Showing 3 posts in Wisconsin.

Nationwide Multistate Licensing System Adds New License Types

July 31, 2023 by Bonnie E. Dye

Several new licenses will be managed on the Nationwide Multistate Licensing System and Registry (NMLS) in Kentucky, North Dakota, and Wisconsin beginning August 1, 2023. These new license types will affect consumer finance companies in the student loan, mortgage, and sales finance industries.  More ›

Wisconsin Supreme Court Rules Creditor's Failure to Send a Right to Cure Notice is not Grounds for a Monetary Damages Claim

May 20, 2019 by Hinshaw & Culbertson LLP

A debtor ("Kirsch") recently sought monetary damages from his creditor ("Security Finance"), arguing that Security Finance had failed to provide sufficient notice of right to cure before commencing a debt collection action, as required by the Wisconsin Consumer Act (WCA), §§ 425.104 and 425.105. Kirsch argued that this failure to comply with the WCA also constituted a violation of Wis. Stat. § 427.104(1)(g), which authorizes an independent private right of action for damages. In Security Finance v Kirsch, the Wisconsin Supreme Court disagreed, finding that a creditor's failure to send a notice of right to cure is a procedural error and is not a sufficient basis for a consumer to file a lawsuit seeking damages under the WCA. More ›

Mortgage Holder Allowed to Proceed with Second Foreclosure Action after the First was dismissed with Prejudice

July 9, 2018 by Hinshaw & Culbertson LLP

In Federal National Mortgage Association v. Thompson, the Wisconsin Supreme Court permitted a lender to pursue a second judicial foreclosure action after the first case was dismissed with prejudice. In the first foreclosure action, the lower court agreed with borrower Cory Thompson that his lender had failed to present evidence that a notice of intent to accelerate was mailed and that the servicer was in possession of the original note. After an unsuccessful appeal of the dismissal, the lender sent Thompson a new notice of intent to accelerate payment of the note and filed a second foreclosure action when no payments were received in response to the letter. Following trial of the second foreclosure action, the lower court granted judgment in favor of the lender. Thompson appealed, asserting that claim preclusion barred the second action. More ›

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