reglab/statecodes huggingface dataset:
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 23 - Registration of take-over offers › Section DFI-Sec 23.01 - Filing of registration statement

Current through June 24, 2024
(1) Any person who
				proposes to make a take-over offer involving a target company in this state or
				to acquire any equity securities of a target company pursuant to the offer, or
				who is the subject of an order of exemption allowing a conditional take-over
				offer to commence, shall file with the division a registration statement on
				form TO-1 and, not later than the date of filing, send a copy of such
				registration statement by certified mail to the target company at its principal
				office and, on the date of filing, except in the case of a conditional
				take-over offer subject to an order of exemption, publicly disclose in the
				manner specified in s. DFI-Sec 21.01(6), the material terms of the proposed
				offer.
(2) If any material change
				occurs in the facts set forth in the registration statement required by sub.
				(1), the offeror who filed such statement shall promptly notify the division
				and the target company of such change by telephone or telegraph confirmed by
				letter, and shall amend the registration statement to reflect such change
				within 10 days of the change.
(3)
				The proposed take-over offer filed with the division as part of the
				registration statement pursuant to s.
				552.05(2)
				(b), Stats., shall include, but shall not be
				limited to, the following information:
(a)
				The name of the offeror making the take-over offer;
(b) The exact dates prior to which, and after
				which, security holders who deposit their securities will have the right to
				withdraw their securities pursuant to s.
				552.11(2),
				Stats., or otherwise;
(c) If the
				take-over offer is for fewer than all of the outstanding equity securities of
				the class and the offeror is not obligated to acquire all of the securities
				tendered, the date of expiration of the period during which the securities will
				be taken up pro rata pursuant to s.
				552.11(3),
				Stats., or otherwise; and
(d) The
				information required by Items B (1), (3), and (5), C, D, E, and F of form TO-1,
				or a fair and adequate summary thereof.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 24 - Exemptions › Section DFI-Sec 24.01 - Exemptions from ownership information filing

Current through June 24, 2024
The following persons are exempted under s.
				  552.13(3),
				  Stats., without limiting the division's authority thereunder, from the
				  ownership information filing requirements of s.
				  552.03,
				  Stats.:
(1) A person who makes any
				acquisition of the direct or indirect beneficial ownership of an equity
				security of a target company which, when added to the net of all acquisitions
				and dispositions by the same person of securities of the same class during the
				preceding 12 months, does not exceed 2% of the outstanding equity securities of
				that class.
(2) Any target company
				which acquires or has acquired the direct or indirect beneficial ownership of
				its own equity securities, except in connection with a take-over
				offer.
(3) A person who, prior to
				an acquisition of the equity securities of an issuer, was the beneficial owner
				of more than 5% of the outstanding securities of the same class as those
				acquired and the following conditions are met:
(a) The acquisition is made pursuant to
				pre-emptive subscription rights in an offering made to all holders of
				securities of the class to which pre-emptive subscription rights
				pertain;
(b) The purchaser does
				not, through the exercise of such pre-emptive subscription rights, acquire more
				than the purchaser's pro-rata share of the securities offered; and
(c) The acquisition is duly reported pursuant
				to section 16 (a) of the securities exchange act of 1934, or the offering is
				exempted pursuant to s.
				551.202(15),
				Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 24 - Exemptions › Section DFI-Sec 24.02 - Other filing exemptions

Current through June 24, 2024
The following solicitation materials and communications are
				  exempted under the general rule-making authority of the division in s.
				  552.13(2),
				  Stats., from any and all filing requirements of ch. 552, Stats.:
(1) Offers to purchase securities made in
				connection with a distribution of securities permitted by rule 10b-7 or 10b-8
				of the securities exchange act of 1934;
(2) The call or redemption of any security in
				accordance with the terms and conditions of the governing
				instruments;
(3) Offers to purchase
				securities evidenced by a script certificate, order form or similar document
				which represents a fractional interest in a share of stock or similar
				security;
(4) Offers to purchase
				securities pursuant to a statutory procedure for the purchase of dissenting
				shareholder's securities;
(5) The
				furnishing of information and advice regarding a take-over offer to customers
				or clients by attorneys, banks, broker-dealers, fiduciaries or investment
				advisers, who are not otherwise participating in the take-over offer or
				solicitation.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 25 - False or misleading solicitation materials › Section DFI-Sec 25.01 - False or misleading solicitation materials

