reglab/statecodes huggingface dataset:
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.203 - Delinquency charges.

422.203
Delinquency charges.
(1)
With respect to a consumer credit transaction other than one pursuant to an open-end credit plan, the parties may agree to a delinquency charge on any installment not paid in full on or before the 10th day after its scheduled or deferred due date in an amount not to exceed $10 or 5 percent of the unpaid amount of the installment, whichever is less.
(2)
No delinquency charge may be collected on an installment which is paid in full on or before the 10th day after its scheduled or deferred due date even though an earlier maturing installment or a delinquency charge on an earlier installment may not have been paid in full. For purposes of this subsection payments are applied first to current installments and then to delinquent installments.
(3)
A delinquency charge under sub. (1) may be collected only once on an installment however long it remains in default. A delinquency charge may not be collected for a late installment if, with respect to that installment, there has been a deferral.
(4)
(a)
With respect to a consumer credit transaction, interest after the final scheduled maturity date may not exceed the greater of either 12 percent per year or the annual rate of finance charge assessed on that transaction if the transaction is entered into on or after April 6, 1980 and prior to November 1, 1981, and may not exceed the maximum rate permitted by s. 138.05 (1) (a), if the transaction is entered into prior to April 6, 1980, but if such interest is charged no delinquency charge may be taken on the final scheduled installment.
(c)
With respect to a consumer credit transaction, interest after the final scheduled maturity date shall not exceed the greater of either 12 percent per year or the annual rate of finance charge assessed on that transaction if the transaction is entered into on or after November 1, 1981, but if interest is charged no delinquency charge may be taken on the final scheduled installment.
(5)
A violation of this section is subject to s. 425.304.
History:  1971 c. 239; 1979 c. 10, 168; 1981 c. 45; 1991 a. 39; 1997 a. 302.
A fee that is required in order to allow the reinstatement of payments after a default is a delinquency charge. Burny v. Thorn, 944 F. Supp. 762 (1996).
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.205 - Finance charge on refinancing.

422.205
Finance charge on refinancing.
(1)
With respect to a consumer credit transaction other than one pursuant to an open-end credit plan, the merchant may by agreement with the customer refinance the unpaid balance and may bargain for and receive a finance charge based on the amount financed resulting from the refinancing at a rate not exceeding that permitted in s. 422.201.
(2)
For the purpose of determining the finance charge permitted in refinancing, the amount financed resulting from the refinancing shall constitute the total of the following:
(a)
The amount which the customer would have been required to pay upon prepayment pursuant to the provisions on rebate upon prepayment under s. 422.209 on the date of refinancing, except that for the purpose of computing this amount no minimum finance charge under s. 422.201 (9) shall be allowed; and
(b)
Appropriate additional charges under s. 422.202, included for the period of refinancing.
(3)
The maximum period for payments resulting from refinancing under this section shall not exceed the periods provided in s. 422.403 commencing with the date of refinancing, but the outstanding balances for the purposes of that section shall be based on the amount financed resulting from such refinancing.
(4)
A violation of this section is subject to s. 425.304.
History:  1971 c. 239; 1979 c. 10 s. 24.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.206 - Finance charge on consolidation.

422.206
Finance charge on consolidation.
(1)
If a customer owes an unpaid balance to a creditor with respect to a consumer credit transaction and becomes obligated on another consumer credit transaction or desires to enter into another consumer credit transaction with the same creditor, the parties may agree to a consolidation resulting in a single schedule of payments.
(2)
The unpaid balance with respect to the previous transaction shall be determined under s. 422.205 and the amount financed resulting therefrom shall be consolidated by adding to it the amount financed with respect to the subsequent transaction. The creditor may contract for and receive a finance charge based on the aggregate amount financed resulting from consolidation at a rate not exceeding that permitted by s. 422.201.
(3)
The maximum period for payments resulting from consolidation under this section shall not exceed the periods provided for in s. 422.403 commencing with the date of consolidation but the outstanding balances for the purposes of that section shall be based on the amount of the consolidated outstanding balance.
(4)
A violation of this section is subject to s. 425.304.
History:  1971 c. 239.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.207 - Advances to perform agreements of customer.

