2016 Wisconsin Statutes & Annotations
424. Consumer transactions — insurance.
424.206 Deferral, refinancing and consolidation agreements.
424.206 Deferral, refinancing and consolidation agreements.
424.206(1)(1) The creditor may not receive a separate charge for insurance in connection with a deferral (s. 422.204), a refinancing (s. 422.205) or a consolidation (s. 422.206) unless:
424.206(1)(a) (a) The customer agrees in writing at the time of deferral, refinancing or consolidation that a specific charge may be made;
424.206(1)(b) (b) The customer is to be provided with insurance for an amount or a term, or insurance of a kind, in addition to that to which the customer would have been entitled had there been no deferral, refinancing or consolidation;
424.206(1)(c) (c) The customer receives a refund or credit on account of any unexpired term of existing insurance in the amount that would be required if the insurance were terminated (s. 424.205); and
424.206(1)(d) (d) The charge does not exceed the amount permitted by this chapter (s. 424.204).
424.206(2) (2) A creditor may not contract for or receive a separate charge for insurance which duplicates insurance with respect to which the creditor has previously contracted for or received a separate charge.
424.206(3) (3) A violation of this section is subject to the provisions of s. 425.303.
