Title 40 — Title 40 — Trade And Commerce

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…

Mortgage call reports. Each organization employing or contracting with a mortgage loan originator shall submit to the registry reports of condition, which shall be in such form and shall contain such information as required by the registry.

Report to the registry. The administrator shall regularly report violations of this act relating to transactions conducted by mortgage loan originators, as well as enforcement actions and other relevant information, to the registry subject to the provisions contained in W.S.

(a) Additional definitions. As used in this part: (i) Repealed By Laws 2013, Ch. 27, § 2. (ii) "Clerical or support duties" means: (A) The receipt, collection, distribution and analysis of information common for the processing or underwriting of a residential mortgage loan; and (…

rulemaking. Loan originator licensing; registration; (a) An individual, unless specifically exempted under subsection (c) of this section, shall not engage in the business of a mortgage loan originator for any dwelling located in Wyoming without first obtaining and maintaining an…

Loan originator application; processing. (a) Applicants for a mortgage loan originator license shall apply in a form prescribed by the administrator. Each application form shall contain content as established by the administrator and may be changed or updated as necessary by the …

Issuance of loan originator licenses. (a) The administrator shall not issue a mortgage loan originator license unless the administrator makes at a minimum the following findings: (i) The applicant has not had a mortgage loan originator license revoked in any governmental jurisdic…

originators. Prelicensing and relicensing education of loan (a) In order to meet the prelicensing education requirement referred to in W.S. 40-14-643(a)(iv), a person shall complete at least twenty (20) hours of education approved in accordance with subsection (b) of this section…

Testing of mortgage loan originators. (a) In order to meet the written test requirement under W.S. 40-14-643(a)(v), an individual shall pass, in accordance with the standards established under this section, a qualified written test developed by the registry and administered by a …

rulemaking. Standards for loan originator license renewal; (a) The minimum standards for license renewal for mortgage loan originators shall include the following: (i) The mortgage loan originator continues to meet the minimum standards for license issuance under W.S. 40-14-643(a…

Continuing education for mortgage loan originators; rulemaking. (a) In order to meet the annual continuing education requirements required by W.S. 40-14-646(a)(ii), a licensed mortgage loan originator shall complete at least eight (8) hours of education approved in accordance wit…

Authority to require license. (a) In addition to any other duties imposed upon the administrator by law, the administrator shall require mortgage loan originators to be licensed and registered through the registry. In order to carry out this requirement the administrator may part…

Unique identifier; rulemaking. The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan applications forms, solicitations or advertisements, including business cards or websites, and any other documents as…