Legislative Restriction of Creditor Powers and Remedies: A Case Study of the Negotiation and Drafting of the Wisconsin Consumer Act

This Article discusses the background, negotiation, and drafting of selected WCA restrictions on creditor powers and remedies and compares those provisions to the analogous restrictions proposed by other reform measures. In addition to the UCCC, the MCCA and the WCA, two other major works must be considered in any discussion of consumer-credit legislation. First is Working Redraft No. 4 of the UCCC (UCCC Redraft). This proposed revision, published in December 1972, represents a marked change in the UCCC. Many provisions favorable to the consumer have been added, and many of the parallel provisions on sales and loans have been consolidated. Although it is not an official recommendation, it indicates the current thinking of the UCCC Special Committee. Second is the Report of the National Commission on Consumer Finance (Commission Report). The Commission, established by title IV of the Consumer Credit Protection Act, submitted the report on December 31, 1972, after three years of study.

My objective in this Article is twofold. First, the discussion may enable the reader to understand the objectives of the WCA restrictions on creditors’ rights and remedies and the interests that they are likely to affect. Second, by looking closely at the evolution of the WCA in the context of specific issues, it may be possible to determine whether the WCA can serve as a model for consumer-credit reform movements in other states.