Current through June 24, 2024
The following solicitation materials are deemed to be "false
				  or misleading" under s.
				  552.07(2),
				  Stats., without limiting the division's authority thereunder:
(1) Any additional solicitation materials
				used by the offeror subsequent to the delivery of the initial take-over to the
				security holders of the target company, if they do not contain the name of the
				persons making the solicitation and the information required by items B (1),
				(3) and (5), C, D, E, and F of form TO-1, or a fair and adequate summary
				thereof, unless the information has been previously furnished to security
				holders of the target company who are solicited.
(2) Solicitation materials used in connection
				with a take-over offer by persons other than the offeror if they do not include
				the name of the person making the solicitation and the information required by
				s. DFI-Sec 26.01(1) (d), (e) and (f), or a fair and adequate summary thereof,
				unless the information has been previously furnished to security holders of the
				target company who are solicited.
(3) Any solicitation materials filed and in
				compliance with the first 2 subsections of this rule are deemed to have become
				false and misleading if, after filing, the person filing fails to promptly
				notify the division and the target company or offeror by telephone or telegraph
				confirmed by letter of any material change in the facts disclosed in the
				solicitation materials or if, within 10 days of learning of the change, the
				person filing has not filed the changes with the division and sent them by mail
				to all target company security holders who had received the initial
				solicitation material in which the original facts were first
				disclosed.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 26 - Fraudulent and deceptive practices › Section DFI-Sec 26.01 - Fraudulent, deceptive or manipulative acts or practices

Current through June 24, 2024
The following practices or acts are deemed to be "fraudulent,
				  deceptive or manipulative" within the meaning of s.
				  552.09,
				  Stats., without limiting the division's authority thereunder:
(1) The publication, use of or sending to the
				equity security holders of the target company solicitation materials to be used
				in connection with a take-over offer by persons other than the offeror if,
				before such solicitation materials are used, published or sent, the persons
				intending to use, publish or send them fail to file with the division a
				statement disclosing the following information:
(a) The name and business address of the
				person filing the statement;
(b)
				Name of the target company and the address of its principal office;
(c) Title of the class of the equity security
				to which the solicitation materials relate;
(d) Identification of the take-over offer to
				which the solicitation material relates;
(e) Reasons for the solicitation of equity
				security holders of the target company to accept or reject such take-over offer
				or request for invitation for tenders;
(f) Where the solicitation materials are to
				be used, published or sent by persons other than the target company, a
				description of any arrangement or understanding which the persons making the
				solicitation have with the target company, its management or the
				offeror;
(g) The identification of
				any person or class of persons employed, retained or to be compensated by the
				person filing this statement or by any person on their behalf, to make
				solicitations to equity security holders of the target company to accept or
				reject the take-over offer and a brief description of the terms of the
				employment, retainer or arrangement for compensation; and
(h) Where the person filing this statement is
				the target company, information as to all transactions in the class of equity
				securities of the target company to which this statement relates which were
				effected during the 60 days immediately precedent to the filing of this
				statement by the target company and its subsidiaries and their principal
				officers, directors and affiliated persons.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 27 - General provisions › Section DFI-Sec 27.01 - Fees

Current through June 24, 2024
The following fees, prescribed for the examination of various
				  matters arising under ch. 552, Stats., are chargeable to the person filing or
				  the registrant, and are payable, unless otherwise provided by the division, at
				  the time the required form or solicitation material is filed:
(1) Ownership information matters filed
				pursuant to s.
				552.03,Stats.:
(a) Form TO-1 Statement of Ownership
				Information$100
(b) Statement
				prescribed in section 13 (d) of the securities exchange act of
				1934$100
(c) Form TO-2 Statement of
				Ownership Information$100
(d)
				Amendment to Statement of Ownership Information $100
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 28 - Conformity with federal law › Section DFI-Sec 28.01 - Conformity with federal law

