The report will and additionally indicate the fresh new commission annually of interest billed regarding the purchase
3. On the motor vehicle loans, the true processing percentage needed for processing on the institution regarding transportation below ch. 342 or, into motorboat money, the fresh new submitting commission needed for filing to the company of sheer info significantly less than ch. 29.
(j) Zero licensee could possibly get separate or prompt a borrower in order to split one financing for the purpose of getting a higher level of loans charge than simply create or even become enabled below it point.
step one. Susceptible to subd. dos., a licensee may charge, plus attract, financing administration percentage to your a consumer loan, and additionally an effective refinancing or loan combination, when the all following requirements was fulfilled:
The latest statement will and additionally signify new borrower could possibly get prepay the fresh new borrower’s loan in whole or even in part and that in case your mortgage try prepaid service entirely the new borrower can get a reimbursement of interest once the provided by it part
b. The borrowed funds government percentage try billed for a consumer loan one to is actually secured primarily of the a desire for houses, when you look at the a mobile house, given that laid out when you look at the s. (10), or perhaps in a created household, due to the fact laid out when you look at the s. (2).
2. Despite subd. step one., when the a beneficial licensee charges financing government commission into the a customers mortgage that is prepaid regarding continues from a separate financing created by a similar licensee within six months following previous loan, then licensee shall clean out any financing administration percentage into the fresh new loan by the quantity of the mortgage government fee on the the earlier mortgage.
