State Codes and Statutes

Statutes > Wyoming > Title40 > Chapter14

CHAPTER 14 - WYOMING UNIFORM CONSUMER CREDIT CODE

 

ARTICLE 1 - GENERAL PROVISIONS AND DEFINITIONS

 

40-14-101. Short title.

 

This act shall be known and may be cited as"Wyoming Uniform Consumer Credit Code."

 

40-14-102. Purposes; rules of construction.

 

 

(a) This act shall be liberally construed and applied topromote its underlying purposes and policies.

 

(b) The underlying purposes and policies of this act are:

 

(i) To simplify, clarify and modernize the law governing retailinstallment sales, consumer credit, small loans and usury;

 

(ii) To provide rate ceilings to assure an adequate supply ofcredit to consumers;

 

(iii) To further consumer understanding of the terms of credittransactions and to foster competition among suppliers of consumer credit sothat consumers may obtain credit at reasonable cost;

 

(iv) To protect consumer buyers, lessees, and borrowers againstunfair practices by some suppliers of consumer credit, having due regard forthe interests of legitimate and scrupulous creditors;

 

(v) To permit and encourage the development of fair andeconomically sound consumer credit practices;

 

(vi) To conform the regulation of consumer credit transactionsto the policies of the federal Consumer Credit Protection Act; and

 

(vii) To make uniform the law, including administrative rules,among the various jurisdictions.

 

(c) A reference to a requirement imposed by this act includesreference to a related rule of the administrator adopted pursuant to this act.

 

40-14-103. Supplementary general principles of law applicable.

 

Unless displaced by the particularprovisions of this act, the Uniform Commercial Code and the principles of lawand equity, including the law relative to capacity to contract, principal andagent, estoppel, fraud, misrepresentation, duress, coercion, mistake,bankruptcy, or other validating or invalidating cause, supplement itsprovisions.

 

40-14-104. Construction against implicit repeal.

 

This act being a general act intended as aunified coverage of its subject matter, no part of it shall be deemed to beimpliedly repealed by subsequent legislation if such construction canreasonably be avoided.

 

40-14-105. Severability.

 

If any provision of this act or theapplication thereof to any person or circumstances is held invalid, theinvalidity does not affect other provisions or applications of this act whichcan be given effect without the invalid provision or application, and to thisend the provisions of this act are severable.

 

40-14-106. Waiver; agreement to forego rights; settlement of claims;legal rate of interest.

 

 

(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 against a creditorfor an excess charge, other violation of this act, or civil penalty, or a claimagainst a buyer, lessee, or debtor for default or breach of a duty imposed bythis act, if disputed in good faith, may be settled by agreement.

 

(c) A claim, whether or not disputed, against a buyer, lessee,or debtor may be settled for less value than the amount claimed.

 

(d) A settlement in which the buyer, lessee, or debtor waivesor agrees to forego rights or benefits under this act is invalid if the courtas a matter of law finds the settlement to have been unconscionable at the timeit was made. The competence of the buyer, lessee, or debtor, any deception orcoercion practiced upon him, the nature and extent of the legal advice receivedby him, and the value of the consideration are relevant to the issue ofunconscionability.

 

(e) If there is no agreement or provision of law for adifferent rate, the interest of money shall be at the rate of seven percent(7%) per annum.

 

40-14-107. 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 creditincluding consumer credit sales (W.S. 40-14-204), consumer loans (W.S.40-14-304), and consumer related sales and loans (W.S. 40-14-257 and40-14-355), and displaces existing limitations on the powers of those creditorsbased on maximum charges.

 

(b) With respect to sellers of goods or services, small loancompanies, licensed lenders, consumer and sales finance companies, industrialbanks and loan companies and commercial banks and trust companies, this actdisplaces existing limitations on their powers based solely on amount orduration of credit.

 

(c) Except as provided in subsection (a) of this section, thisact does not displace limitations on powers of credit unions, savings banks,savings and loan associations, or other thrift institutions whether organizedfor the profit of shareholders or as mutual organizations.

 

(d) Except as provided in subsections (a) and (b) of thissection, this act does not displace:

 

(i) Limitations on powers of supervised financial organizationsdefined by W.S. 40-14-140(a)(xix) with respect to the amount of a loan to asingle borrower, the ratio of a loan to the value of collateral, the durationof a loan secured by an interest in land or other similar restrictions designedto protect deposits; or

 

(ii) Limitations on powers an organization is authorized toexercise under the laws of this state or the United States.

 

40-14-120. Territorial application.

