopt a name that identifies it as such and that includes the term “savings”. The division shall approve the name of a savings bank.

(2) Notwithstanding sub. (1), an association, as defined in s. 215.01(1), that converts to a savings bank may use a name that does not include the term “savings” in its name if that name was approved for use by the association by the division under ch. 215 before February 12, 1992, and that name is approved by the division under this subsection as appropriate to identify the converted association as a savings bank.

(3) Notwithstanding sub. (1), a federally chartered financial institution that converts to a savings bank may use a name that does not include the term “savings” in its name if the financial institution did not use the term “savings” in its name on May 7, 1992, and its name is approved by the division as appropriate to identify the converted institution as a savings bank.

(4)(a) Except as provided in par. (c), no person may use the name, logo, or symbol, or any combination thereof, of a savings bank, or any name, logo, or symbol, or any combination thereof, that is deceptively similar to the name, logo, or symbol of a savings bank, in any marketing material provided to or solicitation of another person in a manner such that a reasonable person may believe that the marketing material or solicitation originated from or is endorsed by the savings bank or that the savings bank is responsible for the marketing material or solicitation.

(b) The division shall direct any person the division finds to have violated par. (a) to cease and desist from violating par. (a). If a person violates par. (a) after receiving such direction, the division may impose a forfeiture of up to $1,000 for each violation. Each instance in which marketing material is provided to another person or solicitation of another person takes place in violation of par. (a) constitutes a separate violation. This subsection does not affect the availability of any remedies otherwise available to a savings bank.

(c) Paragraph (a) does not apply to a person who uses the name, logo, or symbol of a savings bank in any of the following circumstances:

1. With the consent of the savings bank.

2. If the person is the savings bank, an affiliate of the savings bank, or an agent of the savings bank.

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Cite this article: FindLaw.com - Wisconsin Statutes Banking and Finance (Ch. 214 to 225) § 214.035. Use of name - last updated January 01, 2025 | https://codes.findlaw.com/wi/banking-and-finance-ch-214-to-225/wi-st-214-035/

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