Title 40, Title 40 — Trade And Commerce

Restoration of down payment; retention of goods by buyer. (a) Within ten (10) days after a home solicitation sale has been cancelled or an offer to purchase revoked, the seller shall tender to the buyer any goods traded in, any payments made by the buyer and any note or other evi…

Duty of buyer; no compensation for services prior to cancellation; noncompliance by buyer. (a) Except retention of goods by the buyer pursuant to W.S. 40-14-254(d), within a reasonable time after a home solicitation sale has been cancelled or an offer to purchase revoked, the buy…

Sales subject to provisions by agreement of parties. The parties to a sale other than a consumer credit sale may agree in a writing signed by the parties that the sale is subject to the provisions of this act applying to consumer credit sales. If the parties so agree the sale is …

Definitions; prohibited assignments; applicable provisions. (a) "Sales financing" means being primarily engaged in the business of taking by assignment or providing financing on behalf of sellers or lessors. Assignment under this subsection shall only include non-servicing rights…

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

Scope; license required. (a) This article applies to consumer loans. (b) Unless a person is a supervised financial organization or has first obtained a license from the administrator, no person shall engage in the business of making consumer loans or taking assignments of non-ser…

Definitions. (a) The following definitions apply to this act and appear in this article as follows: (i) Repealed By Laws 2008, Ch. 116, § 2. (ii) "Consumer loan"-W.S. 40-14-304; (iii) Repealed by Laws 2021, ch. 14, § 3. (iv) Repealed By Laws 2008, Ch. 116, § 2. (v) "Lender"-W.S. …

Definition of "consumer loan"; interests in land. (a) Except with respect to a loan primarily secured by an interest in land, "consumer loan" is a loan made by a person regularly engaged in the business of making loans in which: (i) The debtor is a person other than an organizati…

Definition of "loan". (a) "Loan" includes: (i) The creation of debt by the lender's payment of or agreement to pay money to the debtor or to a third party for the account of the debtor; (ii) The creation of debt by a credit to an account with the lender upon which the debtor is e…

Additional definitions. (a) Except as otherwise provided, "lender" includes an assignee of the lender's right to payment but use of the term does not in itself impose on an assignee any obligation of the lender with respect to events occurring before the assignment. (b) A loan, r…

Definition of "revolving loan account". (a) "Revolving loan account" means an arrangement between a lender and a debtor pursuant to which: (i) The lender may permit the debtor to obtain loans from time to time; (ii) The unpaid balances of principal and the loan finance and other …

Definition of "loan finance charge". (a) "Loan finance charge" means the sum of: (i) All charges payable directly or indirectly by the debtor and imposed directly or indirectly by the lender as a condition of or an incident to the extension of credit, including any of the followi…

Consumer loan finance charges. (a) With respect to a consumer loan and except as provided for pawnbrokers under W.S. 40-14-360(a) and post-dated check cashers under W.S. 40-14-363(a), a lender may contract for and receive a loan finance charge as provided by this section. (b) Thi…

Additional charges. (a) In addition to the loan finance charge permitted by this article, a lender may contract for and receive the following additional charges in connection with a consumer loan: (i) Official fees and taxes; (ii) Charges for insurance as described in subsection …

Delinquency charges. (a) With respect to a consumer loan, 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 per…

Deferral charges. (a) With respect to a consumer loan, 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 lender may make and collect a charge which the debtor expres…

Loan finance charge on refinancing. (a) With respect to a consumer loan, refinancing or consolidation, the lender may by agreement with the debtor refinance the unpaid balance and may contract for and receive a loan finance charge based on the principal resulting from the refinan…

Loan finance charge on consolidation. (a) If a debtor owes an unpaid balance to a lender with respect to a consumer loan, refinancing or consolidation, and becomes obligated on another consumer loan, refinancing or consolidation with the same lender, the parties may agree to a co…

Conversion to revolving loan account. (a) The parties may agree to add to a revolving loan account the unpaid balance of a consumer loan, not made pursuant to a revolving loan account, or a refinancing, or consolidation thereof, or the unpaid balance of a consumer credit sale, re…

Advances to perform covenants of debtor. (a) If the agreement with respect to a consumer loan, refinancing, or consolidation contains covenants by the debtor to perform certain duties pertaining to insuring or preserving collateral and if the lender pursuant to the agreement pays…

Right to prepay. Subject to the provisions on rebate upon prepayment (W.S. 40-14-319), the debtor may prepay in full the unpaid balance of a consumer loan, refinancing, or consolidation at any time without penalty.

