DFI-Bkg 75.07(1)(e)
(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.
DFI-Bkg 75.07(2)
(2) The language required by
sub. (1) (a) shall be placed immediately above the Notice to Customer required by s.
422.303 (3), Stats., and shall be separately signed or initialed by the customer before the payday loan is made.
DFI-Bkg 75.07(3)
(3) The writing evidencing the customer's obligation to pay shall be delivered to the customer in the English and Spanish languages, or at the customer's option, in the English or Spanish language.
DFI-Bkg 75.07 History
History: CR 10-098: cr.
Register May 2011 No. 665, eff. 6-1-11.
DFI-Bkg 75.08(1)(a)(a) If the customer fails to repay the subsequent loan referred to in s.
138.14 (12) (a), Stats., the offer of the repayment plan required by s.
138.14 (11g), Stats., shall be hand-delivered, mailed or e-mailed to the customer when the licensee receives notice of insufficient funds in the customer's account or within 10 days after the maturity date of the loan. The offer of repayment plan shall be in a single written document that is in a form prescribed by the division. The licensee may deposit the customer's check or initiate the authorized electronic fund transfer within the 10-day period. The form shall:
DFI-Bkg 75.08(1)(a)1.
1. Be on white paper sized 8.5 inches x 11 inches and in Times New Roman font style 12 or greater.
DFI-Bkg 75.08(1)(a)3.
3. Identify the name, address, telephone number, and unique identification number of the customer.
DFI-Bkg 75.08(1)(a)5.
5. State the date the offer is made and the date by which the customer must accept the offer.
DFI-Bkg 75.08(1)(b)
(b) The licensee shall retain in the customer's file a copy of the repayment plan form provided to the customer.
DFI-Bkg 75.08(1)(c)
(c) If the offer is e-mailed to the customer, the lender's compliance with
par. (a) 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.
DFI-Bkg 75.08 Note
Note: A copy of the repayment plan offer form may be downloaded from the department's website at
www.wdfi.org.
DFI-Bkg 75.08(2)(a)(a) The repayment plan agreement shall be in writing and shall do all of the following:
DFI-Bkg 75.08(2)(a)4.
4. Identify the name, address, telephone number, and unique identification number of the customer.
DFI-Bkg 75.08(2)(a)5.
5. State the date the repayment plan was made, the loan number, and the outstanding balance.
DFI-Bkg 75.08(2)(a)7.
7. Contain a summary of action that could be taken against the customer if the customer does not make the required repayment plan installment payments when due.
DFI-Bkg 75.08(2)(b)
(b) The licensee shall furnish the customer a copy of the signed agreement.
DFI-Bkg 75.08(2)(c)
(c) The licensee shall retain a copy of the repayment plan agreement in the customer's file.
DFI-Bkg 75.08(3)
(3) Acceptance of plan. No licensee is required to honor a repayment plan offer under
sub. (2) that is not accepted by the customer and received by the licensee within 10 days of the date the offer is hand-delivered, mailed or e-mailed to the customer.
DFI-Bkg 75.08(4)
(4) Requirements of repayment plan. The repayment plan under s.
138.14 (11g), Stats., shall meet all of the following requirements:
DFI-Bkg 75.08(4)(a)
(a) The first payment shall not be due earlier than the customer's next pay day following the date the offer is made.
DFI-Bkg 75.08(4)(b)
(b) The due date of the 4 equal installments shall coincide with the customer's pay period schedule, as verified by the customer's pay stub, payroll receipt, or receipt of government or retirement benefits that identifies the frequency of the pay cycle.
DFI-Bkg 75.08(4)(c)
(c) If the customer's income is not received on a consistent, regular cycle, the pay period schedule shall be considered every two weeks and the first payment shall be due two weeks following the date the offer is made.
DFI-Bkg 75.08 History
History: CR 10-098: cr.
Register May 2011 No. 665, eff. 6-1-11.
DFI-Bkg 75.09(1)(1) The effective date of a payday loan cannot be prior to the date the loan is signed by the customer.
DFI-Bkg 75.09(2)
(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.
