DFI-Bkg 75.08(2)(a)4.
4. Identify the name, address, telephone number, and customer identification number.
DFI-Bkg 75.08(2)(a)5.
5. State the date the repayment plan was made, the loan number, and the outstanding balance.
DFI-Bkg 75.08(2)(a)7.
7. Contain a summary of action that could be taken against the customer if the customer does not make the required repayment plan installment payments when due.
DFI-Bkg 75.08(2)(b)
(b) The licensee shall furnish the customer a copy of the signed agreement.
DFI-Bkg 75.08(2)(c)
(c) The licensee shall retain a copy of the repayment plan agreement in the customer's file.
DFI-Bkg 75.08(3)
(3)
Acceptance of plan. No licensee is required to honor a repayment plan offer under sub.
(2) that is not accepted by the customer and received by the licensee within 10 days of the date the offer is hand-delivered, mailed or e-mailed to the customer.
DFI-Bkg 75.08(4)(a)
(a) The first payment may not be due earlier than the customer's next pay day following the date the offer is made.
DFI-Bkg 75.08(4)(b)
(b) Except as provided in par.
(d), the due date of the 4 equal installments shall coincide with the customer's pay period schedule, as verified by the customer's pay stub, payroll receipt, receipt of government or retirement benefits, or other documentation that identifies the frequency of the pay cycle.
DFI-Bkg 75.08(4)(c)
(c) If the customer's income is not received on a consistent, regular cycle, the pay period schedule shall be considered every two weeks and the first payment shall be due two weeks following the date the offer is made.
DFI-Bkg 75.08(4)(d)
(d) If documentation to verify the customer's pay period schedule is not available, the pay period schedule shall be considered to be once a month and the first payment shall be due one month following the date the offer is made.
DFI-Bkg 75.08 History
History: CR 10-098: cr.
Register May 2011 No. 665, eff. 6-1-11;
CR 12-035: r. and recr. (1), am. (4) (intro.), (b), cr. (4)(d)
Register May 2013 No. 689, eff. 6-1-13;
CR 22-020: am. (1) (c) 3., (2) (a) 4.
Register May 2023 No. 809, eff. 9-1-23;
CR 23-039: am. (4) (a)
Register March 2024 No. 819, eff. 4-1-24;
2023 Wis. Act 267: am. (1) (c) 3., (2) (a) 4. Register April 2024 No. 820, eff. 1-1-25; merger of (1) (c) 3., (2) (a) 4. treatments by 2023 Wis. Act 267 and CR 22-020 made under s. 13.92 (4) (bm), Stats., Register April 2024 No. 820. DFI-Bkg 75.09(1)(1)
The effective date of a payday loan cannot be prior to the date the loan is signed by the customer.
DFI-Bkg 75.09(2)
(2) Notwithstanding s.
138.14 (12) (f), Stats., a licensee is not prohibited from bringing an action to collect the total outstanding balance due on a payday loan, including the service charge permitted under s.
138.14 (10) (b) 2., Stats.
DFI-Bkg 75.09 History
History: CR 10-098: cr.
Register May 2011 No. 665, eff. 6-1-11.
DFI-Bkg 75.10(1)(a)(a) Except as otherwise provided in s.
138.14, Stats., a licensee shall transmit all information to the database via the Internet.
DFI-Bkg 75.10(1)(b)
(b) In order to maintain the confidentiality and security of the information transmitted to the database, a licensee shall maintain generally accepted security safeguards to maintain the confidentiality and security of information transmitted to the database. The licensee shall install, maintain and regularly update malware protection, antivirus and antispyware software, and a firewall.
DFI-Bkg 75.10(1)(c)
(c) A licensee may not transmit information to the database using publicly accessible computers, computers that are not under the licensee's control, unsecured wireless connections, Wi-Fi connections, or other connections that are not secure.
DFI-Bkg 75.10(2)(a)(a) If the database advises the licensee that an applicant is eligible for a payday loan, the licensee shall record a transaction identification number, generated by the database, on the applicant's loan document before entering into the payday loan.
DFI-Bkg 75.10(2)(b)
(b) If the database advises the licensee that an applicant is ineligible for a payday loan, the licensee shall do all of the following:
DFI-Bkg 75.10(2)(b)2.
