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No one has proposed a change to this act yet.
This act being a general act intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided.
Propose a changeIf any provision of this act or the application thereof to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this act which can be given effect without the invalid provision or application, and to this end the provisions of this act are severable.
Propose a change(a) Except as otherwise provided in this act, a buyer, lessee, or debtor may not waive or agree to forego rights or benefits under this act. (b) A claim by a buyer, lessee, or debtor against a creditor for an excess charge, other violation of this act, or civil penalty, or a claim against a buyer, lessee, or debtor for default or breach of a duty imposed by this act, if disputed in good faith, may be settled by agreement. (c) A claim, whether or not disputed, against a buyer, lessee, or debtor may be settled for less value than the amount claimed. (d) A settlement in which the buyer, lessee, or debtor waives or agrees to forego rights or benefits under this act is invalid if the court as a matter of law finds the settlement to have been unconscionable at the time it was made. The competence of the buyer, lessee, or debtor, any deception or coercion practiced upon him, the nature and extent of the legal advice received by him, and the value of the consideration are relevant to the issue of unconscionability. (e) If there is no agreement or provision of law for a different rate, the interest of money shall be at the rate of seven percent (7%) per annum. (f) The Financial Technology Sandbox Act shall apply to this act.
Propose a change(a) This act prescribes maximum charges for all creditors, except lessors and those excluded (W.S. 40-14-121), extending consumer credit including consumer credit sales (W.S. 40-14-204) and consumer loans (W.S. 40-14-304), and displaces existing limitations on the powers of those creditors based on maximum charges. (b) With respect to sellers of goods or services, small loan companies, licensed lenders, consumer and sales finance companies, industrial banks and loan companies and commercial banks and trust companies, this act displaces existing limitations on their powers based solely on amount or duration of credit. (c) Except as provided in subsection (a) of this section, this act does not displace limitations on powers of credit unions, savings banks, savings and loan associations, or other thrift institutions whether organized for the profit of shareholders or as mutual organizations. (d) Except as provided in subsections (a) and (b) of this section, this act does not displace: (i) Limitations on powers of supervised financial organizations defined by W.S. 40-14-140(a)(xix) with respect to the amount of a loan to a single borrower, the ratio of a loan to the value of collateral, the duration of a loan secured by an interest in land or other similar restrictions designed to protect deposits; or (ii) Limitations on powers an organization is authorized to exercise under the laws of this state or the United States. Part 2. Scope and Jurisdiction
Propose a change(a) Except as otherwise provided in this section, this act applies to consumer credit transactions made in this state. For purposes of this act, a consumer credit transaction is made in this state if: (i) A signed writing evidencing the obligation or offer of the consumer is received by the creditor or person acting on behalf of the creditor in this state; (ii) Repealed By Laws 2013, Ch. 124, § 3. (iii) The credit transaction is secured by a dwelling, as defined in W.S. 40-14-640(a), located in Wyoming; or (iv) A consumer who is a resident of this state enters into a consumer credit transaction while in this state with a creditor who has offered or advertised in this state by means, including but not limited to mail brochure, telephone, print, radio, television, internet or other electronic means. (b) With respect to sales made pursuant to a revolving charge account (W.S. 40-14-208), this act applies if the buyer's communication or indication of his intention to establish the account is received by the seller in this state. If no communication or indication of intention is given by the buyer before the first sale, this act applies if the seller's communication notifying the buyer of the privilege of using the account is mailed or personally delivered in this state. (c) With respect to loans made pursuant to a lender credit card or similar arrangement (W.S. 40-14-140(a)(ix)), this act applies if the debtor's communication or indication of his intention to establish the arrangement with the lender is received by the lender in this state. If no communication or indication of intention is given by the debtor before the first loan, this act applies if the lender's communication notifying the debtor of the privilege of using the arrangement is mailed or personally delivered in this state. (d) The part on limitations on creditors' remedies (part 1) of the article on remedies and penalties (article 5) applies to actions or other proceedings brought in this state to enforce rights arising from consumer credit sales, consumer leases, or consumer loans, or extortionate extensions of credit, wherever made. (e) If a consumer credit sale, consumer lease, or consumer loan, or modification thereof, is made in another state to a person who is a resident of this state when the sale, lease, loan, or modification is made, the following provisions apply as though the transaction occurred in this state: (i) A seller, lessor, lender, or assignee of his rights, may not collect charges through actions or other proceedings in excess of those permitted by the article on credit sales (article 2) or by the article on loans (article 3); and (ii) A seller, lessor, lender, or assignee of his rights, may not enforce rights against the buyer, lessee, or debtor, with respect to the provisions of agreements which violate the provisions on limitations on agreements and practices (part 4) of the article on credit sales (article 2) or of the article on loans (article 3). (f) Except as provided in subsection (d) of this section, a sale, lease, loan or modification thereof, made in another state to a person who was not a resident of this state when the sale, lease, loan, or modification was made is valid and enforceable in this state according to its terms to the extent that it is valid and enforceable under the laws of the state applicable to the transaction. (g) For the purposes of this act, the residence of a buyer, lessee, or debtor is the address given by him as his residence in any writing signed by him in connection with a credit transaction. Until he notifies the creditor of a new or different address, the given address is presumed to be unchanged. (h) Notwithstanding other provisions of this section: (i) Except as provided in subsection (d) of this section, this act does not apply if the buyer, lessee, or debtor is not a resident of this state at the time of a credit transaction and the parties then agree that the law of his residence applies; and (ii) This act applies if the buyer, lessee, or debtor is a resident of this state at the time of a credit transaction and the parties then agree that the law of this state applies. (j) Except as provided in subsection (h) of this section, the following agreements by a buyer, lessee, or debtor are invalid with respect to consumer credit sales, consumer leases, consumer loans, or modifications thereof, to which this act applies: (i) That the law of another state shall apply; (ii) That the buyer, lessee, or debtor consents to the jurisdiction of another state; and (iii) That fixes venue. (k) The following provisions of this act specify the applicable law governing certain cases: (i) Applicability (W.S. 40-14-602) of the part on powers and functions of administrator (part 1) of the article on administration (article 6); and (ii) Applicability (W.S. 40-14-630) of the part on notification and fees (part 2) of the article on administration (article 6).
