Loan Companies Frequently Asked Questions

1. How do I obtain a license?

Submit a completed, signed application to this Department along with the appropriate fees and the other information requested on the "Loan Company License Application Instructions" included with the application.

2. Where should I send the completed application?

Mailing Address:

PO Box 7876
Madison, WI 53707-7876

Courier Address:

345 W. Washington Ave.
4th Floor
Madison, WI 53703

3. After the application is received, how much time will it take to receive a license?

If all the required information is submitted and acceptable, you should receive your license within approximately four weeks. When it is necessary to contact you because some information is missing or not acceptable, it often takes more than four weeks.

4. What is the licensing year?

The licensing year is from January 1 to December 31.

5. Do I need an office within the state of Wisconsin to qualify for a license?

No, however, all loans must be consummated at the licensed location. If loans are transacted by mail, the proceeds check must be mailed to the customer from the licensed location.

6. What reports need to be filed by a licensed loan company?

An annual report must be filed by March 15 of each year. The report form is provided by this Department. Companies that originate consumer transactions may need to file a notification report. The report is due in our Department by February 28 of each year.

7. What is the maximum interest rate that can be assessed on a consumer credit transaction?

There is no maximum interest rate.

8. What other state statutes and rules, besides Section 138.09, should be reviewed?

Chapters 421-427, Wisconsin Statutes (Wisconsin Consumer Act); Chapter Bkg 80 of the Wisconsin Administrative Code; Chapter 766, Wisconsin Statutes (Marital Property Act); Section 138.052, Wisconsin Statutes; Section 138.056, Wisconsin Statutes; and Chapter 428, Wisconsin Statutes.

9. Is there a source for these statutes on theInternet?

Yes, go to www.legis.state.wi.us and select the Statutes and Administrative Code.

DIRECT LICENSING QUESTIONS & RETURN APPLICATION MATERIALS TO:

Mailing Address:

PO Box 7876
Madison, WI 53707-7876

Courier Address:

345 W. Washington Ave.
4th Floor
Madison, WI 53703

Telephone: (608) 267-1708

Fax: (608) 267-6889