DFI-Bkg 73.02(1) (1) A copy of the contract or agreement must be given to the debtor at the time it is executed.

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.

DFI-Bkg 73.02(2)(d) (d) The amount of each payment to be paid by or in behalf of the debtor.

DFI-Bkg 73.02(2)(e) (e) A statement to the effect that the debtor will be permitted to examine his or her accounts.

DFI-Bkg 73.02 History History: Cr. Register, August, 1969, No. 164, eff. 9-1-69; correction in (1) (e) made under s. 13.93 (2m) (b) 5., Stats., Register, December, 1991, No. 432; 2013 Wis. Act 136: am. (2) (e) Register March 2014 No. 699, eff. 4-1-14.

DFI-Bkg 73.03 DFI-Bkg 73.03 Business procedure.

DFI-Bkg 73.03(1) (1) Office requirements.

DFI-Bkg 73.03(1)(a) (a) Shared office space. The office of an adjustment service company shall not be shared or have a common waiting room with a practicing attorney, collection agency, justice of the peace, loan or finance company. Before any other business is conducted in the same office with the licensee, prior approval must be granted by the division of banking. The office shall not be located in a private residence unless the adjustment service office is used solely for business purposes, has an outside entrance and can be isolated from the remainder of the residence. If other approved business is conducted in the same office, the accounting records of such other business shall be kept separate from the account records of the adjustment service company.

DFI-Bkg 73.03(1)(b) (b) Office hours. Every licensee shall maintain regular office hours on designated business days from Monday through Friday and must be open for business at least 4 hours each designated business day. Whenever an office is not open for business at least 6 hours a day, or if the licensee maintains irregular office hours, a written notice must be filed with the division of banking setting forth the schedule of minimum office hours.

DFI-Bkg 73.03(2) (2) Forms to be approved. All agreements, contracts, form letters or any other form whatsoever to be used by licensee in conducting its business shall be submitted to the division of banking for approval, and no such form or agreement shall be used until approved.

DFI-Bkg 73.03(3) (3) Trust fund. A licensee shall not commingle payments received from debtors with the licensee’s own property or funds, but shall maintain a separate account in an approved bank in which all payments received from debtors for the benefit of creditors shall promptly be deposited after receipt thereof and in which all payments shall remain until disbursements are made in his or her behalf or returned to him or her. Said trust account shall be used only for this purpose.

DFI-Bkg 73.03(4) (4) Remittances. Remittances shall be made to the creditors within 15 days after receipt of funds from debtor unless debtor requests in writing that funds be held in escrow for specific purposes for a period of not to exceed 180 days.

DFI-Bkg 73.03(5) (5) Receipt requirements. Whenever a payment is received from a debtor or other person, a receipt showing the date said payment was received shall be prepared and a duplicate copy shall be available at all times in the office of the licensee. All receipts must be prepared at least in duplicate, be prenumbered by the printer and filed in consecutive numerical order and shall show the name and account number of the debtor, the name and address of the licensee, the date and amount paid, and the name or initials of the person accepting the payment.

DFI-Bkg 73.03(6) (6) Report to debtor. Every licensee shall on written request from the debtor but not more than once every 4 months furnish said debtor with a report showing the amount paid to each creditor, the balance due on each account as shown on the office record, the amount of fees paid to the licensee, the total amount paid to the licensee by the debtor including fees, advances if any to the debtor and money held in escrow.

DFI-Bkg 73.03 History History: Cr. Register, August, 1969, No. 164, eff. 9-1-69; am. (1) (b) and (4), Register, December, 1991, No. 432, eff. 1-1-92; corrections in (3) and (4) made under s. 13.93 (2m) (b) 5., Stats., Register, December, 1991, No. 432; CR 03-043: r. (8) Register August 2003 No. 572, eff. 9-1-03; 2013 Wis. Act 136: am. (1), (2), r. (7) Register March 2014 No. 699, eff. 4-1-14.

DFI-Bkg 73.04 DFI-Bkg 73.04 Prohibited practices. No licensee shall:

DFI-Bkg 73.04(1) (1) Purchase from a creditor any obligation of a debtor or make or arrange for the making of a loan to any debtor for the purpose of paying off the indebtedness unless no fee is charged.

DFI-Bkg 73.04(2) (2) Have a direct or indirect interest in a collection agency either as owner, partner or as a stockholder.

DFI-Bkg 73.04(3) (3) Pay any compensation or other consideration to any person for the referral of other customers to the licensee.

DFI-Bkg 73.04(4) (4) Accept or receive any bonus, commission or other consideration for referring any debtor to any person for any reason or for the use of a list of delinquent debtors.

DFI-Bkg 73.04(5) (5) Use any advertising whatsoever in the conduct of the adjustment service business which is false, misleading or deceptive or which might infer that a loan business is conducted by the licensee.

DFI-Bkg 73.04(6) (6) Take a note or evidence of indebtedness or require a debtor to give an order or an assignment of wages. Licensee may take such an order or an assignment of wages if requested to do so in writing by the customer for his or her convenience.

DFI-Bkg 73.04(7) (7) Sell insurance or any other item to a customer.

DFI-Bkg 73.04(8) (8) Act as a trustee under s. 128.21, Stats., for any debtor whose accounts have been or are being handled by the licensee under s. 218.02, Stats.

DFI-Bkg 73.04(9) (9) Accept any fee, voluntary contribution, discount or reduction on an account of the debtor in excess or 15% of the amount owed unless the full amount received in excess of the 15% is for the benefit of the debtor as a reduction of the obligation owed the creditor.

DFI-Bkg 73.04 History History: Cr. Register, August, 1969, No. 164, eff. 9-1-69; am. (2), r. and recr. (9), Register, December, 1991, No. 432, eff. 1-1-92; correction in (6), made under s. 13.93 (2m) (b) 5., Stats., Register, December, 1991, No. 432; CR 23-039: am. (6) Register March 2024 No. 819, eff. 4-1-24.