Wis. Admin. Code Department of Financial Institutions DFI-Bkg 75.06 - Gross monthly income
(1) The gross monthly income calculation
required under s. 138.14 (12)
(b), Stats., shall be calculated by
multiplying the amount of the:
(a) Gross
weekly earnings times 4.33, if the customer is paid weekly.
(b) Gross two-week earnings times 2.16, if
the customer is paid every two weeks.
(c) Gross semi-monthly earnings times 2, if
the customer is paid twice a month.
(d) Gross monthly earnings times 1, if the
customer is paid monthly.
(2) Except as provided in sub. (5), prior to
making a payday loan, the licensee shall obtain from the customer a copy of any
of the following to verify the gross monthly income of the customer:
(a) A recent official pay stub or official
payroll receipt.
(b) A recent
receipt reflecting payment of retirement benefits.
(c) A recent receipt reflecting payment of
government benefits.
(d) A recent
statement from a financial establishment reflecting direct deposit of
government benefits.
(e) Other
documentation as approved by the division.
(3) The documents set forth in sub. (2) (a)
through (d) may not be dated more than 180 days prior to the date on which the
payday loan is made.
(4)
Documentation verifying the customer's income and setting forth the licensee's
calculation of the gross monthly income shall be retained in the customer's
file.
(5) If the licensee is using
the customer's consumer report as its method of income verification, the
licensee shall, prior to making a payday loan, obtain the customer's gross
monthly income figure in writing from the customer and maintain such writing in
the customer's file.
Notes
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