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The Wisconsin Consumer Act is the law that governs consumer credit transactions and the collection of consumer debt in Wisconsin. Information for consumers may be obtained through the links below.
The Truth in Lending Act (TILA) protects you against inaccurate and unfair credit billing and credit card practices. It requires lenders to provide you with loan cost information so that you can comparison shop for certain types of loans.
Typical consumer credit transactions subject to TILA include store credit purchases, credit card agreements, installment loans, automobile financing plans, and some real property transactions secured by a consumer's principal dwelling place, such as mortgages, home equity or home improvements loans.
Examples of consumer credit transactions are loans, credit cards, credit sales, second mortgages, and leases. Not all credit transactions are covered by the WCA. Transactions not covered are those that are over $25,000, made to businesses, or are secured by first-lien real estate mortgages.
??The Wisconsin Consumer Act (WCA) is a state law that regulates consumer credit transactions and debt collection. Consumer credit transactions are transactions that include a finance charge or are payable in more than four installments.
Debts to individuals, such as family or friends. Debts to unlicensed lenders or loan sharks. Household bills, including gas, electric and water. Debts to local or central Government, including council tax, benefit overpayments and taxes.