 

(a) Except as otherwise provided in this section, this actapplies to consumer credit transactions made in this state. For purposes ofthis act, a consumer credit transaction is made in this state if:

 

(i) A signed writing evidencing the obligation or offer of theconsumer is received by the creditor in this state;

 

(ii) The creditor induces consumers who are residents of thisstate to enter into credit transactions by a continuous and systematicsolicitation either personally or by mail and the goods or money are deliveredin this state and payment is made from this state; or

 

(iii) The credit transaction is secured by a dwelling, as definedin W.S. 40-14-640(a), located in Wyoming.

 

(b) With respect to sales made pursuant to a revolving chargeaccount (W.S. 40-14-208), this act applies if the buyer's communication orindication of his intention to establish the account is received by the sellerin this state. If no communication or indication of intention is given by thebuyer before the first sale, this act applies if the seller's communicationnotifying the buyer of the privilege of using the account is mailed orpersonally delivered in this state.

 

(c) With respect to loans made pursuant to a lender credit cardor similar arrangement (W.S. 40-14-140(a)(ix)), this act applies if thedebtor's communication or indication of his intention to establish thearrangement with the lender is received by the lender in this state. If nocommunication or indication of intention is given by the debtor before thefirst loan, this act applies if the lender's communication notifying the debtorof the privilege of using the arrangement is mailed or personally delivered inthis state.

 

(d) The part on limitations on creditors' remedies (part 1) ofthe article on remedies and penalties (article 5) applies to actions or otherproceedings brought in this state to enforce rights arising from consumercredit sales, consumer leases, or consumer loans, or extortionate extensions ofcredit, wherever made.

 

(e) If a consumer credit sale, consumer lease, or consumerloan, or modification thereof, is made in another state to a person who is aresident of this state when the sale, lease, loan, or modification is made, thefollowing provisions apply as though the transaction occurred in this state:

 

(i) A seller, lessor, lender, or assignee of his rights, maynot collect charges through actions or other proceedings in excess of thosepermitted by the article on credit sales (article 2) or by the article on loans(article 3); and

 

(ii) A seller, lessor, lender, or assignee of his rights, maynot enforce rights against the buyer, lessee, or debtor, with respect to theprovisions of agreements which violate the provisions on limitations onagreements and practices (part 4) of the article on credit sales (article 2) orof the article on loans (article 3).

 

(f) Except as provided in subsection (d) of this section, asale, lease, loan or modification thereof, made in another state to a personwho was not a resident of this state when the sale, lease, loan, ormodification was made is valid and enforceable in this state according to itsterms to the extent that it is valid and enforceable under the laws of thestate applicable to the transaction.

 

(g) For the purposes of this act, the residence of a buyer,lessee, or debtor is the address given by him as his residence in any writingsigned by him in connection with a credit transaction. Until he notifies thecreditor of a new or different address, the given address is presumed to beunchanged.

 

(h) Notwithstanding other provisions of this section:

 

(i) Except as provided in subsection (d) of this section, thisact does not apply if the buyer, lessee, or debtor is not a resident of thisstate at the time of a credit transaction and the parties then agree that thelaw of his residence applies; and

 

(ii) This act applies if the buyer, lessee, or debtor is aresident of this state at the time of a credit transaction and the parties thenagree that the law of this state applies.

 

(j) Except as provided in subsection (h) of this section, thefollowing agreements by a buyer, lessee, or debtor are invalid with respect toconsumer credit sales, consumer leases, consumer loans, or modificationsthereof, to which this act applies:

 

(i) That the law of another state shall apply;

 

(ii) That the buyer, lessee, or debtor consents to thejurisdiction of another state; and

 

(iii) That fixes venue.

 

(k) The following provisions of this act specify the applicablelaw governing certain cases:

 

(i) Applicability (W.S. 40-14-602) of the part on powers andfunctions of administrator (part 1) of the article on administration (article6); and

 

(ii) Applicability (W.S. 40-14-630) of the part on notificationand fees (part 2) of the article on administration (article 6).

 

40-14-121. Exclusions.

 

(a) Except as required by W.S. 40-14-641, this act does notapply to:

 

(i) Extensions of credit to government or governmental agenciesor instrumentalities;

 

(ii) Except as otherwise provided in the article on insurance[article 4], the sale of insurance by an insurer if the premium is notfinanced;

 

(iii) Transactions under public utility or common carrier tariffsif a subdivision or agency of this state or of the United States regulates thecharges for the services involved, the charges for delayed payment, and anydiscount allowed for early payment; or

 

(iv) Repealed by Laws 1983, ch. 62, 2.

 

(v) Ceilings on rates and charges or limits on loan maturitiesof a credit union organized under the laws of this state or of the UnitedStates if these ceilings or limits are established by these laws; or

 

(vi) Credit sales, loans or leases primarily for an agriculturalpurpose except as provided in article 2, part 6 and article 3, part 6 of thiscode.

