reglab/statecodes huggingface dataset:
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 74 - Collection Agencies › Section DFI-Bkg 74.17 - Use of data processing

Current through June 24, 2024
(1) SYSTEMS APPROVAL. The division may
				approve data processing records and procedures which vary from the requirements
				of this chapter if adequate information is available for examination
				purposes.
(2) SYSTEMS BACK-UP.
				Back-up of data entries is to be made on a daily basis and back-up of all
				records on the system is to be made once each week. All systems back-up tapes
				or disks are to be stored for safe keeping at a site away from the office of
				the licensee. The records being maintained shall be verifiable at time of
				examination.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 75 - Payday Lending › Section DFI-Bkg 75.01 - Definitions

Current through June 24, 2024
In this chapter and s.
				  138.14, Stats.:
(1g) "Applicant" means an applicant for a
				license under s. 138.14, Stats.
(1m) "At the end of the loan term" has the
				same meaning as "maturity date," as defined in s.
				138.14 (1) (j),
				Stats.
(1r) " Customer
				identification number" means a unique number assigned to a customer in a manner
				specified by the division, or by the database provider acting at the direction
				of the division.
(2) "Database
				transaction fee" means the fee the database provider shall charge licensees for
				each payday loan made by the licensee.
(3) "Default" has the meaning given in s.
				425.103 (2),
				Stats., if the loan has not reached its maturity date or the customer does not
				enter into a repayment plan under s.
				138.14 (11g)
				(a), Stats.
(4) " Department" means the department of
				financial institutions.
(5) "
				Division" means the division of banking.
(6) "Electronic fund transfer" has the
				meaning given in 12 C.F.R.
				205.3 (b).
(6m) " Licensee" means a holder of a license
				issued under s. 138.14 (5),
				Stats., except where the context requires otherwise.
(7) "Makes" in s.
				138.14 (4) (c),
				Stats., means originates or services.
(7m) " Nationwide multistate licensing system
				and registry" or "NMLS" means the multistate system developed by the Conference
				of State Bank Supervisors and the American Association of Residential Mortgage
				Regulators and owned and operated by the State Regulatory Registry, LLC or any
				successor or affiliate entity, for the licensing and registration of persons in
				financial services industries.
(8)
				"Percentage per year of interest charged" in s.
				138.14 (13)
				(b), Stats., means the annual percentage rate
				charged for the payday loan.
(8g) "
				Reinstatement period" means the period beginning January 1 and ending on the
				last day of February, or such other period prescribed by the
				division.
(8m) " Renewal period"
				means the period beginning November 1 and ending December 31, or such other
				period prescribed by the division.
(9) "Subsequent payday loan" or "subsequent
				loan," except when used in s.
				138.14 (9m),
				Stats., means any loan where its proceeds are used, in whole or in part, to
				repay a previous payday loan, and includes any loan made within 24 hours after
				the customer pays off a previous payday loan in full.
(10) " Unique identifier" means a number or
				other identifier assigned by protocols established by the NMLS.
Sub. (10) is created eff. 9-1-23 by CR
					 22-020.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 75 - Payday Lending › Section DFI-Bkg 75.01 - Definitions

Current through June 24, 2024
In this chapter and s.
				  138.14, Stats.:
(1g) "Applicant" means an applicant for a
				license under s. 138.14, Stats.
(1m) "At the end of the loan term" has the
				same meaning as "maturity date," as defined in s.
				138.14 (1) (j),
				Stats.
(1r) "Customer
				identification number" means a unique number assigned to a customer in a manner
				specified by the division, or by the database provider acting at the direction
				of the division.
(2) "Database
				transaction fee" means the fee the database provider shall charge licensees for
				each payday loan made by the licensee.
(3) "Default" has the meaning given in s.
				425.103 (2),
				Stats., if the loan has not reached its maturity date or the customer does not
				enter into a repayment plan under s.
				138.14 (11g)
				(a), Stats.
(4) " Department" means the department of
				financial institutions.
(5) "
				Division" means the division of banking.
(6) "Electronic fund transfer" has the
				meaning given in 12 C.F.R.
				205.3 (b).
(6m) "Licensee" means a holder of a license
				issued under s. 138.14 (5),
				Stats., except where the context requires otherwise.
(7) "Makes" in s.
				138.14 (4) (c),
				Stats., means originates or services.
(7m) "Nationwide multistate licensing system
				and registry" or "NMLS" means the multistate system developed by the Conference
				of State Bank Supervisors and the American Association of Residential Mortgage
				Regulators and owned and operated by the State Regulatory Registry, LLC or any
				successor or affiliate entity, for the licensing and registration of persons in
				financial services industries.
(8)
				"Percentage per year of interest charged" in s.
				138.14 (13)
				(b), Stats., means the annual percentage rate
				charged for the payday loan.
(8g)
				"Reinstatement period" means the period beginning January 1 and ending on the
				last day of February, or such other period prescribed by the
				division.
(8m) "Renewal period"
				means the period beginning November 1 and ending December 31, or such other
				period prescribed by the division.
(9) "Subsequent payday loan" or "subsequent
				loan," except when used in s.
				138.14 (9m),
				Stats., means any loan where its proceeds are used, in whole or in part, to
				repay a previous payday loan, and includes any loan made within 24 hours after
				the customer pays off a previous payday loan in full.
(10) "Unique identifier" means a number or
				other identifier assigned by protocols established by the NMLS.
Sub. (1r) is shown as created eff. 1-1-25 by 2023 Wis. Act
					 267 and as renumbered from sub. (1m) by the legislative reference bureau under
					 s. 13.92 (4) (b) 1
					 A similar provision with the same numbering was created eff. 5-1-23 by CR
					 22-020. As created by CR 22-020, it
					 reads:
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 75 - Payday Lending › Section DFI-Bkg 75.02 - Transactions not covered

