Section 1.321. Form requirements other than open-end—set off.

  As a condition to the exercise of a right of set off a merchant shall in accordance with s. 422.302 , Stats., conspicuously disclose his or her right to apply any amounts owed by the merchant to the customer against any amounts owed by the customer to the merchant. No merchant shall exercise a right to set off prior to giving the customer notice of his or her right to cure any default, if applicable, and waiting the appropriate number of days in accordance with s. 425.105 , Stats.

Cr. Register, June, 1973, No. 210 , eff. 7-1-73; corrections made under s. 13.93 (2m) (b) 5. and 7., Stats., Register, December, 1991, No. 432 .