Compliance

Credit Union Solutions
Wisconsin Credit Union Foundation

Wisconsin Consumer Act

421 WCA: Consumer Transactions - General Provisions and Definitions

SUBCHAPTER I - SHORT TITLE, CONSTRUCTION, GENERAL PROVISIONS 
  • 421.101 Short title.
  • 421.102 Purposes; rules of construction.
  • 421.103 Applicable law.
  • 421.104 Construction against implied repeal.
  • 421.106 Settlement of claims; agreement to forego rights; waiver.
  • 421.107 Effect of chapters 421 to 427 on powers of organizations.
  • 421.108 Obligation of good faith.

SUBCHAPTER II - SCOPE AND JURISDICTION

  • 421.201 Territorial application.
  • 421.202 Exclusions.
  • 421.203 Partial exclusion for governmentally insured or guaranteed transactions.

SUBCHAPTER III - DEFINITIONS
  • 421.301 General definitions.
  • 421.401 Venue.


421.202(10) WCA: Exclusions

* * * * *
421.202(10) Transactions that are primarily for an agricultural purpose, except that this subsection does not exclude transactions that are primarily for an agricultural purpose from ch. 427 and except that this subsection does not exclude credit transactions that are primarily for an agricultural purpose from s. 422.210.

421.210 WCA: Agricultural credit transactions.

(1) Permissible finance charges and fees. With respect to a credit transaction that it is primarily for an agricultural purpose, a creditor may not charge, collect or receive any finance charge or fee unless the charge or fee is clearly disclosed in writing to the customer and that is agreed to by the creditor and the customer.
(2) Penalty. A violation of this section is subject to s. 425.304.


422 WCA: Consumer Credit Transactions
Click on the link to see a detailed listing of the provisons of this law relating to - 

SUBCHAPTER I - GENERAL PROVISIONS, 
SUBCHAPTER II - MAXIMUM CHARGES, 
SUBCHAPTER III - DISCLOSURE AND FORM OF WRITINGS, 
SUBCHAPTER IV - LIMITATIONS ON AGREEMENTS AND PRACTICES, and 
SUBCHAPTER V - CREDIT SERVICES ORGANIZATIONS 


422 WCA: Consumer Credit Transactions as regarding late fees.
422.202(2m) Additional charges - With respect to an open-end credit plan, regardless of when the plan was entered into...
422.203 Closed end credit.

422 WCA: Consumer Credit Transactions as regarding additional charges. [closed-end WCA loan].
422.202 Additional charges. [closed-end WCA loan].
(1) In addition to the finance charge permitted by this subchapter, a merchant may bargain for and receive any of the following additional charges in connection with a consumer credit transaction:
*****
(d) With respect to a consumer credit transaction which is other than one pursuant to an open-end credit plan and which is entered into on or after May 17, 1988, a charge not to exceed $15 for each check presented for payment to a creditor which is returned unsatisfied because the drawer does not have an account with the drawee, does not have sufficient funds in his or her account or does not have sufficient credit with the drawee.

422 WCA: Consumer Credit Transactions as regarding additional charges. [open-end WCA loan].
422.202(2m) Additional charges. [open-end WCA loan].
(2m) With respect to an open-end credit plan, regardless of when the plan was entered into:
(a) A creditor may charge, collect and receive other fees and charges, in addition to the finance charge authorized under s. 422.201, that are agreed upon by the creditor and the customer. These other fees and charges may include periodic membership fees, cash advance fees, charges for exceeding a designated credit limit, charges for late payments, charges for providing copies of documents and charges for the return of a dishonored check or other payment instrument.
(b) For purposes of 12 USC 85, 1463 (g), 1785 and 1831d, both the finance charge under s. 422.201 and charges permitted under par. (a) are interest and may be charged, collected and received as interest by a creditor.

422 WCA: Consumer Credit Transactions as regarding advances to perform agreements of customer.
422.207 Advances to perform agreements of customer.

422 WCA: Consumer Credit Transactions as regarding advertising.
422.308 Open-End Credit Disclosure (includes applications in advertisements).

422 WCA: Consumer Credit Transactions as regarding credit sales.
422.417 Restrictions on security interests.
    (1)With respect to a consumer credit sale a seller may take a security interest only in...

422 WCA: Consumer Credit Transactions as regarding record retention.
422.303 Form requirements other than open-end or discount
(5) The creditor shall retain a copy of such writing evidencing a consumer credit transaction, other than one pursuant to an open- end credit plan...