422.207
Advances to perform agreements of customer.
(1)
With respect to a consumer credit transaction the parties may, to the extent not prohibited by chs. 421 to 427 and 429, agree that the customer will perform certain duties with respect to preserving or insuring collateral or goods subject to a motor vehicle consumer lease, if such duties are reasonable in relation to the risk of loss of or damage to the collateral or goods. If the customer fails to so perform the creditor may, if authorized by the agreement, pay for the performance of such duties on behalf of the customer. The amount paid may be added to the unpaid balance of the customer's obligation, if, in the absence of performance, the merchant has made all expenditures on behalf of the customer in good faith and in a commercially reasonable manner and the merchant has given the customer written notice of the nonperformance and reasonable opportunity after such notice to so perform.
(2)
Within a reasonable time after advancing any sums pursuant to sub. (1), the merchant shall state to the customer in writing the amount of the sums advanced, any charges with respect to this amount and any revised payment schedule and, if the duties of the customer performed by the merchant pertain to insurance, a brief description of the insurance paid for including the type and amount of coverages.
(3)
A finance charge may be made for sums advanced pursuant to sub. (1) at a rate not exceeding the rate stated to the customer pursuant to the provisions on disclosure in subch. III, or if no disclosure is required then at the annual rate of finance charge assessed on that transaction. With respect to an open-end credit plan the amount of the advance may be added to the unpaid balance of the account and the merchant may make a finance charge not exceeding that permitted by s. 422.201.
(4)
A violation of this section is subject to s. 425.304.
History:  1971 c. 239; 1979 c. 10, 89; 1995 a. 329; 1997 a. 302.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.208 - Right to prepay.

422.208
Right to prepay.
Subject to s. 422.209 and, with respect to a motor vehicle consumer lease, s. 429.207, the customer may prepay in full or in any part, at any time without penalty, the unpaid balance of any consumer credit transaction other than a transaction secured by a first lien mortgage or equivalent security interest on real estate with an original term of 10 years or more and on which the annual percentage rate disclosed pursuant to subch. III is 10 percent or less.
History:  1971 c. 239; 1995 a. 329.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.210 - Agricultural credit transactions.

422.210
Agricultural credit transactions.
(1)
Permissible finance charges and fees. With respect to a credit transaction that it is primarily for an agricultural purpose, a creditor may not charge, collect or receive any finance charge or fee unless the charge or fee is clearly disclosed in writing to the customer and that is agreed to by the creditor and the customer.
(2)
Penalty. A violation of this section is subject to s. 425.304.
History:  1997 a. 302.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.301 - Requirements of federal act.

422.301
Requirements of federal act.
In addition to the disclosures required by the federal consumer credit protection act, if any, the creditor shall disclose to the customer to whom credit is extended the information required by this subchapter. With respect to every consumer credit sale payable in installments (s. 421.301 (30)) upon which no separate finance charge is stated or imposed (s. 421.301 (20)) the creditor shall make disclosures in accordance with the federal consumer credit protection act, to the extent applicable, whether or not such act requires such disclosures to be made.
History:  1971 c. 239; 1979 c. 10.
The Functions of Disclosure Regulation in Consumer Transactions. Whitford. 1973 WLR 400.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.302 - General requirements and provisions.

422.302
General requirements and provisions.
(1)
The information required by this subchapter to be disclosed by the creditor to the customer to whom credit is extended:
(a)
Shall be made clearly and conspicuously;
(b)
Shall be in writing;
(c)
Except as provided in s. 422.303 and in rules adopted by the administrator, need not be contained in a single writing or made in the order set forth in chs. 421 to 427;
(d)
May be supplemented by additional information or explanations supplied by the creditor, but none shall be stated, utilized or placed so as to mislead or confuse the customer or contradict, obscure or detract attention from the information required by this subchapter to be disclosed; and so long as the additional information or explanations do not have the effect of circumventing, evading or unduly complicating the information required to be disclosed by this subchapter; and
(e)
Need be made only to the extent applicable and only as to those items for which the creditor makes a separate charge to the customer.
(2)
The creditor shall disclose all information required by this subchapter before the transaction is consummated; such disclosures may be made on the face of the writing evidencing the transaction.
(3)
Before any payment is due, the creditor shall furnish the customer with an exact copy of each instrument, document, agreement and contract which is signed by the customer and which evidences the customer's obligation. If there is more than one customer, delivery of copies of the documents to one of them constitutes compliance with this subsection.
(4)
Anything to the contrary in chs. 421 to 427 notwithstanding, the sale of insurance under ch. 424 shall not be considered a sale requiring separate disclosure other than as provided in s. 422.202 (1).
History:  1971 c. 239; 1979 c. 10, 89.
When a merchant first informed the customer of 24 percent interest to be charged on an open account in statements of the account provided after the account was opened, sub. (2) and s. 422.308 were violated and the merchant was only entitled to interest under s. 138.04. Severson Agri-Service, Inc. v. Lander, 172 Wis. 2d 269, 493 N.W.2d 230 (Ct. App. 1992).
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.304 - Prohibition of blank writings.

