Section 13.05. Consumer loans.

 

(1)   Activities authorized. An association may:

(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-SL 16.01 (2) to a natural person for a personal, family or household purpose.

(c) Credit cards. Issue credit cards, extend credit in connection with credit cards and otherwise engage in or participate in credit card operations.

(d) Overdraft loans. Extend secured or unsecured credit to cover payment of drafts or other funds transfer orders in excess of the available balance of an account on which they are drawn.

(e) Education loans. Make loans for the payment of educational expenses.

(f) Mobile home loans. Make mobile home loans on mobile homes to be used as the borrower's residence.

(2)   Association policy required. The board of directors of each association making consumer loans shall establish a maximum dollar limit for such loans over which any unsecured portion of a consumer loan 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 association's consumer loan policy.

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

Note

This section interprets or implements ss. 215.02 (18) and 215.135 , Stats. Microsoft Windows NT 6.1.7601 Service Pack 1