Propose a change(a) Except as required by W.S. 40-14-641, this act does not apply to: (i) Extensions of credit to government or governmental agencies or instrumentalities; (ii) Except as otherwise provided in the article on insurance [article 4], the sale of insurance by an insurer if the premium is not financed; (iii) Transactions under public utility or common carrier tariffs if a subdivision or agency of this state or of the United States regulates the charges for the services involved, the charges for delayed payment, and any discount allowed for early payment; or (iv) Repealed by Laws 1983, ch. 62, § 2. (v) Ceilings on rates and charges or limits on loan maturities of a credit union organized under the laws of this state or of the United States if these ceilings or limits are established by these laws; or (vi) Credit sales, loans or leases primarily for an agricultural purpose except as provided in article 2, part 6 and article 3, part 6 of this code. Part 3. Definitions
Propose a change(a) In addition to definitions appearing in subsequent articles, in this act: (i) "Actuarial method" means the method, defined by rules adopted by the administrator, of allocating payments made on a debt between principal or amount financed and loan finance charge or credit service charge pursuant to which a payment is applied first to the accumulated loan finance charge or credit service charge and the balance is applied to the unpaid principal or unpaid amount financed; (ii) "Administrator" means the administrator designated in the article (article 6) on administration (W.S. 40-14-603); (iii) "Agreement" means the bargain of the parties in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance; (iv) "Agricultural purpose" means a purpose related to the production, harvest, exhibition, marketing, transportation, processing, or manufacture of agricultural products by a natural person who cultivates, plants, propagates, or nurtures the agricultural products. "Agricultural products" includes agricultural, horticultural, viticultural, and dairy products, livestock, wildlife, poultry, bees, forest products, fish and shellfish, and any products thereof, including processed and manufactured products, and any and all products raised or produced on farms and any processed or manufactured products thereof; (v) "Closing costs" with respect to a debt secured by an interest in land includes: (A) Fees or premiums for title examination, title insurance, or similar purposes including surveys; (B) Fees for preparation of a deed, settlement statement, or other documents; (C) Escrows for future payments of taxes and insurance; (D) Fees for notarizing deeds and other documents; (E) Appraisal fees; and (F) Credit reports. (vi) "Conspicuous".-A term or clause is conspicuous when it is so written that a reasonable person against whom it is to operate ought to have noticed it. Whether a term or clause is conspicuous or not is for decision by the court; (vii) "Credit" means the right granted by a creditor to a debtor to defer payment of debt or to incur debt and defer its payment; (viii) "Earnings" means compensation paid or payable to an individual or for his account for personal services rendered or to be rendered by him, whether denominated as wages, salary, commission, bonus, or otherwise, and includes periodic payments pursuant to a pension, retirement, or disability program; (ix) "Lender credit card or similar arrangement" means an arrangement or loan agreement, other than a seller credit card, pursuant to which a lender gives a debtor the privilege of using a credit card, letter of credit, or other credit confirmation or identification in transactions out of which debt arises: (A) By the lender's honoring a draft or similar order for the payment of money drawn or accepted by the debtor; (B) By the lender's payment or agreement to pay the debtor's obligations; or (C) By the lender's purchase from the obligee of the debtor's obligations. (x) Repealed By Laws 2013, Ch. 124, § 3. (xi) "Official fees" means: (A) Fees and charges prescribed by law which actually are or will be paid to public officials for determining the existence of or for perfecting, releasing, or satisfying a security interest related to a consumer credit sale, consumer lease, or consumer loan; or (B) Premiums payable for insurance in lieu of perfecting a security interest otherwise required by the creditor in connection with the sale, lease, or loan, if the premium does not exceed the fees and charges described in subparagraph (A) of this paragraph which would otherwise be payable. (xii) "Organization" means a sole proprietorship, limited liability company, corporation, government or governmental subdivision or agency, trust, estate, partnership, cooperative, association or other entity, public or