Credit Union-Issued Securities

Statute: § 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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