422.503 Prohibited activities.
(1) A credit services organization, and its salespersons, agents and representatives who offer or sell the services of the credit services organization, may not do any of the following:
(a) Charge or receive any money or other valuable consideration solely for referral of the buyer to a merchant who will or may extend credit to the buyer, if the credit extended to the buyer is upon substantially the same terms as is credit that is available to the general public.
(b) Make, or counsel or advise any buyer to make, any statement which is untrue or misleading and which is known, or which by the exercise of reasonable care should be known, to be untrue or misleading, to a consumer reporting agency or to any person who has extended credit to a buyer or to whom a buyer is applying for an extension of credit, with respect to a buyer's credit worthiness, credit standing or credit capacity.
(c) Make or use any untrue or misleading representations in the offer or sale of the services of the credit services organization or engage, directly or indirectly, in any act, practice or course of business that operates or would operate as a fraud or deception upon any person in connection with the offer or sale of the services of a credit services organization.
(2) A violation of this section is subject to s. 425.305.
History: 1991 a. 244.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 422 - Consumer credit transactions.
422.201 - Finance charge for consumer credit transactions.
422.203 - Delinquency charges.
422.205 - Finance charge on refinancing.
422.206 - Finance charge on consolidation.
422.207 - Advances to perform agreements of customer.
422.209 - Rebate on prepayment.
422.210 - Agricultural credit transactions.
422.301 - Requirements of federal act.
422.302 - General requirements and provisions.
422.303 - Form requirements other than open-end or discount.
422.304 - Prohibition of blank writings.
422.306 - Receipts; accounting; evidence of payment.
422.307 - Estimates or approximations.
422.308 - Open-end credit disclosures.
422.310 - Refund anticipation loans.
422.402 - Balloon payments prohibited.
422.403 - Maximum periods of repayment.
422.404 - Assignment of earnings.
422.405 - Authorization to confess judgment prohibited.
422.406 - Negotiable instruments.
422.407 - Defenses assertable against an assignee.
422.409 - Notice of assignment.
422.410 - Statements of compliance or performance.
422.412 - Restriction on liability in consumer lease.
422.413 - Limitation on default charges.
422.414 - Use of multiple agreements.
422.415 - Changes in open-end credit terms.
422.4155 - Notice of termination of liability.
422.416 - Referral transactions prohibited.
422.417 - Restrictions on security interests.
422.418 - Security interests: consolidations; open-end credit plans.
422.421 - Variable rate transaction.
422.502 - Registration requirements.
422.503 - Prohibited activities.