422.304
Prohibition of blank writings.
(1)
Every writing evidencing a consumer credit transaction shall be completed as to all essential provisions prior to the signing thereof by the parties, and no creditor shall induce, encourage or otherwise permit the customer to sign a writing containing blank spaces which are to be filled in after it is signed except for a space provided for the identifying numbers of goods if not available at the time of the transaction. Blanks relating to price, charges or terms of payment which are inapplicable to a transaction must be filled in a manner which reveals their inapplicability unless their inapplicability is clearly and conspicuously indicated.
(2)
A violation of this section is subject to s. 425.304.
History:  1971 c. 239.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.305 - Notice to obligors.

422.305
Notice to obligors.
(1)
No natural person is obligated to assume personal liability for payment of an obligation arising out of a consumer credit transaction unless the person, in addition to signing the writing evidencing the consumer credit transaction, or a separate guaranty or similar instrument, also either receives a copy of each instrument, document, agreement and contract which is signed by the customer and which evidences the customer's obligation to pay, or signs and receives at the time of signing a separate instrument in substantially the following language:
EXPLANATION OF
PERSONAL OBLIGATION
(a) You have agreed to pay the total of payments under a consumer credit transaction between .... (name of customer) and .... (name of merchant) made on .... (date of transaction) for .... (description of purpose of credit, i.e. sale or loan) in the amount of $.....
(b) You will be liable and fully responsible for payment of the above amount even though you may not be entitled to any of the goods, services or loan furnished thereunder.
(c) You may be sued in court for the payment of the amount due under this consumer credit transaction even though the customer named above may be working or have funds to pay the amount due.
(d) This explanation is not the agreement under which you are obligated, and the guaranty or agreement you have executed must be consulted for the exact terms of your obligations.
(e) You are entitled now, or at any time, to one free copy of any document you sign evidencing this transaction.
(f) The undersigned acknowledges receipt of an exact copy of this notice.
.... (Signature)
(2)
The notice must be printed, typed or otherwise reproduced in a size and style equal to at least 10-point boldface type or such similar type as prescribed by the administrator, and shall contain only the matter above set forth and the address of the merchant.
(3)
This notice shall not be required to be given to a merchant who endorses or is otherwise liable for payment to an assignee or holder of the customer's obligation.
(4)
The notice required by this section shall not act to increase or decrease the liability of a cosigner.
(5)
Taking or arranging for a person to sign an instrument in violation of this section is a violation subject to s. 425.304.
History:  1971 c. 239; 1973 c. 3; 1979 c. 10.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.306 - Receipts; accounting; evidence of payment.

422.306
Receipts; accounting; evidence of payment.
(1)
The creditor shall furnish the customer, without request, a written receipt for each payment made in cash, or any other time the method of payment does not itself provide evidence of payment.
(2)
At any time after consummation of a consumer credit transaction other than one pursuant to an open-end credit plan, the creditor, upon written request by the customer, shall furnish to the customer a written statement of the amounts and specifying the dates of payments received and charges imposed, together with the unpaid balance at the time of the statement. With respect to transactions secured by a first lien mortgage, or equivalent security interest, on real property such statement need specify only the dates and amounts of payments received and charges imposed during the previous 12 months, and the unpaid balance remaining at the time of the statement. The customer shall be entitled to one such statement free of charge once every 12 months. Additional statements shall be furnished if the customer pays the creditor's reasonable costs of preparing and furnishing the statement.
(3)
With respect to an open-end credit plan, the creditor shall at any time upon written request by the customer, furnish to the customer a written statement, which may consist of copies of the periodic statements furnished to the customer under the plan, specifying the dates and amounts of purchases or loan credit extended and payments received during the previous 12 months, and the unpaid balance remaining at the time of the statement. The customer shall be entitled to one such statement at a charge not in excess of $1 once every 12 months. Additional statements shall be furnished if the customer pays the creditor's reasonable costs of preparing and furnishing the statement.
(4)
Except as provided in s. 708.15, within 45 days after payment by the customer of all sums for which the customer is obligated under a consumer credit transaction other than one pursuant to an open-end credit plan, the creditor shall give or forward to the customer instruments which acknowledge payment in full, and release of any security interest when there is no outstanding secured obligation, and furnish to the customer or the customer's designee evidence of the release or assignment to such designee of any recorded lien on real estate and termination of any filed financing statement which perfected such security interest.
History:  1971 c. 239; 1991 a. 316; 2013 a. 66.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.307 - Estimates or approximations.

422.307
Estimates or approximations.
If at the time disclosures must be made, an amount or other item of information required to be disclosed or needed to determine a required disclosure is unknown or not available to the creditor, and a reasonable effort has been made to ascertain it, the creditor may use an estimated amount or approximation of the information, if:
(1)
The estimate or approximation is clearly identified as such, is reasonable and is based on the best information available to the creditor; and
(2)
The estimate or approximation is not used for the purpose of circumventing or evading the disclosure requirements of this subchapter.
History:  1971 c. 239.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.308 - Open-end credit disclosures.

