(1) Every retail installment sale shall be evidenced by an instrument in writing, which shall contain all the agreements of the parties and shall be signed by the buyer. (2) (a) Prior to or concurrent with any installment sale, the seller shall deliver to the buyer a written statement clearly describing all of the following: 1. The motor vehicle sold to the buyer. 2. The cash sale price. 3. The cash paid down by the buyer. 4. The amount credited the buyer for any trade-in. 5. A description of the trade-in. 5m. The cost to the retail buyer of any insurance. 6. The amount financed, which may include the cost of insurance and sales and use taxes. 7. The amount of the finance charge. 8. The amount of any other charge specifying its purpose. 9. The total of payments due from the buyer. 10. The terms of payment of the total of payments due from the buyer. 11. The amount and date of each payment necessary to pay the total finally. 12. A summary of any insurance coverage to be effected. (b) The division of banking may determine the form of the statement required under par. (a). (c) If a written order is taken from a prospective purchaser in connection with any installment sale, the written statement described in par. (a) shall be given to the purchaser prior to or concurrent with the signing of the order by the purchaser. (3) A retail installment sale made after October 31, 1984, is not subject to any maximum finance charge limit. (4) An exact copy of the installment sale contract and any note or notes given in connection with the contract shall be furnished by the seller to the buyer at the time the buyer signs the contract. The buyer’s copy of the contract shall contain the signature of the seller identical with the signature on the original contract. No contract shall be signed in blank except that a detailed description of the motor vehicle including the serial number or other identifying marks of the vehicle sold which are not available at the time of execution of the contract may be filled in before final delivery of the motor vehicle. (5) A violation of sub. (1), (2) or (3) bars recovery of any finance charge by the seller, or an assignee of the seller who, at the time of the assignment, had knowledge of the violation, in any suit upon a sales contract arising from the sale where the violation occurred. (6) (a) Prior to 30 days after acquisition of any retail installment contract from a retail seller, every finance company shall do all of the following: 1. Mail or deliver to the retail buyer a written notice that the finance company has acquired the retail installment contract from the retail seller. 2. Mail or cause to be mailed with the notice described in subd. 1. a statement of the particulars of the retail installment contract price required under sub. (2) to be stated by the retail seller, in accordance with the finance company’s records respecting the particulars of the retail installment contract, including the amount of the finance charge. (b) Every finance company, if insurance is provided by the finance company, shall also within 30 days after acquisition of the retail installment contract send or cause to be sent to the retail buyer a policy of insurance clearly setting forth the exact nature of the insurance coverage and the amount of the premiums, each stated separately, which shall be filed with the commissioner of insurance in accordance with ch. 625. The cancellation and rewriting of any policy provided by the finance company shall comply with the requirements of s. 631.69. (7) In the event that the dealer shall finance the installment sale contract, the division of banking may permit the dealer to combine the information required by subs. (2) and (6) in one statement under rules that the division of banking may from time to time promulgate. (8) Any retail buyer of a motor vehicle under a retail installment contract who is a resident of this state at the time of purchase shall have a valid defense in any action or proceeding at law to enforce the contract by any finance company that is not licensed and which has purchased or otherwise acquired the contract if the finance company has willfully failed or refused to comply with sub. (6). (9) Any retail buyer of a motor vehicle under a retail installment contract made in this state who is a resident of this state at the time of purchase shall have a valid defense against the recovery of the principal, finance charge and other fees included in the contract in any action or proceeding at law to enforce the contract by any person who has purchased or otherwise acquired the contract if all of the following are true: (a) The person who acquired the contract has failed or refused prior to the purchase or acquisition to be licensed as a sales finance company under ss. 218.0101 to 218.0163. (b) The person who acquired the contract is actually engaged in business, in whole or in part as a sales finance company. (10) All transactions that constitute consumer transactions, as defined under s. 421.301 (13), are subject to chs. 421 to 427, in addition to ss. 218.0101 to 218.0163. (11) This section does not apply to a retail installment sale of a motor vehicle made on or after November 1, 1981, if the motor vehicle is to be used primarily for business or commercial purposes and not for the buyer’s personal, family or household use.
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