DFI-Bkg 76.09   Record retention.
DFI-Bkg 76.10   Violation of rules, penalty.
DFI-Bkg 76.11   Definitions.
DFI-Bkg 76.12   License periods and expiration dates.
DFI-Bkg 76.13   License fees.
Ch. DFI-Bkg 76 Note Note: Chapter Bkg 76 as it existed on May 31, 1980 was repealed and a new chapter Bkg 76 was created effective June 1, 1980. Chapter Bkg 76 was renumbered Chapter DFI-Bkg 76 under s. 13.93 (2m) (b) 1., Stats., and corrections made under s. 13.93 (2m) (b) 6. and 7., Stats., Register, June, 1997, No. 498, eff. 7-1-97.
DFI-Bkg 76.01 DFI-Bkg 76.01Finance charge, definition, disclosure.
DFI-Bkg 76.01(1)(1) A retail seller may in addition to the finance charge bargain for and receive, in accordance with the requirements of ss. 422.202 (1) and 424.301, Stats., only those additional charges described therein. To the extent that any charge qualifies as an additional charge under this regulation it may be excluded from the finance charge.
DFI-Bkg 76.01(2) (2) With the exception of s. DFI-Bkg 76.05, this chapter shall apply solely to consumer credit transactions as defined under s. 421.301 (10), Stats.
DFI-Bkg 76.01 History History: Cr. Register, March, 1980, No. 291, eff. 6-1-80; renum. to be (1) and am. and cr. (2), Register, November, 1996, No. 491, eff. 12-1-96.
DFI-Bkg 76.03 DFI-Bkg 76.03Delinquency and deferral charges.
DFI-Bkg 76.03(1)(1) In consumer credit transactions a retail seller may contract for and receive delinquency charges only in accordance with s. 422.203, Stats., and regulations issued by the division of banking thereunder.
DFI-Bkg 76.03(3) (3) A retail seller may contract for and assess deferral charges only in accordance with s. 422.204, Stats., and regulations issued by the division of banking thereunder.
DFI-Bkg 76.03 History History: Cr. Register, March, 1980, No. 291, eff. 6-1-80; am. (2), Register, July, 1983, No. 331, eff. 8-1-83; r. (2), Register, November, 1996, No. 491, eff. 12-1-96; 2013 Wis. Act 136: am. Register March 2014 No. 699, eff. 4-1-14.
DFI-Bkg 76.04 DFI-Bkg 76.04Refund for prepayment.
DFI-Bkg 76.04(1) (1) Subject to sub. (2), a retail buyer may prepay in full or in any part at any time without penalty the unpaid balance of any retail installment contract.
DFI-Bkg 76.04(2) (2) Upon prepayment in full of the unpaid balance of a retail installment contract by cash, refinancing, consolidation, or if the maturity of the obligation is accelerated for any reason and judgment is obtained, the unearned portion of the finance charge shall be rebated to the retail buyer or credited to the outstanding balance of the buyer's account. If the total of all rebates, refunds and credits to be made to the retail buyer is less than $1, no rebate need be made.
DFI-Bkg 76.04(3) (3) The unearned portion of the precomputed finance charge on retail installment contracts repayable in substantially equal successive installments at approximately equal intervals shall be computed in accordance with s. 422.209 (2), Stats. With respect to all other retail installment contracts the unearned portion of the finance charge shall be computed in accordance with s. 138.05 (2) (b), Stats.
DFI-Bkg 76.04(4) (4) Notwithstanding subs. (2) and (3), a retail seller may contract for and retain a minimum finance charge as provided in s. 422.201 (9), Stats.
DFI-Bkg 76.04 History History: Cr. Register, March, 1980, No. 291, eff. 6-1-80; am. (4), Register, November, 1996, No. 491, eff. 12-1-96.
DFI-Bkg 76.05 DFI-Bkg 76.05Insurance premiums, rebates. Upon prepayment in full of any retail installment contract by the proceeds of credit insurance or otherwise the sales finance company shall, if its representative sold the credit insurance, refund to the customer or to the customer's estate the amount of any unearned insurance premium or, if its representative did not sell the insurance, notify the insurance agent of the date of prepayment directing that payment be made to the customer or to the customer's estate.
DFI-Bkg 76.05 History History: Cr. Register, March, 1980, No. 291, eff. 6-1-80.
DFI-Bkg 76.06 DFI-Bkg 76.06Refinancing. Upon refinancing a retail installment contract prior to its maturity the customer shall receive as of the date of the refinancing a rebate of the unearned finance charge pursuant to the provisions of s. DFI-Bkg 76.04, except that for the purposes of computing this amount no minimum finance charge shall be allowed in consumer credit transactions.
DFI-Bkg 76.06 History History: Cr. Register, March, 1980, No. 291, eff. 6-1-80; correction made under s. 13.93 (2m) (b) 7., Stats., Register June 2004 No. 582; 2013 Wis. Act 136: am. Register March 2014 No. 699, eff. 4-1-14.
