Please note that there has been a revision made to the LAW®553-WI(4P)5/25 and LAW®553-WI-ARB5/25 contracts. The new form numbers are LAW®553-WI(4P)1/27 and LAW®553-WI-ARB1/27.
Wisconsin Senate Bill No 787, effective January 1, 2027, increases the threshold of the Wisconsin Consumer Act from transactions of $25,000 or less to transactions of $50,000 or less. We updated the reference to the amount in the Late Charge section and section 3.b. of the contract.
In addition, we made other changes based on user requests and to continually improve our contract acceptance:
New programming may be required for the new revision. The standard and ARB versions will not line up the same as each other for programming purposes.
Dealers should begin using the new contract on January 1, 2027.
The electronic and laser versions (e, ea, eps and eps-14) of the WI contracts will also be revised to reflect the same changes and should be used on January 1.
The LAW-ARB (stand-alone arbitration agreement) has been revised to correspond with the changes in the 553-WI-ARB Arbitration Provision. If you utilize the LAW-ARB form, you should now order the LAW-ARB10/26 revision for use in Wisconsin.
The Bankers Systems®brand Motor Vehicle Retail Installment Sale Contracts will also be revised and announced in a separate message.