Wis. Admin. Code Department of Financial Institutions DFI-CU 74.02 - Definitions
In this section:
(1)
"Actuarial method" means the method of allocating payments made on a debt
between the amount financed and the finance charge pursuant to which a payment
is applied first to the accumulated finance charge and any remainder is
subtracted from, or any deficiency is added to, the unpaid balance of the
amount financed.
(2) "Credit union"
has the meaning set forth in s.
186.01(2),
Stats.
(3) "Customer" means a
member of a credit union who obtains an extension of credit from a credit union
primarily for personal, family or household purposes.
(4) "Debt cancellation contract" means a loan
term or contractual arrangement modifying loan terms under which a credit union
agrees to cancel all or part of a customer's obligation to repay an extension
of credit from that credit union upon the occurrence of a specified event. The
agreement may be separate from or a part of other loan documents.
(5) "Debt suspension agreement" means a loan
term or contractual arrangement modifying loan terms under which a credit union
agrees to suspend all or part of a customer's obligation to repay an extension
of credit from that credit union upon the occurrence of a specified event. The
agreement may be separate from or a part of other loan documents. "Debt
suspension agreement" does not include loan payment deferral arrangements in
which the triggering event is the borrower's unilateral election to defer
repayment or the credit union's unilateral decision to allow a deferral of
repayment.
(6) "Director" means the
director of the office of credit unions or an authorized representative of the
director.
(7) "Incidental powers
activity" means an activity that is necessary or requisite to enable a credit
union to effectively carry on the business for which it is incorporated. An
activity meets the definition of "incidental powers activity" if it is
convenient or useful in carrying out the mission or business of a credit union,
is the functional equivalent or logical out-growth of activities that are part
of the mission or business of a credit union, and involves risks similar in
nature to those already assumed as part of the business of the credit
union.
(8) "Loan-related products"
mean the products, activities or services a credit union provides to its
members in a lending transaction that protect it against credit-related risks
or are otherwise incidental to its lending authority. "Loan-related products"
include debt cancellation agreements, debt suspension agreements, letters of
credit and leases.
(9) "Residential
mortgage loan" means a loan secured by 1-4 family, residential real
property.
Notes
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