LRBa2330/3
MDK:jld:jf
2009 - 2010 LEGISLATURE
ASSEMBLY AMENDMENT 2,
TO 2009 SENATE BILL 530
April 20, 2010 - Offered by Representatives Hintz, Seidel, Zepnick, Jorgensen,
Fields and Smith.
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At the locations indicated, amend the
bill, as shown by senate substitute
2amendment 1, as follows:
SB530-AA2,1,8
8"4. "Title lender" means a business, owned by a licensee, that makes title loans.
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5. "Title loan" has the meaning given in s. 138.14 (1) (m).".
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4"d. "Title lender" means a business, owned by a licensee, that makes title loans.
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e. "Title loan" has the meaning given in s. 138.14 (1) (m).".
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13"
Section 11m. 138.09 (8) (f) of the statutes is created to read:
SB530-AA2,2,1714
138.09
(8) (f) Make no loan that requires a schedule of payments by a borrower
15under which any one payment is not equal or substantially equal to all other
16payments, or under which the intervals between any consecutive payments differ
17substantially.".
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1"(m) "Title loan" means a loan of $25,000 or less to a borrower, who obtains or
2seeks to obtain the loan for personal, family, or household purposes, that is, or is to
3be, secured by an interest, other than a purchase money security interest, in the
4borrower's motor vehicle.".
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14"
(9g) Disclosure requirements. (a) Before any licensee enters into a payday
15or title loan with an applicant, the licensee shall do all of the following:
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1. Disclose to the applicant the total amount of all fees and costs, in dollars, to
17be paid by the applicant for the loan assuming that the loan is paid in full at the end
18of the loan term.
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2. Disclose to the applicant the annual percentage rate to be paid by the
20applicant on the loan assuming that the loan is paid in full at the end of the loan term.
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3. Provide to the applicant a copy of the written informational materials
22specified in sub. (9r).
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14. Disclose to the applicant that he or she has the right to rescind the loan
2transaction as provided in sub. (11r).
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5. Disclose to the applicant the service charge that may apply under sub. (10)
4(b) 2.
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6. Disclose to the applicant the payment requirements that may apply under
6sub. (11g) (a) if the loan is not paid in full at the end of the loan term.
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(b) A licensee shall retain, for at least 3 years after the origination date of any
8payday or title loan, a record of compliance with par. (a) with respect to the loan.
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9(9r) Informational materials. (a) The division shall develop written
10informational materials on payday and title loans and the payday and title loan
11industries. These informational materials shall be designed to educate individuals
12regarding the operation and potential costs of payday and title loans and of other
13options for borrowing funds that may be available.