 

40-14-140. General definitions.

 

(a) In addition to definitions appearing in subsequentarticles, in this act:

 

(i) "Actuarial method" means the method, defined byrules adopted by the administrator, of allocating payments made on a debtbetween principal or amount financed and loan finance charge or credit servicecharge pursuant to which a payment is applied first to the accumulated loanfinance charge or credit service charge and the balance is applied to theunpaid principal or unpaid amount financed;

 

(ii) "Administrator" means the administratordesignated in the article (article 6) on administration (W.S. 40-14-603);

 

(iii) "Agreement" means the bargain of the parties infact as found in their language or by implication from other circumstancesincluding course of dealing or usage of trade or course of performance;

 

(iv) "Agricultural purpose" means a purpose related tothe production, harvest, exhibition, marketing, transportation, processing, ormanufacture of agricultural products by a natural person who cultivates,plants, propagates, or nurtures the agricultural products. "Agriculturalproducts" includes agricultural, horticultural, viticultural, and dairyproducts, livestock, wildlife, poultry, bees, forest products, fish andshellfish, and any products thereof, including processed and manufacturedproducts, and any and all products raised or produced on farms and anyprocessed or manufactured products thereof;

 

(v) "Closing costs" with respect to a debt secured byan interest in land includes:

 

(A) Fees or premiums for title examination, title insurance, orsimilar purposes including surveys;

 

(B) Fees for preparation of a deed, settlement statement, orother documents;

 

(C) Escrows for future payments of taxes and insurance;

 

(D) Fees for notarizing deeds and other documents;

 

(E) Appraisal fees; and

 

(F) Credit reports.

 

(vi) "Conspicuous". - A term or clause is conspicuouswhen it is so written that a reasonable person against whom it is to operateought to have noticed it. Whether a term or clause is conspicuous or not is fordecision by the court;

 

(vii) "Credit" means the right granted by a creditor toa debtor to defer payment of debt or to incur debt and defer its payment;

 

(viii) "Earnings" means compensation paid or payable toan individual or for his account for personal services rendered or to berendered by him, whether denominated as wages, salary, commission, bonus, orotherwise, and includes periodic payments pursuant to a pension, retirement, ordisability program;

 

(ix) "Lender credit card or similar arrangement" meansan arrangement or loan agreement, other than a seller credit card, pursuant towhich a lender gives a debtor the privilege of using a credit card, letter ofcredit, or other credit confirmation or identification in transactions out ofwhich debt arises:

 

(A) By the lender's honoring a draft or similar order for thepayment of money drawn or accepted by the debtor;

 

(B) By the lender's payment or agreement to pay the debtor'sobligations; or

 

(C) By the lender's purchase from the obligee of the debtor'sobligations.

 

(x) "Mechanical breakdown insurance" means acontractual undertaking in which a person for an additional charge undertakesto indemnify another for direct or consequential loss caused by the failure ormalfunction of a component or system of any motor vehicle whether that loss isto be indemnified in funds, goods or services in any combination;

 

(xi) "Official fees" means:

 

(A) Fees and charges prescribed by law which actually are orwill be paid to public officials for determining the existence of or forperfecting, releasing, or satisfying a security interest related to a consumercredit sale, consumer lease, or consumer loan; or

 

(B) Premiums payable for insurance in lieu of perfecting asecurity interest otherwise required by the creditor in connection with thesale, lease, or loan, if the premium does not exceed the fees and chargesdescribed in subparagraph (A) of this paragraph which would otherwise bepayable.

 

(xii) "Organization" means a sole proprietorship,limited liability company, corporation, government or governmental subdivisionor agency, trust, estate, partnership, cooperative, association or otherentity, public or private;

 

(xiii) "Payable in installments" means that payment isrequired or permitted by a written agreement in five (5) or more installments.If any periodic payment other than the down payment under an agreementrequiring or permitting two (2) or more periodic payments is more than twicethe amount of any other periodic payment, excluding the down payment, theconsumer credit sale, consumer lease or consumer loan is "payable ininstallments";

 

(xiv) "Person" includes a natural person or anindividual, and an organization;

 

(xv)(A) "Person related to" with respect to anindividual, means:

 

(I) The spouse of the individual;

 

(II) A brother, brother-in-law, sister, sister-in-law of theindividual;

 

(III) An ancestor or lineal descendant of the individual or hisspouse; and

 

(IV) Any other relative, by blood or marriage, of the individualor his spouse who shares the same home with the individual;

 

(B) "Person related to" with respect to anorganization means:

 

(I) A person directly or indirectly controlling, controlled byor under common control with the organization;

 

(II) An officer or director of the organization or a personperforming similar functions with respect to the organization or to a personrelated to the organization;

 

(III) The spouse of a person related to the organization; and

 

(IV) A relative by blood or marriage of a person related to theorganization who shares the same home with him.