422.308
Open-end credit disclosures.
(1)
With regard to every open-end credit plan between a creditor, wherever located, and a customer who is a resident of this state and who is applying for the open-end credit plan from this state, every application for the open-end credit plan, including every application contained in an advertisement, shall be appropriately divided and captioned by its various sections and shall set forth all of the following:
(a)
The annual percentage rate or, if the rate may vary, a statement that it may do so and of the circumstances under which the rates may increase, any limitations on the increase and the effects of the increase.
(b)
The date or occasion upon which the finance charge begins to accrue on a transaction.
(c)
Whether any annual fee is charged and the amount of the fee.
(d)
Whether any other charges or fees may be charged, what they may be charged for and the amounts of the charges or fees.
(2)
With regard to every open-end credit plan between a creditor, wherever located, and a customer who is a resident of this state and who is given the opportunity to enter into an open-end credit plan while present in any establishment located in this state but who is not required to complete an application under sub. (1), the customer shall be given a notice prior to entering into the open-end credit plan. The notice shall be appropriately divided and captioned by its various sections and shall set forth all of the information in sub. (1) (a) to (d).
(3)
The administrator shall publish an annual creditors' noncompliance report on November 1. The report shall set forth the names of creditors that the administrator knows, or reasonably believes, to have violated this section during the preceding 12 months, unless the administrator knows or reasonably believes that the violation or violations were the result of unintentional good faith error.
(4)
A violation of this section is subject to s. 425.304 unless the violation was the result of an unintentional good faith error.
(5)
If any part of this section is found unconstitutional with regard to a creditor solely or in any part because the creditor is located outside of this state, that part of this section shall not apply to any creditor located within this state.
History:  1985 a. 244.
When a merchant first informed the customer of 24 percent interest to be charged on an open account in statements of the account provided after the account was opened, s. 422.302 and subs. (1) and (2) were violated and the merchant was only entitled to interest under s. 138.04. Severson Agri-Service, Inc. v. Lander, 172 Wis. 2d 269, 493 N.W.2d 230 (Ct. App. 1992).
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.310 - Refund anticipation loans.

422.310
Refund anticipation loans.
(1)
In addition to any other requirements under this subchapter, a creditor shall disclose all of the following in writing to a customer on a form that is signed by the customer before the customer enters into a refund anticipation loan:
(a)
Any refund anticipation loan fees.
(b)
Any charge or fee for electronically filing an income tax return.
(c)
The total dollar amount of all charges and fees under pars. (a) and (b).
(d)
The anticipated length of time, within 2 business days, by which the customer will receive the refund anticipation loan proceeds.
(e)
That the customer may electronically file an income tax return without obtaining a refund anticipation loan.
(f)
The anticipated length of time within which the customer could reasonably expect to receive a tax refund if the income tax return is filed electronically and the customer does not request a refund anticipation loan.
(g)
That the customer is responsible for repayment of the refund anticipation loan and refund anticipation loan fees even if the income tax refund is not paid or is paid in a lower amount than was anticipated.
(h)
The estimated annual percentage rate, based on the size of the refund anticipation loan, the refund anticipation loan fees and the anticipated maturity date of the refund anticipation loan. The anticipated maturity date shall be the date disclosed under par. (f).
(2)
A creditor may not impose a different fee or charge for electronically filing an income tax return on a customer who obtains a refund anticipation loan than the creditor imposes on a customer who does not obtain a refund anticipation loan.
(3)
A violation of this section is subject to s. 425.304.
History:  1993 a. 111.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.403 - Maximum periods of repayment.

422.403
Maximum periods of repayment.
(1)
With respect to a consumer credit transaction other than one pursuant to an open-end credit plan or one pursuant to s. 138.09, no merchant shall initially schedule payments to be paid in full:
(a)
Over a period of more than 25 months if the total of payments is $700 or less;
(b)
Over a period of more than 37 months if the total of payments is more than $700, but does not exceed $1,400; or
(c)
Over a period of more than 49 months if the total of payments is more than $1,400, but does not exceed $2,000, unless the transaction is for the acquisition of or substantial improvement to real property in which case such period shall not exceed 61 months.
(2)
With respect to a consumer credit transaction other than one pursuant to an open-end credit plan or one pursuant to s. 138.09, which is for the purpose of an improvement to real property and in which the annual percentage rate disclosed under subch. III is 15 percent or less, no merchant may initially schedule payments to be paid in full:
(a)
Over a period of more than 25 months if the total of payments is $300 or less;
(b)
Over a period of more than 48 months if the total of payments is more than $300, but does not exceed $1,000; or
(c)
Over a period of more than 60 months if the total of payments is more than $1,000, but does not exceed $2,000.
(3)
The periods specified in subs. (1) and (2) shall commence with the date of first payment or when the finance charge begins to accrue, whichever is earlier.
(4)
This section shall not apply to loans made, guaranteed or funded by federal or state agencies and loans made, guaranteed or funded by nonprofit educational institutions or foundations qualifying under section 501 (c) (3) of the internal revenue code, for purposes of post-high school education.
(4m)
This section does not apply to loans made by an administrative agency within the executive branch established under ch. 15.
(5)
Taking or arranging for the customer to sign an instrument in violation of this section is subject to s. 425.304.
History:  1971 c. 239; 1973 c. 3, 4, 243; 1981 c. 20, 391.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.404 - Assignment of earnings.

