| 4 | 4 | | AN ACT to renumber and amend 138.14 (3); and to create 138.14 (3) (b) of the statutes; relating to: payday loans. |
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| 5 | 5 | | The people of the state of Wisconsin, represented in |
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| 6 | 6 | | senate and assembly, do enact as follows: |
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| 7 | 7 | | SECTION 1. 138.14 (3) of the statutes is renumbered |
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| 8 | 8 | | 138.14 (3) (intro.) and amended to read: |
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| 9 | 9 | | 138.14 (3) EXEMPTIONS. (intro.) This section does |
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| 10 | 10 | | not apply to banks, any of the following: |
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| 11 | 11 | | (a) Banks, savings banks, savings and loan associa- |
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| 12 | 12 | | tions, trust companies, credit unions, or any of their affili- |
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| 13 | 13 | | ates. |
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| 14 | 14 | | SECTION 2. 138.14 (3) (b) of the statutes is created to |
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| 15 | 15 | | read: |
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| 16 | 16 | | 138.14 (3) (b) Any transaction in which no finance |
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| 17 | 17 | | charge, and no other fees or charges of any kind, are |
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| 18 | 18 | | required or accepted, at any time, from the person receiv- |
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| 19 | 19 | | ing the loan. For the purposes of this paragraph, “finance |
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| 20 | 20 | | charge” has the meaning given in 12 CFR 1026.4. |
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| 21 | 21 | | SECTION 3. 0Nonstatutory provisions. |
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| 22 | 22 | | (1) This act first applies to loans made, refinanced, |
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| 23 | 23 | | or consolidated on the effective date of this subsection. |
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| 24 | 24 | | * 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 |
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| 25 | 25 | | partial veto which does not expressly prescribe the time when it takes effect shall take effect on the day after its date of publication.” |
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