EXECUTIVE BRANCH: COMMERCE                    
          451

  The independent Savings and Loan Review Board advises the commissioner
and assists in
agency rule-making. The board also serves as an appellate body for those
wishing to appeal any
action taken by the commissioner.
  Interagency Relationships: The office works with the Federal Savings and
Loan Insurance Cor-
poration through the Federal Home Loan Bank Board in conducting joint examinations
of
state-chartered insured savings and loan associations. The office also works
with the Depart-
ment of Justice, the Department of Agriculture, Trade and Consumer Protection,
Office of the
Commissioner of Credit Unions and the Office of the Commissioner of Banking
to resolve con-
sumer complaints involving state-chartered savings and loan associations
and to handle other
matters of mutual concern.




                           Office of the Commissioner of
                                   SECURITIES

Commissioner: ULICE PAYNE, JR., 266-3433.
Deputy Commissioner: MARGARET A. SATTERTHWAITE, 266-3433.
Program Assistant: KATHRYN L. RICE, 266-3433.
Office of General Counsel: RANDALL E. SCHUMANN, general counsel, 266-2139;
PATRICIA D.
  STRUCK, assistant general counsel, 266-2026.
Enforcement Division: WILLIAM C. LLOYD, chief attorney, 266-8559; STEPHEN
K. MUELLER, staff
   attorney, 266-7968; MARY BLANCHARD, staff attorney, 266-0943; THOMAS H.
HURST, staffaudi-
   tor, 266-0571; MARK E. DORMAN, examiner, 266-1365; MARK E. WYSOCKI, examiner,
266-
   2801.
 Franchise Investment Division: ALAN E. KORPADY, chief attorney, 266-3414;
KEVIN C. QUINN,
   examiner, 266-3399.
 Licensing and Regulation Division: vacancy, administrator, 266-7824; WILLIAM
C. RUFF, exam-
   iner, 266-1406; JUDITH A.L. WILSON, examiner, 266-7825; JOHN J. HORAK,
examiner, 266-0524.
 Securities Registration Division: JAMES R. FISCHER, administrator, 266-3289;
ANTON JACOBSON,
   examiner, 266-1603; CHERYL J. FRICKENSTEIN, examiner, 266-1157; JEAN E.
GILDING, exam-
   iner, 266-8360.
 Administration Division: STEPHANIE W. THORN, administrator, 266-3583.
 Mailing Address: Box 1768, Madison 53701; location: 111 1 West Wilson Street.
 Telephone: (608) 266-3431. Toll-free hotline: Greater Dane County Area -
(608) 266-3431;
   Greater Milwaukee Area - (414) 342-3020; remainder of state - (800) 362-3020.
 Publications: Bimonthly Securities Bulletin (short-form - $6.00 per year,
complete -$12.00 per
   year); Wisconsin Uniform Securities Law, Wisconsin Corporate Take-over
Law and Wiscon-
   sin Franchise Investment Law ($2.00 for booklet containing all 3 laws);
Administrative Rules
   of the Commissioner adopted under the Wisconsin Uniform Securities Law,
Wisconsin Cor-
   porate Take-Over Law and Wisconsin Franchise Investment Law ($2.00); Stocks,
Bonds and
   Other Notes for Investors (50 cents); Biennial Report; Securities/Franchise
Investor Protec-
   tion pamphlet; Investing--Questions and Answers.
 Number of Employes: 30.00.
 Total Budget 1983-85: $2,120,600.
 Statutory Reference: Section 15.85.
   History: The office was created as an independent regulatory agency by
Chapter 68, Laws of
   1939, and was continued and given its present name by Chapter 75, Laws
of 1967. From 1913
 until 1939, regulation of securities was under the jurisdiction successively
of the Railroad Com-
 mission, the Public Service Commission, and the Banking Commission. Wisconsin's
first "blue
 sky" law, regulating the sale of securities for the protection of the
investing public, was enacted
 in 1913. The state securities law was successively revised in 1919, 1933,
1941 and 1969. The
 Wisconsin Uniform Securities Law was enacted as Chapter 71, Laws of 1969,
following a study