Title 40, Title 40 — Trade And Commerce

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 (b) Repealed by Laws 1982, ch. 61, § 2. (c) Repealed by Laws 1982, ch. 61, § 2. (d) Repealed By Laws 2013,…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 (a) Repealed by Laws 1982, ch. 61, § 2. (b) Repealed by Laws 1982, ch. 61, § 2. (c) Repealed by Laws 1982, ch. 61, § 2. (d) Repealed by Laws 1982, ch. 61, § 2.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…

Definitions. (a) In this act: (i) "Consumer credit insurance" means insurance, other than insurance on property, by which the satisfaction of debt in whole or in part is a benefit provided, but does not include: (A) Insurance provided in relation to a credit transaction in which …

Creditor's provision of and charge for insurance; excess amount of charge. (a) Except as otherwise provided in this article and subject to the provisions on additional charges (W.S. 40-14-213 and 40-14-311) and maximum charges (part 2 of article 2 and article 3), a creditor may a…

Conditions applying to insurance to be provided by creditor. (a) If a creditor agrees with a debtor to provide insurance: (i) The insurance shall be evidenced by an individual policy or certificate of insurance delivered to the debtor, or sent to him at his address as stated by h…

Unconscionability. (a) In applying the provisions of this act on unconscionability (W.S. 40-14-508 and 40-14-611) to a separate charge for insurance, consideration shall be given, among other factors, to: (i) Potential benefits to the debtor including the satisfaction of his obli…

Maximum charge by creditor for insurance. (a) Except as provided in subsection (b) of this section, if a creditor contracts for or receives a separate charge for insurance, the amount charged to the debtor for the insurance may not exceed the premium to be charged by the insurer,…

Refund or credit required; amount. (a) Upon prepayment in full of a consumer credit sale or consumer loan by the proceeds of consumer credit insurance, the debtor or his estate is entitled to a refund of any portion of a separate charge for insurance which by reason of prepayment…

Existing insurance; choice of insurer. If a creditor requires insurance, upon notice to the creditor the debtor shall have the option of providing the required insurance through an existing policy of insurance owned or controlled by the debtor, or through a policy to be obtained …

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,…

Administrative action of commissioner of insurance. 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…

Amount of insurance. (a) 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."