138.14(9)(a)(a) The division may suspend or revoke any license issued under this section if the division finds any of the following:
138.14(9)(a)1.1. That the licensee has violated any provision of this section, any rule promulgated thereunder, or any lawful order of the division made thereunder.
138.14(9)(a)2.2. That the licensee has violated any of the provisions of chs. 421 to 427.
138.14(9)(a)3.3. That any fact or condition exists which, if it had existed at the time of the original application for such license, would have warranted the division in refusing to issue such license.
138.14(9)(a)4.4. That the licensee made a material misstatement, or knowingly omitted a material fact, in an application for a license or in information furnished to the division or the nationwide multistate licensing system and registry.
138.14(9)(a)5.5. That the licensee has failed to pay the annual license fee or to maintain in effect the bond required under sub. (4) (c).
138.14(9)(b)(b) The division shall restrict or suspend a license issued under this section if the division finds that the licensee is an individual who fails to comply, after appropriate notice, with a subpoena or warrant issued by the department of workforce development or a county child support agency under s. 59.53 (5) and related to paternity or child support proceedings or who is delinquent in making court-ordered payments of child or family support, maintenance, birth expenses, medical expenses, or other expenses related to the support of a child or former spouse, as provided in a memorandum of understanding entered into under s. 49.857. A licensee whose license is restricted or suspended under this paragraph is entitled to a notice and hearing only as provided in a memorandum of understanding entered into under s. 49.857 and is not entitled to any other notice or hearing under this section.
138.14(9)(c)(c) The division shall revoke a license issued under this section if the department of revenue certifies under s. 73.0301 that the licensee is liable for delinquent taxes. A licensee whose license is revoked under this paragraph for delinquent taxes is entitled to a notice under s. 73.0301 (2) (b) 1. b. and a hearing under s. 73.0301 (5) (a) but is not entitled to any other notice or hearing under this section.
138.14(9)(cm)(cm) The division shall revoke a license issued under this section if the department of workforce development certifies under s. 108.227 that the licensee is liable for delinquent unemployment insurance contributions. A licensee whose license is revoked under this paragraph for delinquent unemployment insurance contributions is entitled to a notice under s. 108.227 (2) (b) 1. b. and a hearing under s. 108.227 (5) (a) but is not entitled to any other notice or hearing under this section.
138.14(9)(d)(d) Except as provided in pars. (b) to (cm), no license shall be revoked or suspended except after a hearing under this section. A complaint stating the grounds for suspension or revocation together with a notice of hearing shall be delivered to the licensee at least 5 days in advance of the hearing. In the event the licensee cannot be found, complaint and notice of hearing may be left at the place of business stated in the license,which shall be considered the equivalent of delivering the notice of hearing and complaint to the licensee.
138.14(9g)(9g)Disclosure requirements.
138.14(9g)(a)(a) Before any licensee enters into a payday loan with an applicant, the licensee shall do all of the following:
138.14(9g)(a)1.1. Disclose to the applicant the total amount of all fees and costs, in dollars, to be paid by the applicant for the loan assuming that the loan is paid in full at the end of the loan term.
138.14(9g)(a)2.2. Disclose to the applicant the annual percentage rate to be paid by the applicant on the loan assuming that the loan is paid in full at the end of the loan term.
138.14(9g)(a)3.3. Provide to the applicant a copy of the written informational materials specified in sub. (9r).
138.14(9g)(a)4.4. Disclose to the applicant that he or she has the right to rescind the loan transaction as provided in sub. (11r).
138.14(9g)(a)5.5. Disclose to the applicant the service charge that may apply under sub. (10) (b) 2.
138.14(9g)(a)6.6. Disclose to the applicant the payment requirements that may apply under sub. (11g) (a) if the loan is not paid in full at the end of the loan term.
138.14(9g)(b)(b) A licensee shall retain, for at least 3 years after the origination date of any payday loan, a record of compliance with par. (a) with respect to the loan.
138.14(9m)(9m)Income verification. Before entering into a payday loan with an applicant that has not previously been a customer of the licensee, the licensee may request the applicant’s consumer report from a consumer reporting agency as part of the licensee’s underwriting process and the licensee may rely on the consumer report as a permissible method of income verification in making the payday loan. The licensee may also rely on the same consumer report in underwriting and making subsequent payday loans to the same customer.
138.14(9r)(9r)Informational materials.
138.14(9r)(a)(a) The division shall develop written informational materials on payday loans and the payday loan industries. These informational materials shall be designed to educate individuals regarding the operation and potential costs of payday loans and of other options for borrowing funds that may be available.
138.14(9r)(b)(b) The informational materials under par. (a) shall include a clear and conspicuous notice that a payday loan is not intended to meet long-term financial needs and that a payday loan applicant should use a payday loan only to provide funds in a financial emergency.
138.14(9r)(c)(c) The informational materials under par. (a) shall include all of the following information, based upon aggregated information from reports submitted under sub. (7) (d) for the most recent reporting period:
138.14(9r)(c)1.1. The average annual percentage rate for payday loans.
138.14(9r)(c)2.2. The percentage of customers originating payday loans who defaulted on the loan.
138.14(9r)(c)3.3. The percentage of customers originating payday loans whose payment method was dishonored or denied for insufficient funds.
138.14(9r)(c)4.4. The percentage of customers originating payday loans that resulted in repayment under sub. (11g) (a).
138.14(9r)(d)(d) The informational materials under par. (a) shall include a summary of all actions that the licensee may take against a payday loan customer if the customer defaults on the payday loan or if the customer’s check or electronic fund transfer is dishonored or denied for insufficient funds.