- 2022 LEGISLATURE LRBa1286/1LRB-5195/2 ARG:cjsARG:skw ASSEMBLY AMENDMENT 1, TO ASSEMBLY BILL 961 February 14,7, 2022 - OfferedIntroduced by RepresentatiUGUST.RepresentativeUGUST, KATSMA, OUDENBECK , ARMSTRONG , PENTERMAN , A LLEN, DUCHOW , S ORTWELL, C ABRALG UEVARA, DALLMAN , PLUMER , M OSES, O LDENBURG, K UGLITSCH, K NODL, D ITTRIC, W ICHGERS, ANDERM EER, HORLACHER, RANDTJEN , ROOKS, BORN and MURPHY, cosponsored by Senators ELZKOWSKI and STROEBEL.

AtReferred theto locationsCommittee indicated,on amendState theAffairs. bill as follows:

1.A N A CT to create 224.28 of the statutes;

Pagerelating 2,to: line 6:

afterconfidentiality “institution"of insertfinancial “unlessinstitution theaccount disclosureinformation. is in response to a federal subpoena".

Analysis by the Legislative Reference Bureau This bill prohibits a bank, savings bank, savings and loan association, or credit union chartered under this state's law (state-chartered financial institution) from disclosing to the federal Internal Revenue Service deposit and withdrawal transaction information for any account held at the state-chartered financial institution.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

SECTION 1.

224.28 of the statutes is created to read:

224.28 Privacy of certain financial information.

(1) EFINITIONS.In this section:

(a) “Account” has the meaning given in s.

71.91 (8) (a) 1.

- 2022 Legislature - 2 - LRB-5195/2 ARG:skw ASSEMBLY BILL 961 SECTION 1 (b) “Financial institution" means a state bank organized under ch.

221, a savings bank organized under ch.

214, a savings and loan association organized under ch.

215, or a credit union organized under ch.

186.

(2) C ONFIDENTIAL ACCOUNT INFORMATION.

A financial institution may not disclose to the federal internal revenue service deposit and withdrawal transaction information for any account held at the financial institution.