Wisconsin passed a bill eliminating variable rate, adverse action and transfer of servicing disclosure requirements. Under the bill, a lender is no longer required to provide an initial variable rate loan disclosure to a borrower prior to making a variable rate loan. The bill also removed the requirement for a lender to provide an adverse action notice to a borrower whose application receives adverse action. In addition, a lender is no longer required to provide a transfer of servicing notice to a borrower if the servicing for a loan is transferred. Note however, that an adverse action notice and/or a transfer of servicing notice may still be required pursuant to federal law. The bill went into effect March 25, 2024.
Click to view the Wisconsin Senate Bill 773: https://www.tenaco.com/wp-content/uploads/2024/03/WI-SB-773-03-25-24.pdf
