Learn More - Click Here!

Thread Options
#30310 - 08/29/02 07:18 PM WI - Early Termination Fee
Peepers Offline
10K Club
Joined: Jul 2002
Posts: 13,994
Can anyone from a Wisconsin institution shed some light on this?

We want to charge an early termination fee on a line of credit. The customer can pay down the line at anytime, but if they pay it off within 2 years, they would be subject to a $250 fee. We would disclose this at application and on the note.

I can't find this specifically in WI statutes. I'm wondering if we are limited to charging a certain dollar amount as well. I did find a reference to a merchant being able to retain a loan administration fee if it met certain conditions (422.209).

Return to Top
#30311 - 08/29/02 10:08 PM Re: WI - Early Termination Fee


If you have a variable rate HELOC, look at 138.056(3) Fees and Penalties prohibited. This restricts charging prepayment fees.

Opinions stated are my own and do not reflect those of my employer.

Return to Top