Ch. DFI-Bkg 73 NoteNote: Chapter Bkg 73 as it existed on August 31, 1969 was repealed and a new chapter Bkg 73 was created effective September 1, 1969. Chapter Bkg. 73 was renumbered Chapter DFI-Bkg 73 under s. 13.93 (2m) (b) 1., Stats., and corrections made under s. 13.93 (2m) (b) 6. and 7., Stats., Register, June, 1997, No. 498.

DFI-Bkg 73.001(4)(4) “Nationwide multistate licensing system and registry” or “NMLS” means the multistate system developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators and owned and operated by the State Regulatory Registry, LLC or any successor or affiliate entity, for the licensing and registration of persons in financial services industries.

DFI-Bkg 73.001(5)(5) “Reinstatement period” means the period beginning January 1 and ending on the last day of February, or such other period prescribed by the division.

DFI-Bkg 73.001(6)(6) “Renewal period” means the period beginning November 1 and ending December 31, or such other period prescribed by the division.

DFI-Bkg 73.001(7)(7) “Unique identifier” means a number or other identifier assigned by protocols established by the NMLS.

DFI-Bkg 73.01DFI-Bkg 73.01 Fees of licensees. The fees permitted in this section are the only fees that may be assessed the debtor and include all charges of any kind or nature whatsoever. The fees shall be agreed upon in advance and stated in the contract or agreement established between the licensee and debtor. The fees for distributing funds may not be assessed the debtor until the debtor has made payment to the licensee for distribution to a creditor or creditors.

DFI-Bkg 73.01(1)(1) Both of the 2 alternative fee plans set forth below may be used when contracting services with a debtor:

DFI-Bkg 73.01(1)(a)(a) The maximum monthly fee charged the debtor shall not exceed 10% of the amount of money paid to the licensee to be distributed to a creditor or creditors or $120 in any one calendar month, whichever is less.

DFI-Bkg 73.01(1)(b)(b) A licensee may accept voluntary fees or contributions from the creditor or creditors in an amount not to exceed 15% of the funds disbursed to the individual creditor or creditors. The disbursements may not show discrimination based upon the creditors’ willingness to make voluntary contributions to the licensee. If the fee is deducted from the disbursement, remittance records shall disclose the total amount credited to the individual accounts of the debtor. This amount must also be reflected in the disbursement record furnished the creditor or creditors.

DFI-Bkg 73.01(2)(2) A single, one time, budget set up charge not to exceed $50, or $25 if the debtor continues with a debt adjustment plan administered by the licensee may be assessed.

DFI-Bkg 73.01 HistoryHistory: Cr. Register, August, 1969, No. 164, eff. 9-1-69; am. (1), Register, September, 1979, No. 285, eff. 10-1-79; am. (1), Register, July, 1983, No. 331, eff. 8-1-83; r. and recr. Register, December, 1991, No. 432, eff. 1-1-92; am. (intro.), (1), Register, June, 1997, No. 498, eff. 7-1-97.

DFI-Bkg 73.02(2)(2) The form of contract or agreement shall be signed by the parties and shall contain at least the following:

DFI-Bkg 73.02(2)(a)(a) The names and addresses of the licensee and the debtor.

DFI-Bkg 73.02(2)(b)(b) Provide in clear and precise terms payments and time of payments reasonably within the ability of the debtor to pay.

DFI-Bkg 73.02(2)(c)(c) The licensees fee as set forth in s. DFI-Bkg 73.01. No other amounts may be charged or collected.