422.404
Assignment of earnings.
(1)
No merchant shall take or arrange for an assignment of earnings of the customer for payment or as security for payment of an obligation arising out of a consumer transaction unless such assignment is revocable at will by the customer.
(2)
A revocable assignment of earnings made as payment or as security for payment of an obligation arising out of a consumer credit transaction, which would otherwise expire under s. 241.09, shall be deemed to be renewed for a term not to exceed 6 months if:
(a)
The original authorization contained a conspicuous notice of the customer's right to revoke;
(b)
Prior to expiration, the merchant mails a notice to the customer which conspicuously states that the assignment of earnings is revocable, and that it shall continue to run for not more than 6 additional months, unless the merchant receives notice of revocation; and
(c)
The customer does not revoke the assignment.
(3)
A violation of this section is subject to s. 425.304.
History:  1971 c. 239; 1973 c. 3.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.405 - Authorization to confess judgment prohibited.

422.405
Authorization to confess judgment prohibited.
(1)
No merchant shall take or accept from the customer a warrant or power of attorney or other authorization for the creditor, or other person acting on the creditor's behalf, to confess judgment.
(2)
A violation of this section is subject to s. 425.305.
History:  1971 c. 239; 1991 a. 316.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.406 - Negotiable instruments.

422.406
Negotiable instruments.
(1)
In a consumer credit sale or lease transaction, no seller or lessor shall take a negotiable instrument (s. 403.104), other than a check, as evidence of the obligation of the customer.
(2)
In a consumer loan transaction which constitutes an interlocking loan (s. 422.408), no creditor shall take a negotiable instrument (s. 403.104), other than a check, as evidence of the obligation of the customer.
(3)
The holder to whom an instrument issued in violation of this section is negotiated, notwithstanding that the holder may otherwise be a holder in due course of such instrument, is subject to all claims and defenses of the customer against the payee, subject to sub. (4).
(4)
Such holder's liability under this section is limited to:
(a)
The amount owing to the holder on such instrument at the time the holder receives notice of a claim or defense of the customer against such payee; plus
(b)
If the customer has obtained a judgment against such payee and execution with bond is issued within one year after judgment and is returned unsatisfied, the amount paid by the customer to the holder before the holder received notice of the claim or defense of the customer, if such claim is made against the holder within 2 years after such judgment is returned unsatisfied. Any judgment against the payee, other than a default judgment, shall be binding on the holder.
(5)
Taking or arranging for the customer to sign an instrument in violation of this section is subject to s. 425.304.
History:  1971 c. 239; 1973 c. 2; 1991 a. 316.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.409 - Notice of assignment.

422.409
Notice of assignment.
(1)
The customer is authorized to pay the assignor until the customer receives notification of assignment of the rights to payment pursuant to a consumer credit transaction and that payment is to be made to the assignee. A notification which does not reasonably identify the rights assigned is ineffective. If requested by the customer, the assignee must seasonably furnish reasonable proof that the assignment has been made and unless the assignee does so the customer may pay the assignor.
(2)
The notification of assignment shall be in writing and addressed to the customer at the customer's address as stated in the contract, shall be accompanied by a copy of the contract or shall identify the contract, describe the goods or services, state the names of the assignor and the customer, the name and address of the assignee, the number, amount and due dates or periods of payments scheduled to repay the indebtedness and, except in the case of a transaction secured by a first lien mortgage or equivalent security interest for the purpose of the acquisition of a dwelling, the total of payments. A provision in the assigned contract that the customer waives or will not assert claims or defenses against the assignee under s. 422.407 (2) shall not be effective unless the notification of assignment also contains a clear and conspicuous statement that the customer has 12 months within which to notify the assignee in writing of any complaints, claims or defenses the customer may have against the assignor and that if the customer does not give such notice, the assignee or subsequent assignees will have the right to enforce the contract free of such claims or defenses subject to chs. 421 to 427.
History:  1971 c. 239; 1973 c. 2, 3; 1991 a. 316.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.410 - Statements of compliance or performance.