 

(xvi) "Presumed" or "presumption" means thatthe trier of fact must find the existence of the fact presumed unless and untilevidence is introduced which would support a finding of its nonexistence;

 

(xvii) "Rule of 78's" means the method used in thecalculation of rebate upon prepayment where the unearned portion of the creditservice charge or loan finance charge is a fraction of the charge of which thenumerator is the sum of the periodic balances scheduled to follow thecomputational period in which prepayment occurs and the denominator is the sumof all periodic balances under the related consumer credit sale agreement, theloan agreement or, if the balance owing resulted from a refinancing or aconsolidation, the related refinancing agreement or consolidation agreement;

 

(xviii) "Seller credit card" means an arrangement inwhich a person gives to a buyer or lessee the privilege of using a credit card,letter of credit or other credit confirmation or identification primarily forthe purpose of purchasing or leasing goods or services from that person or fromthat person and any other person;

 

(xix) "Supervised financial organization" means aperson other than an insurance company or other organization primarily engagedin an insurance business, which is:

 

(A) Organized, chartered or holding an authorizationcertificate under the laws of this state, any other state or of the UnitedStates which authorizes the person to make loans and to receive depositsincluding a savings, share, certificate or deposit account; and

 

(B) Subject to supervision by an official or agency of anystate or of the United States.

 

(xx) "Licensee" means an organization licensed underthis act;

 

(xxi) "This act" means W.S. 40-14-101 through40-14-702.

 

40-14-141. Definition.

 

In this act "Federal Consumer CreditProtection Act" means the Consumer Credit Protection Act (Public Law90-321; 82 U.S. Statutes 146), as amended, and includes regulations issuedpursuant to that act.

 

40-14-142. Index of definitions.

 

(a) Definitions in this act and the sections in which theyappear 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 purpose" - W.S. 40-14-140(a)(iv);

 

(vi) "Amount financed" - W.S. 40-14-211;

 

(vii) Repealed By Laws 2008, Ch. 116, 2.

 

(viii) Repealed By Laws 2008, Ch. 116, 2.

 

(ix) "Cash price" - W.S. 40-14-210;

 

(x) "Closing costs" - W.S. 40-14-140(a)(v);

 

(xi) "Conspicuous" - W.S. 40-14-140(a)(vi);

 

(xii) "Consumer credit insurance" - W.S.40-14-403(a)(i);

 

(xiii) "Consumer credit sale" - W.S. 40-14-204;

 

(xiv) "Consumer lease" - W.S. 40-14-206;

 

(xv) "Consumer loan" - W.S. 40-14-304;

 

(xvi) "Consumer related loan" - W.S. 40-14-355;

 

(xvii) "Consumer related sale" - W.S. 40-14-257;

 

(xviii) "Corresponding nominal annual percentage rate" -(sale) - W.S. 40-14-225(c) [Repealed];

 

(xix) "Corresponding nominal annual percentage rate" -(loan) - W.S. 40-14-323(c) [Repealed];

 

(xx) "Credit" - W.S. 40-14-140(a)(vii);

 

(xxi) "Credit Insurance Act" - W.S. 40-14-403(a)(ii);

 

(xxii) "Credit service charge" - W.S. 40-14-209;

 

(xxiii) "Earnings" - W.S. 40-14-140(a)(viii);

 

(xxiv) "Federal Consumer Credit Protection Act" - W.S.40-14-141;

 

(xxv) "Goods" - W.S. 40-14-205(a);

 

(xxvi) "Home solicitation sale" - W.S. 40-14-251;

 

(xxvii) "Lender" - W.S. 40-14-307(a);

 

(xxviii) "Lender credit card or similar arrangement" -W.S. 40-14-140(a)(ix);

 

(xxix) "Loan" - W.S. 40-14-306;

 

(xxx) "Loan finance charge" - W.S. 40-14-309;

 

(xxxi) "Loan primarily secured by an interest in land" -W.S. 40-14-305;

 

(xxxii) "Mechanical breakdown insurance" - W.S.40-14-140(a)(x);

 

(xxxiii) "Merchandise certificate" - W.S. 40-14-205(b);

 

(xxxiv) "Official fees" - W.S. 40-14-140(a)(xi);

 

(xxxv) "Organization" - W.S. 40-14-140(a)(xii);

 

(xxxvi) "Payable in installments" - W.S.40-14-140(a)(xiii);

 

(xxxvii) "Pawnbroker" - W.S. 40-14-359(a)(i);

 

(xxxviii) "Pawn finance charge" - W.S. 40-14-359(a)(ii);

