Wisconsin § 428.202 - Definitions.

§ 428.202. Definitions.

In this subchapter: 428.202(1) (1) “Bridge loan” means a loan with a maturity of less than 18 months which requires only payments of interest until the time that the unpaid balance is due. 428.202(1m) (1m) “Business day” has the meaning that is specified under 12 CFR 226.2 (a) (6) for purposes of 12 CFR 226.31 . 428.202(2) (2) “Covered loan” means a consumer credit mortgage loan transaction other than an open-end credit plan or reverse mortgage in which all of the following apply: 428.202(2)(a) (a) The customer is a natural person. 428.202(2)(b) (b) The debt is incurred by the customer primarily for personal, family, or household purposes. 428.202(2)(c) (c) The loan is secured by a mortgage on, or an equivalent security interest in, residential real property, and the residential real property is or will be occupied by the customer as the customer’s principal dwelling. 428.202(2)(d) (d) The terms of the loan provide any of the following: 428.202(2)(d)1. 1. That the loan transaction, at the time that the loan is consummated, is considered a mortgage under 15 USC 1602 (bb) and regulations adopted thereunder, including 12 CFR 226.32 . 428.202(2)(d)2. 2. That total points and fees payable by the customer at or before the loan closing exceed 6 percent of the total loan amount. For purposes of this subdivision, “total points and fees” does not include reasonable fees paid to affiliates or nonaffiliates of the lender for bona fide services listed in 12 CFR 226.4 (c) (7) . 428.202(3) (3) “Customer” means an individual to whom a covered loan is offered or made. “Customer” does not include a surety, guarantor, cosigner, or endorser. 428.202(4) (4) “Department” means the department of financial institutions. 428.202(5) (5) “Lender” means any person who originates a covered loan and to whom the covered loan is initially payable, except that “lender” does not include an assignee of a covered loan or any person who, for at least 12 consecutive months, has failed to originate any covered loans. 428.202(5m) (5m) “Licensed lender” means a person licensed under s.