428.202 Definitions. In this subchapter: (1) “Bridge loan” means a loan with a maturity of less than 18 months which requires only payments of interest until the time that the unpaid balance is due. (1m) “Business day” has the meaning that is specified under 12 CFR 226.2 (a) (6) for purposes of 12 CFR 226.31. […]
428.203 Prohibitions on and requirements of lenders and assignees. (1) Balloon payments. Except as otherwise provided in this subsection, no lender may make a covered loan to a customer that requires, or that permits the lender to require, a payment that is more than twice as large as the average of all earlier scheduled payments. […]
428.204 False statements. No lender, licensed lender, mortgage loan originator, mortgage banker, or mortgage broker may knowingly make, propose, or solicit fraudulent, false, or misleading statements on any document relating to a covered loan. History: 2003 a. 257; 2009 a. 2.
428.206 Recommending default. No lender, licensed lender, mortgage loan originator, mortgage banker, or mortgage broker may recommend or encourage an individual to default on an existing loan or other obligation before and in connection with the making of a covered loan that refinances all or any portion of that existing loan or obligation. History: 2003 […]
428.207 Prepayment. (1) A customer may prepay a covered loan at any time without penalty if the payment is made in the context of a refinancing of the covered loan and if the covered loan is held by the refinancing lender. This subsection does not prohibit the servicer of a covered loan from imposing a […]
428.208 Disclosure to customers. At least 3 business days before making a covered loan to a customer, a lender shall ensure that the customer has been given the following notice, in writing and in a clear and conspicuous format: DISCLOSURE TO BORROWER A. If you obtain this loan, the lender will have a mortgage on […]
428.209 Exclusive state regulation authority. The state shall have sole authority, except as provided under federal law, to regulate any matter governed by this subchapter or by a rule promulgated under this subchapter. No local governmental unit may attempt to regulate, directly or indirectly, any matter governed by this subchapter or by a rule promulgated […]
428.2095 Property exempt from debt collection. Except to the extent that the lender has a valid security interest permitted under this subchapter or has a lien under ch. 779 in the property, all of the following personal property of the customer is exempt from levy, execution, sale, and other similar process in satisfaction of a […]
428.210 Administration and penalties. (1) Rules. The department may promulgate rules for the administration of this subchapter. The rules shall include guidelines for determining a customer’s ability to repay a covered loan based upon the customer’s debt-to-income ratio. (2) Investigations. (a) At any time that the department has reason to believe that a person has […]
428.211 Exemption for depository institutions. This subchapter does not apply to any state chartered or federally chartered bank, trust company, savings and loan association, savings bank, or credit union, or to any subsidiary of such a bank, trust company, savings and loan association, savings bank, or credit union. History: 2003 a. 257; 2011 a. 32.
