422.505   Contracts.

422.506   Waiver.

Ch. 422 Cross-reference Cross-reference: See definitions in s. 421.301.

subch. I of ch. 422 SUBCHAPTER I

GENERAL PROVISIONS

422.101 422.101 Short title. This chapter shall be known and may be cited as Wisconsin consumer act — consumer credit transactions.

422.101 History History: 1971 c. 239.

422.102 422.102 Scope. This chapter applies to consumer credit transactions.

422.102 History History: 1971 c. 239.

422.102 Annotation Creditor’s Responsibilities and Duties Under The WCA. Holbrook & Bugge. WBB Feb. 1973.

422.102 Annotation Real Estate Implications of the WCA. Horton. WBB Feb. 1973.

422.102 Annotation The Effect of WCA on Farm Credit. Miller. WBB Apr. 1973.

subch. II of ch. 422 SUBCHAPTER II

MAXIMUM CHARGES

422.201 422.201 Finance charge for consumer credit transactions.

422.201(1) (1) With respect to a consumer credit transaction other than one pursuant to an open-end credit plan, the parties may agree to the payment by the customer of a finance charge not in excess of that permitted by subs. (2) and (3).

422.201(2) (2) 

422.201(2)(a) (a) The finance charge, calculated according to the actuarial method, may not exceed the equivalent of the total of the following for a consumer credit transaction entered into on or after April 6, 1980 and prior to November 1, 1981, other than by a federally chartered or state-chartered savings and loan association:

422.201(2)(a)1. 1. Eighteen percent per year on that part of the unpaid balance of the amount financed which is $1,000 or less; and

422.201(2)(a)2. 2. Fifteen percent per year on that part of the unpaid balance of the amount financed which is more than $1,000.

422.201(2)(b) (b) The finance charge, calculated according to the actuarial method, may not exceed the equivalent of the total of the following for a consumer credit transaction entered into prior to April 6, 1980:

422.201(2)(b)1. 1. Eighteen percent per year on that part of the unpaid balance of the amount financed which is $500 or less; and

422.201(2)(b)2. 2. Twelve percent per year on that part of the unpaid balance of the amount financed which is more than $500.

422.201(2)(bm) (bm)

422.201(2)(bm)1. 1. The finance charge, calculated according to the actuarial method, may not exceed the greater of the following for a consumer credit transaction entered into on or after November 1, 1981 and before November 1, 1984:

422.201(2)(bm)1.a. a. Eighteen percent per year.

422.201(2)(bm)1.b. b. A rate of 6 percent in excess of the interest rate applicable to 6-month U.S. treasury bills as determined under subd. 2.

422.201(2)(bm)2. 2. For purposes of subd. 1. b., the interest rate applicable to 6-month U.S. treasury bills for any month is the average annual discount interest rate determined by the last auction of the bills in the preceding month, increased to the next multiple of 0.5 percent if the average annual discount interest rate includes a fractional amount.