AB3, s. 18
12Section
18. 422.413 (2) of the statutes is repealed.
AB3, s. 19
13Section
19. 422.417 (1) (c) of the statutes is amended to read:
AB3,6,1614
422.417
(1) (c) Real property to which the property sold is affixed, or which is
15maintained, repaired or improved as a result of the sale of the property or services,
16if the obligation secured is $1,000 or more;
and
AB3, s. 20
17Section
20. 422.417 (1) (d) of the statutes is amended to read:
AB3,6,2218
422.417
(1) (d) Goods of the consumer which were the subject of a prior
19transaction with the seller which is consolidated (s. 422.206) with the consumer
20credit sale, or if the consumer credit sale is made pursuant to an open-end credit
21plan, goods previously purchased by the consumer pursuant to the plan, subject
22however to s. 422.418
; and.
AB3, s. 21
23Section
21. 422.417 (1) (e) of the statutes is repealed.
AB3, s. 22
24Section
22. 422.417 (2) of the statutes is amended to read:
AB3,7,6
1422.417
(2) With respect to a consumer lease, except as otherwise provided in
2s. 429.205 with respect to a motor vehicle consumer lease, a lessor may not take a
3security interest in any property owned or leased by the customer other than the
4leased goods to secure the lessor's obligations under the lease. This subsection does
5not prohibit a security interest in a cash security deposit for a consumer lease of
6motor vehicles
or agricultural equipment.
AB3, s. 23
7Section
23. 422.418 (2) of the statutes is amended to read:
AB3,7,178
422.418
(2) For the purpose of determining the extent to which a consolidated
9obligation is secured after a consolidation of consumer sales
other than sales
10primarily for an agricultural purpose, and after a consolidation of consumer loans in
11which one or more of the loans consolidated is secured by a purchase money security
12interest in property of the type described in s. 422.417 (3) (a), payments received by
13the creditor after a consolidation agreement are deemed to have been first applied
14to the payment of obligations arising from the transactions first made. To the extent
15that obligations are paid pursuant to this section, security interests in items of
16property terminate as the obligation originally incurred with respect to each item is
17paid.
AB3, s. 24
18Section
24. 422.421 (6) (a) of the statutes is amended to read:
AB3,7,2419
422.421
(6) (a)
Except as provided in s. 422.201 (12), for For any variable rate
20transaction, other than one pursuant to an open-end credit plan, entered into before
21November 1, 1984, the maximum rate of finance charge for any payment period may
22not exceed the limit set forth in s. 422.201 (2) (bm) as determined on the earlier of
23the first day of the payment period or the day notice is given under sub. (5) for the
24payment period.
AB3, s. 25
25Section
25. 422.501 (3) of the statutes is amended to read:
AB3,8,3
1422.501
(3) "Extension of credit" means the right to defer payment of debt or
2to incur debt and defer its payment, that is offered or granted for debt that is incurred
3primarily for personal, family
, or household
or agricultural purposes.
AB3, s. 26
4Section
26. 423.201 of the statutes is amended to read:
AB3,8,16
5423.201 Definition. "Consumer approval transaction" means a consumer
6transaction other than a sale or lease or listing for sale of real property
, or a sale of
7goods at auction
, the sale or lease of goods for an agricultural purpose or a loan made
8to finance the sale of goods at auction for an agricultural purpose 1) which is initiated
9by face-to-face solicitation away from a regular place of business of the merchant
10or by mail or telephone solicitation directed to the particular customer and 2) which
11is consummated or in which the customer's offer to contract or other writing
12evidencing the transaction is received by the merchant away from a regular place of
13business of the merchant and involves the extension of credit or is a cash transaction
14in which the amount the customer pays exceeds $25. "Consumer approval
15transaction" shall in no event include a catalog sale which is not accompanied by any
16other solicitation or a consumer loan conducted and consummated entirely by mail.
AB3, s. 27
17Section
27. 424.208 (1) (intro.) and (a) of the statutes are consolidated,
18renumbered 424.208 (1) and amended to read:
AB3,8,2319
424.208
(1) The initial amount of credit life insurance shall not exceed the total
20amount repayable under the contract of indebtedness however the indebtedness may
21be repayable, but
: (a) In in cases where an indebtedness is repayable in
22substantially equal instalments, the amount of insurance shall at no time exceed the
23scheduled or actual amount of unpaid indebtedness, whichever is greater
; and.
AB3, s. 28
24Section
28. 424.208 (1) (b) of the statutes is repealed.