422.410
Statements of compliance or performance.
Statements in the form of acknowledgments, certificates of performance or otherwise, signed by the customer, to the effect that there has been compliance with any of the requirements of chs. 421 to 427 or performance by the other party or parties to the transaction shall create no presumption that the facts recited in such statements are true.
History:  1971 c. 239; 1979 c. 89.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.411 - Attorney fees.

422.411
Attorney fees.
(1)
Except as provided in subs. (2) and (2m), with respect to a consumer credit transaction no term of a writing may provide for the payment by the customer of attorney fees.
(2)
With respect to a consumer transaction in which credit is extended for the purpose of acquiring or refinancing the acquisition of residential real property, which is secured by a first lien or purchase money mortgage or equivalent security interest on such property, and on which the annual percentage rate disclosed pursuant to subch. III is 12 percent or less, the creditor may contract for the customer's payment of reasonable attorney fees actually incurred by the creditor, but the customer shall be liable for such fees only to the extent:
(a)
Such fees are payable to a licensed attorney who is not an employee of the creditor; and
(b)
Such fees do not exceed 5 percent of the amount of the judgment entered against the customer, or $100 in the event no judgment is so entered and the dispute is settled prior to judgment.
(2m)
A lender licensed under s. 138.09 may contract for the customer's payment of reasonable attorney fees actually incurred by the licensed lender to foreclose a mortgage or equivalent security interest in residential real property, but the customer is liable for attorney fees only if all of the following conditions are satisfied:
(a)
The fees are payable to a licensed attorney who is not an employee of the licensed lender.
(b)
The fees do not exceed 5 percent of the amount of the judgment entered against the customer, or $100 in the event a judgment is not entered and the dispute is settled before judgment.
(3)
Taking or arranging for the customer to sign an instrument in violation of this section is subject to s. 425.304.
History:  1971 c. 239; 1973 c. 3; 1993 a. 368, 490; 1997 a. 302.
Legislative Council Note, 1973: Broadens the range of residential real estate transactions in which the limited amount of attorney fees allowed by the Wisconsin consumer act can be contracted for. The amendment's effect is to allow all first lien and purchase money creditors, and creditors refinancing a first lien or purchase money transaction, to contract for attorney fees. As the section now reads, only purchase money first mortgagees may contract for them. As amended, all such creditors will be treated in an equal manner. [Bill 432-A]
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.412 - Restriction on liability in consumer lease.

422.412
Restriction on liability in consumer lease.
In a consumer lease, the obligation of a customer upon expiration of the lease may not exceed the average payment allocable to a monthly period under the lease. This limitation does not apply to charges for damages to the leased property occasioned by other than normal use or for other default.
History:  1971 c. 239; 1997 a. 302.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.414 - Use of multiple agreements.

422.414
Use of multiple agreements.
(1)
No creditor shall divide or otherwise encourage the customer or customers to become obligated at the same time on more than one consumer loan, more than one consumer credit sale, or one or more interlocking consumer loans (s. 422.408) and consumer credit sale for the purpose of obtaining a higher rate of finance charge than would otherwise be permitted under chs. 421 to 427.
(2)
Multiple agreements which arise out of substantially the same transaction shall be presumed to be in violation of this section.
(3)
A violation of this section is subject to s. 425.305.
History:  1971 c. 239; 1979 c. 89.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.415 - Changes in open-end credit terms.

422.415
Changes in open-end credit terms.
(1)
Except as provided in sub. (2), no creditor shall make any change in the terms of open-end credit plans that is adverse to the interests of the customer with respect to any outstanding balances or that imposes or alters a charge permitted under s. 422.202 (2m). For the purposes of this section, a change shall be presumed to be adverse if the result thereof is to increase the rate of the finance charge or the amount of the periodic payment due. Outstanding balances shall be determined on the assumption that all payments shall be credited first to any finance charges that may be due and then to the payment of debts in the order in which the entries to the account showing the debts were made.
(2)
A change that is adverse to the interests of the customer with respect to outstanding balances or that imposes or alters a charge permitted under s. 422.202 (2m) may be made if any of the following conditions is met:
(a)
The change is required by legislation, regulations or administrative rules becoming effective after the date of the agreement with the customer and the creditor has mailed or delivered to the customer written notice disclosing such proposed change not less than 3 months prior to the effective date of such change or such lesser period of time as may be available before such change is required to be made.
(b)
The change is made within 3 months of March 1, 1973 or within 3 months after the repeal or expiration of any federal legislation, administrative order, rule, guideline or regulation, the purpose of which was to limit or freeze finance charges or other charges, in effect on March 1, 1973, whichever is later.
(c)
The creditor mails or otherwise delivers to the customer a written disclosure of the proposed change not less than 90 days prior to the effective date of such change.
(d)
The customer agrees in writing to a change other than a change made to apply a finance charge permitted by the treatment of s. 422.201 (2) by chapter 168, laws of 1979, to a balance outstanding on April 6, 1980.
(3)
No term of a writing executed by the customer shall constitute authorization for a creditor to unilaterally make changes in the terms of the credit plan, which are otherwise prohibited by this section.
(4)
A violation of this section is subject to s. 425.304.
History:  1971 c. 239; 1979 c. 168; 1981 c. 45 s. 51; 1993 a. 150; 1995 a. 328.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.4155 - Notice of termination of liability.