422 WCA: Consumer Credit Transactions as regarding variable rate loans.
422.421 Variable Rate Transactions.
(1) Definitions. 
(2) Variable Rate Transaction Permitted. 
(3) Approved Index Adjustments. 
(4) Other Adjustments. 
(5) Notice. 
(6) Maximum Rate. 
(7) Adjustment After Maturity Date. 
(8) Changes in Original Schedule of Payments. 
(9) Changes In Open-End Credit Plans. 
(10) Prepayment. 
(11) Amendments to Open-End Credit Plans. 
(12) Penalty.

423 WCA: Consumer Approval Transactions and Other Consumer Rights
SUBCHAPTER I - GENERAL PROVISIONS 
423.101 Short title.
423.102 Scope.

SUBCHAPTER II - RIGHT TO CANCEL
423.201 Definition.
423.202 Right to cancel: manner of cancellation.
423.203 Notice to customer.
423.204 Restoration of down payment; security interest void; return of property.
423.205 Duty of customer.

SUBCHAPTER III - ADVERTISING
423.301 False, misleading or deceptive advertising.
423.302 Remedies and penalty.

SUBCHAPTER IV - CUSTOMER IDENTIFICATION 
423.401 Credit card identification information.
423.402 Check identification information.


423 WCA: Consumer Approval Transactions and Other Consumer Rights - Right to Cancel Other Rights as regarding advertising.
423.301 False and Misleading, or Deceptive Advertising.

424 WCA: Consumer Transactions - Insurance
SUBCHAPTER II CONSUMER CREDIT INSURANCE
424.201 Definition “consumer credit insurance”.
424.202 Charge for insurance.
424.203 Conditions applying to insurance to be provided by creditor.
424.204 Maximum charge by creditor for insurance.
424.205 Refund or credit required.
424.206 Deferral, refinancing and consolidation agreements.
424.207 Term of insurance.
424.208 Amount of insurance.
424.209 Filing and approval of rates and forms.

424 WCA: Consumer Transactions –Insurance as regarding insurance commissions.
424.502 Insurance commissions; limitations.

425 WCA: Consumer Transactions – Remedies and Penalties


425 WCA: Consumer Transactions – Remedies and Penalties as regarding credit sales.
425.209 Restrictions on deficiency judgments.

425 WCA: Consumer Transactions – Remedies and Penalties as regarding small claims court.
425.103 Accrual of cause of action; "default." 
425.104 Notice of customer's right to cure default. 
425.105 Cure of default. 
425.109 Pleadings. 
425.205 Action to recover collateral. 
425.209 Restrictions on deficiency judgments. 
425.210 Computation of deficiency.

426 WCA: Consumer Transactions - Administration
SUBCHAPTER I - POWERS AND FUNCTIONS OF ADMINISTRATOR 
426.101 Short title.
426.102 Applicability.
426.103 Administrator.
426.104 Powers of administrator; duty to report.
426.105 Administrative powers with respect to supervised financial organizations.
426.106 Investigatory powers.
426.107 Application of chapter 227.
426.108 Unconscionable conduct.
426.109 Temporary relief; injunctions.
426.110 Class actions; injunctions; declaratory relief.
426.111 Debtors' remedies not affected.

SUBCHAPTER II - REGISTRATION AND FEES 
426.201 Registration.
426.202 Fees.
426.203 Penalties.

SUBCHAPTER III - VIOLATIONS AND ENFORCEMENT 
426.301 Violations and enforcement.


427 WCA: Consumer Transactions - Debt Collection
427.101 Short title.
427.102 Scope.
427.103 Definitions: "claim"; "debt collection"; "debt collector".
427.104 Prohibited practices.
427.105 Remedies.


428 WCA: First Lien Real Estate and Other Mortgage Loans


428.103(1)(e) WCA: First Lien Real Estate and Other Mortgage Loans - Limitations
428.103 Limitations.
428.103(1) The following limitations shall apply to all loans subject to this subchapter:
428.103(1)(e) The creditor shall not contract for or charge its attorney fees to the customer except as follows:
1. Reasonable fees for opinions of title. 
2. In foreclosure cases, 5% of the amount adjudged due the creditor; or if the dispute is settled prior to judgment, a reasonable fee based on the time, nature and extent of the work involved, but not to exceed 2-1/2% of the unpaid principal balance of the loan.

429 WCA: Motor Vehicle Consumer Leases