421.301(27)(b)
(b) The term does not include negotiated advances under an open-end real estate mortgage or a letter of credit.
421.301(27)(c)
(c) A credit plan shall not be considered an open-end credit plan, even though it meets the criteria listed in
par. (a) 1.,
2. and
3., if the creditor treats the transaction as other than open-end credit for each extension of credit for purposes of any disclosures required under the federal consumer credit protection act.
421.301(28)
(28) "Organization" means a corporation, government or governmental subdivision or agency, trust, estate, limited liability company, partnership, cooperative or association other than a cooperative organized under
ch. 185 which has gross annual revenues not exceeding $5 million.
421.301(29)
(29) "Other than open-end credit" means consumer credit other than an open-end credit plan itself, or other than consumer credit transactions pursuant to an open-end credit plan, and includes precomputed transactions.
421.301(30)
(30) "Payable in instalments" means that payment is required or permitted by agreement to be made in:
421.301(30)(a)
(a) Two or more instalments, excluding the down payment in a consumer credit sale, with respect to an obligation arising from a consumer credit transaction for which a finance charge is or may be imposed;
421.301(30)(b)
(b) More than 4 instalments, excluding the down payment in a consumer credit sale, in any other consumer credit transaction; or
421.301(30)(c)
(c) Two or more instalments if any instalment other than the down payment is more than twice the amount of any other instalment, excluding the down payment.
421.301(31)
(31) "Person" includes a natural person, and an organization.
421.301(32)
(32) "Person related to" with respect to a natural person means:
421.301(32)(b)
(b) A brother, brother-in-law, sister, sister-in-law of the natural person;
421.301(32)(c)
(c) An ancestor or lineal descendant of the natural person or that person's spouse; and
421.301(32)(d)
(d) Any other relative, by blood or marriage, of the natural person or that person's spouse who shares the same home with the natural person.
421.301(33)
(33) "Person related to" with respect to an organization means:
421.301(33)(a)
(a) A person directly or indirectly controlling the organization, controlled by the organization or, who together with the organization, is under common control;
421.301(33)(b)
(b) An officer or director of the organization or a person performing similar functions with respect to the organization or to a person related to the organization;
421.301(33)(c)
(c) The spouse of a natural person related to the organization; and
421.301(33)(d)
(d) A relative by blood or marriage of a person related to the organization who shares the same home with that person.
421.301(34)
(34) "Personal property" includes but is not limited to goods.
421.301(35)
(35) "Precomputed" with respect to a consumer credit transaction means a consumer credit transaction, other than a motor vehicle consumer lease, in which debt is expressed as a single sum comprised of the amount financed and the finance charge computed in advance.
421.301(36)
(36) "Prepaid finance charge" means any finance charge paid separately, in cash or otherwise, directly or indirectly to the creditor or with the creditor's knowledge to another person or withheld by the creditor from the proceeds of the credit extended.
421.301(37)
(37) "Presumed" or "presumption" means that the trier of the issue must find the existence of that which is presumed unless and until evidence is introduced which would support a contrary finding.
421.301(37m)
(37m) "Refund anticipation loan" means an agreement under which a creditor arranges to be repaid for a loan directly from the proceeds of a customer's income tax refund.
421.301(37r)
(37r) "Refund anticipation loan fees" include charges, fees or other consideration imposed by a creditor for making a refund anticipation loan. "Refund anticipation loan fees" does not include any charge, fee or other consideration usually imposed by the creditor in the ordinary course of business for nonloan services, such as fees for tax return preparation or fees for electronic filing of tax returns.
421.301(38)
(38) "Required deposit balance" means any deposit balance or any investment which the creditor requires the customer to make, maintain or increase in a specified amount or proportion as a condition to the extension of credit except:
421.301(38)(a)
(a) Amounts paid into an escrow account which are permitted additional charges under
s. 422.202;
421.301(38)(b)
(b) A deposit balance which will be wholly applied toward satisfaction of the customer's obligation in the transaction;
421.301(38)(c)
(c) A deposit balance or investment which was in existence prior to the extension of credit and which is offered by the customer as security for that extension of credit; and
421.301(38)(d)
(d) A deposit balance or investment which is acquired or established from the proceeds of an extension of credit made for that purpose, which the creditor does not require as a condition to the extension of credit, and which is acquired or established at the written request of the customer.