Current through June 24, 2024
Notwithstanding s.
				  138.14(1)
				  (k), Stats., a payday loan does not include a
				  transaction that is made for a business, commercial or agricultural
				  purpose.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 75 - Payday Lending › Section DFI-Bkg 75.03 - Prohibited practices

Current through June 24, 2024
(1) A licensee may not engage in conduct that
				is an attempt to evade or undermine the purpose and intent of s.
				138.14, Stats.
(2) No licensee may make a payday loan if any
				of the following circumstances apply:
(a) The
				loan requires a payment that is more than twice as large as the average of all
				other scheduled payments.
(b) The
				loan is made pursuant to an open-end credit plan.
(c) The lender accepts, and agrees to hold,
				more than 5 of a customer's checks.
(d) The loan is, or is to be, secured by an
				interest in a motor vehicle.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 75 - Payday Lending › Section DFI-Bkg 75.04 - Disclosure requirements

Current through June 24, 2024
(1) The disclosures required by s.
				138.14(9g)
				(a)1, 2., 4., 5., and 6., Stats., shall be
				provided to the applicant in a single written document that is in a form
				prescribed by the division. The form shall be:
(a) Signed and dated by the
				applicant.
(b) Signed and dated by
				a representative of the licensee.
(c) On white paper sized 8.5 inches x 11
				inches and in Times New Roman font style 12 or greater.
(d) Delivered to the customer in the English
				and Spanish languages, or at the customer's option, in the English or Spanish
				language.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 75 - Payday Lending › Section DFI-Bkg 75.05 - Interest, fees and default

Current through June 24, 2024
(1) Except as set
				forth in sub. (3), the interest permitted under s.
				138.14 (10)
				(a), Stats., and the fee permitted under s.
				138.14 (10) (b)
				2, Stats., are the only amounts that may be
				charged a customer on a payday loan.
(2) No licensee may charge the customer a fee
				to cash the proceeds check from a payday loan.
(3) Notwithstanding s.
				138.14 (10),
				Stats., if a money judgment is awarded by the court, a customer may be charged
				the costs and fees awarded by the court and the interest permitted under s.
				814.04 (4),
				Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 75 - Payday Lending › Section DFI-Bkg 75.06 - Gross monthly income

Current through June 24, 2024
(1) The gross monthly income calculation
				required under s. 138.14 (12)
				(b), Stats., shall be calculated by
				multiplying the amount of the:
(a) Gross
				weekly earnings times 4.33, if the customer is paid weekly.
(b) Gross two-week earnings times 2.16, if
				the customer is paid every two weeks.
(c) Gross semi-monthly earnings times 2, if
				the customer is paid twice a month.
(d) Gross monthly earnings times 1, if the
				customer is paid monthly.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 75 - Payday Lending › Section DFI-Bkg 75.07 - Form requirements

