"Prepaid finance charge" means any finance charge paid separately, in cash or otherwise, directly or indirectly to the creditor or with the creditor's knowledge to another person or withheld by the creditor from the proceeds of the credit extended.
"Presumed" or "presumption" means that the trier of the issue must find the existence of that which is presumed unless and until evidence is introduced which would support a contrary finding.
"Refund anticipation loan" means an agreement under which a creditor arranges to be repaid for a loan directly from the proceeds of a customer's income tax refund.
"Refund anticipation loan fees" include charges, fees or other consideration imposed by a creditor for making a refund anticipation loan. "Refund anticipation loan fees" does not include any charge, fee or other consideration usually imposed by the creditor in the ordinary course of business for nonloan services, such as fees for tax return preparation or fees for electronic filing of tax returns.
"Required deposit balance" means any deposit balance or any investment which the creditor requires the customer to make, maintain or increase in a specified amount or proportion as a condition to the extension of credit except:
Amounts paid into an escrow account which are permitted additional charges under s. 422.202
A deposit balance which will be wholly applied toward satisfaction of the customer's obligation in the transaction;
A deposit balance or investment which was in existence prior to the extension of credit and which is offered by the customer as security for that extension of credit; and
A deposit balance or investment which is acquired or established from the proceeds of an extension of credit made for that purpose, which the creditor does not require as a condition to the extension of credit, and which is acquired or established at the written request of the customer.
"Sale of services" means furnishing or agreeing to furnish services and includes arranging to have services furnished by another.
"Security interest" means a real property mortgage, deed of trust, seller's interest in real estate under a land contract, any interest in property which secures payment or performance of an obligation under ch. 409
or any other consensual or confessed lien whether or not recorded.
"Seller credit card" means an arrangement pursuant to an open-end credit plan in which a person gives to a customer the privilege of using a credit card, or other credit confirmation or identification primarily for the purpose of purchasing or leasing goods or services from that person, a person related to that person or others licensed or franchised to do business under that person's business or trade name or designation.
Privileges with respect to transportation, hotel and restaurant accommodations, education, entertainment, recreation, physical culture, hospital accommodations, funerals, cemetery accommodations, and the like; and
Insurance provided in connection with a consumer credit transaction.
"Services" does not include any services of common carriers if the tariffs, rates, charges, costs or expenses of such common carriers are required by law to be filed with or approved by the federal government or any official, department, division, commission or agency of the United States.
"Supervised financial organization" means a person:
Organized, chartered or holding an authorization certificate under the laws of this state or of the United States which authorize the person to make loans and to receive deposits, including a savings, share, certificate or deposit account; and
Subject to supervision by an official or agency of this state or of the United States.
"Total lease obligation" means the sum of all of the following with respect to a motor vehicle consumer lease:
"Transaction" means an agreement between 2 or more persons, whether or not the agreement is a contract enforceable by action, and includes the making of and the performance pursuant to that agreement.
Rent-to-own transaction was consumer credit sale even though customer was not contractually obligated to make instalment payments. Palacios v. ABC TV & Stereo Rental, 123 W (2d) 79, 365 NW (2d) 882 (Ct. App. 1985).
An option to purchase at the conclusion of a lease for appliances where the option price equalled 11% of the total lease payments was a consumer credit sale under sub. (9). Rent-a-Center, Inc. v. Hall, 181 W (2d) 244, 510 NW (2d) 789 (Ct. App. 1993).
The venue for a claim arising out of a consumer transaction or a consumer credit transaction is the county:
Where the customer resides or is personally served;
Where collateral securing a consumer credit transaction is located; or
Where the customer sought or acquired the property, services, money or credit which is the subject of the transaction or signed the document evidencing his or her obligation under the terms of the transaction.
When it appears from the return of service of the summons or otherwise that the county in which the action is pending under sub. (1)
is not a proper place of trial for such action, unless the defendant appears and waives the improper venue, the court shall act as follows:
Except as provided in par. (b)
, if it appears that another county would be a proper place of trial, the court shall transfer the action to that county.
If the action arises out of a consumer credit transaction, the court shall dismiss the action for lack of jurisdiction.
If there are several defendants, and if venue is based on residence, venue may be in the county of residence of any of them.
History: 1983 a. 228
; 1987 a. 208