Title 40 — Title 40 — Trade And Commerce

Charge for insurance in connection with a deferral, refinancing, or consolidation; duplicate charges. (a) A creditor may not contract for or receive a separate charge for insurance in connection with a deferral (W.S. 40-14-215 or 40-14-313), a refinancing (W.S. 40-14-216 or 40-14…

Cooperation between administrator and commissioner of insurance. The administrator and the commissioner of insurance are authorized and directed to consult and assist one another in maintaining compliance with this article. They may jointly pursue investigations, prosecute suits,…

insurance. Administrative action of commissioner of The Wyoming Administrative Procedure Act applies to and governs all administrative action taken by the commissioner of insurance pursuant to this section. Part 2. Consumer Credit Insurance

Term of insurance. (a) Consumer credit insurance provided by a creditor may be subject to the furnishing of evidence of insurability satisfactory to the insurer. Whether or not such evidence is required, the term of the insurance shall commence no later than when the debtor becom…

(a) Amount of insurance. Except as provided in subsection (b) of this section: (i) In the case of consumer credit insurance providing life coverage, the amount of insurance may not initially exceed the debt and, if the debt is payable in installments, may not at any time exceed t…

Filing and approval of rates and forms. (a) A creditor may not use a form or a schedule of premium rates or charges, the filing of which is required by this section, if the commissioner of insurance has disapproved the form or schedule and has notified the insurer of his disappro…

Property insurance. (a) A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property unless: (i) The insurance covers a substantial risk of loss of or damage to property related to the credit transaction; (ii) The amount, terms,…

Risk of loss or damage. If a creditor contracts for or receives a separate charge for insurance against loss of or damage to property, the risk of loss or damage not willfully caused by the debtor is on the debtor only to the extent of any deficiency in the effective coverage of …

Liability insurance. A creditor may not contract for or receive a separate charge for insurance against liability unless the insurance covers a substantial risk of liability arising out of the ownership or use of property related to the credit transaction.

Cancellation by creditor. A creditor shall not request cancellation of a policy of property or liability insurance except after the debtor's default or in accordance with a written authorization by the debtor, and in either case the cancellation does not take effect until written…

Refund of certain credit insurance products upon prepayment; method. (a) Not later than sixty (60) days after termination of a consumer credit sale or consumer loan, a creditor shall facilitate any refund or credit otherwise required by law for insurance or other loan products th…

Short title. This article shall be known and may be cited as "Uniform Consumer Credit Code-Remedies and Penalties."

Scope. This part applies to actions or other proceedings to enforce rights arising from consumer credit sales, consumer leases, and consumer loans; and, in addition, to extortionate extensions of credit (W.S. 40-14-507).

Restrictions on deficiency judgments in consumer credit sales. (a) This section applies to a consumer credit sale of goods or services. (b) If the seller repossesses or voluntarily accepts surrender of goods which were the subject of the sale and in which he has a security intere…

No garnishment before judgment. Prior to entry of judgment in an action against the debtor for debt arising from a consumer credit sale, a consumer lease, or a consumer loan, the creditor may not attach unpaid earnings of the debtor by garnishment or like proceedings.

(a) Limitation on garnishment. For the purposes of this part: (i) "Disposable earnings" means that part of the earnings of an individual remaining after the deduction from those earnings of amounts required by law to be withheld; and (ii) "Garnishment" means any legal or equitabl…

No discharge from employment for garnishment. No employer shall discharge an employee for the reason that a creditor of the employee has subjected or attempted to subject unpaid earnings of the employee to garnishment or like proceedings directed to the employer for the purpose o…

Extortionate extensions of credit. (a) If it is the understanding of the creditor and the debtor at the time an extension of credit is made that delay in making repayment or failure to make repayment could result in the use of violence or other criminal means to cause harm to the…

Unconscionability. (a) With respect to a consumer credit sale, consumer lease, or consumer loan, if the court as a matter of law finds the agreement or any clause of the agreement to have been unconscionable at the time it was made the court may refuse to enforce the agreement, o…

Interests in land. (a) For purposes of the provisions of this part on civil liability for violation of disclosure provisions (W.S. 40-14522) and on a debtor's right to rescind certain transactions as otherwise provided by law: (i) Consumer credit sale includes a sale of an intere…

Effect of violations on rights of parties. (a) If a creditor has violated the provisions of this act applying to certain negotiable instruments (W.S. 40-14-237), the debtor is not obligated to pay the credit service charge or loan finance charge, and has a right to recover from t…

provisions. Civil liability for violation of disclosure (a) Except as otherwise provided in this section, a creditor who, in violation of the laws relating to disclosure, other than the provisions on advertising (sections 2-313 and 3-312 [Repealed]), of the article on credit sale…

Repealed By Laws 2013, Ch. 124, § 3.

