Section 428.102. Definitions.

  In this subchapter:

(1)  “Amount financed" means that term as defined in the federal consumer credit protection act, as defined in s. 421.301 (19) .

(2)  “Creditor" means a person who regularly engages in, arranges for or procures from 3rd persons, loans within the scope of this subchapter.

(3)  “Customer" means a person other than an organization who seeks or acquires credit financing secured by a first lien real estate mortgage, or equivalent security interest, for personal, family, household or agricultural purposes.

(4)  “Loan" means the creation of debt by the creditor's payment of or agreement to pay money to the customer or to a 3rd party for the account of the customer, or a forbearance by a lender of a debt arising from a loan.

(5)  “Organization" means organization as defined in s. 421.301 (28) .

(6)  “Person" means person as defined in s. 421.301 (31) .

1973 c. 18 , 232 ; 2003 a. 257 . A sale of a time-share on credit constituted a loan within the meaning of ch. 428 although the seller did not advance funds to the buyer. The seller's forbearance of the balance of the purchase price at the time of closing comes within the sub. (4) definition of a loan. Ott v. Peppertree Resort Villas, Inc., 2006 WI App 77 , 292 Wis. 2d 173 , 716 N.W.2d 127 , 04-1226 .