DFI-Bkg 75.02 HistoryHistory: CR 10-098: cr. Register May 2011 No. 665, eff. 6-1-11; CR 12-035 renum. 75.02 (intro.) to be 75.02 and am., r. (1), (2) Register May 2013 No. 689, eff. 6-1-13. DFI-Bkg 75.03(1)(1) A licensee may not engage in conduct that is an attempt to evade or undermine the purpose and intent of s. 138.14, Stats. DFI-Bkg 75.03(2)(2) No licensee may make a payday loan if any of the following circumstances apply: DFI-Bkg 75.03(2)(a)(a) The loan requires a payment that is more than twice as large as the average of all other scheduled payments. DFI-Bkg 75.03(2)(c)(c) The lender accepts, and agrees to hold, more than 5 of a customer’s checks. DFI-Bkg 75.03(3)(3) Except as provided in subs. (4) and (5), no licensee under s. 138.09, Stats., may make a loan of $1,500 or less if any of the following apply: DFI-Bkg 75.03(3)(a)(a) The loan requires payments be made on any schedule other than substantially equal biweekly installments or substantially equal monthly installments, except as provided in s. 138.09 (7) (c) 2., Stats. DFI-Bkg 75.03(6)(6) No licensee under s. 138.09, Stats., may originate a loan subject to s. 138.09, Stats., at the same time, or within the 24 hour period before or after, the licensee originates a payday loan with the same customer. DFI-Bkg 75.03(7)(7) No licensee under s. 138.09, Stats., may originate a loan subject to s. 138.09, Stats., at the same time, or within the 24 hour period before or after, a payday loan made by the licensee with the same customer is paid in full. DFI-Bkg 75.03 HistoryHistory: CR 10-098: cr. Register May 2011 No. 665, eff. 6-1-11; CR 12-035: am. (3) (intro.), (c), cr. (5) to (7) Register May 2013 No. 689, eff. 6-1-13; CR 23-039: am. (1) to (3), (4) (intro.), (6), (7) Register March 2024 No. 819, eff. 4-1-24; correction in (3) (intro.) made under s. 35.17, Stats., Register March 2024 No. 819. DFI-Bkg 75.04(1)(1) The disclosures required by s. 138.14 (9g) (a) 1., 2., 4., 5., and 6., Stats., shall be provided to the applicant in a single written document that is in a form prescribed by the division. The form shall be: DFI-Bkg 75.04(1)(c)(c) On white paper sized 8.5 inches x 11 inches and in Times New Roman font style 12 or greater. DFI-Bkg 75.04(1)(d)(d) Delivered to the customer in the English and Spanish languages, or at the customer’s option, in the English or Spanish language. DFI-Bkg 75.04(2)(2) The licensee shall retain a copy of each signed disclosure form in the customer’s file. DFI-Bkg 75.04(3)(3) If the applicant is applying for a payday loan via the Internet, the lender’s compliance with sub. (1) (c) will be based on how the form is displayed on the lender’s computer, and not based on how the form is displayed on the applicant’s computer. DFI-Bkg 75.04 NoteNote: A copy of the disclosure form may be downloaded from the department’s website at www.wdfi.org. DFI-Bkg 75.04 HistoryHistory: CR 10-098: cr. Register May 2011 No. 665, eff. 6-1-11. DFI-Bkg 75.05(2)(2) No licensee may charge the customer a fee to cash the proceeds check from a payday loan. DFI-Bkg 75.05(3)(3) Notwithstanding s. 138.14 (10), Stats., if a money judgment is awarded by the court, a customer may be charged the costs and fees awarded by the court and the interest permitted under s. 814.04 (4), Stats. DFI-Bkg 75.06(1)(b)(b) Gross two-week earnings times 2.16, if the customer is paid every two weeks. DFI-Bkg 75.06(1)(c)(c) Gross semi-monthly earnings times 2, if the customer is paid twice a month. DFI-Bkg 75.06(2)(2) Except as provided in sub. (5), prior to making a payday loan, the licensee shall obtain from the customer a copy of any of the following to verify the gross monthly income of the customer: DFI-Bkg 75.06(2)(d)(d) A recent statement from a financial establishment reflecting direct deposit of government benefits. DFI-Bkg 75.06(3)(3) The documents set forth in sub. (2) (a) through (d) may not be dated more than 180 days prior to the date on which the payday loan is made. DFI-Bkg 75.06(4)(4) Documentation verifying the customer’s income and setting forth the licensee’s calculation of the gross monthly income shall be retained in the customer’s file. DFI-Bkg 75.06(5)(5) If the licensee is using the customer’s consumer report as its method of income verification, the licensee shall, prior to making a payday loan, obtain the