Wisconsin Consumer Act: Credit Application

SAMPLE OPEN-END CREDIT APPLICATIONS

The following are examples of the type of information that must be given with the application, or separately if no application is used.

SAMPLE RETAIL OPEN ACCOUNTS

ANNUAL PERCENTAGE RATE	18%
FINANCE CHARGE	Finance Charge begins to accrue on a transaction which is not paid in full within 25 days after the first billing of the charge to your account.
LATE FEE	$10 for failure to pay the minimum payment within five days of its due date
OTHER CHARGES	$0.50

SAMPLE HOME EQUITY LOAN UNDER THE WISCONSIN CONSUMER ACT

ANNUAL PERCENTAGE RATE	4% over the bank prime loan rate as reported in the money rates section of the Wall Street Journal on the first Tuesday of the previous month. The rate charged may vary and will increase or decrease as the prime rate changes. However, the rate charged will not exceed 18%, or as allowed by statute. A change in the rate will result in an increase or decrease in the minimum payment due on the account.
FINANCE CHARGE	The finance charge is assessed as of the date credit is extended.
ANNUAL FEE	$15.00
OTHER CHARGES	1) $10.00 for failure to pay the minimum payment within five days of its due date. 2) $0.50 minimum finance charge on balances less than $33.34. 3) Appraisal fee. 4) Title insurance. 5) Recording fee.

The following information must appear on the application, if an application is used:

No provisions of a marital property agreement, a unilateral statement under Section 766.59, or a court decree under Section 766.70, adversely affects the interest of the creditor unless the creditor, prior to the time credit is granted, is furnished a copy of the agreement, statement or decree, or has knowledge of the adverse provision when the obligation to the creditor is incurred. Complete the following section if married and spouse has not signed the application:

Name and Address of Spouse: __________________________
__________________________
__________________________

I agree that this account will be used in the interest of the marriage or family.
__________________________
(Signature of Applicant)