DFI-Bkg 76.07 DFI-Bkg 76.07Consolidation. Upon consolidation of the unpaid balance of a retail installment contract for the purchase of a motor vehicle with the unpaid balance of any other transaction for the purchase of a motor vehicle, the customer shall receive a rebate of the unearned finance charge on each retail installment contract pursuant to the provisions of s. DFI-Bkg 76.04, except that for the purposes of computing that amount no minimum finance charge shall be allowed in consumer credit transactions.
DFI-Bkg 76.07 History History: Cr. Register, March, 1980, No. 291, eff. 6-1-80; correction made under s. 13.93 (2m) (b) 7., Stats., Register June 2004 No. 582; 2013 Wis. Act 136: am. Register March 2014 No. 699, eff. 4-1-14.
DFI-Bkg 76.09 DFI-Bkg 76.09Record retention.
DFI-Bkg 76.09(1) (1) Each motor vehicle sales finance company shall retain the following records in connection with each transaction evidenced by a retail installment contract:
DFI-Bkg 76.09(1)(a) (a) A copy of each retail installment contract.
DFI-Bkg 76.09(1)(b) (b) Each credit disclosure statement.
DFI-Bkg 76.09(1)(c) (c) The name of the assignee to whom each contract is transferred.
DFI-Bkg 76.09(1)(d) (d) Where credit insurance is sold by the sales finance company or its representative:
DFI-Bkg 76.09(1)(d)1. 1. A copy of the insurance policy or certificate of insurance.
DFI-Bkg 76.09(1)(d)2. 2. The policy number.
DFI-Bkg 76.09(1)(d)3. 3. The date of prepayment, if any.
DFI-Bkg 76.09(1)(d)4. 4. Refunds of credit insurance premiums separately itemized.
DFI-Bkg 76.09(1)(d)5. 5. Each notice of prepayment made by an assignee in accordance with s. DFI-Bkg 76.05.
DFI-Bkg 76.09(1)(d)6. 6. The amount, date and check number of any credit insurance rebates.
DFI-Bkg 76.09(1)(e) (e) A copy of each notice of right to cure default sent by the licensee.
DFI-Bkg 76.09(1)(f) (f) Each document evidencing receipt of surrender or voluntary surrender of any vehicle recovered by the licensee.
DFI-Bkg 76.09(1)(g) (g) Each licensee who disposes of any vehicle recovered by replevin, surrender or voluntary surrender shall retain or record each oral or written bid received, except oral bids at a public sale, as well as the date of sale, the amount received and the identity of the buyer.
DFI-Bkg 76.09(2) (2) Each motor vehicle sales finance company shall in connection with each transaction evidenced by a retail installment contract retained by such sales finance company for a period of more than 30 days, maintain a written record which shall include the following:
DFI-Bkg 76.09(2)(a) (a) Open accounts.
DFI-Bkg 76.09(2)(a)1. 1. Date of the transaction.
DFI-Bkg 76.09(2)(a)2. 2. Account number.
DFI-Bkg 76.09(2)(a)3. 3. Name and address of buyer and seller.
DFI-Bkg 76.09(2)(a)4. 4. Cash price.
DFI-Bkg 76.09(2)(a)5. 5. Down payment.
DFI-Bkg 76.09(2)(a)6. 6. Amount and description of each additional charge.
DFI-Bkg 76.09(2)(a)7. 7. The amount financed.
DFI-Bkg 76.09(2)(a)8. 8. Finance charge expressed in dollars.
DFI-Bkg 76.09(2)(a)9. 9. The total of payments.
DFI-Bkg 76.09(2)(a)10. 10. The first installment due date.
DFI-Bkg 76.09(2)(a)11. 11. The number, amount and periods of payment scheduled to repay the indebtedness.
DFI-Bkg 76.09(2)(a)12. 12. The annual percentage rate.
DFI-Bkg 76.09(2)(a)13. 13. Description and year model of motor vehicle, including whether the vehicle was new or used at the time of sale.
DFI-Bkg 76.09(2)(a)14. 14. Date and amount of each payment.
DFI-Bkg 76.09(2)(a)15. 15. Amount of any delinquency charges collected.
DFI-Bkg 76.09(2)(a)16. 16. Amount of any deferral charges collected.
DFI-Bkg 76.09(2)(a)17. 17. Name of each credit and property insurer.
DFI-Bkg 76.09(2)(a)18. 18. Each insurance certificate or policy number.
DFI-Bkg 76.09(2)(b) (b) Paid accounts. In addition to the information required above the written record shall include:
DFI-Bkg 76.09(2)(b)1. 1. Date account is paid in full.
DFI-Bkg 76.09(2)(b)2. 2. Whether the account balance or any payments were paid from credit insurance proceeds, the amount of such proceeds and, if paid from the proceeds of credit life insurance, the date of the customer's death.
