Section 62.06. Negotiability of promissory instruments.

 

(1)  Every assignee of an enrollment agreement takes the enrollment agreement subject to all claims and defenses of the student or successors in interest under the enrollment agreement.

(2)  No school or specialty school may enter into any enrollment agreement in which the student waives the right to assert against the school or specialty school or any assignee any claim or defense the student may have against the school or specialty school. Any provision in an enrollment agreement by which the student agrees to a waiver is void.

(3)  

(a) No school or specialty school may use a promissory note or instrument, other than a check, unless it bears the following statement in contrasting boldface type: This is an enrollment agreement instrument and is non-negotiable. Every holder takes the enrollment agreement subject to all other claims and defenses of the maker or obligor.

(b) Compliance with requirements of federal and state statutes, regulations and rules governing the form of notice of preservation of consumers' claims and defenses shall be deemed to satisfy the requirements of par. (a) .

History: Cr. Register, December, 1989, No. 408 , eff. 1-1-90.