Date of enactment:
2023 Senate Bill 259 Date of publication*:
2023 WISCONSIN ACT
AN ACT to renumber and amend 138.14 (3); and to create 138.14 (3) (b) of the statutes; relating to: payday loans.
The people of the state of Wisconsin, represented in
senate and assembly, do enact as follows:
SECTION 1. 138.14 (3) of the statutes is renumbered
138.14 (3) (intro.) and amended to read:
138.14 (3) EXEMPTIONS. (intro.) This section does
not apply to banks, any of the following:
(a) Banks, savings banks, savings and loan associa-
tions, trust companies, credit unions, or any of their affili-
ates.
SECTION 2. 138.14 (3) (b) of the statutes is created to
read:
138.14 (3) (b) Any transaction in which no finance
charge, and no other fees or charges of any kind, are
required or accepted, at any time, from the person receiv-
ing the loan. For the purposes of this paragraph, “finance
charge” has the meaning given in 12 CFR 1026.4.
SECTION 3. 0Nonstatutory provisions.
(1) This act first applies to loans made, refinanced,
or consolidated on the effective date of this subsection.
* Section 991.11, WISCONSIN STATUTES: Effective date of acts. “Every act and every portion of an act enacted by the legislature over the governor’s
partial veto which does not expressly prescribe the time when it takes effect shall take effect on the day after its date of publication.”