Wisconsin Statutes 428.202 – Definitions
Current as of: 2023 | Check for updates
|
Other versions
In this subchapter:
Terms Used In Wisconsin Statutes 428.202
- 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
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
- Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
- Property: includes real and personal property. See Wisconsin Statutes 990.01
(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 C.F.R. 226.2 (a) (6) for purposes of 12 C.F.R. 226.31.
(2) “Covered loan” means a consumer credit mortgage loan transaction other than an open-end credit plan or reverse mortgage in which all of the following apply:
(a) The customer is a natural person.
(b) The debt is incurred by the customer primarily for personal, family, or household purposes.
(c) The loan is secured by a mortgage on, or an equivalent security interest in, residential real property, and the residential real property is or will be occupied by the customer as the customer’s principal dwelling.
(d) The terms of the loan provide any of the following:
1. That the loan transaction, at the time that the loan is consummated, is considered a mortgage under 15 U.S. Code § 1602 (aa) and regulations adopted thereunder, including 12 C.F.R. 226.32.
2. That total points and fees payable by the customer at or before the loan closing exceed 6 percent of the total loan amount. For purposes of this subdivision, “total points and fees” does not include reasonable fees paid to affiliates or nonaffiliates of the lender for bona fide services listed in 12 C.F.R. 226.4 (c) (7).
(3) “Customer” means an individual to whom a covered loan is offered or made. “Customer” does not include a surety, guarantor, cosigner, or endorser.
(4) “Department” means the department of financial institutions.
(5) “Lender” means any person who originates a covered loan and to whom the covered loan is initially payable, except that “lender” does not include an assignee of a covered loan or any person who, for at least 12 consecutive months, has failed to originate any covered loans.
(5m) “Licensed lender” means a person licensed under s. 138.09.
(6m) “Local governmental unit” has the meaning given in s. 16.97 (7).
(7) “Mortgage banker” has the meaning given in s. 224.71 (3).
(8) “Mortgage broker” has the meaning given in s. 224.71 (4).
(9) “Mortgage loan originator” has the meaning given in s. 224.71 (6).
(10) “Servicer” has the meaning given in 12 U.S. Code § 2605 (i) (2).