Title 40, Title 40 — Trade And Commerce

Severability. If 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 en…

Waiver; agreement to forego rights; settlement of claims; legal rate of interest; applicability. (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 …

Effect on powers of organizations. (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…

Territorial application. (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 offe…

Exclusions. (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 i…

General definitions. (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 c…

Definition. In 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.

Index of definitions. (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 p…

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

Scope; license required. (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 l…

Definitions. (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"-…

Definition of "consumer credit sale." (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 s…

Additional definitions. (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…

Definition of "consumer lease". (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 whi…

Definition of "seller". Except 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.

Definition of "revolving charge account". (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; (i…

Definition of "credit service charge". (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 foll…

Definition of "cash price". "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 re…

Definition of "amount financed". (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;…

Credit service charge for consumer credit sales other than revolving charge accounts. (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 b…

Additional charges. (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 subse…

Delinquency charges. (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) F…

Deferral charges. (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 …

Credit service charge on refinancing. (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…

Credit service charge on consolidation. (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 …

Credit service charge for revolving charge accounts. (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. …

Advances to perform covenants of buyer. (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 pa…

Right to prepay. Subject 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.

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 credit sale, refinancing or consolidation, the unearned credit service charge shall be refunded based upon the Rule of 78's if…

Applicability; information required. (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, c…

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; violations of federal Military Lending Act. (a) This part applies to consumer credit sales and consumer leases. (b) The administrator may seek an appropriate remedy, penalty, action or license revocation or suspension as provided in articles 5 and 6 of this chapter against…

Use of multiple agreements. A seller may not use multiple agreements with intent to obtain a higher credit service charge than would otherwise be permitted by this article or to avoid disclosure of an annual percentage rate pursuant to the laws relating to disclosure and advertis…

Certain negotiable instruments prohibited. In a consumer credit sale or consumer lease the seller or lessor may not take a negotiable instrument other than a check as evidence of the obligation of the buyer or lessee. A holder is not in good faith if he takes a negotiable instrum…

When assignee not subject to defenses. (a) With respect to a consumer credit sale or consumer lease an agreement by the buyer or lessee not to assert against an assignee a claim or defense arising out of the sale or lease is enforceable only by an assignee not related to the sell…

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…

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…

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…

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…

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,…

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…

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…

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.…

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…

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…

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.