Section DFI-Bkg 75.07 - Form requirements(1) The writing evidencing the customer's obligation to pay under a payday loan shall clearly and conspicuously contain the following language: (a)Repayment plan: If you fail to repay this payday loan in full upon its maturity date, and you have not been offered a repayment plan within the 12 month period prior to the maturity date of your loan, the lender must offer you the opportunity to repay the outstanding balance of the loan in 4 equal installments with due dates coinciding with your pay period schedule. There is no cost to you for entering into the repayment plan, and the lender may not charge any interest on the outstanding balance while you are participating in the repayment plan. Customer's initials or signature: ________________________________.(b) You may rescind this payday loan by returning to the lender the proceeds of the payday loan before the close of business on the next day of business after the loan is made, or, if the place of business where the loan is made is open 24-hours, before 5 p.m. on the next day of business after the loan is made.(c) You may not repay a payday loan with the proceeds of another payday loan more than once.(d) A lender may present a customer's check for payment no more than once. For each customer authorization to initiate an electronic fund transfer from the customer's account, a lender may initiate an electronic fund transfer no more than once. The only charge that a lender may impose for dishonor of a customer's check or denial of the lender's instruction to execute an electronic fund transfer is a charge that does not exceed $15.(e) If a person makes a payday loan to a customer in violation of s. 138.14, Stats., the customer may bring an action against the person for damages of $250 or the amount of the payday loan, whichever is greater, plus costs, and notwithstanding s. 814.04 (1), Stats., reasonable attorney fees.(2) The language required by sub. (1) (a) shall be placed immediately above the Notice to Customer required by s. 422.303 (3), Stats., and shall be separately signed or initialed by the customer before the payday loan is made.Wis. Admin. Code Department of Financial Institutions DFI-Bkg 75.07
CR 10-098: CR Register May 2011 No. 665, eff. 6-1-11; CR 12-035: am. (1) (a) Register May 2013 No. 689, eff. 6-1-13.Amended by, CR 23-039: r. (3) Register February 2024 No. 819, eff. 4/1/2024