SB530-SSA1-SA1,1,9
9(a) "Division" means the division of banking.
SB530-SSA1-SA1,1,1111
138.09
(1d) (b) "Finance charge" has the meaning given in s. 421.301 (20).
SB530-SSA1-SA1,2,12
1138.09
(1m) (a) Before any person may do business under this section or charge
2the interest authorized by sub. (7) and before any creditor other than a bank, savings
3bank, savings and loan association or credit union may
assess a finance charge on 4make a consumer loan
in excess of
18% per year $5,000 or less, that person shall first
5obtain a license from the division. Applications for a license shall be in writing and
6upon forms provided for this purpose by the division. An applicant at the time of
7making an application shall pay to the division a nonrefundable $300 fee for
8investigating the application and a $500 annual license fee for the period
9terminating on the last day of the current calendar year. If the cost of the
10investigation exceeds $300, the applicant shall upon demand of the division pay to
11the division the amount by which the cost of the investigation exceeds the
12nonrefundable fee.
SB530-SSA1-SA1,2,1514
138.09
(7m) (a) No creditor who is licensed under sub. (1m) may assess a
15finance charge on a consumer loan that is more than 36 percent per year.
SB530-SSA1-SA1,2,2116
(b) If a creditor makes a consumer loan that violates par. (a), the borrower may
17bring an action against the creditor for an amount equal to twice the amount of the
18finance charge in connection with the loan, or the actual damages, including any
19incidental and consequential damages, sustained by the borrower by reason of the
20violation, whichever is greater, and, notwithstanding s. 814.04 (1), the costs of the
21action, including reasonable attorney fees.
SB530-SSA1-SA1,2,2423
(1) This act first applies to loans made, refinanced, or consolidated on the
24effective date of this subsection.
SB530-SSA1-SA1,3,2
1(1) This act takes effect on the first day of the 3rd month beginning after
2publication.".
