Wisconsin

The relevant statute is the Wisconsin Consumer Credit Act, Wisc. Stat. Ann. §§421.101 through 427.105 (“WI-CCA”).

A. Actions creditor may take: WI-CCA §422.207(1) - If buyer covenants to perform certain duties with respect to insuring the vehicle and fails to do so, the contract may provide that creditor may pay for the performance of such duties on buyer's behalf and add the amounts so paid to buyer's obligation if creditor has made all expenditures in good faith and in a commercially reasonable manner.

B. Notices required:

(1) WI-CCA §422.207(1) - Creditor must give buyer written notice of nonperformance and allow buyer a reasonable opportunity after such notice in which to perform.

(2) WI-CCA §422.207(2) - Within a reasonable time after advancing sums on buyer's behalf, creditor must notify buyer in writing of the amounts advanced, any charges with respect to this amount, any revised payment schedule, and a brief description of the insurance paid for, including the type and amount of the coverage.

C. Charges permitted: Yes. WI-CCA §422.207(2).

D. Finance charge allowed on creditor's payment: Yes. WI-CCA §422.207(3) - A finance charge may be collected for the amount advanced at a rate not exceeding the rate disclosed to buyer in the contract.

Click here to view relevant Wisconsin Code and Regulations.