Wisconsin Administrative Code
Department of Financial Institutions
DFI-CU 51-75 - Department of Financial Institutions-Credit Unions
Chapter DFI-CU 61 - Credit union purchase or acquisition of conditional sales contracts or similar instruments executed by credit union members
Section DFI-CU 61.02 - Interest rates
Current through February 26, 2024
(1) The maximum interest rate (finance charge) chargeable to the member-borrower by a seller on a conditional sales contract or similar instrument sold to a credit union shall not exceed that permitted by s. 422.201, Stats. On such contracts neither the seller nor the credit union, in the aggregate, may directly benefit by interest charges, including "Time Price Differential", processing or service fees by an amount in excess of that permitted by s. 422.201, Stats.
(2) The interest rate or finance charges on conditional sales contracts and similar instruments and all loans shall be calculated and applied on a simple interest basis on the unpaid balance. "Add-on" or "Discount" interest rates on purchased contracts and other credit union loans are not permitted.
