Topic: Late Fees
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DFI: Late Fees Examples
Illustration of proper assessment of Wisconsin Consumer Act late fees.
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DFI: Collection of Late Charges under the Wisconsin Consumer Act (September 11, 2008)
This letter provides guidance on the proper assessment and collection of late fees on Wisconsin Consumer Act closed-end loans.
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NCUA: Interagency Guidance Regarding Unfair or Deceptive Credit Practices (August 22, 2014)
While the FTC’s Credit Practices Rule remains in effect for state-chartered credit unions, the credit practices rules for banks, savings associations, and Federal credit unions are being repealed as a […]
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B007 Credit Practices Rule
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 […]
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Wis. Stats: 422 WCA – Consumer Credit Transactions as regarding late fees.
422.202(2m) Additional charges – With respect to an open-end credit plan, regardless of when the plan was entered into… 422.203 Closed end credit.
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Wis. Stats: 138 Money and Rates of Interest as related to late fees.
138.052 Residential mortgage loans. (6) Most first lien real estate mortgage or equivalent liens.