DFI-Bkg 76.001 HistoryHistory: CR 22-020: cr. Register May 2023 No. 809, eff. 9-1-23. DFI-Bkg 76.01DFI-Bkg 76.01 Finance 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. 218.0148 (2), 422.202 (1) and (2s), 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 HistoryHistory: 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; CR 23-039: am. (1) Register March 2024 No. 819, eff. 4-1-24. 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 HistoryHistory: 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(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 HistoryHistory: Cr. Register, March, 1980, No. 291, eff. 6-1-80; am. (4), Register, November, 1996, No. 491, eff. 12-1-96. DFI-Bkg 76.05DFI-Bkg 76.05 Insurance 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 HistoryHistory: Cr. Register, March, 1980, No. 291, eff. 6-1-80. DFI-Bkg 76.06DFI-Bkg 76.06 Refinancing. 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 HistoryHistory: 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 76.07DFI-Bkg 76.07 Consolidation. 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 HistoryHistory: 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(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)(d)(d) Where credit insurance is sold by the sales finance company or its representative: 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)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)(b)(b) Paid accounts. In addition to the information required above the written record shall include: 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(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 HistoryHistory: 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 76.10DFI-Bkg 76.10 Violation 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 HistoryHistory: Cr. Register, March, 1980, No. 291, eff. 6-1-80. 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: 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: 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 HistoryHistory: 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(1)(1) The division of banking shall collect fees based on the statutory formulas described in s. 218.0114 (15) and (16), Stats., 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 HistoryHistory: 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; CR 23-039: am. (1) Register March 2024 No. 819, eff. 4-1-24; correction in (1) made under s. 35.17, Stats., Register March 2024 No. 819. DFI-Bkg 76.14DFI-Bkg 76.14 Nationwide Multistate Licensing System and Registry. DFI-Bkg 76.14(1)(a)(a) The division shall utilize the NMLS with respect to applicants and licensees. The division may establish relationships or contracts with the NMLS or other entities designated by the NMLS to collect and maintain records and process transaction fees or other fees. With respect to any form, fee, or other information required to be submitted to the division by an applicant or licensee, the division may require the applicant or licensee to submit such form, fee, or other information directly to the NMLS. DFI-Bkg 76.14(1)(b)(b) Each applicant and licensee shall register with, and maintain a valid unique identifier issued by, the NMLS. DFI-Bkg 76.14(1)(c)(c) The division may require an applicant or licensee to provide to the NMLS any information that the division determines to be relevant to the application or to any responsibility administered or conducted through the NMLS that is related to the licensed activity. DFI-Bkg 76.14(1)(d)(d) The division may require an applicant or licensee, or an individual with the power to direct the management or policies of the applicant or licensee, to submit an independent credit report from a consumer reporting agency, an investigative background report prepared by an independent search firm, fingerprints, or any other personal or professional history information deemed necessary by the division. The division may require fingerprints for the purposes of identifying the individual and to determine whether the individual has a record of warrants, arrests, or convictions in any jurisdiction. Fingerprints may be submitted, directly or as provided in sub. (2), to the federal bureau of investigation and any government agency or entity authorized to receive this information for a state and national criminal history record check. DFI-Bkg 76.14(1)(e)(e) The division may rely on the NMLS to establish any dates relating to application or reporting deadlines for applicants and licensees, to establish requirements for amending or surrendering licenses, or to establish any other requirements applicable to applicants and licensees to the extent the requirements are a condition of the state’s participation in the NMLS. DFI-Bkg 76.14(1)(f)(f) Applicants and licensees are responsible for any service, access, or other fees charged by the NMLS for use of the system. Whenever the division requires fingerprinting, an independent credit report from a consumer reporting agency, an investigative background report prepared by an independent search firm, or any other information in connection with an application or other filing, any associated costs shall be paid by the applicant or the parties to the application. DFI-Bkg 76.14(2)(2) Channeling information. To reduce the points of contact that the division may have to maintain, and to facilitate compliance with any requirement that an applicant provide identity information, including social security number or federal employer identification number, fingerprints, credit reports, or other personal history, the division may use the NMLS as a channeling agent for requesting and distributing information to and from any source so directed by the division, including the federal bureau of investigation, any state or federal department of justice, or any other governmental agency.
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