Wisconsin Administrative Code
Department of Financial Institutions
DFI-CU 51-75 - Department of Financial Institutions-Credit Unions
Chapter DFI-CU 74 - Debt Cancellation Contracts And Debt Suspension Agreements
Section DFI-CU 74.05 - Refunds of fees in the event of termination or repayment of covered loan

(1) REFUNDS. If a debt cancellation contract or debt suspension agreement is terminated, including when the customer prepays the covered loan, the credit union shall refund to the customer any unearned fees paid for the contract unless the contract provides otherwise. A credit union may offer a customer a contract that does not provide for a refund only if the credit union also offers that customer a bona fide option to purchase a comparable contract that provides for a refund.

(2) METHOD OF CALCULATING REFUND. The credit union shall calculate the amount of a refund using a method at least as favorable to the customer as the actuarial method.