Section DFI-WCA 1.351 - Customer liability; open-end creditIn order to obligate a person for an obligation arising out of an open-end credit plan, the merchant must pursuant to s. 422.305, Stats., obtain the signature of that person on the writing evidencing the consumer credit transaction. Compliance with this rule requires that the customer to be held contractually liable sign one of the following:
(1) An open-end credit agreement setting forth all of the terms of the open-end credit plan including the credit disclosures required by s. 422.301, Stats.,(2) A credit application which expressly states that each person signing the application will be obligated according to the terms of the open-end credit agreement referred to in sub. (1), provided the creditor mails or delivers to each customer who signs the application a copy of the open-end credit agreement before that customer makes any charges on the account, or (3) A transaction receipt which expressly states that each person signing the receipt will be obligated according to the terms of the open-end credit agreement referred to in sub. (1), provided the creditor has mailed or delivered a copy of the open-end credit agreement to that customer before that customer makes any charges on the account. Wis. Admin. Code Department of Financial Institutions DFI-WCA 1.351
CR Register, June, 1973, No. 210, eff. 7-1-73; r. and recr., Register, October, 1980, No. 298, eff. 11-1-80.