private; (xiii) "Payable in installments" means that payment is required or permitted by a written agreement in five (5) or more installments. If any periodic payment other than the down payment under an agreement requiring or permitting two (2) or more periodic payments is more than twice the amount of any other periodic payment, excluding the down payment, the consumer credit sale, consumer lease or consumer loan is "payable in installments"; (xiv) "Person" includes a natural person or an individual, and an organization; (xv)(A) "Person related to" with respect to an individual, means: (I) The spouse of the individual; (II) A brother, brother-in-law, sister, sister-in-law of the individual; (III) An ancestor or lineal descendant of the individual or his spouse; and (IV) Any other relative, by blood or marriage, of the individual or his spouse who shares the same home with the individual; (B) "Person related to" with respect to an organization means: (I) A person directly or indirectly controlling, controlled by or under common control with the organization; (II) An officer or director of the organization or a person performing similar functions with respect to the organization or to a person related to the organization; (III) The spouse of a person related to the organization; and (IV) A relative by blood or marriage of a person related to the organization who shares the same home with him. (xvi) "Presumed" or "presumption" means that the trier of fact must find the existence of the fact presumed unless and until evidence is introduced which would support a finding of its nonexistence; (xvii) "Rule of 78's" means the method used in the calculation of rebate upon prepayment where the unearned portion of the credit service charge or loan finance charge is a fraction of the charge of which the numerator is the sum of the periodic balances scheduled to follow the computational period in which prepayment occurs and the denominator is the sum of all periodic balances under the related consumer credit sale agreement, the loan agreement or, if the balance owing resulted from a refinancing or a consolidation, the related refinancing agreement or consolidation agreement; (xviii) "Seller credit card" means an arrangement in which a person gives to a buyer or lessee the privilege of using a credit card, letter of credit or other credit confirmation or identification primarily for the purpose of purchasing or leasing goods or services from that person or from that person and any other person; (xix) "Supervised financial organization" means a depository institution as defined by 12 U.S.C. § 1813(c); (A) Repealed by Laws 2021, ch. 14, § 3. (B) Repealed by Laws 2021, ch. 14, § 3. (xx) "Licensee" means an organization licensed under this act; (xxi) "Incident to the extension of credit" means a charge assessed at any time during the duration of a credit transaction that is not assessed to a consumer in a comparable cash transaction whether imposed by the original creditor or an assignee or servicer of the credit transaction; (xxii) "Regulation Z" means regulation Z as promulgated by the board of governors of the federal reserve system and codified in 12 C.F.R. part 1026 et seq., as amended; (xxiii) "Channeling agent" means the third party licensing system that gathers the application information and distributes it to Wyoming for review for the approval or denial decision; (xxiv) "Registry" means the nationwide licensing system and registry maintained by the State Regulatory Registry, LLC; (xxv) "Current installment" means the intervening period between regularly scheduled payments; (xxvi) "Regularly engages" or "regularly engaged" means the extension of credit more than twenty-five (25) times, or more than five (5) times for transactions secured by a dwelling as defined by W.S. 40-14-640(a)(iv), in the preceding calendar year. The requirements of this paragraph may be applied to the current calendar year if not met in the preceding year; (xxvii) "This act" means W.S. 40-14-101 through 40-14-649.
Propose a changeIn this act "Federal Consumer Credit Protection Act" means the Consumer Credit Protection Act (Public Law 90-321; 82 U.S. Statutes 146), as amended, and includes regulations issued pursuant to that act.
