This release describes the Credit Practices Rule as it affects state and federal credit unions, relating to late fees, wage assignments, cosigners, prohibited security interests, etc. It includes discussion of important state law provisions that overlap with the Rule. It also discusses how Wisconsin credit unions are exempt from the Rule for transactions subject to the Wisconsin Consumer Act.
Compliance with many of the requirements described in this release depends on the forms used by the credit union. The League recommends using only forms drafted or reviewed by Wisconsin attorneys. Forms drafted for use in other states may violate the law in Wisconsin.