Can anyone direct me to the cite where it specifies when a loan is given 10 days grace vs. 15 days grace for a late payment? I thought it was loans of $25,000 or less secured by a 1st lien or equivalent were given 10 days and anything over $25,000 was at 15 days. I'm reviewing some loan files and I have a $232,000 construction note with a 10 day grace period. Is this correct?

If that is what the note says, you have to stick with it. At least until you get a new note signed. It revolves around the Wisconsin Consumer Act I think...but either way on this one you are stuck with following what they signed.

Anyone got a copy of the new Right to Cure for Wisconsin?

8/2004 is my most recent form. Is there a new one? Is there mandatory use as of some date?

OK, wait. On my desk I just found the new one from 5/30/2006. We should have the hard copy loaded this week so if you PM me your e-mail address I can send it to you.

CSB1 as a follow up to Beagle Queen's first post on this thread.

You do have to live with what the contract states on this one but going forward the WBA has a nice chart out there for late fees and default rates. It has helped me more than once. Are you a WBA member? If so login and look under the compliance resources section.

As a follow up to Jennifer, I am sure she will concur that if you aren't a member, you should convince your bank to become a member. Great resource for WI rules.

I knew there was a chart out there somewhere, just couldn't find it in my stash of papers. We are a WBA member, so I will go to the site and print it out. Thanks for everyone's help.