 

(xxxix) "Pawn transaction" - W.S. 40-14-359(a)(iii);

 

(xl) "Person" - W.S. 40-14-140(a)(xiv);

 

(xli) "Person related to" - W.S. 40-14-140(a)(xv);

 

(xlii) "Post-dated check or similar arrangement" - W.S.40-14-362(a)(i);

 

(xliii) "Post-dated check casher" - W.S. 40-14-362(a)(ii);

 

(xliv) "Precomputed" (loan) - W.S. 40-14-307(b);

 

(xlv) "Precomputed" (sale) - W.S. 40-14-205(g);

 

(xlvi) "Presumed" or "presumption" - W.S.40-14-140(a)(xvi);

 

(xlvii) "Principal" - W.S. 40-14-307(c);

 

(xlviii) "Revolving charge account" - W.S. 40-14-208;

 

(xlix) "Revolving loan account" - W.S. 40-14-308;

 

(l) "Rule of 78's" - W.S. 40-14-140(a)(xvii);

 

(li) "Sale of goods" - W.S. 40-14-205(d);

 

(lii) "Sale of an interest in land" - W.S.40-14-205(f);

 

(liii) "Sale of services" - W.S. 40-14-205(e);

 

(liv) "Seller" - W.S. 40-14-207;

 

(lv) "Seller credit card" - W.S. 40-14-140(a)(xviii);

 

(lvi) "Services" - W.S. 40-14-205(c);

 

(lvii) "Supervised financial organization" - W.S.40-14-140(a)(xix);

 

(lviii) "Supervised lender" - W.S. 40-14-341(b);

 

(lix) "Supervised loan" - W.S. 40-14-341(a);

 

(lx) "Channeling agent" W.S. 40-14-640(a)(i);

 

(lxi) "Clerical or support duties" W.S.40-14-640(a)(ii);

 

(lxii) "Depository institution" W.S. 40-14-640(a)(iii);

 

(lxiii) "Dwelling" W.S. 40-14-640(a)(iv);

 

(lxiv) "Federal banking agency" W.S. 40-14-640(a)(v);

 

(lxv) "Immediate family member" W.S.40-14-640(a)(vi);

 

(lxvi) "Individual" W.S. 40-14-640(a)(vii);

 

(lxvii) "Licensee" W.S. 40-14-140(a)(xx);

 

(lxviii) "Loan processor or underwriter" W.S.40-14-640(a)(viii);

 

(lxix) "Mortgage loan originator" W.S.40-14-640(a)(ix);

 

(lxx) "Nontraditional mortgage product" W.S.40-14-640(a)(x);

 

(lxxi) "Real estate brokerage activity" W.S. 40-14-640(a)(xi);

 

(lxxii) "Registered mortgage loan originator" W.S.40-14-640(a)(xii);

 

(lxxiii) "Registry" W.S. 40-14-640(a)(xiii);

 

(lxxiv) "Residential mortgage loan" W.S.40-14-640(a)(xiv);

 

(lxxv) "Timeshare plan" W.S. 40-14-640(a)(xv);

 

(lxxvi) "Unique identifier" W.S. 40-14-640(a)(xvi);

 

(lxxvii) "This act" - means W.S. 40-14-101 through40-14-702.

 

ARTICLE 2 - CREDIT SALES

 

40-14-201. Short title.

 

This article shall be known and may becited as "Uniform Consumer Credit Code Credit Sales."

 

40-14-202. Scope.

 

This article applies to consumer creditsales, including home solicitation sales, and consumer leases; in addition part6 applies to consumer related sales.

 

40-14-203. Definitions.

 

 

(a) The following definitions apply to this act and appear inthis 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" - W.S. 40-14-206;

 

(vi) "Consumer related sale" - W.S. 40-14-257;

 

(vii) Repealed By Laws 2008, Ch. 116, 2.

 

(viii) "Credit service charge" - W.S. 40-14-209;

 

(ix) "Goods" - W.S. 40-14-205(a);

 

(x) "Home solicitation sale" - W.S. 40-14-251;

 

(xi) "Merchandise certificate" - W.S. 40-14-205(b);

 

(xii) "Precomputed" - W.S. 40-14-205(g);

 

(xiii) "Revolving charge account" - W.S. 40-14-208;

 

(xiv) "Sale of goods" - W.S. 40-14-205(d);

 

(xv) "Sale of an interest in land" - W.S.40-14-205(f);

 

(xvi) "Sale of services" - W.S. 40-14-205(e);

 

(xvii) "Seller" - W.S. 40-14-207;

 

(xviii) "Services" - W.S. 40-14-205(c).