Propose a change(a) Definitions in this act and the sections in which they appear are: (i) "Actuarial method"-W.S. 40-14-140(a)(i); (ii) "Administrator"-W.S. 40-14-140(a)(ii); (iii) "Administrator"-W.S. 40-14-603; (iv) "Agreement"-W.S. 40-14-140(a)(iii); (v) "Agricultural purpose"-W.S. 40-14-140(a)(iv); (vi) "Amount financed"-W.S. 40-14-211; (vii) Repealed By Laws 2008, Ch. 116, § 2. (viii) Repealed By Laws 2008, Ch. 116, § 2. (ix) "Cash price"-W.S. 40-14-210; (x) "Closing costs"-W.S. 40-14-140(a)(v); (xi) "Conspicuous"-W.S. 40-14-140(a)(vi); (xii) "Consumer credit insurance"-W.S. 40-14-403(a)(i); (xiii) "Consumer credit sale"-W.S. 40-14-204; (xiv) "Consumer lease"-W.S. 40-14-206; (xv) "Consumer loan"-W.S. 40-14-304; (xvi) Repealed by Laws 2021, ch. 14, § 3. (xvii) Repealed by Laws 2021, ch. 14, § 3. (xviii) Repealed By Laws 2012, Ch. 98, § 2. (xix) Repealed By Laws 2012, Ch. 98, § 2. (xx) "Credit"-W.S. 40-14-140(a)(vii); (xxi) "Credit Insurance Act"-W.S. 40-14-403(a)(ii); (xxii) "Credit service charge"-W.S. 40-14-209; (xxiii) "Earnings"-W.S. 40-14-140(a)(viii); (xxiv) "Federal Consumer Credit Protection Act"-W.S. 40-14-141; (xxv) "Goods"-W.S. 40-14-205(a); (xxvi) "Home solicitation sale"-W.S. 40-14-251; (xxvii) "Lender"-W.S. 40-14-307(a); (xxviii) "Lender credit card or similar arrangement"-W.S. 40-14-140(a)(ix); (xxix) "Loan"-W.S. 40-14-306; (xxx) "Loan finance charge"-W.S. 40-14-309; (xxxi) "Loan primarily secured by an interest in land" - W.S. 40-14-304(c); (xxxii) Repealed By Laws 2013, Ch. 124, § 3. (xxxiii) "Merchandise certificate"-W.S. 40-14-205(b); (xxxiv) "Official fees"-W.S. 40-14-140(a)(xi); (xxxv) "Organization"-W.S. 40-14-140(a)(xii); (xxxvi) "Payable in installments"-W.S. 40-14-140(a)(xiii); (xxxvii) "Pawnbroker"-W.S. 40-14-359(a)(i); (xxxviii) "Pawn finance charge"-W.S. 40-14-359(a)(ii); (xxxix) "Pawn transaction"-W.S. 40-14-359(a)(iii); (xl) "Person"-W.S. 40-14-140(a)(xiv); (xli) "Person related to"-W.S. 40-14-140(a)(xv); (xlii) "Post-dated check or similar arrangement"-W.S. 40-14-362(a)(i); (xliii) "Post-dated check casher"-W.S. 40-14-362(a)(ii); (xliv) "Precomputed" (loan)-W.S. 40-14-307(b); (xlv) "Precomputed" (sale)-W.S. 40-14-205(g); (xlvi) "Presumed" or "presumption"-W.S. 40-14-140(a)(xvi); (xlvii) "Principal"-W.S. 40-14-307(c); (xlviii) "Revolving charge account"-W.S. 40-14-208; (xlix) "Revolving loan account"-W.S. 40-14-308; (l) "Rule of 78's"-W.S. 40-14-140(a)(xvii); (li) "Sale of goods"-W.S. 40-14-205(d); (lii) "Sale of an interest in land"-W.S. 40-14-205(f); (liii) "Sale of services"-W.S. 40-14-205(e); (liv) "Seller"-W.S. 40-14-207; (lv) "Seller credit card"-W.S. 40-14-140(a)(xviii); (lvi) "Services"-W.S. 40-14-205(c); (lvii) "Supervised financial organization"-W.S. 40-14-140(a)(xix); (lviii) Repealed by Laws 2021, ch. 14, § 3. (lix) Repealed by Laws 2021, ch. 14, § 3. (lx) "Channeling agent" – W.S. 40-14-140(a)(xxiii); (lxi) "Clerical or support duties" – W.S. 40-14-640(a)(ii); (lxii) "Depository institution" – W.S. 40-14-640(a)(iii); (lxiii) "Dwelling" – W.S. 40-14-640(a)(iv); (lxiv) "Federal banking agency" – W.S. 40-14-640(a)(v); (lxv) "Immediate family member" – W.S. 40-14-640(a)(vi); (lxvi) "Individual" – W.S. 40-14-640(a)(vii); (lxvii) "Licensee" – W.S. 40-14-140(a)(xx); (lxviii) "Loan processor or underwriter" – W.S. 40-14-640(a)(viii); (lxix) "Mortgage loan originator" – W.S. 40-14-640(a)(ix); (lxx) "Nontraditional mortgage product" – W.S. 40-14-640(a)(x); (lxxi) "Real estate brokerage activity" – W.S. 40-14-640(a)(xi); (lxxii) "Registered mortgage loan originator" – W.S. 40-14-640(a)(xii); (lxxiii) "Registry" – W.S. 40-14-140(a)(xxiv); (lxxiv) "Residential mortgage loan" – W.S. 40-14-640(a)(xiv); (lxxv) "Timeshare plan" – W.S. 40-14-640(a)(xv); (lxxvi) "Unique identifier" – W.S. 40-14-640(a)(xvi); (lxxvii) "Incident to the extension of credit" – W.S. 40-14-140(a)(xxi); (lxxviii) "Regulation Z" – W.S. 40-14-140(a)(xxii); (lxxix) "This act" - W.S. 40-14-140(a)(xxvii); (lxxx) "Current installment" – W.S. 40-14-140(a)(xxv); (lxxxi) "Regularly engages" or "regularly engaged" – W.S. 40-14-140(a)(xxvi). Part 1. General Provisions
Propose a changeThis article shall be known and may be cited as "Uniform Consumer Credit Code Credit Sales."
Propose a change(a) This article applies to consumer credit sales, including home solicitation sales and consumer leases. (b) Unless a person has first registered with the administrator, no person shall engage in the business of making consumer credit sales or consumer leases.
Propose a change(a) The following definitions apply to this act and appear in this article as follows: (i) "Amount financed"-W.S. 40-14-211; (ii) Repealed By Laws 2008, Ch. 116, § 2. (iii) "Cash price"-W.S. 40-14-210; (iv) "Consumer credit sale"-W.S. 40-14-204; (v) "Consumer lease"-W.S. 40-14-206; (vi) Repealed by Laws 2021, ch. 14, § 3. (vii) Repealed By Laws 2008, Ch. 116, § 2. (viii) "Credit service charge"-W.S. 40-14-209; (ix) "Goods"-W.S. 40-14-205(a); (x) "Home solicitation sale"-W.S. 40-14-251; (xi) "Merchandise certificate"-W.S. 40-14-205(b); (xii) "Precomputed"-W.S. 40-14-205(g); (xiii) "Revolving charge account"-W.S. 40-14-208; (xiv) "Sale of goods"-W.S. 40-14-205(d); (xv) "Sale of an interest in land"-W.S. 40-14-205(f); (xvi) "Sale of services"-W.S. 40-14-205(e); (xvii) "Seller"-W.S. 40-14-207; (xviii) "Services"-W.S. 40-14-205(c).
