Wisconsin Statutes > Chapter 428 – First lien real estate and other mortgage loans
Current as of: 2023 | Check for updates
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Sections | ||
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Subchapter I | First Lien Real Estate Loans | 428.101 – 428.106 |
Subchapter II | Responsible High Cost Mortgage Lending | 428.202 – 428.211 |
Terms Used In Wisconsin Statutes > Chapter 428 - First lien real estate and other mortgage loans
- Amortization: Paying off a loan by regular installments.
- 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
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Forbearance: A means of handling a delinquent loan. A
- 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
- Fraud: Intentional deception resulting in injury to another.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- 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
- Promulgate: when used in connection with a rule, as defined under…. See Wisconsin Statutes 990.01
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- Subpoena: A command to a witness to appear and give testimony.
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.
- Year: means a calendar year, unless otherwise expressed; "year" alone means "year of our Lord". See Wisconsin Statutes 990.01