Title 40 — Title 40 — Trade And Commerce
32 chapters · 686 sections in this title.
W.S. § 40-14-239 Balloon payments
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Balloon payments. With respect to a consumer credit sale, other than one pursuant to a revolving charge account, if any scheduled payment is more than twice as large as the average of earlier scheduled payments, the buyer has the right to refinance the amount of that payment at t…
W.S. § 40-14-240 Restriction on liability in consumer lease
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Restriction on liability in consumer lease. The obligation of a lessee upon expiration of a consumer lease may not exceed twice the average payment allocable to a monthly period under the lease. This limitation does not apply to charges for damages to the leased property or for o…
W.S. § 40-14-241 Security in sales or leases
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Security in sales or leases. (a) With respect to a consumer credit sale, a seller may take a security interest in the property sold. In addition, a seller may take a security interest in goods upon which services are performed or in which goods sold are installed or to which they…
W.S. § 40-14-242 Cross-collateral
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Cross-collateral. (a) In addition to contracting for a security interest pursuant to the provisions on security in sales or leases (W.S. 40-14-241), a seller in a consumer credit sale may secure the debt arising from the sale by contracting for a security interest in other proper…
W.S. § 40-14-243 Debt secured by cross-collateral
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Debt secured by cross-collateral. (a) If debts arising from two (2) or more consumer credit sales, other than sales pursuant to a revolving charge account, are secured by cross-collateral (W.S. 40-14-242) or consolidated into one (1) debt payable on a single schedule of payments,…
W.S. § 40-14-244 No assignment of earnings
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No assignment of earnings. (a) A seller or lessor may not take an assignment of earnings of the buyer or lessee for payment or as security for payment of a debt arising out of a consumer credit sale or a consumer lease. An assignment of earnings in violation of this section is un…
W.S. § 40-14-245 Referral sales
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Referral sales. With respect to a consumer credit sale or consumer lease the seller or lessor may not give or offer to give a rebate or discount or otherwise pay or offer to pay value to the buyer or lessee as an inducement for a sale or lease in consideration of his giving to th…
W.S. § 40-14-246 Notice of assignment
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Notice of assignment. The buyer or lessee is authorized to pay the original seller or lessor until the buyer or lessee receives notification of assignment of the rights to payment pursuant to a consumer credit sale or consumer lease and that payment is to be made to the assignee.…
W.S. § 40-14-247 Attorney's fees
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Attorney's fees. With respect to a consumer credit sale or consumer lease the agreement may provide for the payment by the buyer or lessee of reasonable attorney's fees after default and referral to an attorney not a salaried employee of the seller, or of the lessor or his assign…
W.S. § 40-14-248 Limitation on default charges
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Limitation on default charges. Except for reasonable expenses incurred in realizing on a security interest, the agreement with respect to a consumer credit sale may not provide for any charges as a result of default by the buyer other than those authorized by this act. A provisio…
W.S. § 40-14-249 Authorization to confess judgment prohibited
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Authorization to confess judgment prohibited. A buyer or lessee may not authorize any person to confess judgment on a claim arising out of a consumer credit sale or consumer lease. An authorization in violation of this section is void.