2. Provide the applicant with the reason for the ineligibility determination given by the database.
DFI-Bkg 75.10(2)(b)3.
3. Instruct the applicant to contact the database provider if the applicant wants more specific information regarding the reason for ineligibility.
DFI-Bkg 75.10(3)(a)(a) A licensee shall input all information requested by the database into the database when any of the following occur:
DFI-Bkg 75.10(3)(a)7.
7. The licensee presents a check for payment or initiates an electronic fund transfer.
DFI-Bkg 75.10(3)(a)9.
9. The licensee assesses a service charge for a dishonored check or denied electronic funds transfer.
DFI-Bkg 75.10(3)(a)10.
10. The licensee collects a service charge for a dishonored check or denied electronic funds transfer.
DFI-Bkg 75.10(3)(a)16.
16. The division or the database provider determines additional information needs to be submitted to the database.
DFI-Bkg 75.10(3)(b)
(b) Except as set forth in sub.
(4), information shall be entered into the database on the day the licensee becomes aware of the information.
DFI-Bkg 75.10(3)(c)
(c) If a licensee becomes aware of any changes or errors in the information previously verified or transmitted by the licensee to the database, the licensee shall immediately update or correct the database.
DFI-Bkg 75.10(4)(a)(a) If at the time a licensee receives a loan application the licensee is unable to access the database via the Internet due to technical difficulties occurring with the database, the licensee shall use the database provider's alternate process to obtain applicant eligibility information from the database.
DFI-Bkg 75.10(4)(b)
(b) If a licensee makes a payday loan based on applicant eligibility information obtained from the database provider's alternate process, the licensee shall transmit to the database any remaining required information no later than 11:59 p.m. on the next business day following the date the database becomes accessible to the licensee via the Internet.
DFI-Bkg 75.10(4)(c)
(c) If a licensee is required to transmit to the database information regarding a payday loan that has already been made but the licensee is unable to access the database via the Internet due to technical difficulties occurring with the database, the licensee shall transmit to the database the required information no later than 11:59 p.m. on the date that the database becomes accessible to the licensee via the Internet.
DFI-Bkg 75.10(4)(d)
(d) Anytime a licensee is unable to access the database via the Internet due to technical difficulties occurring with the database, the licensee shall document in its records the technical problems it experienced and the date and time that it sought to access the database.
DFI-Bkg 75.10(5)
(5)
Record retention. Data shall be retained on the database until the database provider receives written approval from the department to archive, delete, or destroy specific information.
DFI-Bkg 75.10(6)(a)
(a) The plan required by s.
138.14 (14) (o), Stats., shall be received by the division at least 10 business days before a licensee stops originating payday loans.
DFI-Bkg 75.10 History
History: CR 10-098: cr.
Register May 2011 No. 665, eff. 6-1-11;
CR 12-035: am. (3) (a) 3., r. (6), renum. (7), (8) to be (6), (7)
Register May 2013 No. 689, eff. 6-1-13;
CR 23-039: am. (1) (c), r. (7)
Register March 2024 No. 819, eff. 4-1-24.
DFI-Bkg 75.11
DFI-Bkg 75.11
Nationwide Multistate Licensing System and Registry; Licensing and Renewal. DFI-Bkg 75.11(1)(a)(a) The division shall utilize the NMLS with respect to applicants and licensees. The division may establish relationships or contracts with the NMLS or other entities designated by the NMLS to collect and maintain records and process transaction fees or other fees. With respect to any form, fee, or other information required to be submitted to the division by an applicant or licensee, the division may require the applicant or licensee to submit such form, fee, or other information directly to the NMLS.
DFI-Bkg 75.11(1)(b)
(b) Each applicant and licensee shall register with, and maintain a valid unique identifier issued by, the NMLS.
DFI-Bkg 75.11(1)(c)
(c) The division may require an applicant or licensee to provide to the NMLS any information that the division determines to be relevant to the application or to any responsibility administered or conducted through the NMLS that is related to the licensed activity.
