Wis. Admin. Code Department of Financial Institutions DFI-CU 71.03

Current through October 28, 2024

Section DFI-CU 71.03 - Authority to lease personal property

Subject to the limitations in this chapter and provided the lease is a net, full-payout lease representing a noncancelable obligation of the lessee, notwithstanding the possible early termination of that lease, a credit union may:

(1)

(a) Become the legal or beneficial owner and lessor of specific personal property or otherwise acquire such property at the request of the lessee who wishes to lease it from the credit union; or

(b) Become the owner and lessor of personal property by purchasing the property from another lessor in connection with its purchase of the related lease; and

(2) Incur obligations incidental to its position as the legal or beneficial owner and lessor of the leased property.

Wis. Admin. Code Department of Financial Institutions DFI-CU 71.03

CR Register, January, 1992, No. 433, eff. 2-1-92.