Section DFI-Bkg 75.08 - [Effective until 1/1/2025] Repayment plan(1) REPAYMENT PLAN OFFER.(a) The offer of the repayment plan required by s. 138.14 (11g) (a), Stats., shall be hand-delivered, mailed or e-mailed to the customer in a single written document that is in a form prescribed by the division, and except as set forth in par. (b), delivered on or before the 10th day after the maturity date of the loan.(b) If a customer's check has been presented, or electronic fund transfer authorization initiated, on or before the 10th day after the maturity date of the loan, but the lender has not yet been notified that the customer's check or electronic fund transfer authorization has not cleared the customer's financial institution, the lender shall make the offer when the notification is received.(c) The repayment plan offer form shall: 1. Be on white paper sized 8 ½ inches x 11 inches and in Times New Roman font style 12 or greater.2. Identify the name, address, and telephone number of the licensee.3. Identify the name, address, telephone number, and customer identification number.4. Contain an explanation of the repayment plan being offered.5. State the date the offer is made and the date by which the customer must accept the offer.(d) The licensee shall retain in the customer's file a copy of the repayment plan form provided to the customer.(e) If the offer is emailed to the customer, the lender's compliance with par. (c) 1. will be based on how the offer is displayed on the lender's computer, and not based on how the offer is displayed on the customer's computer.(2) REPAYMENT PLAN AGREEMENT. (a) The repayment plan agreement shall be in writing and shall do all of the following:1. Contain no blank spaces.2. Be signed and dated by the customer and a representative of the licensee.3. Identify the name, address, and telephone number of the licensee.4. Identify the name, address, telephone number, and customer identification number.5. State the date the repayment plan was made, the loan number, and the outstanding balance.6. State the payment amounts and due dates.7. Contain a summary of action that could be taken against the customer if the customer does not make the required repayment plan installment payments when due.(b) The licensee shall furnish the customer a copy of the signed agreement.(c) The licensee shall retain a copy of the repayment plan agreement in the customer's file.(3) ACCEPTANCE OF PLAN. No licensee is required to honor a repayment plan offer under sub. (2) that is not accepted by the customer and received by the licensee within 10 days of the date the offer is hand-delivered, mailed or e-mailed to the customer.(4) REQUIREMENTS OF REPAYMENT PLAN. The repayment plan under s. 138.14 (11g) (a), Stats., shall meet all of the following requirements: (a) The first payment may not be due earlier than the customer's next pay day following the date the offer is made.(b) Except as provided in par. (d), the due date of the 4 equal installments shall coincide with the customer's pay period schedule, as verified by the customer's pay stub, payroll receipt, receipt of government or retirement benefits, or other documentation that identifies the frequency of the pay cycle.(c) If the customer's income is not received on a consistent, regular cycle, the pay period schedule shall be considered every two weeks and the first payment shall be due two weeks following the date the offer is made.(d) If documentation to verify the customer's pay period schedule is not available, the pay period schedule shall be considered to be once a month and the first payment shall be due one month following the date the offer is made.Wis. Admin. Code Department of Financial Institutions DFI-Bkg 75.08
CR 10-098: CR Register May 2011 No. 665, eff. 6-1-11; CR 12-035: r. and reCR (1), am. (4) (intro.), (b), CR (4)(d) Register May 2013 No. 689, eff. 6-1-13.Amended by, CR 22-020: am. (1) (c) 3., (2) (a) 4. Register May 2023 No. 809, eff. 9/1/2023Amended by, CR 23-039: am. (4) (a) Register February 2024 No. 819, eff. 4/1/2024