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According to Sec. 422.417(3)(b), Wis. Stats., a creditor in a consumer loan may not take a security interest in real prope.rty if the obligation secured is less than $1,000.
In applying this section of the act to extensions of open end credit, this office has always taken the position that the customer’s obligation is the amount owed by the customer to the creditor. As a result, in an open end credit plan the customer’s obligation could be greater than or less than $1,000 at any particular time.
The determination as· to whether the customer’s obligation is $1,000 or more should be made at the time the creditor seeks to enforce the security agreement since that is the crucial juncture with respect to this issue.
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