Wisconsin Administrative Code
Department of Financial Institutions
DFI-CU 51-75 - Department of Financial Institutions-Credit Unions
Chapter DFI-CU 71 - Leasing of personal property
Section DFI-CU 71.03 - Authority to lease personal property
Universal Citation: WI Admin Code ยง DFI-CU 71.03
Current through February 26, 2024
Subject to the limitations in this chapter and provided the lease is a net, full-payout lease representing a noncancelable obligation of the lessee, notwithstanding the possible early termination of that lease, a credit union may:
(1)
(a) Become the legal or beneficial owner and
lessor of specific personal property or otherwise acquire such property at the
request of the lessee who wishes to lease it from the credit union;
or
(b) Become the owner and lessor
of personal property by purchasing the property from another lessor in
connection with its purchase of the related lease; and
(2) Incur obligations incidental to its position as the legal or beneficial owner and lessor of the leased property.
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