 

40-14-204. 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 inland in which:

 

(i) Credit is granted by a person who regularly engages as aseller in credit transactions of the same kind;

 

(ii) The buyer is a person other than an organization;

 

(iii) The goods, services or interest in land are purchasedprimarily for a personal, family or household purpose;

 

(iv) Either the debt is payable in installments or a creditservice charge is made; and

 

(v) With respect to a sale of goods or services, the amountfinanced does not exceed fifty thousand dollars ($50,000.00) or the debt issecured by a dwelling, as defined in W.S. 40-14-640(a)(iv), located in Wyoming.

 

(b) Unless the sale is made subject to this act by agreementpursuant to W.S. 40-14-256, "consumer credit sale" does not include:

 

(i) A sale in which the seller allows the buyer to purchasegoods or services pursuant to a lender credit card or similar arrangement; or

 

(ii) A sale of an interest in land if the credit service chargedoes not exceed eighteen percent (18%) per year calculated according to theactuarial method on the unpaid balances of the amount financed on theassumption that the debt will be paid according to the agreed terms and willnot be paid before the end of the agreed term, except as provided fordisclosure and debtors' remedies in W.S. 40-14-520.

 

(c) Repealed by Laws 1981, ch. 147, 2.

 

40-14-205. Additional definitions.

 

 

(a) "Goods" includes a goods not in existence at thetime the transaction is entered into and merchandise certificates, but excludesmoney, chattel paper, documents of title, and instruments.

 

(b) "Merchandise certificate" means a writing issuedby a seller not redeemable in cash and usable in its face amount in lieu ofcash in exchange for goods or services.

 

(c) "Services" includes:

 

(i) Work, labor, and other personal services;

 

(ii) Privileges with respect to transportation, hotel andrestaurant accommodations, education, entertainment, recreation, physicalculture, hospital accommodations, funerals, cemetery accommodations, and thelike; and

 

(iii) Insurance provided by a person other than the insurer.

 

(d) "Sale of goods" includes any agreement in theform of a bailment or lease of goods if the bailee or lessee agrees to pay ascompensation for use a sum substantially equivalent to or in excess of theaggregate value of the goods involved and it is agreed that the bailee orlessee will become, or for no other or a nominal consideration has the optionto become, the owner of the goods upon full compliance with his obligationsunder the agreement.

 

(e) "Sale of services" means furnishing or agreeingto furnish services and includes making arrangements to have services furnishedby another.

 

(f) "Sale of an interest in land" includes a lease inwhich the lessee has an option to purchase the interest and all or asubstantial part of the rental or other payments previously made by him areapplied to the purchase price.

 

(g) A sale, refinancing, or consolidation is"precomputed" if the debt is expressed as a sum comprising the amountfinanced and the amount of the credit service charge computed in advance.

 

40-14-206. Definition of "consumer lease".

 

 

(a) "Consumer lease" means a lease of goods:

 

(i) Which a lessor regularly engaged in the business of leasingmakes to a person, other than an organization, who takes under the leaseprimarily for a personal, family or household purpose;

 

(ii) In which the amount payable under the lease does not exceedtwenty-five thousand dollars ($25,000.00); and

 

(iii) Which is for a term exceeding four (4) months.

 

(b) "Consumer lease" does not include a lease madepursuant to a lender credit card or similar arrangement.

 

40-14-207. Definition of "seller".

 

Except as otherwise provided,"seller" includes an assignee of the seller's right to payment butuse of the term does not in itself impose on an assignee any obligation of theseller with respect to events occurring before the assignment.

 

40-14-208. Definition of "revolving charge account".

 

 

(a) "Revolving charge account" means an arrangementbetween a seller and a buyer pursuant to which:

 

(i) The seller may permit the buyer to purchase goods orservices on credit either from the seller or pursuant to a seller credit card;

 

(ii) The unpaid balances of amounts financed arising frompurchases and the credit service and other appropriate charges are debited toan account;

 

(iii) A credit service charge if made is not precomputed but iscomputed on the outstanding unpaid balances of the buyer's account from time totime; and

 

(iv) Either the buyer has the privilege of paying in full or ininstallments or the seller periodically imposes charges computed on the accountfor delaying payment and permits the buyer to continue to purchase on credit.

 

40-14-209. Definition of "credit service charge".

 

(a) "Credit service charge" means the sum of:

 

(i) All charges payable directly or indirectly by the buyer andimposed directly or indirectly by the seller as an incident to the extension ofcredit, including any of the following types of charges which are applicable:time price differential, service, carrying or other charge however denominated,premium or other charge for any guarantee or insurance protecting the selleragainst the buyer's default or other credit loss; and

 

(ii) Charges incurred for investigating the collateral orcredit-worthiness of the buyer or for commissions or brokerage for obtainingthe credit, irrespective of the person to whom the charges are paid or payable,unless the seller had no notice of the charges when the credit was granted.

