The Wisconsin Banking Law Referendum was a Wisconsin referendum / legislatively-referred state statute on the November 8, 1898 ballot in Wisconsin, where it was defeated.
This referendum sought voter approval for revised banking laws passed by the legislature.
| Question 1|
|Yes|| 86,872|| 48.40%|
Official results via: Wisconsin Blue Book 2011 - 2012
Text of measure
The language that appeared on the ballot:
"For the Revised Banking Law as passed by the Legislature of 1897...☐
Against the Revised Banking Law as passed by the Legislature of 1897...☐
Major points of law:
- Creates a bank commissioner.
- Defines how banks are incorporated.
- Requires examination by commissioner before commencing business.
- Makes stockholders liable to assessment on value of stocks.
- Requires stockholders to pay capital stock deficiencies.
- Requires yearly examination.
- Require at least three yearly published business reports.
- Requires at least 15% of deposits to be kept on hand.
- Prohibits single loans to from exceeding 15% of capital and surplus.
- Prohibits loans to bank employees without majority vote of directors.
- Requires Unpaid debts "unless well secured" are written off as bad debts after 12 months.
- Requires bank shares to be assessed and taxed at the same ratio as other property.
- Provides strict penalties for violating the law.
Path to the ballot
- Law Submission: Ch.303 (1897)