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Can you summarize WIST 138.05?
Money and rates of interest. > Maximum rate; prepayment, disclosure; corporations.
Short Summary
This legal document sets the maximum rate for loans or forbearances of money, goods, or things in action. It prohibits any person, directly or indirectly, from contracting for or receiving any greater sum or value for a loan or forbearance than the specified rates. The maximum rates are $12 upon $100 for one year for loans with declining principal balance, $6 upon $100 for one year for loans with substantially equal weekly or monthly installments, and the rate set forth in the first category for other types of installment loans. The document also allows borrowers to prepay loans in full or in part and entitles them to a refund of unearned interest. It further specifies that the section does not apply to loans to corporations or limited liability companies. The document includes additional provisions regarding loan terms, disclosure requirements, and exemptions for certain types of loans or transactions.
Whom does it apply to?
All persons, except corporations or limited liability companies
What does it govern?
Maximum rate for loans or forbearances of money, goods, or things in action
What are exemptions?
Loans to corporations or limited liability companies
What are the Penalties?
Not specified
Jurisdiction
Wisconsin