CHAPTER 428
FIRST LIEN REAL ESTATE AND OTHER MORTGAGE LOANS
SUBCHAPTER I
FIRST LIEN REAL ESTATE LOANS
428.104 Receipts, accounting.
SUBCHAPTER II
RESPONSIBLE HIGH COST MORTGAGE LENDING
428.203 Prohibitions on and requirements of lenders and assignees.
428.204 False statements.
428.206 Recommending default.
428.208 Disclosure to customers.
428.209 Exclusive state regulation authority.
428.2095 Property exempt from debt collection.
428.210 Administration and penalties.
428.211 Parity for federally insured depository institutions.
FIRST LIEN REAL ESTATE LOANS
428.101
428.101
Applicability. This subchapter applies to:
Effective date note
NOTE: Section 428.101 (intro.) is shown as amended eff. 2-1-05 by
2003 Wis. Act 257. Prior to 2-1-05 it reads:
Effective date text
428.101 Applicability. This chapter applies to:
428.101(1)
(1) Loans made on or after April 6, 1980 and prior to November 1, 1981, by a creditor other than a savings and loan association to a customer and which are secured by a first lien real estate mortgage or equivalent security interest if the amount financed is $25,000 or less.
428.101(2)
(2) Loans made prior to April 6, 1980, by a creditor other than a savings and loan association and loans made before November 1, 1981, by a savings and loan association to a customer and which are secured by a first lien real estate mortgage or equivalent security interest if the annual percentage rate does not exceed 12% per year and the amount financed is $25,000 or less.
428.101(3)
(3) Loans made on or after November 1, 1981, by a creditor to a customer and which are secured by a first lien real estate mortgage or equivalent security interest if the amount financed is $25,000 or less and if the loan is not subject to
subch. II.
Effective date note
NOTE: Sub. (3) is shown as amended eff. 2-1-05 by
2003 Wis. Act 257. Prior to 2-1-05 it reads:
Effective date text
(3) Loans made on or after November 1, 1981, by a creditor to a customer and which are secured by a first lien real estate mortgage or equivalent security interest if the amount financed is $25,000 or less.
428.101 Annotation
A second mortgage constitutes an equivalent security interest under this section when held by a savings and loan association that holds the first mortgage and there are no intervening liens. 63 Atty. Gen. 557.
428.101 Annotation
Wisconsin consumer act—a critical analysis. Heiser, 57 MLR 389.
428.102
428.102
Definitions. In this subchapter:
Effective date note
NOTE: Section 428.102 (intro.) is shown as amended eff. 2-1-05 by
2003 Wis. Act 257. Prior to 2-1-05 it reads:
Effective date text
428.102 Definitions. In this chapter:
428.102(1)
(1) "Amount financed" means that term as defined in the federal consumer credit protection act, as defined in
s. 421.301 (19).
428.102(2)
(2) "Creditor" means a person who regularly engages in, arranges for or procures from 3rd persons, loans within the scope of this subchapter.
Effective date note
NOTE: Sub. (2) is shown as amended eff. 2-1-05 by
2003 Wis. Act 257. Prior to 2-1-05 it reads:
Effective date text
(2) "Creditor" means a person who regularly engages in, arranges for or procures from 3rd persons, loans within the scope of this chapter.
428.102(3)
(3) "Customer" means a person other than an organization who seeks or acquires credit financing secured by a first lien real estate mortgage, or equivalent security interest, for personal, family, household or agricultural purposes.
428.102(4)
(4) "Loan" means the creation of debt by the creditor's payment of or agreement to pay money to the customer or to a 3rd party for the account of the customer, or a forbearance by a lender of a debt arising from a loan.
428.102 History
History: 1973 c. 18,
232;
2003 a. 257.
428.103(1)(1) The following limitations shall apply to all loans subject to this subchapter:
Effective date note
NOTE: Sub. (1) (intro.) is shown as amended eff. 2-1-05 by
2003 Wis. Act 257. Prior to 2-1-05 it reads:
Effective date text
(1) The following limitations shall apply to all loans subject to this chapter:
428.103(1)(a)
(a) No delinquency charge may be collected on an installment which is paid in full on or before the 10th day after its scheduled due date even though an earlier maturing installment may not have been paid in full. For purposes of this section payments are applied first to current installments and then to delinquent installments.
428.103(1)(b)
(b) Any cosigner, other than the spouse of the customer, shall be given a notice substantially the same as that required by
s. 422.305, and the cosigner shall be entitled to a copy of any document evidencing the obligation to pay the debt.
428.103(1)(c)2.
2. The exemptions specified in
s. 425.106 (1) (a) and
(b), with respect to earnings and personal clothing and furnishings except as to fixtures, shall apply.
428.103(1)(d)
(d) No creditor may take a security interest in the household goods or furnishings, other than fixtures, of a customer.
428.103(1)(e)
(e) The creditor shall not contract for or charge its attorney fees to the customer except as follows:
