Terms Used In Wisconsin Statutes 428.103

  • Contract: A legal written agreement that becomes binding when signed.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • 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
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
   (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 installment may not have been paid in full. For purposes of this section payments are applied first to current installments and then to delinquent installments.
      (b)    Any cosigner, other than the spouse of the customer, shall be given a notice substantially the same as that required by s. 422.305, and the cosigner shall be entitled to a copy of any document evidencing the obligation to pay the debt.
      (c)    With respect to debt collection:
         1.    No creditor shall engage in conduct of the type prohibited by s. 427.104 (1) (a) to (L).
         2.    The exemptions specified in s. 425.106 (1) (a) and (b), with respect to earnings and personal clothing and furnishings except as to fixtures, shall apply.
      (d)    No creditor may take a security interest in the household goods or furnishings, other than fixtures, of a customer.
      (e)    The creditor shall not contract for or charge its attorney fees to the customer except as follows:
         1.    Reasonable fees for opinions of title.
         2.    In foreclosure cases, 5 percent of the amount adjudged due the creditor; or if the dispute is settled prior to judgment, a reasonable fee based on the time, nature and extent of the work involved, but not to exceed 2-1/2 percent of the unpaid principal balance of the loan.
   (2)   A person who commits a violation of this section is liable to the customer in an amount equal to the greater of:
      (a)    Twice the amount of the interest to be charged on the transaction, except that the liability under this subsection shall not be less than $100 nor greater than $1,000; or
      (b)    The actual damages, including any incidental and consequential damages, sustained by the customer by reason of the violation.

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