Section 13.04. Approval of indexes used for variable rate loans under s. 138.056, Stats.

 

(1)  Except as provided in sub. (2) , each index used by an association for a variable rate loan which requires the approval of the division under s. 138.056 (1) (a) 4. a. , Stats., must be approved in writing.

(2)  Under s. 138.056 (1) (a) 4. a. , Stats., the following indexes are determined to be readily verifiable by borrowers and beyond the control of an individual lender and are hereby approved for use in variable rate loans under s. 138.056 , Stats.:

(a) The "prime rate" of interest which is published in the "money rates" column of the Wall Street Journal, midwestern edition.

(b) The following indexes as reported periodically by a district federal home loan bank:

1. The monthly average cost of funds for the federal home loan bank district.

2. The "national monthly median cost of funds for FSLIC-insured institutions".

3. The "national average mortgage contract interest rate" on conventional mortgage loans closed for purchasing previously occupied single-family homes by all major lenders.

(c) The weekly average yield on U.S. treasury securities adjusted to a constant maturity of 1, 2, 3, or 5 years reported in the "Federal Reserve Statistical Release", a weekly publication of the Federal Reserve Board.

History: Cr. Register, June, 1989, No. 402 , eff. 7-1-89.

Note

Section 138.056 (1) (a) 4. a., Stats., was repealed by 2003 Wis. Act 33 . Microsoft Windows NT 6.1.7601 Service Pack 1 Section 138.056 (1) (a) 4. a., Stats., was repealed by 2003 Wis. Act 33 . Microsoft Windows NT 6.1.7601 Service Pack 1 This section interprets or implements s. 138.056 (1) (a) 4. a., Stats . Microsoft Windows NT 6.1.7601 Service Pack 1 Section 138.056 (1) (a) 4. a., Stats . , was repealed by 2003 Wis. Act 33 . Microsoft Windows NT 6.1.7601 Service Pack 1