Wisconsin Statutes 224.90 – Definitions
Current as of: 2023 | Check for updates
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In this subchapter:
Terms Used In Wisconsin Statutes 224.90
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
(1) “Division” means the division of banking.
(2) “In control” means any of the following:
(a) Owning 10 percent or more of the outstanding voting stock of a nondepository lender.
(b) Possessing, directly or indirectly, alone or in concert with others, the power to control or vote 10 percent or more of the outstanding voting stock of a nondepository lender or to elect or control the election of a majority of the board of directors of a nondepository lender.
(3) “Licensee” means a lender licensed under this subchapter.
(4) “Nondepository lender” means a commercial small business lender that participates in the loan guarantee program of the U.S. small business administration described in 13 C.F.R. 120.2 (a) and that provides financial assistance to small businesses that qualify for financial assistance pursuant to 15 U.S. Code § 636 (a). “Nondepository lender” does not include a bank, credit union, savings and loan association or savings bank.