Wis. Admin. Code Department of Financial Institutions DFI-SB 13.04 - Consumer loans

(1) ACTIVITIES AUTHORIZED. A savings bank may do all of the following:

(a) Consumer loans. Invest in, sell, purchase, participate in, make or otherwise deal in consumer loans.

(b) Consumer leases. Lease tangible personal property acquired under s. DFI-SB 16.01(2) to a natural person for a personal, family or household purpose.

(2) SAVINGS BANK POLICY REQUIRED. The board of directors of each savings bank making consumer loans shall establish a maximum dollar limit for such loans over which any unsecured portion must be supported by a borrower's current, sworn financial statement obtained prior to the extension of credit and updated at least annually. This limit may be incorporated into the savings bank's consumer loan policy.

Notes

Wis. Admin. Code Department of Financial Institutions DFI-SB 13.04

CR Register, February, 1994, No. 458, eff. 3-1-94.

This section interprets or implements ss. 214.03, 214.04, and 214.485, Stats.