Current through June 24, 2024
(1) The writing evidencing the customer's
				obligation to pay under a payday loan shall clearly and conspicuously contain
				the following language:
(a)
Repayment
				plan:
If you fail to repay this payday loan in full upon its maturity
				date, and you have not been offered a repayment plan within the 12 month period
				prior to the maturity date of your loan, the lender must offer you the
				opportunity to repay the outstanding balance of the loan in 4 equal
				installments with due dates coinciding with your pay period schedule. There is
				no cost to you for entering into the repayment plan, and the lender may not
				charge any interest on the outstanding balance while you are participating in
				the repayment plan. Customer's initials or signature:
				________________________________.
(b) You may rescind this payday loan by
				returning to the lender the proceeds of the payday loan before the close of
				business on the next day of business after the loan is made, or, if the place
				of business where the loan is made is open 24-hours, before 5 p.m. on the next
				day of business after the loan is made.
(c) You may not repay a payday loan with the
				proceeds of another payday loan more than once.
(d) A lender may present a customer's check
				for payment no more than once. For each customer authorization to initiate an
				electronic fund transfer from the customer's account, a lender may initiate an
				electronic fund transfer no more than once. The only charge that a lender may
				impose for dishonor of a customer's check or denial of the lender's instruction
				to execute an electronic fund transfer is a charge that does not exceed
				$15.
(e) If a person makes a payday
				loan to a customer in violation of s.
				138.14, Stats., the customer may
				bring an action against the person for damages of $250 or the amount of the
				payday loan, whichever is greater, plus costs, and notwithstanding s.
				814.04 (1),
				Stats., reasonable attorney fees.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 75 - Payday Lending › Section DFI-Bkg 75.08 - Repayment plan

Current through June 24, 2024
(1) REPAYMENT PLAN
				OFFER.
(a) The offer of the repayment plan
				required by s. 138.14 (11g)
				(a), Stats., shall be hand-delivered, mailed
				or e-mailed to the customer in a single written document that is in a form
				prescribed by the division, and except as set forth in par. (b), delivered on
				or before the 10th day after the maturity date of the loan.
(b) If a customer's check has been presented,
				or electronic fund transfer authorization initiated, on or before the 10th day
				after the maturity date of the loan, but the lender has not yet been notified
				that the customer's check or electronic fund transfer authorization has not
				cleared the customer's financial institution, the lender shall make the offer
				when the notification is received.
(c) The repayment plan offer form shall:
1. Be on white paper sized 8 ½ inches
				x 11 inches and in Times New Roman font style 12 or greater.
2. Identify the name, address, and telephone
				number of the licensee.
3. Identify
				the name, address, telephone number, and customer identification
				number.
4. Contain an explanation
				of the repayment plan being offered.
5. State the date the offer is made and the
				date by which the customer must accept the offer.
(d) The licensee shall retain in the
				customer's file a copy of the repayment plan form provided to the
				customer.
(e) If the offer is
				emailed to the customer, the lender's compliance with par. (c) 1. will be based
				on how the offer is displayed on the lender's computer, and not based on how
				the offer is displayed on the customer's computer.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 75 - Payday Lending › Section DFI-Bkg 75.08 - Repayment plan

Current through June 24, 2024
(1) REPAYMENT PLAN OFFER.
(a) The offer of the repayment plan required
				by s. 138.14 (11g)
				(a), Stats., shall be hand-delivered, mailed
				or e-mailed to the customer in a single written document that is in a form
				prescribed by the division, and except as set forth in par. (b), delivered on
				or before the 10th day after the maturity date of the loan.
(b) If a customer's check has been presented,
				or electronic fund transfer authorization initiated, on or before the 10th day
				after the maturity date of the loan, but the lender has not yet been notified
				that the customer's check or electronic fund transfer authorization has not
				cleared the customer's financial institution, the lender shall make the offer
				when the notification is received.
(c) The repayment plan offer form shall:
1. Be on white paper sized 8 ½ inches
				x 11 inches and in Times New Roman font style 12 or greater.
2. Identify the name, address, and telephone
				number of the licensee.
3. Identify
				the name, address, telephone number, and customer identification
				number.
4. Contain an explanation
				of the repayment plan being offered.
5. State the date the offer is made and the
				date by which the customer must accept the offer.
(d) The licensee shall retain in the
				customer's file a copy of the repayment plan form provided to the
				customer.
(e) If the offer is
				emailed to the customer, the lender's compliance with par. (c) 1. will be based
				on how the offer is displayed on the lender's computer, and not based on how
				the offer is displayed on the customer's computer.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 75 - Payday Lending › Section DFI-Bkg 75.09 - General matters

Current through June 24, 2024
(1) The effective date of a payday loan
				cannot be prior to the date the loan is signed by the customer.
(2) Notwithstanding s.
				138.14(12)
				(f), Stats., a licensee is not prohibited
				from bringing an action to collect the total outstanding balance due on a
				payday loan, including the service charge permitted under s.
				138.14(10)
				(b)2, Stats.
(3) All times referenced in s.
				138.14, Stats., are
				for the Central Time Zone.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 75 - Payday Lending › Section DFI-Bkg 75.10 - Database

