Section DFI-Bkg 73.04 - Prohibited practices No licensee shall:
(1) Purchase from a creditor any obligation of a debtor or make or arrange for the making of a loan to any debtor for the purpose of paying off the indebtedness unless no fee is charged.(2) Have a direct or indirect interest in a collection agency either as owner, partner or as a stockholder.(3) Pay any compensation or other consideration to any person for the referral of other customers to the licensee.(4) Accept or receive any bonus, commission or other consideration for referring any debtor to any person for any reason or for the use of a list of delinquent debtors.(5) Use any advertising whatsoever in the conduct of the adjustment service business which is false, misleading or deceptive or which might infer that a loan business is conducted by the licensee.(6) Take a note or evidence of indebtedness or require a debtor to give an order or an assignment of wages. Licensee may take such an order or an assignment of wages if requested to do so in writing by the customer for his or her convenience.(7) Sell insurance or any other item to a customer.(8) Act as a trustee under s. 128.21, Stats., for any debtor whose accounts have been or are being handled by the licensee under s. 218.02, Stats.(9) Accept any fee, voluntary contribution, discount or reduction on an account of the debtor in excess or 15% of the amount owed unless the full amount received in excess of the 15% is for the benefit of the debtor as a reduction of the obligation owed the creditor.Wis. Admin. Code Department of Financial Institutions DFI-Bkg 73.04
CR Register, August, 1969, No. 164, eff. 9-1-69; am. (2), r. and reCR (9), Register, December, 1991, No. 432, eff. 1-1-92; correction in (6), made under s. 13.93(2m) (b) 5, Stats., Register, December, 1991, No. 432.Amended by, CR 23-039: am. (6) Register February 2024 No. 819, eff. 4/1/2024