Section DFI-CU 74.07 - Disclosures(1) CONTENT OF SHORT FORM DISCLOSURES. The short form of disclosures required by this section shall include information relating to any of the following that is appropriate to the product offered: (a) That the product is optional.(b) Lump sum payment of fee.(c) Lump sum payment of fee with no refund.(d) Refund of fee paid in lump sum.(e) Any additional disclosures.(f) Eligibility requirements, conditions and exclusions.(2) CONTENT OF LONG FOR DISCLOSURES. The long form of disclosures required by this section shall include information relating to any of the following that is appropriate to the product offered: (a) That the product is optional.(b) An explanation of debt suspension agreement.(d) Lump sum payment of fee.(e) Lump sum payment of fee with no refund.(f) Refund of fee paid in lump sum.(g) Use of card or credit line restricted.(h) Termination of product.(i) Eligibility requirements, conditions and exclusions. Note: Copies of the short and long form, and instructions for using them may be obtained by writing to the Office of Credit Unions, P.O. Box 14137, Madison, WI 53708-0317 or by downloading it from the Department of Financial Institutions' website, www.wdfi.org.
(3) DISCLOSURE REQUIREMENT, AND TIMING AND METHOD OF DISCLOSURES.(a)Short form disclosures. The credit union shall make the short form disclosures orally at the time the credit union first solicits the purchase of a contract.(b)Long form disclosures. The credit union shall make the long form disclosures in writing before the customer completes the purchase of the contract. If the initial solicitation occurs in person, the credit union shall provide the long form disclosures in writing at that time.(c)Transactions by telephone. If the contract is solicited by telephone, the credit union shall provide the short form disclosures orally and shall mail the long form disclosures, and, if appropriate, a copy of the contract to the customer within 3 business days, beginning on the first business day after the telephone solicitation.(d)Solicitations using written mail inserts or "take one" applications. If the contract is solicited through written materials such as mail inserts or "take one" applications, the credit union may provide only the short form disclosures in the written materials if the credit union mails the long form disclosures to the customer within 3 business days, beginning on the first business day after the customer contacts the credit union to respond to the solicitation, subject to the requirements of s. DFI-CU 74.08(3).(e)Electronic transactions. Disclosures described in this section provided through electronic media shall be in a manner consistent with the requirements of the Electronic Signatures in Global and National Commerce Act, 15 USC 7001 et seq.(4) FORM OF DISCLOSURES. (a)Understandable disclosures. The disclosures required by this section shall be conspicuous, simple, direct, readily understandable, and designed to call attention to the nature and significance of the information provided.(b)Meaningful disclosures. The disclosures required by this section shall be in a meaningful form. Note: The following are examples of means that call attention to the nature and significance of the information provided in the disclosure: a plain language heading to call attention to the disclosures; typeface and type size that are easy to read; wide margins and ample line spacing; boldface or italics for key words; and distinctive type style, and graphic devices, such as shading or sidebars, when the disclosures are combined with other information.
(5) ADVERTISEMENTS AND OTHER PROMOTIONAL MATERIAL FOR DEBT CANCELLATION CONTRACTS AND DEBT SUSPENSION AGREEMENTS. The short form disclosures are required in advertisements and promotional material for contracts unless the advertisements and promotional materials are of a general nature describing or listing the services or products offered by the credit union.Wis. Admin. Code Department of Financial Institutions DFI-CU 74.07
CR 05-046: CR Register January 2006 No. 601, eff. 2-1-06.