Current through June 24, 2024
(1) SECURE TRANSMISSION.
(a) Except as otherwise provided in s.
				138.14, Stats., a licensee shall
				transmit all information to the database via the Internet.
(b) In order to maintain the confidentiality
				and security of the information transmitted to the database, a licensee shall
				maintain generally accepted security safeguards to maintain the confidentiality
				and security of information transmitted to the database. The licensee shall
				install, maintain and regularly update malware protection, antivirus and
				antispyware software, and a firewall.
(c) A licensee may not transmit information
				to the database using publicly accessible computers, computers that are not
				under the licensee's control, unsecured wireless connections, Wi-Fi
				connections, or other connections that are not secure.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 75 - Payday Lending › Section DFI-Bkg 75.11 - Nationwide Multistate Licensing System and Registry; Licensing and Renewal

Current through June 24, 2024
(1) PARTICIPATION.
(a) The division shall utilize the NMLS with
				respect to applicants and licensees. The division may establish relationships
				or contracts with the NMLS or other entities designated by the NMLS to collect
				and maintain records and process transaction fees or other fees. With respect
				to any form, fee, or other information required to be submitted to the division
				by an applicant or licensee, the division may require the applicant or licensee
				to submit such form, fee, or other information directly to the NMLS.
(b) Each applicant and licensee shall
				register with, and maintain a valid unique identifier issued by, the
				NMLS.
(c) The division may require
				an applicant or licensee to provide to the NMLS any information that the
				division determines to be relevant to the application or to any responsibility
				administered or conducted through the NMLS that is related to the licensed
				activity.
(d) The division may
				require an applicant or licensee, or an individual with the power to direct the
				management or policies of the applicant or licensee, to submit an independent
				credit report from a consumer reporting agency, an investigative background
				report prepared by an independent search firm, fingerprints, or any other
				personal or professional history information deemed necessary by the division.
				The division may require fingerprints for the purposes of identifying the
				individual and to determine whether the individual has a record of warrants,
				arrests, or convictions in any jurisdiction. Fingerprints may be submitted,
				directly or as provided in sub. (2), to the federal bureau of investigation and
				any government agency or entity authorized to receive this information for a
				state and national criminal history record check.
(e) The division may rely on the NMLS to
				establish any dates relating to application or reporting deadlines for
				applicants and licensees, to establish requirements for amending or
				surrendering licenses, or to establish any other requirements applicable to
				applicants and licensees to the extent the requirements are a condition of the
				state's participation in the NMLS.
(f) Applicants and licensees are responsible
				for any service, access, or other fees charged by the NMLS for use of the
				system. Whenever the division requires fingerprinting, an independent credit
				report from a consumer reporting agency, an investigative background report
				prepared by an independent search firm, or any other information in connection
				with an application or other filing, any associated costs shall be paid by the
				applicant or the parties to the application.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 75 - Payday Lending › Section DFI-Bkg 75.12 - Changes to information

Current through June 24, 2024
A licensee shall keep current and accurate all material
				  information on file with the division and the NMLS. If the information changes
				  in any material respect, the licensee shall notify the division and the NMLS of
				  the change within 10 days after the change.
This section is created eff. 9-1-23 by CR
					 22-020.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 75 - Payday Lending › Section DFI-Bkg 75.13 - License renewal and reinstatement

Current through June 24, 2024
(1) During the
				renewal period, a licensee may seek to renew a license by submitting all fees
				owed to the division or the NMLS, along with any additional documentation
				required by the division or applicable law, through the NMLS or in such other
				manner as directed by the division.
(2) During the reinstatement period, a
				licensee may reinstate a license by submitting all the items in sub. (1), plus
				an additional non-refundable fee of $100, through the NMLS or in such other
				manner as directed by the division.
This section is created eff. 9-1-23 by CR
					 22-020.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 76 - Sales Finance Companies › Section DFI-Bkg 76.001 - Definitions

Current through June 24, 2024
In this chapter:
(1)
				"Applicant" means an applicant for a license as a sales finance company under
				s. 218.0114, Stats., other than a
				motor vehicle dealer within the meaning of s.
				218.0101(23),
				Stats.
(2) "Business license" means
				a license issued by the division of banking under ch. 218, Stats., to a motor
				vehicle dealer.
(3) "Division"
				means the division of banking.
(4)
				"Initial license" means a license issued to a person or business who does not
				have such a license at the time of application.
(5) "Licensee" means a holder of a sales
				finance company license issued under s.
				218.0114, Stats., other than a
				motor vehicle dealer within the meaning of s.
				218.0101(23),
				Stats.
(6) "Nationwide multistate
				licensing system and registry" or "NMLS" means the multistate system developed
				by the Conference of State Bank Supervisors and the American Association of
				Residential Mortgage Regulators and owned and operated by the State Regulatory
				Registry, LLC or any successor or affiliate entity, for the licensing and
				registration of persons in financial services industries.
(7) "Reinstatement period" means the period
				beginning January 1 and ending on the last day of February, or such other
				period prescribed by the division.
(8) "Renewal license" means a license issued
				to a person or business who has such license at the time of
				application.
(9) "Renewal period"
				means the period beginning November 1 and ending December 31, or such other
				period prescribed by the division.
(10) "Unique identifier" means a number or
				other identifier assigned by protocols established by the NMLS.
This section is created eff. 9-1-23 by CR
					 22-020.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 76 - Sales Finance Companies › Section DFI-Bkg 76.01 - Finance charge, definition, disclosure