 

(b) Credit service charge does not include:

 

(i) Charges as a result of default;

 

(ii) Additional charges pursuant to W.S. 40-14-213;

 

(iii) Delinquency charges specified by W.S. 40-14-214;

 

(iv) Deferral charges pursuant to W.S. 40-14-215;

 

(v) A discount not in excess of five percent (5%) offered by aseller for purposes of inducing payment by cash, check or other means notinvolving the use of a seller or lender credit card, if the discount is offeredto all prospective buyers and its availability is disclosed clearly andconspicuously in accordance with regulations of the administrator; or

 

(vi) Reasonable credit application fees whether or not credit isextended.

 

40-14-210. Definition of "cash price".

 

"Cash price" means the price atwhich the creditor offers, in the ordinary course of business, to sell for cashthe property or services which are the subject of a consumer credittransaction. It may include the cash price of accessories or services relatedto the sale such as delivery, installation, alterations, modifications, andimprovements, and may include taxes to the extent imposed on the cash sale, butshall not include any other charges of the types described in section 226.4 ofregulation Z of the federal Consumer Credit Protection Act.

 

40-14-211. Definition of "amount financed".

 

 

(a) "Amount financed" means the total of thefollowing 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 tradedin;

 

(ii) The amount actually paid or to be paid by the sellerpursuant to an agreement with the buyer to discharge a security interest in ora lien on property traded in; and

 

(iii) If not included in the cash price:

 

(A) Any applicable sales, use, excise, or documentary stamptaxes;

 

(B) Amounts actually paid or to be paid by the seller forregistration, certificate of title, or license fees; and

 

(C) Additional charges permitted by this article (section 2-202[ 40-14-213]).

 

40-14-212. Credit service charge for consumer credit sales other thanrevolving charge accounts.

 

 

(a) With respect to a consumer credit sale, other than a salepursuant to a revolving charge account, a seller may contract for and receive acredit service charge not exceeding that permitted by this section.

 

(b) The credit service charge, calculated according to theactuarial method, may not exceed:

 

(i) Where the amount financed does not exceed fifty thousanddollars ($50,000.00), the equivalent of the greater of either of the following:

 

(A) The total of: Thirty-six percent (36%) per year on thatpart of the unpaid balances of the amount financed which is one thousanddollars ($1,000.00) or less and twenty-one percent (21%) per year on that partof the unpaid balances of the amount financed which is more than one thousanddollars ($1,000.00); or

 

(B) Twenty-one percent (21%) per year on that part of theunpaid balances of the amount financed.

 

(C) Repealed by Laws 1981, ch. 147, 1.

 

(ii) Where the amount financed exceeds fifty thousand dollars($50,000.00), any credit service charge specified in the buyer's saleagreement.

 

(c) This section does not limit or restrict the manner ofcontracting for the credit service charge, whether by way of add-on, discount,or otherwise, so long as the rate of the credit service charge does not exceedthat permitted by this section. If the sale is precomputed:

 

(i) The credit service charge may be calculated on theassumption that all scheduled payments will be made when due; and

 

(ii) The effect of prepayment is governed by the provisions onrebate upon prepayment (W.S. 40-14-221).

 

(d) For the purposes of this section, the term of a saleagreement commences with the date the credit is granted or, if goods aredelivered or services performed ten (10) days or more after that date, with thedate of commencement of delivery or performance. Differences in the lengths ofmonths are disregarded and a day may be counted as one-thirtieth of a month.Subject to classifications and differentiations the seller may reasonablyestablish, a part of a month in excess of fifteen (15) days may be treated as afull month if periods of fifteen (15) days or less are disregarded and thatprocedure is not consistently used to obtain a greater yield than wouldotherwise be permitted.

 

(e) Subject to classifications and differentiations the sellermay reasonably establish, he may make the same credit service charge on allamounts financed within a specified range. A credit service charge so made doesnot violate subsection (b) of this section if:

 

(i) When applied to the median amount within each range, itdoes not exceed the maximum permitted by subsection (b) of this section; and

 

(ii) When applied to the lowest amount within each range, itdoes not produce a rate of credit service charge exceeding the rate calculatedaccording to paragraph (a)(i) of this section by more than eight percent (8%)of the rate calculated according to paragraph (a)(i) of this section.

 

(f) Notwithstanding subsection (b) of this section, the sellermay contract for and receive a minimum credit service charge of not more thanthirty dollars ($30.00).

 

40-14-213. Additional charges.

