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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.
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(b) The informational materials under par. (a) shall include a clear and
15conspicuous notice that a payday or title loan is not intended to meet long-term
16financial needs and that a payday or title loan applicant should use a payday or title
17loan only to provide funds in a financial emergency.
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(c) The informational materials under par. (a) shall include all of the following
19information, based upon aggregated information from reports submitted under sub.
20(7) (d) for the most recent reporting period:
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1. The average annual percentage rate for payday and title loans.
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2. The percentage of customers originating payday or title loans who defaulted
23on the loan.
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3. The percentage of customers originating payday or title loans whose
25payment method was dishonored or denied for insufficient funds.
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14. The percentage of customers originating payday or title loans that resulted
2in repayment under sub. (11g) (a).
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(d) The informational materials under par. (a) shall include a summary of all
4actions that the licensee may take against a payday or title loan customer if the
5customer defaults on the payday loan or if the customer's check or electronic fund
6transfer is dishonored or denied for insufficient funds.
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(e) The division shall annually update the informational materials under par.
8(a), based upon the division's analysis of reports received under sub. (7) (d).
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(f) The division shall make copies of the informational materials under par. (a)
10available, upon request, to licensees and to the public, including making these
11informational materials available on the Internet site of the department of financial
12institutions. The division may charge licensees a reasonable fee for printed copies
13of informational materials supplied under this paragraph.".
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16"2. Subject to sub. (12m) (e), if".
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19"2. A licensee may present a customer's check for payment no more than once.
20For each customer authorization to initiate an electronic fund transfer from the
21customer's account, a licensee may initiate an electronic fund transfer no more than
22once. The only charge that a licensee may impose for dishonor of a customer's check
23or denial of the licensee's instruction to execute an electronic fund transfer is a
24service charge that does not exceed $15.".
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336. Page 21, line 9: before "by returning" insert "or, if the place of business
4where the loan is made is open 24 hours, before 5 p.m. on the next day of business
5after the loan is made,".
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11"(am) No licensee may make a payday or title loan that requires a schedule of
12payments by a customer under which any one payment is not equal or substantially
13equal to all other payments, or under which the intervals between any consecutive
14payments differ substantially.".
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17"2. No licensee may make a title loan to a customer who is liable for repayment
18of any amount on a title loan made by the licensee or another licensee. No licensee
19may make a title loan to a customer that results in the customer having liability for
20the loan, in principal, interest, and all other fees and charges, of more than 50 percent
21of the value of the motor vehicle used as security for the loan. The division shall
22promulgate rules for determining the value of a motor vehicle for purposes of this
1subdivision, including rules specifying pricing guides that may be used for
2determining value.".
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6"
(12m) Title loans. (a) A licensee may not require a customer to provide the
7licensee with a key or copy of a key to a motor vehicle used as security for a title loan
8as a condition for making the title loan to the customer.
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(b) A licensee may not make a title loan to a customer that has a term of more
10than one year.
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(c) A licensee or person acting on behalf of a licensee may not take possession
12of a motor vehicle used as security for a title loan to a customer without serving notice
13on the customer in the manner provided under s. 801.11 (1) (a) or (b) at least 15 days
14prior to taking possession. The notice shall state the intent to take possession and
15describe the basis for the right to take possession. This paragraph does not apply to
16possession that is obtained by a customer's voluntary surrender of a motor vehicle.
17A violation of this paragraph is subject to s. 425.305.
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(d) A licensee or other person may charge a customer a reasonable storage fee
19for a motor vehicle of the customer of which the licensee or person acting on behalf
20of the licensee has obtained possession, including possession that is obtained by
21voluntary surrender.
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(e) No interest on a title loan may accrue as of the date that a licensee obtains
23possession of a motor vehicle used as security for the title loan, including possession
24that is obtained by voluntary surrender. No interest on a title loan may accrue after
160 days following a customer's failure to make any payment required for the loan,
2unless the customer has concealed the location of the motor vehicle used as security
3for the loan.
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(f) A licensee shall return to a customer the amount of any proceeds from the
5disposition of a motor vehicle used as security for a title loan to the customer that
6exceed the customer's liability to the licensee for the loan.
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(g) A customer is not liable to a licensee for any deficiency resulting from the
8licensee's disposition of a motor vehicle used as security for a title loan, unless the
9customer has engaged in misconduct.".
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6"
(16) Private cause of action. If a person makes a payday or title loan to a
7customer that violates this section, the customer may bring an action against the
8person for an amount equal to twice the interest charged for the loan, or the actual
9damages, including any incidental and consequential damages, sustained by the
10customer by reason of the violation, whichever is greater, and, notwithstanding s.
11814.04 (1), the costs of the action, including reasonable attorney fees.".
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1464. Page 32, line 6: after "act," insert "and title loans, as defined in section
15138.14 (1) (m) of the statutes, as created by this act,".