W.S. § 40-14-250 Change in terms of revolving charge accounts
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Change in terms of revolving charge accounts. (a) If a seller makes a change in the terms of a revolving charge account without complying with this section any additional cost or charge to the buyer resulting from the change is an excess charge and subject to the remedies availab…
W.S. § 40-14-251 Definition
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Definition. (a) "Home solicitation sale" means a consumer credit sale of goods or services with a purchase price of twenty-five dollars ($25.00) or more written under single or multiple contracts, in which the seller or a person acting for him engages in a personal solicitation o…
W.S. § 40-14-252 Buyer's right to cancel
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Buyer's right to cancel. (a) Except as provided in subsection (e) of this section, in addition to any right otherwise to revoke an offer, the buyer has the right to cancel a home solicitation sale until midnight of the third business day after the day on which the buyer signs an …
W.S. § 40-14-253 Form of agreement or offer; statement of buyer's rights; form of notice of cancellation; compliance by seller
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Form of agreement or offer; statement of buyer's rights; form of notice of cancellation; compliance by seller. (a) In a home solicitation sale, unless the buyer requests the seller to provide goods or services without delay in an emergency, the seller shall: (i) Present to the bu…
W.S. § 40-14-254 by buyer
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by buyer. Restoration of down payment; retention of goods (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…
W.S. § 40-14-255 Duty of buyer; no compensation for services prior to cancellation; noncompliance by buyer
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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…
W.S. § 40-14-256 parties
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parties. Sales subject to provisions by agreement of 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 …
W.S. § 40-14-257 Repealed by Laws 2021, ch
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Repealed by Laws 2021, ch. 14, § 3.
W.S. § 40-14-258 Repealed by Laws 2021, ch
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Repealed by Laws 2021, ch. 14, § 3.
W.S. § 40-14-259 Repealed by Laws 2021, ch
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Repealed by Laws 2021, ch. 14, § 3.
W.S. § 40-14-260 Repealed by Laws 2021, ch
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Repealed by Laws 2021, ch. 14, § 3. Part 7. Sales Financing
W.S. § 40-14-261 provisions
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provisions. Definitions; prohibited assignments; applicable (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…
W.S. § 40-14-301 Short title
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Short title. This article shall be known and may be cited as "Uniform Consumer Credit Code-Loans."
W.S. § 40-14-302 (a) Scope; license required
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(a) Scope; license required. 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…
W.S. § 40-14-303 Definitions
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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. …
W.S. § 40-14-304 land
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land. Definition of "consumer loan"; interests in (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) organization; The debtor is a person other than…
W.S. § 40-14-305 Repealed by Laws 2021, ch
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Repealed by Laws 2021, ch. 14, § 3.
W.S. § 40-14-306 Definition of "loan"
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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…
W.S. § 40-14-307 Additional definitions
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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…
W.S. § 40-14-308 Additional charges permitted by this article Definition of "revolving loan account"
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Additional charges permitted by this article 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…
W.S. § 40-14-309 (a) Definition of "loan finance charge"
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(a) Definition of "loan finance charge". "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…
W.S. § 40-14-310 Consumer loan finance charges
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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…
W.S. § 40-14-311 Additional charges
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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 …
W.S. § 40-14-312 Delinquency charges
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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…
W.S. § 40-14-313 Deferral charges
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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…
W.S. § 40-14-314 Loan finance charge on refinancing
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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…
W.S. § 40-14-315 Loan finance charge on consolidation
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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…
W.S. § 40-14-316 Conversion to revolving loan account
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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…
W.S. § 40-14-317 Advances to perform covenants of debtor
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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…
W.S. § 40-14-318 Right to prepay
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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.
W.S. § 40-14-319 Rebate upon prepayment
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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…
W.S. § 40-14-320 Applicability; information required
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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,…
W.S. § 40-14-321 Repealed by Laws 1982, ch
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Repealed by Laws 1982, ch. 61, § 2.
W.S. § 40-14-322 Repealed by Laws 1982, ch
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Repealed by Laws 1982, ch. 61, § 2.
W.S. § 40-14-323 Statement of rate
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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…
W.S. § 40-14-324 Repealed by Laws 1982, ch
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Repealed by Laws 1982, ch. 61, § 2.
W.S. § 40-14-325 Repealed by Laws 1982, ch
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Repealed by Laws 1982, ch. 61, § 2.
W.S. § 40-14-326 Repealed by Laws 1982, ch
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Repealed by Laws 1982, ch. 61, § 2.
W.S. § 40-14-327 Repealed by Laws 1982, ch
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Repealed by Laws 1982, ch. 61, § 2.