Wisconsin Statutes (Last Updated: January 10, 2017) |
Chapter 422. Consumer Credit Transactions |
SubChapter IV. LIMITATIONS ON AGREEMENTS AND PRACTICES |
Section 422.417. Restrictions on security interests.
Latest version.
- (1) With respect to a consumer credit sale a seller may take a security interest only in:(a) The property sold;(b) Goods upon which the property sold is installed or to which it is annexed, or goods upon which the services sold are performed, if the obligation secured is $500 or more;(c) Real property to which the property sold is affixed, or which is maintained, repaired or improved as a result of the sale of the property or services, if the obligation secured is $1,000 or more; and(d) Goods of the consumer which were the subject of a prior transaction with the seller which is consolidated ( s. 422.206 ) with the consumer credit sale, or if the consumer credit sale is made pursuant to an open-end credit plan, goods previously purchased by the consumer pursuant to the plan, subject however to s. 422.418 .(2) With respect to a consumer lease, except as otherwise provided in s. 429.205 with respect to a motor vehicle consumer lease, a lessor may not take a security interest in any property owned or leased by the customer other than the leased goods to secure the lessor's obligations under the lease. This subsection does not prohibit a security interest in a cash security deposit for a consumer lease of motor vehicles.(3) With respect to a consumer loan, in addition to the limitations on security interests required by 12 CFR 227.13 (d), 12 CFR 535.2 (a) (4) or 16 CFR 444.2 (a) 4, if any, a lender may not take a security interest, other than a purchase money security interest, in:(a) Clothing of the customer and the customer's dependents and the following, if they are not fixtures: dining table and chairs, refrigerator, heating stove, cooking stove, radio, beds and bedding, couch and chairs, cooking utensils and kitchenware; or(b) Real property if the obligation secured is less than $1,000.
1971 c. 239
;
1973 c. 3
;
1975 c. 406
,
407
,
421
;
1981 c. 20
,
391
;
1985 a. 256
;
1989 a. 359
;
1991 a. 316
;
1995 a. 329
;
1997 a. 302
.