Current through June 24, 2024
(1) The division
				may by order hold any filings or proceedings confidential.
(2) The division may exercise the authority
				in s.
				552.05(1),
				Stats., to permit a conditional take-over offer to be made for the equity
				securities of a target company without prior registration under ch. 552,
				Stats., under such conditions as the division may impose for the protection of
				investors, provided that: the offeror's purchase of the securities is
				conditioned upon subsequent registration under ch. 552, Stats.; and the
				division determines the action is necessary and appropriate to satisfy the
				purposes of this chapter and to conform the procedures contained in this
				chapter to those prescribed by Regulations 14D and 14E under the securities
				exchange act of 1934.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 29 - Forms › Section DFI-Sec 29.01 - Forms

Current through June 24, 2024
(1) The following forms are adopted under ch.
				552, Stats., for use in this state and may be obtained from the office of the
				division of securities, Madison, Wisconsin:
TO-1 Long-Form Statement of Ownership Information, Amendment
				  to Long-Form Statement of Ownership Information and Registration Statement of
				  Take-Over Offer
TO-2 Short-Form Statement of Ownership Information and
				  Amendment to Short-Form Statement of Ownership Information
(2) Any other statement or report may be
				filed containing the information specified in the applicable rule.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 31 - Definitions › Section DFI-Sec 31.01 - Definitions

Current through June 24, 2024
(1)
(a)
				"Franchise fee" within the meaning of s.
				553.03(5m),
				Stats., may be determined by the division to include, but not necessarily be
				limited to:
1. Payment which is made before,
				upon, or after execution of an agreement to purchase, process, resell or
				otherwise distribute a manufacturer's or licensor's goods, services, equipment,
				inventory or real estate.
2.
				Payment referred to in subd. 1. which is made in the form of a lump sum,
				installments, periodic royalties, profits, or cash flow, or is or may be
				reflected in the price of goods, services, equipment, inventory or real estate
				sold or leased by the licensor to the distributor or licensee.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 32 - Exemption and registration of franchises › Section DFI-Sec 32.03 - Material events or material changes affecting exempted franchisors and their franchises

Current through June 24, 2024
Franchisors whose franchises are exempted under s.
				  553.25,
				  Stats., shall be required, as a condition of maintenance of the exemption, to
				  notify the division in writing within 30 days after the happening of any
				  material event or material change within the meaning of s. DFI-Sec 31.01(2),
				  affecting the exempted franchises or the franchisor.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 32 - Exemption and registration of franchises › Section DFI-Sec 32.05 - Exemptions by the division

Current through June 24, 2024
(1) The following
				transactions shall be exempted from s.
				553.21,
				Stats., pursuant to s.
				553.25,
				Stats.:
(a) Any offer to sell or sale by a
				governmental entity of a franchise for cable telecommunications rights except
				offers to sell and sales of such franchises where:
1. The franchisee of a governmental entity
				offering or selling such rights sells or offers rights to participate in such a
				business or a prospective business of a cable telecommunications nature;
				or
2. A franchisee or prospective
				franchisee of a governmental entity advertises, offers to sell or sells an
				interest in such franchise or prospective franchise which may consist of, but
				not be limited to, access to the use of existing facilities, rights granted by
				the governmental entity, or rights or facilities to be acquired.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 32 - Exemption and registration of franchises › Section DFI-Sec 32.06 - Form of registration by notification

Current through June 24, 2024
A notification to register a franchise shall be filed using
				  the cover page of the 2008 Franchise Registration and Disclosure Guidelines
				  adopted on June 6, 2008 by the North American Securities Administrators
				  Association, together with a disclosure document prepared in conformance with
				  those Disclosure Guidelines, and containing the information and accompanied by
				  the fee required in s.
				  553.26(1),
				  Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 32 - Exemption and registration of franchises › Section DFI-Sec 32.07 - Amendment to registration statement