DFI-Bkg 76.09(2)(b)3. 3. The amount of the refund of unearned charges separately itemized.
DFI-Bkg 76.09(2)(b)4. 4. The amount, date and check number of any overpayment or rebate for prepayment.
DFI-Bkg 76.09(3) (3) In transactions where the finance charge is to be calculated on the declining unpaid balance from time to time outstanding, payments shall be posted as of the date upon which payments are received at any office to which the buyer is directed to make the payment regardless of the date on which posting actually occurs unless the document evidencing the customer's obligation to pay provides that payment received after a particular hour shall be posted as of the following business day.
DFI-Bkg 76.09(4) (4) The information required by this regulation shall be retained for a period of not less than 2 years after consummation of the transaction or one year after the last payment, whichever is later, and shall be assessable by reference to the name of the customer.
DFI-Bkg 76.09 History History: Cr. Register, March, 1980, No. 291, eff. 6-1-80; 2013 Wis. Act 136: am. (2) (intro.), (b) (intro.) Register March 2014 No. 699, eff. 4-1-14.
DFI-Bkg 76.10 DFI-Bkg 76.10Violation of rules, penalty. Failure to comply with the foregoing rules and regulations shall constitute an unfair trade practice and proof of unfitness which shall be grounds for license revocation.
DFI-Bkg 76.10 History History: Cr. Register, March, 1980, No. 291, eff. 6-1-80.
DFI-Bkg 76.11 DFI-Bkg 76.11Definitions. Words and phrases used in this chapter have the same meaning as found in ch. 218, Stats., unless additional interpretations are specified. In this chapter:
DFI-Bkg 76.11(1) (1) “Business license" means a license issued by the division of banking under ch. 218, Stats., to a motor vehicle dealer.
DFI-Bkg 76.11(3) (3) “Initial license" means a license issued to a person or business who does not have such a license at the time of application.
DFI-Bkg 76.11(4) (4) “Renewal license" means a license issued to a person or business who has such a license at the time of application.
DFI-Bkg 76.11 Note Note: 1995 Wis. Act 27 replaced the commissioner of banking with the division of banking in the department of financial institutions.
DFI-Bkg 76.11 History History: Cr. Register, March, 1980, No. 291, eff. 6-1-80; emerg. r. and recr. eff. 1-1-91; r and recr. Register, June, 1991, No. 426, eff. 7-1-91; 2013 Wis. Act 136: am. (1), r. (2) Register March 2014 No. 699, eff. 4-1-14.
DFI-Bkg 76.12 DFI-Bkg 76.12License periods and expiration dates.
DFI-Bkg 76.12(1)(1)Business licenses.
DFI-Bkg 76.12(1)(a)(a) General licensing period and expiration dates. The license period for business licenses is 2 years. The division of banking shall issue business licenses that start and expire on the following dates: - See PDF for table PDF
DFI-Bkg 76.12(1)(b) (b) Initial licenses. The division of banking may issue initial licenses that go into effect on dates other than the first day of an even-numbered month. The licenses may expire before the end of 2 years, and their expiration dates may be assigned as follows: - See PDF for table PDF
Example: A motor vehicle dealer whose license is first issued on October 8, 1992 would receive a license valid through September 30, 1994.
DFI-Bkg 76.12(2) (2)Licenses run concurrently. A motor vehicle license to operate as a sales finance company will be issued to run concurrently with the department of transportation dealer licenses.
DFI-Bkg 76.12 History History: Emerg. cr. eff. 1-1-91; cr. Register, June, 1991, No. 426, eff. 7-1-91; 2013 Wis. Act 136: am. (1) (a) (intro.), (b) (intro.), (2) Register March 2014 No. 699, eff. 4-1-14.
DFI-Bkg 76.13 DFI-Bkg 76.13License fees.
DFI-Bkg 76.13(1) (1) The division of banking shall collect fees based on the statutory formulas described in s. 218.0114 (15), Stats., and elsewhere, which is the number of years in a licensing period multiplied by the current annual fee of $50. If the dealer originates and carries or retains time sales contracts for more than 30 days in a total amount exceeding $100,000, a bill will be issued for additional business license fees due based upon the schedule of fees in s. 218.0114 (16), Stats.
DFI-Bkg 76.13(2) (2) When the division of banking issues an initial license for a period less than 2 years, it may reduce the business license fees by the same proportion as the reduction in the business license period.
DFI-Bkg 76.13 History History: Emerg. cr. eff. 1-1-91; cr. Register, June, 1991, No. 426, eff. 7-1-91; corrections in (1) made under s. 13.93 (2m) (b) 7., Stats., Register June 2004 No. 582; 2013 Wis. Act 136: am. Register March 2014 No. 699, eff. 4-1-14.
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Published under s. 35.93, Stats. Updated on the first day of each month. Entire code is always current. The Register date on each page is the date the chapter was last published.