Wis. Admin. Code Department of Financial Institutions DFI-Bkg 75.07 - Form requirements
(1) The writing evidencing the customer's
obligation to pay under a payday loan shall clearly and conspicuously contain
the following language:
(a)
Repayment
plan: If you fail to repay this payday loan in full upon its maturity
date, and you have not been offered a repayment plan within the 12 month period
prior to the maturity date of your loan, the lender must offer you the
opportunity to repay the outstanding balance of the loan in 4 equal
installments with due dates coinciding with your pay period schedule. There is
no cost to you for entering into the repayment plan, and the lender may not
charge any interest on the outstanding balance while you are participating in
the repayment plan. Customer's initials or signature:
________________________________.
(b) You may rescind this payday loan by
returning to the lender the proceeds of the payday loan before the close of
business on the next day of business after the loan is made, or, if the place
of business where the loan is made is open 24-hours, before 5 p.m. on the next
day of business after the loan is made.
(c) You may not repay a payday loan with the
proceeds of another payday loan more than once.
(d) A lender may present a customer's check
for payment no more than once. For each customer authorization to initiate an
electronic fund transfer from the customer's account, a lender may initiate an
electronic fund transfer no more than once. The only charge that a lender may
impose for dishonor of a customer's check or denial of the lender's instruction
to execute an electronic fund transfer is a charge that does not exceed
$15.
(e) If a person makes a payday
loan to a customer in violation of s.
138.14, Stats., the customer may
bring an action against the person for damages of $250 or the amount of the
payday loan, whichever is greater, plus costs, and notwithstanding s.
814.04 (1),
Stats., reasonable attorney fees.
(2) The language required by sub. (1) (a)
shall be placed immediately above the Notice to Customer required by s.
422.303 (3),
Stats., and shall be separately signed or initialed by the customer before the
payday loan is made.
Notes
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