218.0142(2)(a)6.
6. The amount financed, which may include the cost of insurance and sales and use taxes.
218.0142(2)(a)10.
10. The terms of payment of the total of payments due from the buyer.
218.0142(2)(a)11.
11. The amount and date of each payment necessary to pay the total finally.
218.0142(2)(b)
(b) The division of banking may determine the form of the statement required under
par. (a).
218.0142(2)(c)
(c) If a written order is taken from a prospective purchaser in connection with any installment sale, the written statement described in
par. (a) shall be given to the purchaser prior to or concurrent with the signing of the order by the purchaser.
218.0142(3)
(3) A retail installment sale made after October 31, 1984, is not subject to any maximum finance charge limit.
218.0142(4)
(4) An exact copy of the installment sale contract and any note or notes given in connection with the contract shall be furnished by the seller to the buyer at the time the buyer signs the contract. The buyer's copy of the contract shall contain the signature of the seller identical with the signature on the original contract. No contract shall be signed in blank except that a detailed description of the motor vehicle including the serial number or other identifying marks of the vehicle sold which are not available at the time of execution of the contract may be filled in before final delivery of the motor vehicle.
218.0142(5)
(5) A violation of
sub. (1),
(2) or
(3) bars recovery of any finance charge by the seller, or an assignee of the seller who, at the time of the assignment, had knowledge of the violation, in any suit upon a sales contract arising from the sale where the violation occurred.
218.0142(6)(a)(a) Prior to 30 days after acquisition of any retail installment contract from a retail seller, every finance company shall do all of the following:
218.0142(6)(a)1.
1. Mail or deliver to the retail buyer a written notice that the finance company has acquired the retail installment contract from the retail seller.
218.0142(6)(a)2.
2. Mail or cause to be mailed with the notice described in
subd. 1. a statement of the particulars of the retail installment contract price required under
sub. (2) to be stated by the retail seller, in accordance with the finance company's records respecting the particulars of the retail installment contract, including the amount of the finance charge.
218.0142(6)(b)
(b) Every finance company, if insurance is provided by the finance company, shall also within 30 days after acquisition of the retail installment contract send or cause to be sent to the retail buyer a policy of insurance clearly setting forth the exact nature of the insurance coverage and the amount of the premiums, each stated separately, which shall be filed with the commissioner of insurance in accordance with
ch. 625. The cancellation and rewriting of any policy provided by the finance company shall comply with the requirements of
s. 631.69.
218.0142(7)
(7) In the event that the dealer shall finance the installment sale contract, the division of banking may permit the dealer to combine the information required by
subs. (2) and
(6) in one statement under rules that the division of banking may from time to time promulgate.
218.0142(8)
(8) Any retail buyer of a motor vehicle under a retail installment contract who is a resident of this state at the time of purchase shall have a valid defense in any action or proceeding at law to enforce the contract by any finance company that is not licensed and which has purchased or otherwise acquired the contract if the finance company has willfully failed or refused to comply with
sub. (6).
218.0142(9)
(9) Any retail buyer of a motor vehicle under a retail installment contract made in this state who is a resident of this state at the time of purchase shall have a valid defense against the recovery of the principal, finance charge and other fees included in the contract in any action or proceeding at law to enforce the contract by any person who has purchased or otherwise acquired the contract if all of the following are true:
218.0142(9)(a)
(a) The person who acquired the contract has failed or refused prior to the purchase or acquisition to be licensed as a sales finance company under
ss. 218.0101 to
218.0163.
218.0142(9)(b)
(b) The person who acquired the contract is actually engaged in business, in whole or in part as a sales finance company.
218.0142(11)
(11) This section does not apply to a retail installment sale of a motor vehicle made on or after November 1, 1981, if the motor vehicle is to be used primarily for business or commercial purposes and not for the buyer's personal, family or household use.
218.0142 History
History: 1999 a. 31 ss.
256 to
267.
218.0142 Annotation
An installment sale contract signed in blank is void. Vic Hansen & Sons, Inc. v. Crowley,
57 Wis. 2d 106,
203 N.W.2d 728 (1973).