Current through June 24, 2024
(1) A retail seller
				may in addition to the finance charge bargain for and receive, in accordance
				with the requirements of ss.
				218.0148 (2),
				422.202 (1) and
				(2s), and
				424.301, Stats., only those
				additional charges described therein. To the extent that any charge qualifies
				as an additional charge under this regulation it may be excluded from the
				finance charge.
(2) With the
				exception of s.
				DFI-Bkg 76.05, this chapter
				shall apply solely to consumer credit transactions as defined under s.
				421.301 (10),
				Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 76 - Sales Finance Companies › Section DFI-Bkg 76.03 - Delinquency and deferral charges

Current through June 24, 2024
(1) In consumer
				credit transactions a retail seller may contract for and receive delinquency
				charges only in accordance with s.
				422.203,
				Stats., and regulations issued by the administrator of the division of banking
				thereunder.
(3) A retail seller may
				contract for and assess deferral charges only in accordance with s.
				422.204, Stats.,
				and regulations issued by the administrator of the division of banking
				thereunder.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 76 - Sales Finance Companies › Section DFI-Bkg 76.04 - Refund for prepayment

Current through June 24, 2024
(1) Subject to sub. (2), a retail buyer may
				prepay in full or in any part at any time without penalty the unpaid balance of
				any retail installment contract.
(2) Upon prepayment in full of the unpaid
				balance of a retail installment contract by cash, refinancing, consolidation,
				or if the maturity of the obligation is accelerated for any reason and judgment
				is obtained, the unearned portion of the finance charge shall be rebated to the
				retail buyer or credited to the outstanding balance of the buyer's account. If
				the total of all rebates, refunds and credits to be made to the retail buyer is
				less than $1, no rebate need be made.
(3) The unearned portion of the precomputed
				finance charge on retail installment contracts repayable in substantially equal
				successive installments at approximately equal intervals shall be computed in
				accordance with s.
				422.209(2),
				Stats. With respect to all other retail installment contracts the unearned
				portion of the finance charge shall be computed in accordance with s.
				138.05(2)
				(b), Stats.
(4) Notwithstanding subs. (2) and (3), a
				retail seller may contract for and retain a minimum finance charge as provided
				in s.
				422.201(9),
				Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 76 - Sales Finance Companies › Section DFI-Bkg 76.05 - Insurance premiums, rebates

Current through June 24, 2024
Upon prepayment in full of any retail installment contract by
				  the proceeds of credit insurance or otherwise the sales finance company shall,
				  if its representative sold the credit insurance, refund to the customer or to
				  the customer's estate the amount of any unearned insurance premium or, if its
				  representative did not sell the insurance, notify the insurance agent of the
				  date of prepayment directing that payment be made to the customer or to the
				  customer's estate.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 76 - Sales Finance Companies › Section DFI-Bkg 76.06 - Refinancing

Current through June 24, 2024
Upon refinancing a retail installment contract prior to its
				  maturity the customer shall receive as of the date of the refinancing a rebate
				  of the unearned finance charge pursuant to the provisions of s. DFI- Bkg 76.04,
				  except that for the purposes of computing this amount no minimum finance charge
				  shall be allowed in consumer credit transactions. The rate of finance charge
				  upon refinancing shall not exceed the maximum rate applicable to the vehicle
				  under s.
				  218.0142,
				  Stats., at the time it was originally financed if the creditor is a licensed
				  motor vehicle dealer. Otherwise, the maximum rate shall not exceed the rate at
				  which the creditor could loan the refinanced balance to the
				  customer.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 76 - Sales Finance Companies › Section DFI-Bkg 76.07 - Consolidation

Current through June 24, 2024
Upon consolidation of the unpaid balance of a retail
				  installment contract for the purchase of a motor vehicle with the unpaid
				  balance of any other transaction for the purchase of a motor vehicle, the
				  customer shall receive a rebate of the unearned finance charge on each retail
				  installment contract pursuant to the provisions of s. DFI- Bkg 76.04, except
				  that for the purposes of computing that amount no minimum finance charge shall
				  be allowed in consumer credit transactions. The rate of finance charge upon
				  consolidation shall not exceed the maximum rate under s.
				  218.0142,
				  Stats., applicable to the vehicle most recently purchased if the creditor is a
				  licensed motor vehicle dealer. Otherwise the maximum rate shall not exceed the
				  rate at which the creditor could loan the consolidated balance to the
				  customer.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 76 - Sales Finance Companies › Section DFI-Bkg 76.09 - Record retention

