Section DFI-Bkg 75.06 - Gross monthly income(1) The gross monthly income calculation required under s. 138.14 (12) (b), Stats., shall be calculated by multiplying the amount of the: (a) Gross weekly earnings times 4.33, if the customer is paid weekly.(b) Gross two-week earnings times 2.16, if the customer is paid every two weeks.(c) Gross semi-monthly earnings times 2, if the customer is paid twice a month.(d) Gross monthly earnings times 1, if the customer is paid monthly.(2) Except as provided in sub. (5), prior to making a payday loan, the licensee shall obtain from the customer a copy of any of the following to verify the gross monthly income of the customer: (a) A recent official pay stub or official payroll receipt.(b) A recent receipt reflecting payment of retirement benefits.(c) A recent receipt reflecting payment of government benefits.(d) A recent statement from a financial establishment reflecting direct deposit of government benefits.(e) Other documentation as approved by the division.(3) The documents set forth in sub. (2) (a) through (d) may not be dated more than 180 days prior to the date on which the payday loan is made.(4) Documentation verifying the customer's income and setting forth the licensee's calculation of the gross monthly income shall be retained in the customer's file.(5) If the licensee is using the customer's consumer report as its method of income verification, the licensee shall, prior to making a payday loan, obtain the customer's gross monthly income figure in writing from the customer and maintain such writing in the customer's file.Wis. Admin. Code Department of Financial Institutions DFI-Bkg 75.06
CR 10-098: CR Register May 2011 No. 665, eff. 6-1-11; CR 12-035: am. (2) (intro.), CR (5) Register May 2013 No. 689, eff. 6-1-13.Amended by, CR 23-039: am. (3) Register February 2024 No. 819, eff. 4/1/2024