There are some proposed rules. These rules are designed to clarify the new law.
They have until Dec. 22nd to ratify these rules: http://www.wdfi.org/_resources/indexed/site/fi/lfs/ProposedRulePaydayLendingUpdate.pdf
Here is the full Wisconsin payday loan statute.
One thing that’s giving lenders problems is putting together their new loan agreement. One area is the size and font of specific disclosures.
The following needs to display in Times New Roman font in a 12 font for the following disclosures.
138.14(9g)(a)1.
1. Disclose to the applicant the total amount of all fees and costs, in dollars, to be paid by the applicant for the loan assuming that the loan is paid in full at the end of the loan term.
138.14(9g)(a)2.
2. Disclose to the applicant the annual percentage rate to be paid by the applicant on the loan assuming that the loan is paid in full at the end of the loan term.
138.14(9g)(a)3.
3. Provide to the applicant a copy of the written informational materials specified in sub. (9r).
138.14(9g)(a)4.
4. Disclose to the applicant that he or she has the right to rescind the loan transaction as provided in sub. (11r).
138.14(9g)(a)5.
5. Disclose to the applicant the service charge that may apply under sub. (10) (b) 2.
138.14(9g)(a)6.
6. Disclose to the applicant the payment requirements that may apply under sub. (11g) if the loan is not paid in full at the end of the loan term.