Current through June 24, 2024
(1) An application
				to amend the registration statement shall be filed using the Uniform Franchise
				Application Form (Form A) of the 2008 Franchise Registration and Disclosure
				Guidelines adopted on June 6, 2008 by the North American Securities
				Administrators Association, and containing the information required in s.
				553.31(1),
				Stats. The application shall be accompanied by a copy of the amended disclosure
				document prepared in conformance with those Disclosure Guidelines, together
				with the $200 filing fee prescribed in s. DFI-Sec 35.01.
(2) The amendment is effective upon receipt
				by the division of the materials and fee required under sub. (1).
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 32 - Exemption and registration of franchises › Section DFI-Sec 32.08 - Escrow of franchise fees and other consideration

Current through June 24, 2024
(1) When an escrow
				is imposed pursuant to s.
				553.27(2),
				Stats., 100% of franchise fees and all other funds paid by the franchisee or
				sub franc his or for any purpose shall within 48 hours of the receipt of the
				funds, be placed with the escrow agent selected under sub. (2). All checks
				shall be made payable to the escrow agent.
(2) Funds subject to an escrow imposed
				pursuant to s.
				553.27(2),
				Stats., shall be placed in a separate trust account with a national bank
				located in Wisconsin, a Wisconsin bank or trust company, or any federally
				insured bank satisfactory to the division. A written consent of the escrow
				agent to act in such capacity shall be filed with the division.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 32 - Exemption and registration of franchises › Section DFI-Sec 32.09 - Surety bond in lieu of escrow

Current through June 24, 2024
In lieu of the imposition of an escrow condition under s.
				  553.27(2),
				  Stats., and s. DFI-Sec 32.08, a franchisor may post a surety bond in an amount
				  as shall be required by the division. The bond shall be issued by a corporate
				  surety authorized to transact business in the state of Wisconsin, conditioned
				  upon the completion by the franchisor of its obligations under the franchise
				  contract to provide real estate, improvements, equipment, inventory, training
				  or other items included in the offering.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 34 - Fraudulent and prohibited practices › Section DFI-Sec 34.01 - Application of proceeds

Current through June 24, 2024
A seller of franchises exempt from registration under s.
				  553.23
				  or
				  553.25,
				  Stats., or registered under s.
				  553.21,
				  Stats., or any person who is an officer, director or controlling person of the
				  seller is deemed to employ a "fraudulent and prohibited practice" within the
				  meaning of s.
				  553.41,
				  Stats., and a "false, fraudulent and deceptive practice" within the meaning of
				  s.
				  553.58(1),
				  Stats., if the person applies or authorizes or causes to be applied any
				  material part of the proceeds from the sale of the franchises in any material
				  way contrary to the purpose specified in advertising or oral representations
				  utilized in connection with the offer to sell or sale of the franchise or in
				  the prospectus required to be utilized in connection with the offer to sell or
				  sale of franchises registered under s.
				  553.21,
				  Stats., and, in any event, for a purpose not reasonably related to the business
				  of the franchisor, as described in the advertising, oral representations,
				  prospectus or any contract related to the offer or sale of the
				  franchise.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 35 - General provisions › Section DFI-Sec 35.01 - Fees

Current through June 24, 2024
The following fees, prescribed for examination of various
				  matters arising under ch. 553, Stats., are chargeable to the applicant or
				  registrant and are payable, unless otherwise provided by the division, at the
				  time the application or notice is filed:
(1)
(a)
				Application for order of exemption under s.
				553.25,
				Stats.$200.
(b) Application for
				opinion confirming a registration exemption or an exclusion from a
				definition$500.
(c) Application for
				issuance of an interpretive opinion under ch. 553, Stats.$500.
(d) Application for amendment of a
				registration statement under s.
				553.31,
				Stats.$200.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 35 - General provisions › Section DFI-Sec 35.03 - Injunctions

Current through June 24, 2024
In any injunctive proceeding under s.
				  553.54, Stats., the
				  division may petition the court to order rescission of any sale or purchase of
				  franchises determined to be in violation of ch. 553, Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 35 - General provisions › Section DFI-Sec 35.04 - Files and records

