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Bills · 2013-2014 Regular Session

AB 858

Died at session end Official bill text Atom feed

Relating to: prohibiting certain actions against financial institutions for offers, promises, agreements, or commitments that are not in writing.

Court — Procedure Financial institution

  1. Introduced, stopped here
  2. Passes Assembly, not reached
  3. Passes Senate, not reached
  4. Governor signs, not reached
  5. Law, not reached

Unfamiliar terms? Glossary

What this bill does

Plain-language analysis by the nonpartisan Legislative Reference Bureau

This bill prohibits any person from bringing an action against a financial

institution or its affiliate on or in connection with an offer, promise, agreement, or

commitment to lend money, extend credit, or make any other financial

accommodation, or to renew, extend, modify, or permit a delay in repayment or

performance of a loan, extension of credit, or other financial accommodation, unless

the offer, promise, agreement, or commitment: 1) is in writing; 2) sets forth relevant

terms and conditions; and 3) is signed with an authorized signature by the financial

institution or its affiliate and delivered to the party seeking to enforce the offer,

promise, agreement, or commitment. Under the bill, a financial institution is a

state-chartered or federally chartered bank, savings bank, savings and loan

association, or credit union and its affiliate is a business entity that controls, is

controlled by, or is under common control with the financial institution. The bill does

not apply to credit transactions that are subject to the Wisconsin Consumer Act.

Sponsors

Introduced by: Craig (R) , Murphy (R) , Sanfelippo (R)

Full history

  1. Mar 10, 2014 · Assembly

    Introduced by Representatives Craig, Sanfelippo and Murphy

  2. Mar 10, 2014 · Assembly

    Read first time and referred to Committee on Financial Institutions

  3. Apr 8, 2014 · Assembly

    Failed to pass pursuant to Senate Joint Resolution 1