Rebate upon prepayment. (a) Except as provided in subsection (b) of this section, upon prepayment in full of the unpaid balance of a precomputed consumer loan, refinancing or consolidation, the unearned loan finance charge shall be refunded based on the Rule of 78's if the transa…

Applicability; information required. (a) For purposes of this part, a consumer loan includes a loan secured primarily by an interest in land as defined by W.S. 40-14-304(c). (b) Repealed by Laws 1982, ch. 61, § 2. (c) Repealed by Laws 1982, ch. 61, § 2. (d) Repealed By Laws 2013,…

Statement of rate. (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…

Scope. This part applies to consumer loans.

Balloon payments. With respect to a consumer loan, other than one pursuant to a revolving loan account, if any scheduled payment is more than twice as large as the average of earlier scheduled payments, the debtor has the right to refinance the amount of that payment at the time …

No assignment of earnings. (a) A lender may not take an assignment of earnings of the debtor for payment or as security for payment of a debt arising out of a consumer loan. An assignment of earnings in violation of this section is unenforceable by the assignee of the earnings an…

Attorney's fees. A consumer loan agreement may provide for the payment by the debtor of reasonable attorney's fees after default and referral to an attorney not a salaried employee of the lender. A provision in violation of this section is unenforceable.

Limitation on default charges. Except for reasonable expenses incurred in realizing on a security interest, the agreement with respect to a consumer loan may not provide for charges as a result of default by the debtor other than those authorized by this act. A provision in viola…

Notice of assignment. The debtor is authorized to pay the original lender until he receives notification of assignment of rights to payment pursuant to a consumer loan and that payment is to be made to the assignee. A notification which does not reasonably identify the rights ass…

Authorization to confess judgment prohibited. A debtor may not authorize any person to confess judgment on a claim arising out of a consumer loan. An authorization in violation of this section is void.

Change in terms of revolving loan accounts. (a) If a lender makes a change in the terms of a revolving loan account without complying with this section any additional cost or charge to the debtor resulting from the change is an excess charge and subject to the remedies available …

Use of multiple agreements. No lender shall permit any person or two (2) married persons to become obligated in any way under more than one (1) loan agreement with the lender or with a person related to the lender with intent to obtain a higher rate of loan finance charge than wo…

Loans subject to provisions by agreement of parties. The parties to a loan other than a consumer loan may agree in a writing signed by the parties that the loan is subject to the provisions of this act applying to consumer loans. If the parties so agree, the loan is a consumer lo…

Definitions; application. (a) As used in W.S. 40-14-359 through 40-14-361: (i) "Pawnbroker" means a person licensed pursuant to W.S. 40-14-634 to engage in the business of making pawn transactions; (ii) "Pawn finance charge" means the sum of all charges, payable directly or indir…

Pawn finance charge; limits on amount financed and terms; minimum pawn finance charge. (a) No pawnbroker may contract for, charge or receive any amount as a charge in connection with a pawn transaction other than a pawn finance charge. No pawn finance charge shall exceed twenty p…

Limitation on agreement and practices. (a) No pawnbroker shall make an agreement requiring the personal liability of a customer in connection with a pawn transaction. No customer may be required to redeem pledged goods or make any payment on a pawn transaction. The sole remedy of…

Definitions. (a) As used in W.S. 40-14-362 through 40-14-367: (i) "Post-dated check or similar arrangement" means the act of lending money in which a check or draft is dated on a date subsequent to the date it was written or dated on the date written but held for any period of da…

License required; post-dated check finance charge; limits on amount financed and terms; minimum finance charge. (a) No person shall engage in business as a post-dated check casher in this state unless licensed in accordance with W.S. 40-14-634. No post-dated check casher may cont…

Limitation on multiple agreements. No post-dated check or similar arrangement shall be repaid, refinanced or otherwise consolidated by proceeds of another post-dated check or similar arrangement accepted by the same post-dated check casher.

Right to rescind. (a) A post-dated check or similar arrangement with a post- dated check casher may be rescinded by the consumer on or before 5:00 p.m. Mountain Time of the following business day, provided that the consumer returns to the post-dated check casher in cash or certif…

Extended payment plan; terms and conditions. (a) Subject to the terms and conditions of this section, a consumer who is unable to repay a post-dated check or similar arrangement when due may elect once every twelve (12) months to repay the post-dated check or similar arrangement …

Notification. (a) A post-dated check casher shall provide the following written notice with each post-dated check or similar arrangement and obtain the signature of the consumer at least annually indicating receipt of the notice: NOTICE 1. STATE LAW PROHIBITS A POST-DATED CHECK O…

Violations. The administrator is authorized to enforce an appropriate remedy, penalty, action or license revocation or suspension, as provided in articles 5 and 6 of this chapter, against a person licensed under the act for a violation of 10 U.S.C. § 987, or any regulation promul…

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

Scope. (a) Except as provided in subsections (b) and (d) of this section, this article applies to insurance provided or to be provided in relation to a consumer credit sale (W.S. 40-14-204), a consumer lease (W.S. 40-14-206) or a consumer loan (W.S. 40- 14-304). (b) The provision…