424.502 Insurance commissions; limitations. A creditor or insurer may not pay to an employee of the creditor who participates in the processing of consumer credit transactions any commission or bonus that exceeds an amount equal to 25 percent of the employee's annual earnings for the sale of insurance in connection with those consumer credit transactions. Insurance does not include a warranty plan for which the commissioner of insurance has issued a limited certificate of authority pursuant to rule promulgated under s. 600.01 (1) (b) 5.
History: 1985 a. 256.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 424 - Consumer transactions — insurance.
424.103 - Application of general definitions.
424.201 - Definition “consumer credit insurance".
424.202 - Charge for insurance.
424.203 - Conditions applying to insurance to be provided by creditor.
424.204 - Maximum charge by creditor for insurance.
424.205 - Refund or credit required.
424.206 - Deferral, refinancing and consolidation agreements.
424.208 - Amount of insurance.
424.209 - Filing and approval of rates and forms.
424.301 - Restrictions on property insurance.
424.302 - Insurance on creditor's interest only.
424.303 - Cancellation by creditor.
424.304 - Cancellation by customer.
424.401 - Cancellation by customer.
424.402 - Insurance cancellation credit or payment.
424.501 - False, misleading or deceptive insurance solicitation.
424.502 - Insurance commissions; limitations.
424.601 - Cooperation between administrator and commissioner of insurance.
424.602 - Administrative action of commissioner of insurance.