Commissioner Dean has requested that I respond to your letter dated February 15, 1996. You state that the concern of your client, [Redacted Content], is that users of their loan origination software, [Redacted Content] comply with Wis. Stat. s. 422.302(3), in the most efficient manner.
Wisconsin Stat. s. 422.302(3), requires that the creditor furnish the customer with an exact copy of each document signed by the customer and which evidences the customer's obligation to the creditor. You ask whether a bank using [Redacted Content] software may make multiple copies of a customer's contract produced by the software by instructing the laser printer to print the required number of copies. You further ask whether the user bank may then comply with Wis. Stat. s. 422.302(3) by providing the customer with a copy of this contract unsigned but bearing the customer's name printed beneath the signature line by the [Redacted Content] loan origination software.
Based on your description of the procedure to be used, the procedure does not conflict with any requirements of the Wisconsin Consumer Act and is approved for use in connection with the offering of consumer credit to Wisconsin residents with the exception of contracts subject to Wis. Stat. s. 218.01(6)(c), (Section 218.01(6)(c) requires the customer's copy of the contract to contain "the signature of the seller identical with the signature on the original contract.")
Approval of any form or procedure is given subject to any subsequent changes required by rules, regulations, or interpretations of the Commissioner of Banking under the Wisconsin statutes and/or Wisconsin Administrative Code. In addition, such approval may not be construed to approve any language and numbers subsequently inserted in any blank or tacit approval of any business practice that is utilized in a transaction involving an approved form or procedure.
Wisconsin Consumer Act Interpretive Opinion - Exact Copy, April 12, 1996, Special Counsel Michael S Rogowski