Current through June 24, 2024
(1) Except as otherwise provided by law or as
				specified in sub. (2), any record or document in the division's possession or
				control of which the division is the legal custodian, may be inspected or
				copied by any person during regular business hours.
(2) The following records may be excluded
				from disclosure under this section if the division finds the public interest in
				nondisclosure outweighs the benefits of open access:
(a) Personnel files of office employees,
				former employees and job applicants;
(b) Communications with legal
				counsel;
(c) Records obtained under
				a pledge or reasonable expectation of confidentiality;
(d) Memoranda and work papers of employees,
				the division or the deputy division prepared with the reasonable expectation of
				confidentiality;
(e) A record that
				is part of a current investigation that may result in administrative, legal or
				criminal action or which relates to any such pending action.
(f) A record whose disclosure would unduly
				damage a person's reputation so as to outweigh the public interest in
				disclosure.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-Sec 1-36 - Department of Financial Institutions-Securities › Chapter DFI-Sec 36 - Administrative procedure › Section DFI-Sec 36.01 - Administrative procedure

Current through June 24, 2024
Chapter
				  DFI-Sec
				  8 shall be applicable to all hearings, proceedings,
				  applications and filings under ch. 553, Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.01 - Wisconsin consumer act rules; organization

Current through June 24, 2024
In order to facilitate the organization of rules promulgated
				  under the Wisconsin consumer act and to assist interested persons in relating
				  the rules to the act, each rule shall refer to specific sections of the act.
				  The rules shall be published so as to retain the numerical order of the
				  sections of the act to which they refer. However, each statutory reference does
				  not constitute the sole statutory authority for any particular
				  rule.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.05 - General definitions; consumer credit transactions

Current through June 24, 2024
Acquisition of a leasehold interest in real property by a
				  customer from a merchant is not a consumer lease within the meaning of s.
				  421.301(11),
				  Stats. For laws governing the leasing of real estate see ch. 704,
				  Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.06 - General definitions; customer

Current through June 24, 2024
A person seeks or acquires real or personal property,
				  services, money or credit for personal, family, household or agricultural
				  purposes within the meaning of s.
				  421.301(17),
				  Stats., when such real or personal property, services, money or credit is to be
				  used primarily, that is 50% or more, for one or more of these
				  purposes.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.07 - General definitions; finance charge

Current through June 24, 2024
A delinquency or default charge is not a finance charge
				  within the meaning of s.
				  421.301(20),
				  Stats., if imposed for actual unanticipated late payment, delinquency, default
				  or other such occurrence. However, when a merchant's billings are not paid in
				  full within a stipulated time period and under such circumstances the merchant
				  does not, in fact, regard such accounts in default (For example, by customarily
				  failing to institute collection activity or by continuing to extend credit) and
				  imposes charges periodically for delaying payment of such accounts from time to
				  time until paid, the charge so imposed comes within the definition of a finance
				  charge and the credit so extended comes within the definition of open-end
				  credit.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.08 - General definitions; official fees

Current through June 24, 2024
Official fees within the meaning of s.
				  421.301(26)
				  (a), Stats., shall include any fee charged by
				  a register of deeds or the secretary of state for the filing or recording of
				  any instrument of conveyance or other document for the purpose of perfecting a
				  security interest for which the parties have contracted.
See also s. DFI-WCA
					 1.352.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.09 - General definitions; required deposit balance

Current through June 24, 2024
The definition of "required deposit balance" in s.
				  421.301(38),
				  Stats., together with the definition of "amount financed" requires that the
				  required deposit balance be deducted from the amount financed for the purpose
				  of calculating the finance charge and making disclosures. The purpose is to
				  accurately disclose to the customer the amount of funds or credit of which he
				  or she will have actual use, and thus the creditor is required to deduct from
				  the funds advanced any compensating balance the creditor requires to be
				  maintained with him or her. Consequently, the term does not apply to a deposit
				  balance or deposit investment maintained by the customer with a financial
				  institution other than the creditor, which is taken by the creditor as
				  collateral for the advance made. The reference to "any investment" refers to
				  deposit-type investments such as "share accounts" maintained with savings and
				  loan associations, credit unions or mutual savings banks. The term "investment"
				  in s.
				  421.301(38),
				  Stats., does not include investment securities of the type defined in ch. 408,
				  Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.201 - Finance charge for consumer credit transactions; per diem charge