422.4155
Notice of termination of liability.
(1)
In an open-end credit plan in which more than one person may be obligated for extensions of credit, any person may terminate his or her liability for future extensions of credit under the plan by giving written notice to the creditor of the person's termination of liability. The person's liability for future extensions of credit under the plan shall continue as to loans extended to, or purchases made by, any other person under the plan for 15 business days after the creditor's receipt of the termination notice. The terminating person's liability may not exceed the greater of the requested and contracted for credit limit under the plan or the balance outstanding under the plan on the receipt of the termination notice plus $500.
(2)
Notwithstanding sub. (1), a person remains liable for loans extended to, or purchases made by, the person after giving the termination notice.
History:  1981 c. 45.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.416 - Referral transactions prohibited.

422.416
Referral transactions prohibited.
(1)
With respect to a consumer transaction no merchant shall give or offer to give a rebate or discount or otherwise pay or offer to pay value to the customer as an inducement for a consumer transaction in consideration of the customer's giving to the creditor the names of prospective customers, or otherwise aiding the creditor in entering into a transaction with another customer or, without being limited by any of the foregoing, performing any other act or the occurrence of any other event, if the earning of the rebate, discount or other value is contingent upon the occurrence of an event subsequent to the time the customer enters into the agreement.
(2)
A violation of this section is subject to s. 425.305.
History:  1971 c. 239; 1991 a. 316.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.417 - Restrictions on security interests.

422.417
Restrictions on security interests.
(1)
With respect to a consumer credit sale a seller may take a security interest only in:
(a)
The property sold;
(b)
Goods upon which the property sold is installed or to which it is annexed, or goods upon which the services sold are performed, if the obligation secured is $500 or more;
(c)
Real property to which the property sold is affixed, or which is maintained, repaired or improved as a result of the sale of the property or services, if the obligation secured is $1,000 or more; and
(d)
Goods of the consumer which were the subject of a prior transaction with the seller which is consolidated (s. 422.206) with the consumer credit sale, or if the consumer credit sale is made pursuant to an open-end credit plan, goods previously purchased by the consumer pursuant to the plan, subject however to s. 422.418.
(2)
With respect to a consumer lease, except as otherwise provided in s. 429.205 with respect to a motor vehicle consumer lease, a lessor may not take a security interest in any property owned or leased by the customer other than the leased goods to secure the lessor's obligations under the lease. This subsection does not prohibit a security interest in a cash security deposit for a consumer lease of motor vehicles.
(3)
With respect to a consumer loan, in addition to the limitations on security interests required by 12 CFR 227.13 (d), 12 CFR 535.2 (a) (4) or 16 CFR 444.2 (a) 4, if any, a lender may not take a security interest, other than a purchase money security interest, in:
(a)
Clothing of the customer and the customer's dependents and the following, if they are not fixtures: dining table and chairs, refrigerator, heating stove, cooking stove, radio, beds and bedding, couch and chairs, cooking utensils and kitchenware; or
(b)
Real property if the obligation secured is less than $1,000.
(4)
A violation of this section is subject to s. 425.304.
History:  1971 c. 239; 1973 c. 3; 1975 c. 406, 407, 421; 1981 c. 20, 391; 1985 a. 256; 1989 a. 359; 1991 a. 316; 1995 a. 329; 1997 a. 302.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.418 - Security interests: consolidations; open-end credit plans.

