Section DFI-Bkg 75.03 - Prohibited practices(1) A licensee may not engage in conduct that is an attempt to evade or undermine the purpose and intent of s. 138.14, Stats.(2) No licensee may make a payday loan if any of the following circumstances apply:(a) The loan requires a payment that is more than twice as large as the average of all other scheduled payments.(b) The loan is made pursuant to an open-end credit plan.(c) The lender accepts, and agrees to hold, more than 5 of a customer's checks.(d) The loan is, or is to be, secured by an interest in a motor vehicle.(3) Except as provided in subs. (4) and (5), no licensee under s. 138.09, Stats., may make a loan of $1,500 or less if any of the following apply:(a) The loan requires payments be made on any schedule other than substantially equal biweekly installments or substantially equal monthly installments, except as provided in s. 138.09 (7) (c) 2, Stats.(b) The loan is made pursuant to an open-end credit plan.(c) The loan has a term of 90 days or less.(4) Subsection (3) does not apply to a licensee under s. 138.09, Stats., if all of the following apply:(a) The licensee operates as a pawnbroker as defined in s. DFI-Bkg 77.02 (2).(b) The licensee takes possession of the pledge as defined in s. DFI-Bkg 77.02 (5).(c) The forfeited pledge satisfies the loan.(5) Subsection (3) does not apply to title loans, as defined in s. 138.16 (1) (c), Stats., made by a licensee under s. 138.09, Stats., who holds the certificate required under s. 138.16 (1m), Stats.(6) No licensee under s. 138.09, Stats., may originate a loan subject to s. 138.09, Stats., at the same time, or within the 24 hour period before or after, the licensee originates a payday loan with the same customer.(7) No licensee under s. 138.09, Stats., may originate a loan subject to s. 138.09, Stats., at the same time, or within the 24 hour period before or after, a payday loan made by the licensee with the same customer is paid in full.Wis. Admin. Code Department of Financial Institutions DFI-Bkg 75.03
CR 10-098: CR Register May 2011 No. 665, eff. 6-1-11; CR 12-035: am. (3) (intro.), (c), CR (5) to (7) Register May 2013 No. 689, eff. 6-1-13.Amended by, CR 23-039: am. (1) to (3), (4) (intro.), (6), (7) Register March 2024 No. 819, eff. 4-1-24; correction in (3) (intro.) made under s. 35.17, Stats., Register February 2024 No. 819, eff. 4/1/2024