DFI-Bkg 75.09 History
History: CR 10-098: cr.
Register May 2011 No. 665, eff. 6-1-11.
DFI-Bkg 75.10(1)(a)(a) Except as otherwise provided in s.
138.14, Stats., a licensee shall transmit all information to the database via the Internet.
DFI-Bkg 75.10(1)(b)
(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.
DFI-Bkg 75.10(1)(c)
(c) A licensee shall 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.
DFI-Bkg 75.10(2)(a)(a) If the database advises the licensee that an applicant is eligible for a payday loan, the licensee shall record a transaction identification number, generated by the database, on the applicant's loan document before entering into the payday loan.
DFI-Bkg 75.10(2)(b)
(b) If the database advises the licensee that an applicant is ineligible for a payday loan, the licensee shall do all of the following:
DFI-Bkg 75.10(2)(b)2.
2. Provide the applicant with the reason for the ineligibility determination given by the database.
DFI-Bkg 75.10(2)(b)3.
3. Instruct the applicant to contact the database provider if the applicant wants more specific information regarding the reason for ineligibility.
DFI-Bkg 75.10(3)(a)(a) A licensee shall input all information requested by the database into the database when any of the following occur:
DFI-Bkg 75.10(3)(a)7.
7. The licensee presents a check for payment or initiates an electronic fund transfer.
DFI-Bkg 75.10(3)(a)9.
9. The licensee assesses a service charge for a dishonored check or denied electronic funds transfer.
DFI-Bkg 75.10(3)(a)10.
10. The licensee collects a service charge for a dishonored check or denied electronic funds transfer.
DFI-Bkg 75.10(3)(a)16.
16. The division or the database provider determines additional information needs to be submitted to the database.
DFI-Bkg 75.10(3)(b)
(b) Except as set forth in
sub. (4), information shall be entered into the database on the day the licensee becomes aware of the information.
DFI-Bkg 75.10(3)(c)
(c) If a licensee becomes aware of any changes or errors in the information previously verified or transmitted by the licensee to the database, the licensee shall immediately update or correct the database.
DFI-Bkg 75.10(4)(a)(a) If at the time a licensee receives a loan application the licensee is unable to access the database via the Internet due to technical difficulties occurring with the database, the licensee shall use the database provider's alternate process to obtain applicant eligibility information from the database.
DFI-Bkg 75.10(4)(b)
(b) If a licensee makes a payday loan based on applicant eligibility information obtained from the database provider's alternate process, the licensee shall transmit to the database any remaining required information no later than 11:59 p.m. on the next business day following the date the database becomes accessible to the licensee via the Internet.
DFI-Bkg 75.10(4)(c)
(c) If a licensee is required to transmit to the database information regarding a payday loan that has already been made but the licensee is unable to access the database via the Internet due to technical difficulties occurring with the database, the licensee shall transmit to the database the required information no later than 11:59 p.m. on the date that the database becomes accessible to the licensee via the Internet.
DFI-Bkg 75.10(4)(d)
(d) Anytime a licensee is unable to access the database via the Internet due to technical difficulties occurring with the database, the licensee shall document in its records the technical problems it experienced and the date and time that it sought to access the database.
DFI-Bkg 75.10(5)
(5) Record retention. Data shall be retained on the database until the database provider receives written approval from the department to archive, delete, or destroy specific information.
DFI-Bkg 75.10(6)
(6) Transaction fee. By December 1 of each year the division shall determine and post on its website the amount of the database transaction fee that will be in effect for each payday loan made during the following calendar year.
DFI-Bkg 75.10(7)(a)(a) The plan required by s.
138.14 (14) (o), Stats., shall be received by the division at least 10 business days before a licensee stops originating payday loans.
DFI-Bkg 75.10(8)
(8) Implementation after January 1, 2011. In the event the database is not implemented or is not fully operational by January 1, 2011, the licensee shall have 60 days from the date the database is deemed fully operational by the division to enter all required information onto the database for all loans originated on or after January 1, 2011.
DFI-Bkg 75.10 History
History: CR 10-098: cr.
Register May 2011 No. 665, eff. 6-1-11.
