45.36 Manner of repayment. - Wisconsin Statutes

45.36

45.36 Manner of repayment.

45.36(1)

(1) Monthly payments; right to prepay. Each loan made under this subchapter shall be repaid in monthly installments with the option to pay additional sums. Any additional payments must be paid on the regular installment payment date.

45.36(2)

(2) Acceleration provisions. All loans made under this subchapter shall be repaid in full upon sale of the residence securing the loan or any interest in such residence, unless one of the following applies:

45.36(2)(a)

(a) The sale is to another eligible person.

45.36(2)(b)

(b) The department or authorized lender servicing the loan determines that acceleration will jeopardize collection of the loan balance.

45.36(2)(c)

(c) The loan is a guaranteed loan which is assumed or paid in regular monthly installments under s. 45.37 (11) (a).

45.36 - ANNOT.

History: 2005 a. 22.