421.301(39)
(39) "Sale of services" means furnishing or agreeing to furnish services and includes arranging to have services furnished by another.
421.301(40)
(40) "Security interest" means a real property mortgage, deed of trust, seller's interest in real estate under a land contract, any interest in property which secures payment or performance of an obligation under
ch. 409 or any other consensual or confessed lien whether or not recorded.
421.301(41)
(41) "Seller credit card" means an arrangement pursuant to an open-end credit plan in which a person gives to a customer the privilege of using a credit card, or other credit confirmation or identification primarily for the purpose of purchasing or leasing goods or services from that person, a person related to that person or others licensed or franchised to do business under that person's business or trade name or designation.
421.301(42)(a)2.
2. Privileges with respect to transportation, hotel and restaurant accommodations, education, entertainment, recreation, physical culture, hospital accommodations, funerals, cemetery accommodations, and the like; and
421.301(42)(a)3.
3. Insurance provided in connection with a consumer credit transaction.
421.301(42)(b)
(b) "Services" does not include any services of common carriers if the tariffs, rates, charges, costs or expenses of such common carriers are required by law to be filed with or approved by the federal government or any official, department, division, commission or agency of the United States.
421.301(43)
(43) "Supervised financial organization" means a person:
421.301(43)(a)
(a) Organized, chartered or holding an authorization certificate under the laws of this state or of the United States which authorize the person to make loans and to receive deposits, including a savings, share, certificate or deposit account; and
421.301(43)(b)
(b) Subject to supervision by an official or agency of this state or of the United States.
421.301(43m)
(43m) "Total lease obligation" means the sum of all of the following with respect to a motor vehicle consumer lease:
421.301(44)
(44) "Transaction" means an agreement between 2 or more persons, whether or not the agreement is a contract enforceable by action, and includes the making of and the performance pursuant to that agreement.
421.301 Annotation
Rent-to-own transaction was consumer credit sale even though customer was not contractually obligated to make instalment payments. Palacios v. ABC TV & Stereo Rental, 123 W (2d) 79, 365 NW (2d) 882 (Ct. App. 1985).
421.301 Annotation
An option to purchase at the conclusion of a lease for appliances where the option price equalled 11% of the total lease payments was a consumer credit sale under sub. (9). Rent-a-Center, Inc. v. Hall, 181 W (2d) 244, 510 NW (2d) 789 (Ct. App. 1993).
421.301 Annotation
Applicability of consumer act to rent-to-own contracts discussed. Burny v. Thorn, 944 F Supp. 762 (1996).
421.401(1)(1) The venue for a claim arising out of a consumer transaction or a consumer credit transaction is the county:
421.401(1)(a)
(a) Where the customer resides or is personally served;
421.401(1)(b)
(b) Where collateral securing a consumer credit transaction is located; or
421.401(1)(c)
(c) Where the customer sought or acquired the property, services, money or credit which is the subject of the transaction or signed the document evidencing his or her obligation under the terms of the transaction.
421.401(2)
(2) When it appears from the return of service of the summons or otherwise that the county in which the action is pending under
sub. (1) is not a proper place of trial for such action, unless the defendant appears and waives the improper venue, the court shall act as follows:
421.401(2)(a)
(a) Except as provided in
par. (b), if it appears that another county would be a proper place of trial, the court shall transfer the action to that county.
421.401(2)(b)
(b) If the action arises out of a consumer credit transaction, the court shall dismiss the action for lack of jurisdiction.
421.401(3)
(3) If there are several defendants, and if venue is based on residence, venue may be in the county of residence of any of them.
421.401 History
History: 1983 a. 228;
1987 a. 208.