Refunds and penalties as setoff to obligation. Refunds or penalties to which the debtor is entitled pursuant to this part may be set off against the debtor's obligation, and may be raised as a defense to a suit on the obligation without regard to the time limitations prescribed b…

Willful violations. (a) A person who makes a consumer loan and who willfully makes charges in excess of those permitted by the provisions of the article on loans (article 3) is guilty of a misdemeanor and upon conviction may be sentenced to pay a fine not exceeding one thousand d…

Disclosure violations. (a) A person is guilty of a misdemeanor and upon conviction may be sentenced to pay a fine not exceeding five thousand dollars ($5,000.00), or to imprisonment not exceeding one (1) year, or both, if he willfully and knowingly: (i) Gives false or inaccurate …

Short title. This article shall be known and may be cited as "Uniform Consumer Credit Code-Administration."

(a) Applicability. This part applies to persons who in this state: (i) Make or solicit consumer credit sales, consumer leases or consumer loans; or (ii) Directly collect payments from or enforce rights against debtors arising from sales, leases, or loans specified in paragraph (i…

Administrator. "Administrator" means the state banking commissioner of the state of Wyoming.

Powers of administrator; harmony with federal regulations; reliance on rules; duty to report and cooperate. (a) In addition to other powers granted by this act, the administrator within the limitations provided by law may: (i) Receive and act on complaints, take action designed t…

Administrative powers with respect to supervised financial organizations. (a) With respect to supervised financial organizations, the powers of examination and investigation (W.S. 40-14-606) and administrative enforcement (W.S. 40-14-608) shall be exercised by the official or age…

Examination and investigatory powers. (a) The administrator may conduct examinations of persons licensed under this act at intervals he deems necessary to determine whether violations of this act and other applicable laws, rules and regulations pertaining to consumer credit are o…

Applicability of Administrative Procedure Act. Except as otherwise provided, the Wyoming Administrative Procedure Act applies to and governs all administrative action taken by the administrator pursuant to this act.

Administrative enforcement orders. (a) After notice and hearing the administrator may order a creditor or a person acting in his behalf to cease and desist from engaging in violations of this act. A respondent aggrieved by an order of the administrator may obtain judicial review …

Assurance of discontinuance. If it is claimed that a person has engaged in conduct subject to an order by the administrator (W.S. 40-14-608) or by a court (W.S. 40-14-610 through 40-14-612), the administrator may accept an assurance in writing that the person will not engage in t…

Injunctions against violations. The administrator may bring a civil action to restrain a person from violating this act and for other appropriate relief.

Injunctions against unconscionable agreements and fraudulent or unconscionable conduct. (a) The administrator may bring a civil action to restrain a creditor or a person acting in his behalf from engaging in a course of: (i) Making or enforcing unconscionable terms or provisions …

Temporary relief. With respect to an action brought to enjoin violations of the act (W.S. 40-14-610) or unconscionable agreements or fraudulent or unconscionable conduct (W.S. 40-14-611), the administrator may apply to the court for appropriate temporary relief against a responde…

Civil actions. (a) After demand, the administrator may bring a civil action against a creditor for making or collecting charges in excess of those permitted by this act. An action may relate to transactions with more than one (1) debtor. If it is found that an excess charge has b…

Jury trial. In an action brought by the administrator under this act, he has no right to trial by jury.

Debtors' remedies not affected. The grant of powers to the administrator in this article does not affect remedies available to debtors under this act or under other principles of law or equity. Part 1A. Resitution

Enforcement. (a) The administrator, in carrying out enforcement activities under this section, in cases where an annual percentage rate or finance charge was inaccurately disclosed, shall notify the creditor of the disclosure error and is authorized, in accordance with this secti…

Applicability. (a) This part applies to a person engaged in this state in making consumer credit sales, consumer leases or consumer loans, including a pawnbroker, sales finance company and post-dated check casher, and to a person having an office or place of business who takes as…

Notification. (a) Persons subject to this part shall file notification with the administrator within thirty (30) days after commencing business in this state, and, thereafter, on or before January 31 of each year. The notification shall state: (i) Name of the person; (ii) Name in…

Fees. (a) A person required to file notification shall on or before January 31 of each year pay to the administrator an annual fee of twenty-five dollars ($25.00) for that year. (b) Persons required to file notification who are sellers, lessors or lenders shall pay an additional …

Crediting of monies. All fees and other monies received by the administrator under the provisions of this act shall be deposited by the administrator with the state treasurer and credited to the consumer credit administration account, except the amount paid for data processing by…

License required; application; fee; conditions and execution; license nontransferable; display; renewal. (a) The administrator shall receive and act on all applications for licenses required under this act. Applications shall be filed in the manner prescribed by the administrator…

Revocation or suspension of license. (a) The administrator may issue to a person licensed under this act an order to show cause why his license should not be revoked or suspended for a period not in excess of six (6) months. The order shall state the place for a hearing and set a…

The administrator shall establish by rule a process where a mortgage loan originator may challenge information entered into the registry by the administrator. Part 4. Mortgage Loan Originator Licensing

Surety bonds. (a) Any organization employing or contracting with a mortgage loan originator shall maintain a surety bond to the state of Wyoming in accordance with this section. The surety bond shall be used to cover individual mortgage loan originators employed by or under contr…