Current through June 24, 2024
Charges under s.
				  422.201,
				  Stats., on consumer transactions other than those pursuant to an open-end plan
				  where the finance charge is computed on the declining unpaid principal balance
				  from time to time outstanding may be computed on actual unpaid balances at
				  1/360th of the annual rate for the actual number of days outstanding provided
				  the use of this method shall be disclosed conspicuously together with all other
				  disclosures required by subch. III of ch. 422, Stats., and provided the finance
				  charge obtained by the application of this method does not exceed the maximum
				  charge permissible under the act.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.22 - Finance charge for consumer credit transactions; credit cards and coupon books

Current through June 24, 2024
With respect to a consumer credit transaction involving the
				  receipt or acceptance by a customer of any credit card, plate, merchandise
				  certificate, letter of credit, coupon book or other like credit device, except
				  gift certificates purchased by a customer for use by a person other than the
				  customer, the unpaid balance in such transaction within the meaning of s.
				  422.201,
				  Stats., shall include only the cash value of any money, property, labor or
				  services, not including the credit device itself, acquired by the actual use or
				  redemption of such credit device together with authorized additional charges.
				  For example, where a customer receives a coupon book or several merchandise
				  certificates in the amount of $200 and subsequently redeems one coupon or
				  certificate in the amount of $25, the customer's unpaid balance upon which a
				  finance charge may be assessed is limited to the $25 cash value of the goods or
				  services which the customer has actually received. This rule shall not apply to
				  merchandise certificates acquired by a customer pursuant to an open-end plan
				  if:
(1) Acquisition of certificates is
				not a condition of the extension of credit to the customer,
(2) Unused certificates may be returned at
				any time for full credit to the customer's account,
(3) The acquisition cost is not billed to the
				customer for at least one month, and does not bear a finance charge for a
				minimum period of 2 months, after the certificate is acquired, and
(4) The customer is given notice, at least 15
				days prior to the imposition of a finance charge, of the date by which any
				unused certificates must be returned to avoid imposition of finance charges on
				the price thereof.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.221 - Finance charge for consumer credit transactions; actuarial method-compounding

Current through June 24, 2024
The term "actuarial method" as used in s.
				  422.201,
				  Stats., shall mean the method by which that portion of each payment not
				  applicable to an escrow account is applied first to any finance charge or
				  permitted additional charge accrued from the time of any prior payment or from
				  the time credit is extended and the remainder, if any, is applied to the unpaid
				  amount financed. With the exception of the calculation of delinquency charges,
				  amounts remitted may be applied to interest and charges and then to principal
				  on the most delinquent installment due and then to interest and charges on the
				  next installment proceeding to more current instalments until the amount
				  remitted is exhausted. For purposes of computing the finance charge under s.
				  422.201(10m),
				  Stats., a merchant may calculate the finance charge on an unpaid balance which
				  includes unpaid finance charges.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.23 - Maximum charges; precision and rounding

Current through June 24, 2024
When preparing charts and tables, programming electronic
				  devices or performing numerical calculations in connection with ss.
				  422.201,
				  422.204, and
				  422.209,
				  Stats., any number of decimal places may be used to express the multiplying
				  factor, provided that such factor shall be carried out at least to the nearest
				  ten-thousandth or if expressed as a percent to the nearest one-hundredth of a
				  percent. Where the number of decimal places used exceeds the minimum, the final
				  digit may be rounded. In any case, the same multiplier must be used
				  consistently with regard to all calculations in the transaction, including
				  computation of interest, deferrals or rebates. Where the multiplier complies
				  with this rule, the final product may be rounded to the nearest cent provided
				  that products of 5 mills and over shall be rounded upward.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.26 - Additional charges; cost of insurance

