Chapter 428, FIRST LIEN REAL ESTATE AND OTHER MORTGAGE LOANS
16 sections in this chapter.
Wis. Stat. § 428.101 Applicability
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428.101 Applicability. This subchapter applies to: (1) Loans made on or after April 6, 1980 and prior to November 1, 1981, by a creditor other than a savings and loan association to a customer and which are secured by a first lien real estate mortgage or equivalent security inter…
Wis. Stat. § 428.102 Definitions
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428.102 Definitions. In this subchapter: (1) “Amount financed” means that term as defined in the federal consumer credit protection act, as defined in s. 421.301 (19). (2) “Creditor” means a person who regularly engages in, arranges for or procures from 3rd persons, loans within …
Wis. Stat. § 428.103 Limitations
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428.103 Limitations. (1) The following limitations shall apply to all loans subject to this subchapter: (a) No delinquency charge may be collected on an installment which is paid in full on or before the 10th day after its scheduled due date even though an earlier maturing instal…
Wis. Stat. § 428.104 Receipts, accounting
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428.104 Receipts, accounting. (1) Any time a payment is made in cash, or any other time the method of payment does not itself provide evidence of payment, the creditor shall furnish the customer, without request, a written receipt, evidencing such payment. The customer shall be e…
Wis. Stat. § 428.105 Pleadings
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428.105 Pleadings. A complaint by a creditor to enforce a cause of action shall set forth specifically the facts constituting the alleged default of the customer, the amount to which the creditor is allegedly entitled and a summary of the figures necessary for computation of such…
Wis. Stat. § 428.106 Remedies
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428.106 Remedies. (1) Violations of this subchapter may be enforced by a customer subject to this section and ss. 425.308 to 425.311. (2) With respect to a loan subject to this subchapter, if the court as a matter of law finds that any aspect of the transaction, any conduct direc…
Wis. Stat. § 428.202 Definitions
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428.202 Definitions. In this subchapter: (1) “Bridge loan” means a loan with a maturity of less than 18 months which requires only payments of interest until the time that the unpaid balance is due. (1m) “Business day” has the meaning that is specified under 12 CFR 226.2 (a) (6) …
Wis. Stat. § 428.203 Prohibitions on and requirements of lenders and assignees
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428.203 Prohibitions on and requirements of lenders and assignees. (1) BALLOON PAYMENTS. Except as otherwise provided in this subsection, no lender may make a covered loan to a customer that requires, or that permits the lender to require, a payment that is more than twice as lar…
Wis. Stat. § 428.204 False statements
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428.204 False statements. No lender, licensed lender, mortgage loan originator, mortgage banker, or mortgage broker may knowingly make, propose, or solicit fraudulent, false, or misleading statements on any document relating to a covered loan. History: 2003 a. 257; 2009 a. 2.
Wis. Stat. § 428.206 Recommending default
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428.206 Recommending default. No lender, licensed lender, mortgage loan originator, mortgage banker, or mortgage broker may recommend or encourage an individual to default on an existing loan or other obligation before and in connection with the making of a covered loan that refi…
Wis. Stat. § 428.207 Prepayment
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428.207 Prepayment. (1) A customer may prepay a covered loan at any time without penalty if the payment is made in the context of a refinancing of the covered loan and if the covered loan is held by the refinancing lender. This subsection does not prohibit the servicer of a cover…
Wis. Stat. § 428.208 Disclosure to customers
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428.208 Disclosure to customers. At least 3 business days before making a covered loan to a customer, a lender shall ensure that the customer has been given the following notice, in writing and in a clear and conspicuous format: DISCLOSURE TO BORROWER A. If you obtain this loan, …
Wis. Stat. § 428.209 Exclusive state regulation authority
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428.209 Exclusive state regulation authority. The state shall have sole authority, except as provided under federal law, to regulate any matter governed by this subchapter or by a rule promulgated under this subchapter. No local governmental unit may attempt to regulate, directly…
Wis. Stat. § 428.2095 Property exempt from debt collection
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428.2095 Property exempt from debt collection. Except to the extent that the lender has a valid security interest permitted under this subchapter or has a lien under ch. 779 in the property, all of the following personal property of the customer is exempt from levy, execution, sa…
Wis. Stat. § 428.210 Administration and penalties
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428.210 Administration and penalties. (1) RULES. The department may promulgate rules for the administration of this subchapter. The rules shall include guidelines for determining a customer’s ability to repay a covered loan based upon the customer’s debt-to-income ratio. (2) INVE…
Wis. Stat. § 428.211 Exemption for depository institutions
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428.211 Exemption for depository institutions. This subchapter does not apply to any state chartered or federally chartered bank, trust company, savings and loan association, savings bank, or credit union, or to any subsidiary of such a bank, trust company, savings and loan assoc…