Wisconsin Consumer Act: Open-End Credit Plan
The creditor is required to provide the customer with a billing statement containing specific disclosures in any billing cycle at the end of which the customer has a debit or credit balance greater than $1.00, or where a finance charge is imposed. The billing statement must contain:
- The outstanding balance at the beginning of the billing cycle;
- Identification of the transactions posted to the account;
- The amount and date of each payment, refund, rebate or adjustment posted to the account;
- The amount of the finance charge, using the term "finance charge";
- The periodic rate or rates of finance charge and the corresponding annual percentage rate of the finance charge, using the term "Annual Percentage Rate";
- The balance on which the finance charge was computed and a statement as to how that balance was determined;
- The closing date of the billing cycle and the outstanding balance in the account on that date;
- Any time period (grace) within which the customer may pay the entire outstanding balance in order to avoid a finance charge.
The short form billing error rights statement should be contained on the back of the billing statement. A merchant may either provide the customer with the long form statement at least once each calendar year or, as an alternative, provide the short form on or with each billing statement.