Current through June 24, 2024
Disclosure of the cost of insurance as an additional charge
				  under s.
				  422.202(1) (b) and
				  (c), Stats., must include written notice to
				  the customer of the term of such insurance together with the dollar charge for
				  such term. Where the term of the insurance is the same as the term of the
				  transaction a disclosure of that fact shall be an adequate disclosure of the
				  term of the insurance.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.261 - Additional charges; equivalent security interest

Current through June 24, 2024
The term "equivalent security interest" as used in s.
				  422.202(2)
				  (b), Stats., shall include a seller's
				  interest under a land contract or a first lien deed of trust, and a second
				  mortgage where there are no intervening liens and the mortgagee holds the first
				  mortgage on the subject property. For cross reference application of this
				  definition, see also ss.
				  422.303(4),
				  422.306(2),
				  422.408(6),
				  422.409(2)
				  and
				  422.411(2),
				  Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.262 - Additional charges; title examinations

Current through June 24, 2024
Title examinations within the meaning of s.
				  422.202(2)
				  (a), Stats., shall include the fee for a
				  written title opinion prepared by an attorney upon examination of the abstract
				  of title to the real property which is the subject of the consumer credit
				  transaction on which the charge is assessed.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.263 - Additional charges, appraisals, copies

Current through June 24, 2024
A creditor shall provide the customer, before any payment is
				  due, with a copy of any appraisal for which the customer, in connection with a
				  consumer credit transaction, is assessed an additional charge pursuant to s.
				  422.202(2)
				  (d), Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.264 - Credit insurance; signature placement

Current through June 24, 2024
A customer desiring consumer credit insurance shall
				  separately sign his or her name pursuant to s.
				  422.202(2s) (a)
				  1 b., Stats., on the same page as all other
				  required insurance disclosures required under s.
				  422.202(2s)
				  (a) 1, Stats.; on a line specifically
				  designed for the signature.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.271 - Delinquency charges; deferred installment

Current through June 24, 2024
Where the parties have agreed to a delinquency charge in
				  accordance with s.
				  422.203,
				  Stats., and instalments have subsequently been deferred, the merchant may
				  collect a delinquency charge on any deferred installment which is not paid in
				  full on or before the 10th day after its deferred due date unless such
				  installment is again deferred.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.28 - Deferral charges; unilateral deferral at no cost

Current through June 24, 2024
Notwithstanding s.
				  422.204, Stats.,
				  any number of the instalments may be deferred unilaterally by the creditor
				  without the notice that would otherwise be required provided there is no charge
				  for such deferral.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.281 - Deferral charges; alternative computation

Current through June 24, 2024
The methods for computing deferral charges described in s.
				  422.204(1) (a) and
				  (b), Stats., are alternatives and a creditor
				  may elect to use either method to the extent that he or she can apply it to the
				  particular transaction. However, if the transaction is not one to which s.
				  422.204(1)
				  (a), Stats., could apply, for example,
				  because of irregular payments, then the creditor must compute the deferral
				  pursuant to s.
				  422.204(1)
				  (b), Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.29 - Deferral charges; "rule of 78"

Current through June 24, 2024
The portion of the precomputed finance charge attributable to
				  the final installment of the original schedule of payments as used in s.
				  422.204(1)
				  (a), Stats., shall mean the pre-payment
				  rebate calculated according to the Rule of 78 if the transaction is for a term
				  of less than 37 months in which the amount financed is less than $5000 and
				  entered into on or after August 1, 1987 or the actuarial method in all other
				  cases, if the contract were prepaid in full on the payment date immediately
				  preceding final originally scheduled maturity.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.30 - Notice of non-performance

Current through June 24, 2024
Written notice of non-performance by a customer pursuant to
				  s.
				  422.207,
				  Stats., shall be by personal delivery of such notice to the customer or by
				  mailing such notice by regular, registered or certified mail to the customer's
				  last known address. Where notice is by mail, notice shall be deemed given on
				  the day of mailing. Unless otherwise demonstrated by either party a period of
				  10 days exclusive of the date on which notice is deemed given shall be
				  presumptively a reasonable time within which to perform.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.301 - Rebate on prepayment; irregular installment amounts or due dates

