Amendment SA1-AB554

AB554-SA1,2,2 (a) Costs incurred by the financial institution, plus a profit margin, in providing a service.

AB554-SA1,2,3 (b) The deterrence of misuse by customers of financial institution services.

AB554-SA1,2,5 (c) The enhancement of the competitive position of the financial institution in accord with the financial institution's marketing strategy.

AB554-SA1,2,6 (d) Maintenance of the safety and soundness of the financial institution.

AB554-SA1,2,9 (4) Remedies. (a) A financial institution that violates this section is liable to the customer in an amount equal to 3 times the actual damages sustained as a result of the violation.

AB554-SA1,2,11 (b) A customer entitled to relief under par. (a) is also entitled to recover costs, disbursements and reasonable attorney fees, notwithstanding s. 814.04 (1).".

AB554-SA1,2,13 3. Page 4, line 1: before that line, after page 4, line 15, of the material inserted by assembly amendment 2, insert:

AB554-SA1,2,14 " Section 1r. 214.597 of the statutes is created to read:

AB554-SA1,2,16 214.597 Unconscionable service charges. (1) Definition. In this section, "financial institution" has the meaning given in s. 705.01 (3).

AB554-SA1,2,21 (2) Unconscionability. If a court as a matter of law finds that a service charge imposed by a financial institution on a customer is unconscionable, the court shall, in addition to the remedies authorized under sub. (4), either refuse to enforce the service charge against the customer, or so limit the application of any unconscionable aspect as to avoid an unconscionable result.

AB554-SA1,2,24 (3) Factors. Without limiting the scope of sub. (2), the court may consider, among other things, any of the following as pertinent to the issue of unconscionability:

AB554-SA1,3,2 (a) Costs incurred by the financial institution, plus a profit margin, in providing a service.

AB554-SA1,3,3 (b) The deterrence of misuse by customers of financial institution services.

AB554-SA1,3,5 (c) The enhancement of the competitive position of the financial institution in accord with the financial institution's marketing strategy.

AB554-SA1,3,6 (d) Maintenance of the safety and soundness of the financial institution.

AB554-SA1,3,9 (4) Remedies. (a) A financial institution that violates this section is liable to the customer in an amount equal to 3 times the actual damages sustained as a result of the violation.

AB554-SA1,3,11 (b) A customer entitled to relief under par. (a) is also entitled to recover costs, disbursements and reasonable attorney fees, notwithstanding s. 814.04 (1).".

AB554-SA1,3,12 4. Page 5, line 8: after that line insert:

AB554-SA1,3,13 " Section 2m. 215.39 of the statutes is created to read:

AB554-SA1,3,15 215.39 Unconscionable service charges. (1) Definition. In this section, "financial institution" has the meaning given in s. 705.01 (3).

AB554-SA1,3,20 (2) Unconscionability. If a court as a matter of law finds that a service charge imposed by a financial institution on a customer is unconscionable, the court shall, in addition to the remedies authorized under sub. (4), either refuse to enforce the service charge against the customer, or so limit the application of any unconscionable aspect as to avoid an unconscionable result.

AB554-SA1,3,23 (3) Factors. Without limiting the scope of sub. (2), the court may consider, among other things, any of the following as pertinent to the issue of unconscionability:

AB554-SA1,4,2 (a) Costs incurred by the financial institution, plus a profit margin, in providing a service.

AB554-SA1,4,3 (b) The deterrence of misuse by customers of financial institution services.

AB554-SA1,4,5 (c) The enhancement of the competitive position of the financial institution in accord with the financial institution's marketing strategy.

AB554-SA1,4,6 (d) Maintenance of the safety and soundness of the financial institution.

AB554-SA1,4,9 (4) Remedies. (a) A financial institution that violates this section is liable to the customer in an amount equal to 3 times the actual damages sustained as a result of the violation.

AB554-SA1,4,11 (b) A customer entitled to relief under par. (a) is also entitled to recover costs, disbursements and reasonable attorney fees, notwithstanding s. 814.04 (1).".

AB554-SA1,4,12 5. Page 21, line 20: after that line insert:

AB554-SA1,4,13 " Section 34m. 224.19 of the statutes is created to read:

AB554-SA1,4,15 224.19 Unconscionable service charges. (1) Definition. In this section, "financial institution" has the meaning given in s. 705.01 (3).

AB554-SA1,4,20 (2) Unconscionability. If a court as a matter of law finds that a service charge imposed by a financial institution on a customer is unconscionable, the court shall, in addition to the remedies authorized under sub. (4), either refuse to enforce the service charge against the customer, or so limit the application of any unconscionable aspect as to avoid an unconscionable result.

AB554-SA1,4,23 (3) Factors. Without limiting the scope of sub. (2), the court may consider, among other things, any of the following as pertinent to the issue of unconscionability:

AB554-SA1,5,2 (a) Costs incurred by the financial institution, plus a profit margin, in providing a service.

AB554-SA1,5,3 (b) The deterrence of misuse by customers of financial institution services.

AB554-SA1,5,5 (c) The enhancement of the competitive position of the financial institution in accord with the financial institution's marketing strategy.

AB554-SA1,5,6 (d) Maintenance of the safety and soundness of the financial institution.

AB554-SA1,5,9 (4) Remedies. (a) A financial institution that violates this section is liable to the customer in an amount equal to 3 times the actual damages sustained as a result of the violation.

AB554-SA1,5,11 (b) A customer entitled to relief under par. (a) is also entitled to recover costs, disbursements and reasonable attorney fees, notwithstanding s. 814.04 (1).".

AB554-SA1,5,12 (End)