Section DFI-Bkg 76.09 - Record retention(1) Each motor vehicle sales finance company shall retain the following records in connection with each transaction evidenced by a retail installment contract: (a) A copy of each retail installment contract.(b) Each credit disclosure statement.(c) The name of the assignee to whom each contract is transferred.(d) Where credit insurance is sold by the sales finance company or its representative: 1. A copy of the insurance policy or certificate of insurance.3. The date of prepayment, if any.4. Refunds of credit insurance premiums separately itemized.5. Each notice of prepayment made by an assignee in accordance with s. DFI- Bkg 76.05.6. The amount, date and check number of any credit insurance rebates.(e) A copy of each notice of right to cure default sent by the licensee.(f) Each document evidencing receipt of surrender or voluntary surrender of any vehicle recovered by the licensee.(g) Each licensee who disposes of any vehicle recovered by replevin, surrender or voluntary surrender shall retain or record each oral or written bid received, except oral bids at a public sale, as well as the date of sale, the amount received and the identity of the buyer.(2) Each motor vehicle sales finance company shall in connection with each transaction evidenced by a retail installment contract retained by such sales finance company for a period of more than 30 days, maintain a written ledger card or record which shall include the following:(a) Open accounts. 1. Date of the transaction.3. Name and address of buyer and seller.6. Amount and description of each additional charge.8. Finance charge expressed in dollars.9. The total of payments.10. The first installment due date.11. The number, amount and periods of payment scheduled to repay the indebtedness.12. The annual percentage rate.13. Description and year model of motor vehicle, including whether the vehicle was new or used at the time of sale.14. Date and amount of each payment.15. Amount of any delinquency charges collected.16. Amount of any deferral charges collected.17. Name of each credit and property insurer.18. Each insurance certificate or policy number.(b) Paid accounts. In addition to the information required above the written ledger record or ledger card shall include:1. Date account is paid in full.2. Whether the account balance or any payments were paid from credit insurance proceeds, the amount of such proceeds and, if paid from the proceeds of credit life insurance, the date of the customer's death.3. The amount of the refund of unearned charges separately itemized.4. The amount, date and check number of any overpayment or rebate for prepayment.(3) In transactions where the finance charge is to be calculated on the declining unpaid balance from time to time outstanding, payments shall be posted as of the date upon which payments are received at any office to which the buyer is directed to make the payment regardless of the date on which posting actually occurs unless the document evidencing the customer's obligation to pay provides that payment received after a particular hour shall be posted as of the following business day.(4) The information required by this regulation shall be retained for a period of not less than 2 years after consummation of the transaction or one year after the last payment, whichever is later, and shall be assessable by reference to the name of the customer.Wis. Admin. Code Department of Financial Institutions § DFI-Bkg 76.09
CR Register, March, 1980, No. 291, eff. 6-1-80.