DFI-SL 13.03 History
History: Cr.
Register, June, 1989, No. 402, eff. 7-1-89; cr. (3) (d) 6.,
Register July, 1998, No. 511, eff. 8-1-98.
DFI-SL 13.04
DFI-SL 13.04
Approval of indexes used for variable rate loans under s. 138.056, Stats. DFI-SL 13.04(1)
(1) Except as provided in
sub. (2), each index used by an association for a variable rate loan which requires the approval of the division under s.
138.056 (1) (a) 4. a., Stats., must be approved in writing.
DFI-SL 13.04 Note
Note: Section 138.056 (1) (a) 4. a., Stats., was repealed by
2003 Wis. Act 33.
DFI-SL 13.04(2)
(2) Under s.
138.056 (1) (a) 4. a., Stats., the following indexes are determined to be readily verifiable by borrowers and beyond the control of an individual lender and are hereby approved for use in variable rate loans under s.
138.056, Stats.:
DFI-SL 13.04 Note
Note: Section 138.056 (1) (a) 4. a., Stats., was repealed by
2003 Wis. Act 33.
DFI-SL 13.04(2)(a)
(a) The "prime rate" of interest which is published in the "money rates" column of the Wall Street Journal, midwestern edition.
DFI-SL 13.04(2)(b)
(b) The following indexes as reported periodically by a district federal home loan bank:
DFI-SL 13.04(2)(b)3.
3. The "national average mortgage contract interest rate" on conventional mortgage loans closed for purchasing previously occupied single-family homes by all major lenders.
DFI-SL 13.04(2)(c)
(c) The weekly average yield on U.S. treasury securities adjusted to a constant maturity of 1, 2, 3, or 5 years reported in the "Federal Reserve Statistical Release", a weekly publication of the Federal Reserve Board.
DFI-SL 13.04 Note
Note: This section interprets or implements s. 138.056 (1) (a) 4. a., Stats.
DFI-SL 13.04 Note
Note: Section
138.056 (1) (a) 4. a., Stats., was repealed by
2003 Wis. Act 33.
DFI-SL 13.04 History
History: Cr.
Register, June, 1989, No. 402, eff. 7-1-89.
DFI-SL 13.05(1)(a)
(a)
Consumer loans. Invest in, sell, purchase, participate in, make or otherwise deal in consumer loans.
DFI-SL 13.05(1)(b)
(b)
Consumer leases. Lease tangible personal property acquired under
s. DFI-SL 16.01 (2) to a natural person for a personal, family or household purpose.
DFI-SL 13.05(1)(c)
(c)
Credit cards. Issue credit cards, extend credit in connection with credit cards and otherwise engage in or participate in credit card operations.
DFI-SL 13.05(1)(d)
(d)
Overdraft loans. Extend secured or unsecured credit to cover payment of drafts or other funds transfer orders in excess of the available balance of an account on which they are drawn.
DFI-SL 13.05(1)(e)
(e)
Education loans. Make loans for the payment of educational expenses.
DFI-SL 13.05(1)(f)
(f)
Mobile home loans. Make mobile home loans on mobile homes to be used as the borrower's residence.
DFI-SL 13.05(2)
(2) Association policy required. The board of directors of each association making consumer loans shall establish a maximum dollar limit for such loans over which any unsecured portion of a consumer loan must be supported by a borrower's current, sworn financial statement obtained prior to the extension of credit and updated at least annually. This limit may be incorporated into the association's consumer loan policy.
DFI-SL 13.05 Note
Note: This section interprets or implements ss.
215.02 (18) and
215.135, Stats.
DFI-SL 13.05 History
History: Cr.
Register, June, 1989, No. 402, eff. 7-1-89.
DFI-SL 13.06(1)(a)
(a)
Commercial loans. Invest in, sell, purchase, participate in, make or otherwise deal in commercial loans.
DFI-SL 13.06(1)(b)
(b)
Consumer-related loans. Make loans to dealers in consumer goods to finance inventory, including floor planning loans.
DFI-SL 13.06(1)(c)
(c)
Commercial leases. Lease tangible personal property or real property acquired under
s. DFI-SL 16.01 (2) for commercial, corporate, business or agricultural purposes.
DFI-SL 13.06(1)(d)
(d)
Overdraft loans. Extend secured or unsecured credit to cover payment of drafts or other funds transfer orders in excess of the available balance of an account on which they are drawn.
DFI-SL 13.06(1)(e)
(e)
"Indirect" commercial loans. Make an indirect commercial loan by purchasing commercial debt securities of a corporation which securities do not qualify as authorized investments.
DFI-SL 13.06(2)
(2) Limitation. No association may make loans under this section exceeding 10% of its assets unless a greater amount is authorized in writing by the division.
DFI-SL 13.06(3)
(3) Association policy required. The board of directors of each association making commercial loans shall establish a maximum dollar limit for such loans over which any unsecured portion of a commercial loan must be supported by a borrower's balance sheet and statement of operations attested to by an officer prior to the extension of credit and updated at least annually. This limit may be incorporated into the association's commercial loan policy.
DFI-SL 13.06 Note
Note: This section interprets or implements ss.
215.02 (18) and
215.135, Stats.
DFI-SL 13.06 History
History: Cr.
Register, June, 1989, No. 402, eff. 7-1-89.
