DFI-Bkg 75.01(9) (9) “Subsequent payday loan” or “subsequent loan,” except when used in s. 138.14 (9m), Stats., means any loan where its proceeds are used, in whole or in part, to repay a previous payday loan, and includes any loan made within 24 hours after the customer pays off a previous payday loan in full.

DFI-Bkg 75.01(10) (10) “Unique identifier” means a number or other identifier assigned by protocols established by the NMLS.

DFI-Bkg 75.01 History History: CR 10-098: cr. Register May 2011 No. 665, eff. 6-1-11; CR 12-035: am. (3), cr. (9) Register May 2013 No. 689, eff. 6-1-13; CR 22-020: renum. (1) to (1m), cr. (1g), (1r), (6m), (7m), (8g), (8m), (10) Register May 2023 No. 809, eff. 9-1-23; CR 23-039: am. (6m) Register March 2024 No. 819, eff. 4-1-24; 2023 Wis. Act 267: cr. (1m) Register April 2024 No. 820, eff. 1-1-25; renum. (1m) to (1r) under s. 13.92 (4) (b) 1., Stats., Register April 2024.

DFI-Bkg 75.02 DFI-Bkg 75.02 Transactions not covered. Notwithstanding s. 138.14 (1) (k), Stats., a payday loan does not include a transaction that is made for a business, commercial or agricultural purpose.

DFI-Bkg 75.02 History History: 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 DFI-Bkg 75.03 Prohibited practices.

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)(b) (b) The loan is made pursuant to an open-end credit plan.

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(2)(d) (d) The loan is, or is to be, secured by an interest in a motor vehicle.

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(3)(b) (b) The loan is made pursuant to an open-end credit plan.

DFI-Bkg 75.03(3)(c) (c) The loan has a term of 90 days or less.

DFI-Bkg 75.03(4) (4) Subsection (3) does not apply to a licensee under s. 138.09, Stats., if all of the following apply:

DFI-Bkg 75.03(4)(a) (a) The licensee operates as a pawnbroker as defined in s. DFI-Bkg 77.02 (2).

DFI-Bkg 75.03(4)(b) (b) The licensee takes possession of the pledge as defined in s. DFI-Bkg 77.02 (5).

DFI-Bkg 75.03(4)(c) (c) The forfeited pledge satisfies the loan.

DFI-Bkg 75.03(5) (5) Subsection (3) does not apply to title loans, as defined in s. 138.16 (1) (c), Stats., made by a licensee under s. 138.09, Stats., who holds the certificate required under s. 138.16 (1m), 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 History History: 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 DFI-Bkg 75.04 Disclosure requirements.

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)(a) (a) Signed and dated by the applicant.

DFI-Bkg 75.04(1)(b) (b) Signed and dated by a representative of the licensee.

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.