Terms Used In Wisconsin Statutes 422.310

  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
  • in writing: includes any representation of words, letters, symbols or figures. See Wisconsin Statutes 990.01
   (1)    In addition to any other requirements under this subchapter, a creditor shall disclose all of the following in writing to a customer on a form that is signed by the customer before the customer enters into a refund anticipation loan:
      (a)    Any refund anticipation loan fees.
      (b)    Any charge or fee for electronically filing an income tax return.
      (c)    The total dollar amount of all charges and fees under pars. (a) and (b).
      (d)    The anticipated length of time, within 2 business days, by which the customer will receive the refund anticipation loan proceeds.
      (e)    That the customer may electronically file an income tax return without obtaining a refund anticipation loan.
      (f)    The anticipated length of time within which the customer could reasonably expect to receive a tax refund if the income tax return is filed electronically and the customer does not request a refund anticipation loan.
      (g)    That the customer is responsible for repayment of the refund anticipation loan and refund anticipation loan fees even if the income tax refund is not paid or is paid in a lower amount than was anticipated.
      (h)    The estimated annual percentage rate, based on the size of the refund anticipation loan, the refund anticipation loan fees and the anticipated maturity date of the refund anticipation loan. The anticipated maturity date shall be the date disclosed under par. (f).
   (2)   A creditor may not impose a different fee or charge for electronically filing an income tax return on a customer who obtains a refund anticipation loan than the creditor imposes on a customer who does not obtain a refund anticipation loan.
   (3)   A violation of this section is subject to s. 425.304.

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