Propose a change(a) Except as provided in subsection (b) of this section, "consumer credit sale" is a sale of goods, services or an interest in land in which: (i) Credit is granted by a person who regularly engages as a seller in credit transactions of the same kind; (ii) The buyer is a person other than an organization; (iii) The goods, services or interest in land are purchased primarily for a personal, family or household purpose; (iv) Either the debt is payable in installments or a credit service charge is made; and (v) With respect to a sale of goods or services, the amount financed does not exceed seventy-five thousand dollars ($75,000.00). (b) Unless the sale is made subject to this act by agreement pursuant to W.S. 40-14-256, "consumer credit sale" does not include: (i) A sale in which the seller allows the buyer to purchase goods or services pursuant to a lender credit card or similar arrangement; or (ii) A sale of an interest in land if the credit service charge does not exceed eighteen percent (18%) per year calculated according to the actuarial method on the unpaid balances of the amount financed on the assumption that the debt will be paid according to the agreed terms and will not be paid before the end of the agreed term, except as provided for disclosure and debtors' remedies in W.S. 40-14-520. (c) Repealed by Laws 1981, ch. 147, § 2.
Propose a change(a) "Goods" includes a goods not in existence at the time the transaction is entered into and merchandise certificates, but excludes money, chattel paper, documents of title, and instruments. (b) "Merchandise certificate" means a writing issued by a seller not redeemable in cash and usable in its face amount in lieu of cash in exchange for goods or services. (c) "Services" includes: (i) Work, labor, and other personal services; (ii) Privileges with respect to transportation, hotel and restaurant accommodations, education, entertainment, recreation, physical culture, hospital accommodations, funerals, cemetery accommodations, and the like; and (iii) Insurance provided by a person other than the insurer. (d) "Sale of goods" includes any agreement in the form of a bailment or lease of goods if the bailee or lessee agrees to pay as compensation for use a sum substantially equivalent to or in excess of the aggregate value of the goods involved and it is agreed that the bailee or lessee will become, or for no other or a nominal consideration has the option to become, the owner of the goods upon full compliance with his obligations under the agreement. (e) "Sale of services" means furnishing or agreeing to furnish services and includes making arrangements to have services furnished by another. (f) "Sale of an interest in land" includes a lease in which the lessee has an option to purchase the interest and all or a substantial part of the rental or other payments previously made by him are applied to the purchase price. (g) A sale, refinancing, or consolidation is "precomputed" if the debt is expressed as a sum comprising the amount financed and the amount of the credit service charge computed in advance.
Propose a change(a) "Consumer lease" means a lease of goods: (i) Which a lessor regularly engaged in the business of leasing makes to a person, other than an organization, who takes under the lease primarily for a personal, family or household purpose; (ii) In which the amount payable under the lease does not exceed seventy-five thousand dollars ($75,000.00); and (iii) Which is for a term exceeding four (4) months. (b) "Consumer lease" does not include a lease made pursuant to a lender credit card or similar arrangement.
Propose a changeExcept as otherwise provided, "seller" includes an assignee of the seller's right to payment but use of the term does not in itself impose on an assignee any obligation of the seller with respect to events occurring before the assignment.
Propose a change(a) "Revolving charge account" means an arrangement between a seller and a buyer pursuant to which: (i) The seller may permit the buyer to purchase goods or services on credit either from the seller or pursuant to a seller credit card; (ii) The unpaid balances of amounts financed arising from purchases and the credit service and other appropriate charges are debited to an account; (iii) A credit service charge if made is not precomputed but is computed on the outstanding unpaid balances of the buyer's account from time to time; and (iv) Either the buyer has the privilege of paying in full or in installments or the seller periodically imposes charges computed on the account for delaying payment and permits the buyer to continue to purchase on credit.
Propose a change(a) "Credit service charge" means the sum of: (i) All charges payable directly or indirectly by the buyer and imposed directly or indirectly by the seller as a condition of or an incident to the extension of credit, including any of the following types of charges which are applicable: time price differential, service, carrying or other charge however denominated, premium or other charge for any guarantee or insurance protecting the seller against the buyer's default or other credit loss; and (ii) Charges incurred for investigating the collateral or credit-worthiness of the buyer or for commissions or brokerage for obtaining the credit, irrespective of the person to whom the charges are paid or payable, unless the seller had no notice of the charges when the credit was granted. (b) Credit service charge does not include: (i) Charges as a result of default; (ii) Additional charges pursuant to W.S. 40-14-213; (iii) Delinquency charges specified by W.S. 40-14-214; (iv) Deferral charges pursuant to W.S. 40-14-215; (v) A discount not in excess of five percent (5%) offered by a seller for purposes of inducing payment by cash, check or other means not involving the use of a seller or lender credit card, if the discount is offered to all prospective buyers and its availability is disclosed clearly and conspicuously in accordance with the federal Consumer Credit Protection Act, P.L. 90-321, 82 Stat. 146, 15 U.S.C. § 470 et seq.; or (vi) Reasonable credit application fees whether or not credit is extended.