422.418
Security interests: consolidations; open-end credit plans.
(1)
The parties may agree in a consolidation agreement under s. 422.206 that the creditor may secure the consolidated obligation by a security interest in property in which the creditor has an existing security interest as a result of the prior transaction which is one of those agreed to become consolidated.
(2)
For the purpose of determining the extent to which a consolidated obligation is secured after a consolidation of consumer sales, and after a consolidation of consumer loans in which one or more of the loans consolidated is secured by a purchase money security interest in property of the type described in s. 422.417 (3) (a), payments received by the creditor after a consolidation agreement are deemed to have been first applied to the payment of obligations arising from the transactions first made. To the extent that obligations are paid pursuant to this section, security interests in items of property terminate as the obligation originally incurred with respect to each item is paid.
(3)
Payments received by the creditor upon an open-end credit plan are deemed, for the purpose of determining the amount of the unpaid balance secured by the various security interests, to have been applied first to the payment of finance charges in the order of their entry to the account, and then to the payment of the respective amounts financed in the order in which the entries to the account were made.
(4)
If obligations consolidated or financed pursuant to an open-end credit plan arise from 2 or more transactions made on the same day, payments received by the creditor are deemed, for the purpose of determining the amount of the obligation secured by the various security interests, to have been applied first to the payment of the smallest obligation.
History:  1971 c. 239; 1973 c. 3; 1997 a. 302.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.419 - Waivers prohibited.

422.419
Waivers prohibited.
(1)
No contract evidencing a consumer credit transaction may contain any provision by which:
(a)
The merchant or other person acting on the merchant's behalf is given authority to enter the customer's dwelling or to commit any breach of the peace in the course of taking possession of collateral securing the transaction;
(b)
The customer waives any right of action against the merchant, or other person acting on the merchant's behalf, for any breach of the peace or other illegal act committed in the course of taking possession of such collateral; or
(c)
The customer executes a power of attorney or similar instrument appointing the merchant, or other person acting on the merchant's behalf, as the customer's agent in the taking of possession of such collateral.
(2)
A violation of this section is subject to s. 425.304.
History:  1971 c. 239; 1991 a. 316.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.420 - Cosigner charges.

422.420
Cosigner charges.
No term of a writing signed by a cosigner and made pursuant to a consumer credit transaction may:
(1)
Provide for payment by the cosigner of any fees or charges which could not be imposed upon the customer as part of the transaction; or
(2)
Operate to remove from the cosigner any rights or protections given the customer under chs. 421 to 427.
History:  1973 c. 3.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.422 - Cash discounts.

422.422
Cash discounts.
No credit card issuer may, by contract or otherwise, prohibit a merchant from offering a discount to a customer to induce the customer to pay by cash, check, or similar means, rather than by use of a credit card or its underlying account, for the purchase of goods or services.
History:  2005 a. 84.
2023 Wisconsin Statutes & Annotations › Chapter 422 - Consumer credit transactions. › 422.501 - Definitions.

422.501
Definitions.
In this subchapter:
(1)
“Buyer" means a natural person or customer who is solicited to purchase or who purchases the services of a credit services organization.
(1m)
“Consumer reporting agency" has the meaning given in 15 USC 1681a (f).
(2)
(a)
“Credit services organization" means a person or merchant who, with respect to the extension of credit by others, sells, provides or performs, or represents that the person will sell, provide or perform, any of the following services in return for the payment of money or for other valuable consideration:
1.
Improving a buyer's credit record, credit history or credit rating.
2.
Arranging for or obtaining an extension of credit for a buyer.
3.
Providing advice or assistance to a buyer with regard to subd. 1. or 2.
(b)
“Credit services organization" does not include any of the following:
1.
A person organized, chartered or holding a license or authorization certificate to make loans or extensions of credit pursuant to the laws of this state or the United States and who is subject to regulation and supervision by an official or agency of this state or the United States.
2.
A bank or savings and loan association whose deposits or accounts are insured by the federal deposit insurance corporation, or a credit union whose deposits or accounts are insured by the national credit union administration.
3.
A nonprofit organization described under section 501 (c) (3) of the internal revenue code and exempt from taxation under section 501 (a) of the internal revenue code.
4.
A person licensed as an adjustment service company under s. 218.02 if the person is acting within the course and scope of that license.
5.
A person licensed as a real estate broker or salesperson under ch. 452 if the person is acting within the course and scope of that license.
6.
A person licensed to practice law in this state if the person is rendering services within the course and scope of his or her practice as an attorney at law.
7.
A broker-dealer or agent registered under s. 551.406 if the broker-dealer or agent is acting within the course and scope of that license.
8.
A person licensed as a mortgage banker, mortgage loan originator, or mortgage broker under s. 224.72 or 224.725 if the person is acting within the course and scope of the license.
9.
A consumer reporting agency, if the consumer reporting agency is acting within the scope of assembling or evaluating consumer credit information on consumers for the purpose of furnishing consumer reports, as defined in 15 USC 1681a (d), to 3rd parties.
(3)
“Extension of credit" means the right to defer payment of debt or to incur debt and defer its payment, that is offered or granted for debt that is incurred primarily for personal, family or household purposes.
History:  1991 a. 244; 1995 a. 27; 1997 a. 145, 302; 2007 a. 196; 2009 a. 2.