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#358766 - 05/12/05 04:56 PM Consumer Simple Interest Note
armyE3 Offline
New Poster
Joined: Aug 2004
Posts: 23
WI
Our customer is legally separated. Does spouse get Notice to Spouse and is 4. (Convenants) (a) Marital Information completed on the note?

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#358767 - 05/12/05 06:29 PM Re: Consumer Simple Interest Note
Beagles22 Offline
Power Poster
Joined: Jan 2004
Posts: 3,626
State of confusion
YES. They are legally married they get the tattletale notice and they have to sign the marital purpose on the note. I think it is that way to help keep them from obtaining debt using the income of the spouse before the divorce is final.
_________________________
Going to church doesn't make you a christian any more that standing in your garage makes you a car.

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#358768 - 05/12/05 08:10 PM Re: Consumer Simple Interest Note
armyE3 Offline
New Poster
Joined: Aug 2004
Posts: 23
WI
I forgot to clarify a couple of things.
This is a single pay unsecured $1000.00 loan. App in just husbands name, no spousal income used to determine repayability.
Same answer?

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#358769 - 05/12/05 08:44 PM Re: Consumer Simple Interest Note
Beagles22 Offline
Power Poster
Joined: Jan 2004
Posts: 3,626
State of confusion
Yes. IMHO the reason for the answer still applies even if you aren't using the income. Because we are in WI and they are married even if she didn't sign the note she is still liable as his wife now. What if they don't go through with the divorce? Until it's final I would never take that chance. Plus as far as I know it is still a legal requirement until the divorce is final as he is legally married, not single.
_________________________
Going to church doesn't make you a christian any more that standing in your garage makes you a car.

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#358770 - 05/16/05 01:29 PM Re: Consumer Simple Interest Note
E Street Offline
Member
Joined: Apr 2002
Posts: 96
Darkness on the Edge of Town
I appologize for the late response. I was out of the office last week. Anyway, the tattletale notice is for loans subject to the Wisconsin Consumer Act. See Wisconsin State Statute 766.56(3)(b) for clarrification. This is one of the quirky things about the Wisconsin Marital Property Act. My wife can take out a $100,000 loan to buy a luxery car and the lender does not have to notify me. If she buys a $20,000 economy car on credit the lender has to send me a notice. Go figure. Which one would you be concerned about?????

E Street

This is not leagl advice and should not be taken as such.

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