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1(4) The ceilings on rates and charges of a licensed pawnbroker if these ceilings
2are established by statute or ordinance
;.
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3(5) The sale of insurance by an insurer, except as otherwise provided in ch. 424
;.
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4(6) Consumer credit transactions in which the amount financed exceeds
5$25,000 $75,000, motor vehicle consumer leases in which the total lease obligation
6exceeds
$25,000 $75,000 or other consumer transactions in which the cash price
7exceeds
$25,000; $75,000.
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8(7) Transactions subject to ch. 428
;.
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9(8) Transactions in securities accounts or securities transactions by or with a
10broker-dealer, as defined in s. 551.02 (3), licensed under ch. 551
; or.
SB694, s. 2
11Section
2. 425.107 (1) of the statutes is renumbered 425.107 (1m).
SB694, s. 3
12Section
3. 425.107 (1g) of the statutes is created to read:
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425.107
(1g) In this section, "disability" means a physical or mental
14impairment that substantially limits one or more major life activities.
SB694, s. 4
15Section
4. 425.107 (1s) of the statutes is created to read:
SB694,3,1816
425.107
(1s) Without limiting the scope of sub. (1m), discrimination by a
17merchant against a customer with respect to a consumer credit transaction, shall be
18presumed to be unconscionable if it is based on any of the following:
SB694,3,2019
(a) The customer's age, if the customer has the capacity to enter into the
20consumer credit transaction.
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(b) The customer's race, color, national origin, ancestry, religion, creed, marital
22status, sex, sexual orientation, or service in the national guard or U.S. armed forces.
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(c) The fact or belief that the customer has or has had a disability.
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(d) The fact that all or part of the customer's income is derived from any public
25assistance program.
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1(e) The fact that the customer has in good faith exercised any right under
15
2USC 1601 to
1677 or state law.
SB694, s. 5
3Section
5. 425.107 (3) of the statutes is amended to read:
SB694,4,54
425.107
(3) Without limiting the scope of sub.
(1) (1m), the court may consider,
5among other things,
all of the following as pertinent to the issue of unconscionability:
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(a) That the practice unfairly takes advantage of the lack of knowledge, ability,
7experience or capacity of customers
;.
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(b) That those engaging in the practice know of the inability of customers to
9receive benefits properly anticipated from the goods or services involved
;.
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(c) That there exists a gross disparity between the price of goods or services and
11their value as measured by the price at which similar goods or services are readily
12obtainable by other customers, or by other tests of true value
;.
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(d) That the practice may enable merchants to take advantage of the inability
14of customers reasonably to protect their interests by reason of physical or mental
15infirmities, illiteracy or inability to understand the language of the agreement,
16ignorance or lack of education or similar factors
;.
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(e) That the terms of the transaction require customers to waive legal rights
;.
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(f) That the terms of the transaction require customers to unreasonably
19jeopardize money or property beyond the money or property immediately at issue in
20the transaction
;.
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(g) That the natural effect of the practice would reasonably cause or aid in
22causing customers to misunderstand the true nature of the transaction or their
23rights and duties thereunder
;.
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1(h) That the writing purporting to evidence the obligation of the customer in
2the transaction contains terms or provisions or authorizes practices prohibited by
3law
; and.
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(i) Definitions of unconscionability in statutes, regulations, rulings
, and
5decisions of legislative, administrative
, or judicial bodies.
SB694, s. 6
6Section
6. 425.107 (5) of the statutes is amended to read:
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425.107
(5) In addition to the protections afforded in sub.
(1) (1m), the customer
8shall be entitled upon a finding of unconscionability to recover from the creditor or
9the person responsible for the unconscionable conduct a remedy and penalty in
10accordance with s. 425.303.
SB694, s. 7
11Section
7. 426.301 (3) of the statutes is created to read:
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426.301
(3) A court may, prior to entry of final judgment under sub. (1) or (2),
13order that damages be paid to any person for any pecuniary loss incurred as a result
14of a violation.
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(1) The treatment of section 421.202 (6) of the statutes first applies to consumer
17credit transactions, motor vehicle consumer leases, and other consumer transactions
18entered into, extended, modified, or renewed on the effective date of this subsection.
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(2) The treatment of section 425.107 (1s) of the statutes first applies to practices
20occurring on the effective date of this subsection.
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(3) The treatment of section 426.301 (3) first applies to pecuniary losses
22incurred on the effective date of this subsection.