Propose a change"Cash price" means the price at which the creditor offers, in the ordinary course of business, to sell for cash the property or services which are the subject of a consumer credit transaction. It may include the cash price of accessories or services related to the sale such as delivery, installation, alterations, modifications, and improvements, and may include taxes to the extent imposed on the cash sale, but shall not include any other charges of the types described in section 1026.4 of regulation Z of the federal Consumer Credit Protection Act.
Propose a change(a) "Amount financed" means the total of the following items to the extent that payment is deferred: (i) The cash price of the goods, services, or interest in land, less the amount of any down payment whether made in cash or in property traded in; (ii) The amount actually paid or to be paid by the seller pursuant to an agreement with the buyer to discharge a security interest in or a lien on property traded in; and (iii) If not included in the cash price: (A) Any applicable sales, use, excise, or documentary stamp taxes; (B) Amounts actually paid or to be paid by the seller for registration, certificate of title, or license fees; and (C) Additional charges permitted by W.S. 40-14-213. Part 2. Maximum Charges
Propose a change(a) With respect to a consumer credit sale, other than a sale pursuant to a revolving charge account, a seller may contract for and receive a credit service charge not exceeding that permitted by this section. (b) The credit service charge, calculated according to the actuarial method, may not exceed: (i) Where the amount financed does not exceed seventy-five thousand dollars ($75,000.00), the equivalent of the greater of either of the following: (A) The total of: Thirty-six percent (36%) per year on that part of the unpaid balances of the amount financed which is one thousand dollars ($1,000.00) or less and twenty-one percent (21%) per year on that part of the unpaid balances of the amount financed which is more than one thousand dollars ($1,000.00); or (B) Twenty-one percent (21%) per year on that part of the unpaid balances of the amount financed. (C) Repealed by Laws 1981, ch. 147, § 1. (ii) Where the amount financed exceeds seventy-five thousand dollars ($75,000.00), any credit service charge specified in the buyer's sale agreement. (c) This section does not limit or restrict the manner of contracting for the credit service charge, whether by way of add-on, discount, or otherwise, so long as the rate of the credit service charge does not exceed that permitted by this section. If the sale is precomputed: (i) The credit service charge may be calculated on the assumption that all scheduled payments will be made when due; and (ii) The effect of prepayment is governed by the provisions on rebate upon prepayment (W.S. 40-14-221). (d) For the purposes of this section, the term of a sale agreement commences with the date the credit is granted or, if goods are delivered or services performed ten (10) days or more after that date, with the date of commencement of delivery or performance. Differences in the lengths of months are disregarded and a day may be counted as one-thirtieth of a month. Subject to classifications and differentiations the seller may reasonably establish, a part of a month in excess of fifteen (15) days may be treated as a full month if periods of fifteen (15) days or less are disregarded and that procedure is not consistently used to obtain a greater yield than would otherwise be permitted. (e) Subject to classifications and differentiations the seller may reasonably establish, he may make the same credit service charge on all amounts financed within a specified range. A credit service charge so made does not violate subsection (b) of this section if: (i) When applied to the median amount within each range, it does not exceed the maximum permitted by subsection (b) of this section; and (ii) When applied to the lowest amount within each range, it does not produce a rate of credit service charge exceeding the rate calculated according to paragraph (a)(i) of this section by more than eight percent (8%) of the rate calculated according to paragraph (a)(i) of this section. (f) Notwithstanding subsection (b) of this section, the seller may contract for and receive a minimum credit service charge of not more than thirty dollars ($30.00).
Propose a change(a) In addition to the credit service charge permitted by this part, a seller may contract for and receive the following additional charges in connection with a consumer credit sale: (i) Official fees and taxes; (ii) Charges for insurance as described in subsection (b) of this section; and (iii) Charges excluded from the credit service charge by the federal Consumer Credit Protection Act or by rule adopted by the administrator. (b) An additional charge may be made for insurance written in connection with the sale, other than insurance protecting the seller against the buyer's default or other credit loss: (i) With respect to insurance against loss of or damage to property, or against liability, if the seller furnishes a clear and specific statement in writing to the buyer, setting forth the cost of the insurance if obtained from or through the seller, and stating that the buyer may choose the person through whom the insurance is to be obtained; (ii) With respect to consumer credit insurance providing life, accident, or health coverage, if the insurance coverage is not a factor in the approval by the seller of the extension of credit and this fact is clearly disclosed in writing to the buyer, and if, in order to obtain the insurance in connection with the extension of credit, the buyer gives specific affirmative written indication of his desire to do so after written disclosure to him of the cost thereof; (iii) Repealed By Laws 2013, Ch. 124, § 3. (c) Reasonable closing costs (W.S. 40-14-140(a)(v)) are additional charges.
Propose a change(a) With respect to a consumer credit sale, refinancing, or consolidation, the parties may contract for a delinquency charge on any installment not paid in full within ten (10) days after its scheduled due date in an amount not exceeding the greater of: (i) Five percent (5%) of the unpaid amount of the installment; or (ii) Ten dollars ($10.00). (b) A delinquency charge under subsection (a) of this section may be collected only once on an installment however long it remains in default. No delinquency charge may be collected if the installment has been deferred and a deferral charge (W.S. 40-14-215) has been paid or incurred until ten (10) days after the deferred due date. A delinquency charge may be collected at the time it accrues or at any time thereafter. (c) No delinquency charge may be collected on an installment which is paid in full within ten (10) days after its scheduled installment due date even though an earlier maturing installment or a delinquency charge on an earlier installment may not have been paid in full. For purposes of this subsection payments are applied first to current installments and then to delinquent installments.