AB3, s. 29
25Section
29. 424.301 (1) (b) 4. of the statutes is repealed.
AB3, s. 30
1Section
30. 425.103 (2) (a) of the statutes is amended to read:
AB3,9,172
425.103
(2) (a) With respect to a transaction other than one pursuant to an
3open-end plan; if the interval between scheduled payments is 2 months or less, to
4have outstanding an amount exceeding one full payment which has remained unpaid
5for more than 10 days after the scheduled or deferred due dates, or the failure to pay
6the first payment or the last payment, within 40 days of its scheduled or deferred due
7date; if the interval between scheduled payments is more than 2 months, to have all
8or any part of one scheduled payment unpaid for more than 60 days after its
9scheduled or deferred due date;
or, if the transaction is scheduled to be repaid in a
10single payment, to have all or any part of the payment unpaid for more than 40 days
11after its scheduled or deferred due date
; or in the case of a transaction for an
12agricultural purpose, the failure to pay the first or the only instalment when due or
13to pay any other instalment within 40 days of its original or deferred due date. For
14purposes of this paragraph the amount outstanding shall not include any
15delinquency or deferral charges and shall be computed by applying each payment
16first to the instalment most delinquent and then to subsequent instalments in the
17order they come due;
AB3, s. 31
18Section
31. 425.114 of the statutes is repealed.
AB3, s. 32
19Section
32. 425.206 (1) (b) of the statutes is amended to read:
AB3,9,2220
425.206
(1) (b) Judgment for the merchant has been entered in a proceeding
21for recovery of collateral or leased goods under s. 425.205, or for possession of the
22collateral or leased goods under s. 425.203 (2);
or
AB3, s. 33
23Section
33. 425.206 (1) (c) of the statutes is amended to read:
AB3,9,2524
425.206
(1) (c) The merchant has taken possession of collateral or leased goods
25pursuant to s. 425.207 (2)
; or.
AB3, s. 34
1Section
34. 425.206 (1) (d) of the statutes is repealed.
AB3, s. 35
2Section
35. 425.207 (2) of the statutes is amended to read:
AB3,11,23
425.207
(2) A merchant who reasonably believes that a customer has
4abandoned collateral or goods subject to a consumer lease may take possession of
5such collateral or leased goods and preserve it. However, the customer may recover
6such collateral or leased goods upon request unless at the time of request the
7customer has surrendered the collateral or leased goods, or judgment for the
8merchant has been entered in a proceeding for recovery of collateral or leased goods
9under s. 425.205 or in a judgment described in s. 425.203 (2). A merchant taking
10possession of collateral or leased goods pursuant to this section shall promptly send
11notification to the customer's last-known address of such action and of the
12customer's right to recover such collateral or leased goods under this section. If the
13collateral or leased goods are recovered by the customer pursuant to this section, it
14shall be returned to the customer at the location where the merchant took possession
15of such collateral or leased goods pursuant to this section or, at the option of the
16merchant, at such other location designated by the customer; and any expense
17incurred by the merchant in taking possession of, holding and returning the
18collateral or leased goods to the customer shall be borne by the merchant. If after
19taking possession of collateral or leased goods pursuant to this subsection, the
20merchant perfects the right to possession through a surrender by the customer or a
21judgment under s. 425.203 (2) or 425.205, the customer is liable for the expenses set
22forth in s. 409.504 (1). In determining such expenses, leased goods shall be
23considered collateral under s. 409.504 (1). However, a customer is not liable for
24expenses of holding the collateral or leased goods from the time the merchant takes
25possession until the merchant perfects the right to possession in the manner
1provided in this subsection.
This subsection shall not apply to collateral recovered
2in accordance with s. 425.114.
AB3, s. 36
3Section
36. 425.208 (1) (intro.) of the statutes is amended to read:
AB3,11,84
425.208
(1) (intro.) For a period of 15 days following exercise by the creditor of
5nonjudicial enforcement rights (s. 425.206) or issuance of process (s. 425.205) with
6regard to the collateral, the customer shall
, except in a transaction for an
7agricultural purpose if otherwise agreed in writing after default, be entitled to
8redeem the goods by tendering:
AB3, s. 37
9Section
37. 425.208 (1) (cm) of the statutes is amended to read:
AB3,11,1210
425.208
(1) (cm) If a writing evidencing the consumer credit transaction so
11provides, expenses the creditor is entitled to recover under s. 422.413
(2) and (2g) (a)
12and (b); plus