Register May 2013 No. 689
Chapter DFI-Bkg 75
PAYDAY LENDING
DFI-Bkg 75.01 Definitions.
DFI-Bkg 75.02 Transactions not covered.
DFI-Bkg 75.03 Prohibited practices.
DFI-Bkg 75.04 Disclosure requirements.
DFI-Bkg 75.05 Interest, fees and default.
DFI-Bkg 75.06 Gross monthly income.
DFI-Bkg 75.07 Form requirements.
DFI-Bkg 75.08 Repayment plan.
DFI-Bkg 75.09 General matters.
DFI-Bkg 75.01(2)
(2) “Database transaction fee" means the fee the database provider shall charge licensees for each payday loan made by the licensee.
DFI-Bkg 75.01(4)
(4) “Department" means the department of financial institutions.
DFI-Bkg 75.01(8)
(8) “Percentage per year of interest charged" in s.
138.14 (13) (b), Stats., means the annual percentage rate charged for the payday loan.
DFI-Bkg 75.01(9)
(9) “Subsequent payday loan" or “subsequent loan," except when used in s.
138.14 (9m), Stats., means any loan where its proceeds are used, in whole or in part, to repay a previous payday loan, and includes any loan made within 24 hours after the customer pays off a previous payday loan in full.
DFI-Bkg 75.01 History
History: CR 10-098: cr.
Register May 2011 No. 665, eff. 6-1-11;
CR 12-035: am. (3), cr. (9) Register May 2013 No. 689, eff. 6-1-13. DFI-Bkg 75.02
DFI-Bkg 75.02 Transactions not covered. Notwithstanding s.
138.14 (1) (k), Stats., a payday loan does not include a transaction that is made for a business, commercial or agricultural purpose.
DFI-Bkg 75.02 History
History: CR 10-098: cr.
Register May 2011 No. 665, eff. 6-1-11;
CR 12-035 renum. 75.02 (intro.) to be 75.02 and am., r. (1), (2) Register May 2013 No. 689, eff. 6-1-13.
DFI-Bkg 75.03(1)
(1) A licensee shall not engage in conduct that is an attempt to evade or undermine the purpose and intent of s.
138.14, Stats.
DFI-Bkg 75.03(2)
(2) No licensee shall make a payday loan under any of the following circumstances:
DFI-Bkg 75.03(2)(a)
(a) That requires a payment that is more than twice as large as the average of all other scheduled payments.
DFI-Bkg 75.03(2)(c)
(c) Where the lender accepts, and agrees to hold, more than 5 of a customer's checks.
DFI-Bkg 75.03(3)
(3) Except as provided in
subs. (4) and
(5), no licensee under s.
138.09 shall make a loan of $1,500 or less under any of the following circumstances:
DFI-Bkg 75.03(3)(a)
(a) That requires payments be made on any schedule other than substantially equal biweekly installments or substantially equal monthly installments, except as provided in s.
138.09 (7) (c) 2., Stats.
DFI-Bkg 75.03(6)
(6) No licensee under s.
138.09, Stats., shall originate a loan subject to s.
138.09, Stats., at the same time, or within the 24 hour period before or after, the licensee originates a payday loan with the same customer.
DFI-Bkg 75.03(7)
(7) No licensee under s.
138.09, Stats., shall originate a loan subject to s.
138.09, Stats., at the same time, or within the 24 hour period before or after, a payday loan made by the licensee with the same customer is paid in full.
DFI-Bkg 75.03 History
History: CR 10-098: cr.
Register May 2011 No. 665, eff. 6-1-11;
CR 12-035: am. (3) (intro.), (c), cr. (5) to (7) Register May 2013 No. 689, eff. 6-1-13. DFI-Bkg 75.04(1)
(1) The disclosures required by s.
138.14 (9g) (a) 1.,
2.,
4.,
5., and
6., Stats., shall be provided to the applicant in a single written document that is in a form prescribed by the division. The form shall be:
DFI-Bkg 75.04(1)(c)
(c) On white paper sized 8.5 inches x 11 inches and in Times New Roman font style 12 or greater.
DFI-Bkg 75.04(1)(d)
(d) Delivered to the customer in the English and Spanish languages, or at the customer's option, in the English or Spanish language.
DFI-Bkg 75.04(2)
(2) The licensee shall retain a copy of each signed disclosure form in the customer's file.
DFI-Bkg 75.04(3)
(3) If the applicant is applying for a payday loan via the Internet, the lender's compliance with
sub. (1) (c) will be based on how the form is displayed on the lender's computer, and not based on how the form is displayed on the applicant's computer.
DFI-Bkg 75.04 Note
Note: A copy of the disclosure form may be downloaded from the department's website at
www.wdfi.org.
DFI-Bkg 75.04 History
History: CR 10-098: cr.
Register May 2011 No. 665, eff. 6-1-11.