Propose a change(a) With respect to a consumer credit sale, refinancing, or consolidation, the parties before or after default may agree in writing to a deferral of all or part of one (1) or more unpaid installments, and the seller may make and collect a charge which the buyer expressly agrees to pay as consideration for the deferral. A deferral charge may be collected at the time it is assessed or at any time thereafter. (b) The seller, in addition to the deferral charge, may make appropriate additional charges (W.S. 40-14-213), and the amount of these charges which is not paid in cash may be added to the amount deferred for the purpose of calculating the deferral charge. (c) Except in connection with a revolving charge account, the parties may agree in writing at the time of a consumer credit sale, refinancing, or consolidation that if an installment is not paid within ten (10) days after its due date, the seller may unilaterally grant a deferral and make charges as provided in this section. No deferral charge may be made for a period after the date that the seller elects to accelerate the maturity of the agreement. (d) A delinquency charge made by the seller on an installment may not be retained if a deferral charge is made pursuant to this section with respect to the period of delinquency.
Propose a change(a) With respect to a consumer credit sale, refinancing, or consolidation, the seller may by agreement with the buyer refinance the unpaid balance and may contract for and receive a credit service charge based on the amount financed resulting from the refinancing at a rate not exceeding that permitted by the provisions on credit service charge for consumer credit sales (W.S. 40-14-212). For the purpose of determining the credit service charge permitted, the amount financed resulting from the refinancing comprises the following: (i) If the transaction was not precomputed, the total of the unpaid balance and accrued charges on the date of refinancing, or, if the transaction was precomputed, the amount which the buyer would have been required to pay upon prepayment pursuant to the provisions on rebate upon prepayment (W.S. 40-14-221) on the date of refinancing except that for the purpose of computing this amount no minimum credit service charge (W.S. 40-14-212(f)) shall be allowed; and (ii) Appropriate additional charges (W.S. 40-14-213), payment of which is deferred.
Propose a change(a) If a buyer owes an unpaid balance to a seller with respect to a consumer credit sale, refinancing, or consolidation, and becomes obligated on another consumer credit sale, refinancing, or consolidation with the same seller, the parties may agree to a consolidation resulting in a single schedule of payments pursuant to either of the following subsections: (i) The parties may agree to refinance the unpaid balance with respect to the previous sale pursuant to the provisions on refinancing (W.S. 40-14-216) and to consolidate the amount financed resulting from the refinancing by adding it to the amount financed with respect to the subsequent sale. The seller may contract for and receive a credit service charge based on the aggregate amount financed resulting from the consolidation at a rate not exceeding that permitted by the provisions on credit service charge for consumer credit sales (W.S. 40-14-212); (ii) The parties may agree to consolidate by adding together the unpaid balances with respect to the two (2) sales.
Propose a change(a) With respect to a consumer credit sale made pursuant to a revolving charge account, the parties to the sale may contract for the payment by the buyer of a credit service charge not exceeding that permitted in this section. (b) A charge may be made in each billing cycle which is a percentage of an amount no greater than: (i) The average daily balance of the account; (ii) The unpaid balance of the account on the same day of the billing cycle; or (iii) The median amount within a specified range within which the average daily balance of the account or the unpaid balance of the account on the same day of the billing cycle is included. A charge may be made pursuant to this paragraph only if the seller, subject to classifications and differentiations he may reasonably establish, makes the same charge on all balances within the specified range and if the percentage when applied to the median amount within the range does not produce a charge exceeding the charge resulting from applying that percentage to the lowest amount within the range by more than eight percent (8%) of the charge on the median amount. (c) Except as provided in paragraph (ii) of this subsection: (i) If the billing cycle is monthly, the charge may not exceed one and three-fourths percent (1.75%) of the amount pursuant to subsection (b) of this section; or (ii) If the billing cycle is not monthly, the maximum charge is that percentage which bears the same relation to the applicable monthly percentage as the number of days in the billing cycle bears to thirty (30). For the purposes of this section, a variation of not more than four (4) days from month to month is "the same day of the billing cycle". (d) Notwithstanding subsection (c) of this section, if there is an unpaid balance on the date as of which the credit service charge is applied, the seller may contract for and receive a charge in accordance with this subsection. For accounts with a billing cycle of thirty (30) days or more, the seller may receive a charge not exceeding three dollars ($3.00). For accounts with a billing cycle of less than thirty (30) days, the seller may receive a charge not to exceed the pro rata part of three dollars ($3.00) that bears the same relation to three dollars ($3.00) as the number of days in the billing cycle bears to thirty (30).