Current through June 24, 2024
(1) Each motor vehicle sales finance company
				shall retain the following records in connection with each transaction
				evidenced by a retail installment contract:
(a) A copy of each retail installment
				contract.
(b) Each credit
				disclosure statement.
(c) The name
				of the assignee to whom each contract is transferred.
(d) Where credit insurance is sold by the
				sales finance company or its representative:
1. A copy of the insurance policy or
				certificate of insurance.
2. The
				policy number.
3. The date of
				prepayment, if any.
4. Refunds of
				credit insurance premiums separately itemized.
5. Each notice of prepayment made by an
				assignee in accordance with s. DFI- Bkg 76.05.
6. The amount, date and check number of any
				credit insurance rebates.
(e) A copy of each notice of right to cure
				default sent by the licensee.
(f)
				Each document evidencing receipt of surrender or voluntary surrender of any
				vehicle recovered by the licensee.
(g) Each licensee who disposes of any vehicle
				recovered by replevin, surrender or voluntary surrender shall retain or record
				each oral or written bid received, except oral bids at a public sale, as well
				as the date of sale, the amount received and the identity of the
				buyer.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 76 - Sales Finance Companies › Section DFI-Bkg 76.10 - Violation of rules, penalty

Current through June 24, 2024
Failure to comply with the foregoing rules and regulations
				  shall constitute an unfair trade practice and proof of unfitness which shall be
				  grounds for license revocation.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 76 - Sales Finance Companies › Section DFI-Bkg 76.11 - Definitions

Current through June 24, 2024
Words and phrases used in this chapter have the same meaning
				  as found in ch. 218, Stats., unless additional interpretations are specified.
				  In this chapter:
(1) "Business license"
				means a license issued by the division of banking under ch. 218, Stats., to a
				motor vehicle dealer.
(3) "Initial
				license" means a license issued to a person or business who does not have such
				a license at the time of application.
(4) "Renewal license" means a license issued
				to a person or business who has such a license at the time of application.
Note:
1995 Wis. Act 27 replaced the commissioner
				  of banking with the division of banking in the department of financial
				  institutions.
This section is repealed eff. 9-1-23 by CR
					 22-020.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 76 - Sales Finance Companies › Section DFI-Bkg 76.12 - License periods and expiration dates

Current through June 24, 2024
(1) BUSINESS
				LICENSES.
(a)
General licensing period
				and expiration dates.
The license period for business licenses is 2
				years. The administrator of the division of banking shall issue business
				licenses that start and expire on the following dates:
Month When Business License
is issued:
Month When Business License Expires:
February 1
January 31
All expiration
April 1
March 31
dates are in the
June 1
May 31
second year after
August 1
July 31
the date when
October 1
September 30
the license was
December 1
November 30
issued.
(b)
Initial licenses.
The administrator of the division of banking
				may issue initial licenses that go into effect on dates other than the first
				day of an even-numbered month. The licenses may expire before the end of 2
				years, and their expiration dates may be assigned as follows:
Day License is issued:
Day License Expires:
December or January
Last November 30 before the
end of 2years
February or March
Last January 31 before the
end of 2 years
April or May
Last March 31 before the end
of 2 years
June or July
Last May 31 before the end
of 2 years
August or september
Last July 31 before the end
of 2 years
October or November
Last September 30 before the
end of 2 years
Example: A motor vehicle dealer whose license is first issued
				  on October 8, 1992 would receive a license valid through September 30,
				  1994.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 76 - Sales Finance Companies › Section DFI-Bkg 76.13 - License fees

Current through June 24, 2024
(1) The division of banking shall collect
				fees based on the statutory formulas described in s.
				218.0114 (15) and
				(16), Stats., which is the number of years in
				a licensing period multiplied by the current annual fee of $50. If the dealer
				originates and carries or retains time sales contracts for more than 30 days in
				a total amount exceeding $100,000, a bill will be issued for additional
				business license fees due based upon the schedule of fees in s.
				218.0114 (16),
				Stats.
(2) When the division of
				banking issues an initial license for a period less than 2 years, it may reduce
				the business license fees by the same proportion as the reduction in the
				business license period.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 76 - Sales Finance Companies › Section DFI-Bkg 76.14 - Nationwide Multistate Licensing System and Registry

