WI SB737

Creates new Chapter 420 regulating lease-purchase agreements for personal property used for personal, family, or household purposes with initial terms of 4 months or less that automatically renew and permit consumer ownership

Requires written agreements with 12 specific disclosures including periodic payment amounts, total payments to acquire ownership, cash-sale price, early purchase option terms, and consumer liability limits for loss or damage

Prohibits agreement provisions including confessions of judgment, security interests in consumer property, wage assignments, waivers of claims/defenses, requirements to purchase insurance from the lessor, and balloon payments

Grants consumers reinstatement rights after missed payments (5 days for monthly payments, 2 days for more frequent payments) and extends reinstatement periods to 21-30 days if goods are voluntarily returned within 7 days of the renewal date

Establishes consumer damages of actual damages or 25% of total payments (minimum $100, maximum $1,000) plus attorney fees for violations, with a 1-year statute of limitations and defenses for unintentional errors or good faith compliance efforts