943.62 Unlawful receipt of payments to obtain loan for another.
(1) In this section, “escrow agent" means a state or federally chartered bank, savings bank, savings and loan association or credit union located in this state.
(2) Except as provided in sub. (2m), no person may receive a payment from a customer as an advance fee, salary, deposit or money for the purpose of obtaining a loan or a lease of personal property for the customer unless the payment is immediately placed in escrow subject to the condition that the escrow agent shall deliver the payment to the person only upon satisfactory proof of the closing of the loan or execution of the lease within a period of time agreed upon in writing between the person and the customer; otherwise the payment shall be returned to the customer immediately upon expiration of the time period.
(2m) This section does not apply to a savings and loan association, credit union, bank, savings bank, or a mortgage banker, mortgage loan originator, or mortgage broker licensed under s. 224.72 or 224.725.
(3)
(a) Advance payments to cover reasonably estimated costs are excluded from the requirements of sub. (2) if the customer first signs a written agreement which recites in capital and lowercase letters of not less than 12-point boldface type all of the following:
1. The estimated costs by item.
2. The estimated total costs.
3. Money advanced for incurred costs will not be refunded.
(b) If a cost under par. (a) is not incurred, the person shall refund that amount to the customer.
(4) Whoever violates this section is guilty of:
(a) A Class A misdemeanor, if the value of the advance payment or required refund, as applicable, does not exceed $2,500.
(c) A Class F felony, if the value of the advance payment or required refund, as applicable, exceeds $2,500.
History: 1981 c. 20; 1983 a. 167; 1987 a. 359; 1987 a. 403 s. 256; 1995 a. 27; 1997 a. 145; 2001 a. 16, 109; 2009 a. 2.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
Chapter 943 - Crimes against property.
943.011 - Damage or threat to property of witness.
943.012 - Criminal damage to or graffiti on religious and other property.
943.013 - Criminal damage; threat; property of judge.
943.014 - Demolition of historic building without authorization.
943.015 - Criminal damage; threat; property of department of revenue employee.
943.02 - Arson of buildings; damage of property by explosives.
943.03 - Arson of property other than building.
943.04 - Arson with intent to defraud.
943.05 - Placing of combustible materials an attempt.
943.065 - Injury caused by arson: treble damages.
943.07 - Criminal damage to railroads.
943.11 - Entry into locked vehicle.
943.12 - Possession of burglarious tools.
943.125 - Entry into locked coin box.
943.14 - Criminal trespass to dwellings.
943.143 - Criminal trespass to an energy provider property.
943.145 - Criminal trespass to a medical facility.
943.15 - Entry onto a construction site or into a locked building, dwelling or room.
943.201 - Unauthorized use of an individual's personal identifying information or documents.
943.202 - Unauthorized use or possession of a credit card scanner.
943.203 - Unauthorized use of an entity's identifying information or documents.
943.205 - Theft of trade secrets.
943.207 - Transfer of recorded sounds for unlawful use.
943.208 - Recording performance without consent of performance owner.
943.209 - Failure to disclose manufacturer of recording.
943.215 - Absconding without paying rent.
943.22 - Use of cheating tokens.
943.225 - Refusal to pay for a motor bus ride.
943.23 - Operating vehicle without owner's consent.
943.24 - Issue of worthless check.
943.245 - Worthless checks; civil liability.
943.26 - Removing or damaging encumbered real property.
943.27 - Possession of records of certain usurious loans.
943.28 - Loan sharking prohibited.
943.30 - Threats to injure or accuse of crime.
943.31 - Threats to communicate derogatory information.
943.34 - Receiving stolen property.
943.37 - Alteration of property identification marks.
943.392 - Fraudulent data alteration.
943.395 - Fraudulent insurance and employee benefit program claims.
943.40 - Fraudulent destruction of certain writings.
943.41 - Financial transaction card crimes.
943.45 - Theft of telecommunications service.
943.455 - Theft of commercial mobile service.
943.46 - Theft of video service.
943.47 - Theft of satellite cable programming.
943.48 - Telecommunications; civil liability.
943.49 - Unlawful use of recording device in motion picture theater.
943.50 - Retail theft; theft of services.
943.51 - Retail theft; civil liability.
943.55 - Removal of shopping cart.
943.60 - Criminal slander of title.
943.61 - Theft of library material.
943.62 - Unlawful receipt of payments to obtain loan for another.
943.74 - Theft of farm-raised fish.
943.75 - Unauthorized release of animals.
943.76 - Infecting animals with a contagious disease.
943.81 - Theft from a financial institution.
943.82 - Fraud against a financial institution.
943.84 - Transfer of encumbered property.
943.85 - Bribery involving a financial institution.
943.86 - Extortion against a financial institution.
943.87 - Robbery of a financial institution.
943.88 - Organizer of financial crimes.