Current through June 24, 2024
(1) PARTICIPATION.
(a) The division shall utilize the NMLS with
				respect to applicants and licensees. The division may establish relationships
				or contracts with the NMLS or other entities designated by the NMLS to collect
				and maintain records and process transaction fees or other fees. With respect
				to any form, fee, or other information required to be submitted to the division
				by an applicant or licensee, the division may require the applicant or licensee
				to submit such form, fee, or other information directly to the NMLS.
(b) Each applicant and licensee shall
				register with, and maintain a valid unique identifier issued by, the
				NMLS.
(c) The division may require
				an applicant or licensee to provide to the NMLS any information that the
				division determines to be relevant to the application or to any responsibility
				administered or conducted through the NMLS that is related to the licensed
				activity.
(d) The division may
				require an applicant or licensee, or an individual with the power to direct the
				management or policies of the applicant or licensee, to submit an independent
				credit report from a consumer reporting agency, an investigative background
				report prepared by an independent search firm, fingerprints, or any other
				personal or professional history information deemed necessary by the division.
				The division may require fingerprints for the purposes of identifying the
				individual and to determine whether the individual has a record of warrants,
				arrests, or convictions in any jurisdiction. Fingerprints may be submitted,
				directly or as provided in sub. (2), to the federal bureau of investigation and
				any government agency or entity authorized to receive this information for a
				state and national criminal history record check.
(e) The division may rely on the NMLS to
				establish any dates relating to application or reporting deadlines for
				applicants and licensees, to establish requirements for amending or
				surrendering licenses, or to establish any other requirements applicable to
				applicants and licensees to the extent the requirements are a condition of the
				state's participation in the NMLS.
(f) Applicants and licensees are responsible
				for any service, access, or other fees charged by the NMLS for use of the
				system. Whenever the division requires fingerprinting, an independent credit
				report from a consumer reporting agency, an investigative background report
				prepared by an independent search firm, or any other information in connection
				with an application or other filing, any associated costs shall be paid by the
				applicant or the parties to the application.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 76 - Sales Finance Companies › Section DFI-Bkg 76.15 - Changes to information

Current through June 24, 2024
A licensee shall keep current and accurate all material
				  information on file with the division and the NMLS. If the information changes
				  in any material respect, the licensee shall notify the division and the NMLS of
				  the change within 10 days after the change.
This section is created eff. 9-1-23 by CR
					 22-020.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 76 - Sales Finance Companies › Section DFI-Bkg 76.16 - License renewal and reinstatement

Current through June 24, 2024
(1) During the
				renewal period, a licensee may seek to renew a license by submitting all fees
				owed to the division or the NMLS, along with any additional documentation
				required by the division or applicable law, through the NMLS or in such other
				manner as directed by the division.
(2) During the reinstatement period, a
				licensee may reinstate a license by submitting all the items in sub. (1), plus
				an additional non-refundable fee of $100, through the NMLS or in such other
				manner as directed by the division.
This section is created eff. 9-1-23 by CR
					 22-020.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 77 - Pawnbrokers › Section DFI-Bkg 77.01 - Scope

Current through June 24, 2024
This rule applies to any person licensed under s.
				  138.09, Stats.,
				  who is operating as a pawnbroker.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 77 - Pawnbrokers › Section DFI-Bkg 77.02 - Definitions

Current through June 24, 2024
In this chapter:
(1)
				"Hold order" means an order issued by a local, state or federal law enforcement
				agency directing a pawnbroker to hold any tangible pledged personal property
				for purposes of further investigation by the agency.
(2) "Pawnbroker" includes any person who
				engages in the business of lending money on the deposit or pledge of personal
				property, other than choses in action, securities, or written evidences of
				indebtedness, or who purchases personal property with an expressed or implied
				agreement or understanding to sell it back at a subsequent time at a stipulated
				price.
(3) "Pawn ticket" means the
				card, book, receipt or other record furnished to the pledgor at the time a loan
				is granted containing the terms of the contract for a loan.
(4) "Person" includes an individual,
				partnership, association, business corporation, nonprofit corporation, common
				law trust, joint-stock company or any other group of individuals however
				organized.
(5) "Pledge" means an
				article or articles deposited with a pawnbroker as security for a loan in the
				course of the pawnbroker's business as defined in sub. (2).
(6) "Pledgor" means the person who obtains a
				loan from a pawnbroker and delivers a pledge into the possession of a
				pawnbroker, unless the person discloses that he or she is or was acting for
				another in which case a "pledgor" means the disclosed principal.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 77 - Pawnbrokers › Section DFI-Bkg 77.03 - Hours and days of operation

