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Credit Union-Issued SecuritiesStatute: § 551.22(5), Wis. Stats. Used for: Securities issued by a federal or Wisconsin-chartered credit union. Filing requirement: Self-Executing. No filing or Consent to Service of Process is necessary in order to claim this exemption. Frequently asked questions: Q: Is the exemption self-executing? A: Yes. No filing or Consent to Service of Process is required. Q: Did the National Securities Market Improvement Act ("NSMIA") affect Wisconsin's ability to enforce this exemption? A. No. NSMIA did not affect states' ability to regulate Credit Union-issued securities. History: Adopted on January 1, 1970. Slightly different from the Uniform Securities Act § 402(a)(6) in that the Wisconsin statute does not expressly exempt industrial loan association-issued securities, expressly exempting only securities issued by credit unions "or similar associations." |
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