DFI-Bkg 75.11(1)(d)
(d) The division may require an applicant or licensee, or an individual with the power to direct the management or policies of the applicant or licensee, to submit an independent credit report from a consumer reporting agency, an investigative background report prepared by an independent search firm, fingerprints, or any other personal or professional history information deemed necessary by the division. The division may require fingerprints for the purposes of identifying the individual and to determine whether the individual has a record of warrants, arrests, or convictions in any jurisdiction. Fingerprints may be submitted, directly or as provided in sub.
(2), to the federal bureau of investigation and any government agency or entity authorized to receive this information for a state and national criminal history record check.
DFI-Bkg 75.11(1)(e)
(e) The division may rely on the NMLS to establish any dates relating to application or reporting deadlines for applicants and licensees, to establish requirements for amending or surrendering licenses, or to establish any other requirements applicable to applicants and licensees to the extent the requirements are a condition of the state's participation in the NMLS.
DFI-Bkg 75.11(1)(f)
(f) Applicants and licensees are responsible for any service, access, or other fees charged by the NMLS for use of the system. Whenever the division requires fingerprinting, an independent credit report from a consumer reporting agency, an investigative background report prepared by an independent search firm, or any other information in connection with an application or other filing, any associated costs shall be paid by the applicant or the parties to the application.
DFI-Bkg 75.11(2)
(2)
Channeling information. To reduce the points of contact that the division may have to maintain, and to facilitate compliance with any requirement that an applicant provide identity information, including social security number or federal employer identification number, fingerprints, credit reports, or other personal history, the division may use the NMLS as a channeling agent for requesting and distributing information to and from any source so directed by the division, including the federal bureau of investigation, any state or federal department of justice, or any other governmental agency.
DFI-Bkg 75.11(3)(a)
(a) If any information or material is considered confidential or privileged under federal or state law before it is provided or disclosed to the NMLS, it shall continue to be confidential or privileged after it is provided or disclosed to, and while maintained by, the NMLS, except to the extent federal or state law expressly provides otherwise and except as provided in par.
(c). Confidential or privileged information or material under this paragraph is not subject to any of the following:
DFI-Bkg 75.11(3)(a)1.
1. Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of federal or state government.
DFI-Bkg 75.11(3)(a)2.
2. Subpoena or discovery, or admission into evidence, in any private civil action or administrative proceeding, unless the person to whom the information or material pertains waives any right or protection of confidentiality or privilege in the information or material.
DFI-Bkg 75.11(3)(b)
(b) Confidential or privileged information or material under par.
(a) may be shared with any state or federal regulatory agency having supervisory authority over activities governed by s.
138.14, Stats., without losing any right or protection of confidentiality or privilege under federal or state law.
DFI-Bkg 75.11(3)(c)
(c) This subsection does not prohibit the NMLS from providing public access to information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, licensees.
DFI-Bkg 75.11(4)
(4)
Cooperative arrangements. The division may enter into cooperative, coordinating, or information-sharing arrangements or agreements with other governmental agencies or with associations representing other governmental agencies, including the Conference of State Bank Supervisors, subject to the requirements of s.
220.06, Stats.
DFI-Bkg 75.11 History
History: CR 22-020: cr.
Register May 2023 No. 809, eff. 9-1-23.
DFI-Bkg 75.12
DFI-Bkg 75.12
Changes to information. A licensee shall keep current and accurate all material information on file with the division and the NMLS. If the information changes in any material respect, the licensee shall notify the division and the NMLS of the change within 10 days after the change.
DFI-Bkg 75.12 History
History: CR 22-020: cr.
Register May 2023 No. 809, eff. 9-1-23.
DFI-Bkg 75.13(1)(1)
During the renewal period, a licensee may seek to renew a license by submitting all fees owed to the division or the NMLS, along with any additional documentation required by the division or applicable law, through the NMLS or in such other manner as directed by the division.
DFI-Bkg 75.13(2)
(2) During the reinstatement period, a licensee may reinstate a license by submitting all the items in sub.
(1), plus an additional non-refundable fee of $100, through the NMLS or in such other manner as directed by the division.
DFI-Bkg 75.13 History
History: CR 22-020: cr.
Register May 2023 No. 809, eff. 9-1-23.