Current through June 24, 2024
(1) A pawnbroker may
				not be open for business on any day prior to 8:00 a.m. or after 8:00
				p.m.
(2) A pawnbroker's normal
				business hours shall be posted in the licensed office and visible from the main
				public entrance of the pawnbroker's place of business.
(3) If a pawnshop is closed on the last day
				that the pledgor may redeem a pledge, the pledgor shall have until the close of
				business on the next day the pawnshop is open to redeem the pledged goods or
				renew or extend the pawn transaction.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 77 - Pawnbrokers › Section DFI-Bkg 77.04 - Holding period

Current through June 24, 2024
No unredeemed pledge may be sold before the expiration of 30
				  days after the original or extended maturity date of the
				  loan.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 77 - Pawnbrokers › Section DFI-Bkg 77.05 - Law enforcement requests and orders

Current through June 24, 2024
(1) Every
				pawnbroker shall provide to or make available for inspection by local, state
				and federal law enforcement agencies the records of all pledges received. The
				pawnbroker shall comply with the requests of these agencies regarding the
				frequency and means of the records reporting.
(2) A hold order shall be effective upon
				written or verbal notification to the pawnbroker by a local, state or federal
				law enforcement agency. No sale or other disposition may be made of any
				tangible personal property deposited with or in the custody of the pawnbroker
				while the hold order remains in effect.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 77 - Pawnbrokers › Section DFI-Bkg 77.06 - Notice of sale

Current through June 24, 2024
(1) Subject to sub. (2), a pawnbroker may not
				sell any pledge unless notice of the sale has been forwarded to the pledgor at
				the address given by the pledgor at the time of obtaining the loan or to a new
				address of the pledgor, as shown in the pawnbroker's record. Notice of the sale
				shall be sent to the pledgor not fewer than 30 days before the date of sale.
				The notice shall state the total amount of principal, interest, and charges due
				on the loan as of the date of the notice.
(2) The address to which notice is sent under
				sub. (1) may be any of the following:
(a) A
				physical mailing address.
(b) An
				electronic mail address or telephone number capable of receiving text messages
				if all of the following apply:
1. The
				pawnbroker receives the pledgor's written consent to receive notices by
				electronic mail or text message. The consent must be signed by the pledgor, and
				it must prominently state that the pledgor has the right to withdraw consent to
				receive notices by electronic mail or text message at any time. A separate
				signature for the consent is not required if the pawnbroker receives direct
				authorization by electronic mail or text message from the pledgor's electronic
				mail address or telephone number.
2. The pawnbroker requires at the time of the
				consent under subd. 1. that the pledgor verify the electronic mail address or
				telephone number as follows:
a. With respect
				to consent for a notice sent by electronic mail, the pawnbroker requires the
				pledgor to verify the accuracy of the electronic mail address by writing or
				electronically entering the address 2 times, by receiving and replying to a
				test electronic mail from the pawnbroker, or by any other method approved by
				the division of banking.
b. With
				respect to consent for a notice sent by text message, the pawnbroker requires
				the pledgor to verify the pledgor's ability to receive a text message by
				receiving and replying to a test text message from the pawnbroker or by any
				other method approved by the division of banking.
3. The pawnbroker retains records of
				electronic mail or text message notices sent to that address, including the
				content and the time and date of the delivery.
4. The pawnbroker sends notice to the
				pledgor's physical mailing address if the electronic mail or text message
				delivery fails or if the pledgor withdraws consent to receive notice by
				electronic mail or text message.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 77 - Pawnbrokers › Section DFI-Bkg 77.07 - Effect of nonredemption

Current through June 24, 2024
A pledgor has no obligation to redeem pledged goods or make
				  any payment on a pawn transaction. Pledged goods not redeemed within 30 days
				  after the original or extended maturity date of the loan shall automatically be
				  forfeited to the pawnbroker.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Bkg 1-78 - Department of Financial Institutions-Banking › Chapter DFI-Bkg 77 - Pawnbrokers › Section DFI-Bkg 77.08 - Agreements and extensions

Current through June 24, 2024
(1) A pawnbroker
				and pledgor may agree to one or more extensions of a pawn transaction. The
				agreement shall be in writing and signed by the pledgor. A copy of the
				agreement shall be given to the pledgor.
(2) The agreement shall disclose the pawn
				ticket number, the date of the extension agreement, the extended due date, the
				dollar amount collected on the date of the extension agreement, the dollar
				amount extended, the dollar amount of the finance charge to be paid for the
				extension period, the total amount due on the extended due date, and the notice
				required by s.
				422.303(3),
				Stats.
(3) The annual percentage
				rate of finance charge assessed on the unpaid balance of the amount financed
				during the extension period may not exceed the annual percentage rate of
				finance charge disclosed in the pawn transaction.