Current through June 24, 2024
The unearned portion of the precomputed finance charge on
				  consumer credit transactions described in s.
				  422.209(3),
				  Stats., having terms of less than 37 months in which the amount financed is
				  less than $5000 and entered into on or after August 1, 1987 shall be computed
				  in accordance with the provisions of s.
				  138.05(2)
				  (b), Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.311 - General requirements and provisions; consummation

Current through June 24, 2024
For the purpose of disclosing all information required by
				  subch. III of ch. 422, Stats., a transaction shall be considered consummated at
				  the time a contractual relationship is created between a merchant and a
				  customer irrespective of the time of performance of either
				  party.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.32 - Disclosure customer copies

Current through June 24, 2024
For purposes of s.
				  422.302(3),
				  Stats., documents which evidence the customer's obligation shall include
				  documents which evidence an obligation to pay as well as those which evidence
				  an obligation to perform including, but not limited to, a mortgage and a
				  security agreement.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.321 - Form requirements other than open-end-set off

Current through June 24, 2024
As a condition to the exercise of a right of set off a
				  merchant shall in accordance with s.
				  422.302,
				  Stats., conspicuously disclose his or her right to apply any amounts owed by
				  the merchant to the customer against any amounts owed by the customer to the
				  merchant. No merchant shall exercise a right to set off prior to giving the
				  customer notice of his or her right to cure any default, if applicable, and
				  waiting the appropriate number of days in accordance with s.
				  425.105,
				  Stats.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.331 - Form requirements other than open-end-microfilm copies

Current through June 24, 2024
A creditor may retain copies of documents as required by s.
				  422.303(5),
				  Stats., by microfilm or other similar photographic process provided such
				  creditor is able to reproduce individual permanent photo copies which retain
				  substantially the same print size as the original document.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.34 - Prohibition of blank writings

Current through June 24, 2024
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. Pursuant to s.
				  422.304,
				  Stats., a general clause or statement in a contract to the effect that spaces
				  which are not filled in are inapplicable to the particular transactions does
				  not satisfy the requirement of this section and may not be relied upon by the
				  creditor.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.341 - Notice to obligors

Current through June 24, 2024
In addition to the language required by s.
				  422.305(1),
				  Stats., a merchant may include within the explanation of personal obligation a
				  form number, the date of execution, instructions for completion, and a union
				  printing label. Paragraph (a) of the explanation may provide that the
				  obligation of the person signing it includes all extensions, renewals or
				  deferrals of the particular transaction in which there is no advance of or
				  increase in the amount of the principal or increase in the rate of finance
				  charge.
Wisconsin Administrative Code › Department of Financial Institutions › DFI-WCA 1 - Department of Financial Institutions-Wisconsin Consumer Act › Chapter DFI-WCA 1 - Wisconsin consumer act › Section DFI-WCA 1.35 - Notice to obligors; open-end accounts

Current through June 24, 2024
In cases where a person assumes liability on an open-end
				  account, paragraph (a) of the Explanation of Personal Obligation under s.
				  422.305,
				  Stats., shall be modified to read as follows: "(a) You have agreed to pay
				  amounts owing or to be owing in the future as a result of charges made by (name
				  of customer) on his or her charge account with (name of creditor) in an amount
				  not exceeding $ ." Paragraph (b) of the Explanation must contain the following
				  statement: "If you wish to terminate your guarantee with respect to future
				  transactions, you must notify (name of creditor) in writing." An explanation of
				  the form described in this rule will satisfy the requirements of s.
				  422.305,
				  Stats., and no further notice or Explanation of Personal Obligation need be
				  given the person with respect to subsequent individual purchases or loans on
				  the account. However, in case of any subsequent change in the terms of the
				  account which would increase or extend the contingent liability of the person,
				  where the merchant was authorized to make unilateral changes from time to time
				  under the original terms of the account, an explanation of such change must be
				  given to the person in accordance with s.
				  422.415,
				  Stats. Such notice shall conspicuously disclose that if the person wishes to
				  terminate the guarantee with respect to future transactions, the person must
				  notify the creditor in writing.