Propose a change(a) If the agreement with respect to a consumer credit sale, refinancing, or consolidation contains covenants by the buyer to perform certain duties pertaining to insuring or preserving collateral and the seller pursuant to the agreement pays for performance of the duties on behalf of the buyer, the seller may add the amounts paid to the debt. Within a reasonable time after advancing any sums, he shall state to the buyer in writing the amount of the sums advanced, any charges with respect to this amount, and any revised payment schedule and, if the duties of the buyer performed by the seller pertain to insurance, a brief description of the insurance paid for by the seller including the type and amount of coverages. No further information need be given. (b) A credit service charge may be made for sums advanced pursuant to subsection (a) of this section at a rate not exceeding the rate stated to the buyer pursuant to the laws relating to disclosure with respect to the sale, refinancing, or consolidation, except that with respect to a revolving charge account the amount of the advance may be added to the unpaid balance of the amount and the seller may make a credit service charge not exceeding that permitted by the provisions on credit service charge for revolving charge accounts (W.S. 40-14-218).
Propose a changeSubject to the provisions on rebate upon prepayment (W.S. 40-14-221), the buyer may prepay in full the unpaid balance of a consumer credit sale, refinancing, or consolidation at any time without penalty.
Propose a change(a) Except as provided in subsection (b) of this section, upon prepayment in full of the unpaid balance of a precomputed consumer credit sale, refinancing or consolidation, the unearned credit service charge shall be refunded based upon the Rule of 78's if the transaction under its original terms did not exceed sixty-one (61) monthly installments and upon the actuarial method, if the transaction by its original terms exceeded sixty-one (61) monthly installments. An amount not less than the unearned portion of the credit service charge calculated according to this section shall be rebated to the debtor. With respect to irregular payment transactions, the administrator may prescribe by rule the refund formula. If the rebate otherwise required is less than one dollar ($1.00), no rebate need be made. (b) Upon prepayment in full of a consumer credit sale, refinancing, or consolidation, other than one (1) pursuant to a revolving charge account, if the credit service charge then earned is less than any permitted minimum credit service charge (W.S. 40-14-212(f)) contracted for, whether or not the sale, refinancing, or consolidation is precomputed, the seller may collect or retain the minimum charge, as if earned, not exceeding the credit service charge contracted for. (c) If a deferral (W.S. 40-14-215) has been agreed to, the unearned portion of the credit service charge shall be computed without regard to the deferral. The amount of deferral charge earned at the date of prepayment shall also be calculated. If the deferral charge earned is less than the deferral charge paid, the difference shall be added to the unearned portion of the credit service charge. If any part of a deferral charge has been earned but has not been paid, that part shall be subtracted from the unearned portion of the credit service charge or shall be added to the unpaid balance. (d) This section does not preclude the collection or retention by the seller of delinquency charges (W.S. 40-14-214). (e) If the maturity is accelerated for any reason and judgment is obtained, the buyer is entitled to the same rebate as if payment had been made on the date judgment is entered. (f) Upon prepayment in full of a consumer credit sale by the proceeds of consumer credit insurance (W.S. 40-14-403), the buyer or his estate is entitled to the same rebate as though the buyer had prepaid the agreement on the date the proceeds of the insurance are paid to the seller, but no later than ten (10) business days after satisfactory proof of loss is furnished to the seller. Part 3. Disclosure and Advertising
Propose a change(a) For purposes of this part, consumer credit sale includes the sale of an interest in land without regard to the rate of the credit service charge if the sale is otherwise a consumer credit sale (W.S. 40-14-204). (b) Repealed by Laws 1982, ch. 61, § 2. (c) Repealed by Laws 1982, ch. 61, § 2. (d) The lessor shall disclose to the lessee to whom credit is extended with respect to a consumer lease the information required by this part. (e) Repealed By Laws 2013, Ch. 124, § 3. (f) Disclosure and advertising of consumer credit shall be made pursuant to the federal Consumer Credit Protection Act.
Propose a changeRepealed by Laws 1982, ch. 61, § 2.
Propose a changeRepealed by Laws 1982, ch. 61, § 2.
Propose a change(a) Repealed by Laws 1982, ch. 61, § 2. (b) Repealed by Laws 1982, ch. 61, § 2. (c) Repealed by Laws 1982, ch. 61, § 2. (d) Repealed by Laws 1982, ch. 61, § 2. (e) A statement of rate complies with this part if it does not vary from the accurately computed rate by more than the following tolerances: (i) The annual percentage rate may be more or less than the actual rate by not more than one-eighth of one percent (.125%) or may be rounded to the nearest one-fourth of one percent (.25%) for consumer credit sales payable in substantially equal installments when a seller determines the total credit service charge on the basis of a single add-on, discount, periodic or other rate, and the rate is converted into an annual percentage rate under procedures prescribed by rule by the administrator; (ii) The administrator may authorize by rule the use of rate tables or charts which may provide for the disclosure of annual percentage rates which vary from the rate determined in accordance with paragraph (i) of this subsection by not more than the tolerances the administrator may allow; the administrator may not allow a tolerance greater than eight percent (8%) of that rate except to simplify compliance where irregular payments are involved; and (iii) In case a seller determines the annual percentage rate in a manner other than as described in paragraph (i) or (ii) of this subsection, the administrator may authorize by rule other reasonable tolerances.
Propose a changeRepealed by Laws 1982, ch. 61, § 2.
Propose a changeRepealed by Laws 1982, ch. 61, § 2.
Propose a changeRepealed by Laws 1982, ch. 61, § 2.
Propose a changeRepealed by Laws 1982, ch. 61, § 2.
Propose a changeRepealed by Laws 1982, ch. 61, § 2.
Propose a changeRepealed by Laws 1982, ch. 61, § 2.
Propose a change