Wisconsin § 425.103 - Accrual of cause of action; “default”.

§ 425.103. Accrual of cause of action; “default”.

425.103(1) (1) Notwithstanding any term or agreement to the contrary, no cause of action with respect to the obligation of a customer in a consumer credit transaction shall accrue in favor of a creditor except by reason of a default, as defined in sub. (2) . 425.103(2) (2) “Default”, with respect to a consumer credit transaction, means without justification under any law: 425.103(2)(a) (a) With respect to a transaction other than one pursuant to an open-end plan and except as provided in par. (am) ; if the interval between scheduled payments is 2 months or less, to have outstanding an amount exceeding one full payment which has remained unpaid for more than 10 days after the scheduled or deferred due dates, or the failure to pay the first payment or the last payment, within 40 days of its scheduled or deferred due date; if the interval between scheduled payments is more than 2 months, to have all or any part of one scheduled payment unpaid for more than 60 days after its scheduled or deferred due date; or, if the transaction is scheduled to be repaid in a single payment, to have all or any part of the payment unpaid for more than 40 days after its scheduled or deferred due date. For purposes of this paragraph the amount outstanding shall not include any delinquency or deferral charges and shall be computed by applying each payment first to the installment most delinquent and then to subsequent installments in the order they come due; 425.103(2)(am) (am) With respect to an installment loan not secured by a motor vehicle made by a licensee under s.