customer’s gross monthly income figure in writing from the customer and maintain such writing in the customer’s file. DFI-Bkg 75.06 HistoryHistory: CR 10-098: cr. Register May 2011 No. 665, eff. 6-1-11; CR 12-035: am. (2) (intro.), cr. (5) Register May 2013 No. 689, eff. 6-1-13; CR 23-039: am. (3) Register March 2024 No. 819, eff. 4-1-24. DFI-Bkg 75.07(1)(1) The writing evidencing the customer’s obligation to pay under a payday loan shall clearly and conspicuously contain the following language: DFI-Bkg 75.07(1)(a)(a) Repayment plan: If you fail to repay this payday loan in full upon its maturity date, and you have not been offered a repayment plan within the 12 month period prior to the maturity date of your loan, the lender must offer you the opportunity to repay the outstanding balance of the loan in 4 equal installments with due dates coinciding with your pay period schedule. There is no cost to you for entering into the repayment plan, and the lender may not charge any interest on the outstanding balance while you are participating in the repayment plan. Customer’s initials or signature: ________________________________. DFI-Bkg 75.07(1)(b)(b) You may rescind this payday loan by returning to the lender the proceeds of the payday loan before the close of business on the next day of business after the loan is made, or, if the place of business where the loan is made is open 24-hours, before 5 p.m. on the next day of business after the loan is made. DFI-Bkg 75.07(1)(c)(c) You may not repay a payday loan with the proceeds of another payday loan more than once. DFI-Bkg 75.07(1)(d)(d) A lender may present a customer’s check for payment no more than once. For each customer authorization to initiate an electronic fund transfer from the customer’s account, a lender may initiate an electronic fund transfer no more than once. The only charge that a lender may impose for dishonor of a customer’s check or denial of the lender’s instruction to execute an electronic fund transfer is a charge that does not exceed $15. DFI-Bkg 75.07(1)(e)(e) If a person makes a payday loan to a customer in violation of s. 138.14, Stats., the customer may bring an action against the person for damages of $250 or the amount of the payday loan, whichever is greater, plus costs, and notwithstanding s. 814.04 (1), Stats., reasonable attorney fees. DFI-Bkg 75.07(2)(2) The language required by sub. (1) (a) shall be placed immediately above the Notice to Customer required by s. 422.303 (3), Stats., and shall be separately signed or initialed by the customer before the payday loan is made. DFI-Bkg 75.08(1)(a)(a) The offer of the repayment plan required by s. 138.14 (11g) (a), Stats., shall be hand-delivered, mailed or e-mailed to the customer in a single written document that is in a form prescribed by the division, and except as set forth in par. (b), delivered on or before the 10th day after the maturity date of the loan. DFI-Bkg 75.08(1)(b)(b) If a customer’s check has been presented, or electronic fund transfer authorization initiated, on or before the 10th day after the maturity date of the loan, but the lender has not yet been notified that the customer’s check or electronic fund transfer authorization has not cleared the customer’s financial institution, the lender shall make the offer when the notification is received. DFI-Bkg 75.08(1)(c)1.1. Be on white paper sized 8 ½ inches x 11 inches and in Times New Roman font style 12 or greater. DFI-Bkg 75.08(1)(c)3.3. Identify the name, address, telephone number, and customer identification number. DFI-Bkg 75.08(1)(c)5.5. State the date the offer is made and the date by which the customer must accept the offer. DFI-Bkg 75.08(1)(d)(d) The licensee shall retain in the customer’s file a copy of the repayment plan form provided to the customer. DFI-Bkg 75.08(1)(e)(e) If the offer is emailed to the customer, the lender’s compliance with par. (c) 1. will be based on how the offer is displayed on the lender’s computer, and not based on how the offer is displayed on the customer’s computer. DFI-Bkg 75.08(2)(a)(a) The repayment plan agreement shall be in writing and shall do all of the following: 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)(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.
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