This form is discontinued, and replaced by the Wisconsin Simple Interest Loan Modification Agreement (#83002) (see below). Credit unions currently licensed for use of #81045 will be provided with the new #83002 at no additional charge for the remainder of the 2020.
Using repayment option (3)(a) on the new form #83002 is the functional equivalent of using #81045. But the new form addresses new issues, helping to reduce the risk of disputes. And it offers two alternatives to the (3)(a) repayment structure. They both avoid extending the maturity of the loan so may be attractive options for mortgage loans. See ii Release No. B037 for more information.
We will still illustrate the Simple Interest Deferral Agreement in ii Release No. B037 for its many current users, but encourage migration to the new form.
Use for: Modification of WCUL closed-end loan agreements where the only change is that several installments are rescheduled.
- The maturity of the loan is extended, creating complications for some loans.
- See ii Release No. B037 – Simple Interest Deferral Agreements, and
- ii Release No. B072 regarding loan workouts and TDRs.
- See Compliance Courier: New loan modification agreement accommodates extensions, deferrals, or re-amortization of WCUL notes
- Revised 4/98 – Discontinued 4/20.