 

 

(a) In addition to the credit service charge permitted by thispart, a seller may contract for and receive the following additional charges inconnection with a consumer credit sale:

 

(i) Official fees and taxes;

 

(ii) Charges for insurance as described in subsection (b) ofthis section; and

 

(iii) Charges for other benefits, including insurance, conferredon the buyer, if the benefits are of value to him and if the charges arereasonable in relation to the benefits, are of a type which is not for credit,and are excluded as permissible additional charges from the credit servicecharge by rule adopted by the administrator.

 

(b) An additional charge may be made for insurance written inconnection with the sale, other than insurance protecting the seller againstthe buyer's default or other credit loss:

 

(i) With respect to insurance against loss of or damage toproperty, or against liability, if the seller furnishes a clear and specificstatement in writing to the buyer, setting forth the cost of the insurance ifobtained from or through the seller, and stating that the buyer may choose theperson through whom the insurance is to be obtained;

 

(ii) With respect to consumer credit insurance providing life,accident, or health coverage, if the insurance coverage is not a factor in theapproval by the seller of the extension of credit and this fact is clearlydisclosed in writing to the buyer, and if, in order to obtain the insurance inconnection with the extension of credit, the buyer gives specific affirmativewritten indication of his desire to do so after written disclosure to him ofthe cost thereof;

 

(iii) With respect to mechanical breakdown insurance, if:

 

(A) Before consummation of the sale the seller furnishes aclear and specific statement in writing to the buyer setting forth the cost ofthe insurance and a copy of the policy;

 

(B) The insurance coverage is not a factor in the approval bythe seller of the extension of credit and that fact is clearly disclosed inwriting to the buyer; and

 

(C) The buyer gives specific affirmative written indication ofhis desire to purchase the insurance.

 

(c) Reasonable closing costs (W.S. 40-14-140(a)(v)) areadditional charges.

 

40-14-214. Delinquency charges.

 

 

(a) With respect to a consumer credit sale, refinancing, orconsolidation, the parties may contract for a delinquency charge on anyinstallment not paid in full within ten (10) days after its scheduled due datein an amount not exceeding the greater of:

 

(i) Five percent (5%) of the unpaid amount of the installment;or

 

(ii) Ten dollars ($10.00).

 

(b) A delinquency charge under subsection (a) of this sectionmay be collected only once on an installment however long it remains indefault. No delinquency charge may be collected if the installment has beendeferred and a deferral charge (W.S. 40-14-215) has been paid or incurred untilten (10) days after the deferred due date. A delinquency charge may becollected at the time it accrues or at any time thereafter.

 

(c) No delinquency charge may be collected on an installmentwhich is paid in full within ten (10) days after its scheduled installment duedate even though an earlier maturing installment or a delinquency charge on anearlier installment may not have been paid in full. For purposes of thissubsection payments are applied first to current installments and then todelinquent installments.

 

40-14-215. Deferral charges.

 

 

(a) With respect to a consumer credit sale, refinancing, orconsolidation, the parties before or after default may agree in writing to adeferral of all or part of one (1) or more unpaid installments, and the sellermay make and collect a charge which the buyer expressly agrees to pay asconsideration for the deferral. A deferral charge may be collected at the timeit is assessed or at any time thereafter.

 

(b) The seller, in addition to the deferral charge, may makeappropriate additional charges (W.S. 40-14-213), and the amount of thesecharges which is not paid in cash may be added to the amount deferred for thepurpose of calculating the deferral charge.

 

(c) Except in connection with a revolving charge account, theparties may agree in writing at the time of a consumer credit sale,refinancing, or consolidation that if an installment is not paid within ten(10) days after its due date, the seller may unilaterally grant a deferral andmake charges as provided in this section. No deferral charge may be made for aperiod after the date that the seller elects to accelerate the maturity of theagreement.

 

(d) A delinquency charge made by the seller on an installmentmay not be retained if a deferral charge is made pursuant to this section withrespect to the period of delinquency.

 

40-14-216. Credit service charge on refinancing.

 

 

(a) With respect to a consumer credit sale, refinancing, orconsolidation, the seller may by agreement with the buyer refinance the unpaidbalance and may contract for and receive a credit service charge based on theamount financed resulting from the refinancing at a rate not exceeding thatpermitted by the provisions on credit service charge for consumer credit sales(W.S. 40-14-212). For the purpose of determining the credit service chargepermitted, the amount financed resulting from the refinancing comprises thefollowing:

 

(i) If the transaction was not precomputed, the total of theunpaid balance and accrued charges on the date of refinancing, or, if thetransaction was precomputed, the amount which the buyer would have beenrequired to pay upon prepayment pursuant to the provisions on rebate uponprepayment (W.S. 40-14-221) on the date of refinancing except that for thepurpose of computing this amount no minimum credit service charge (W.S.40-14-212(f)) shall be allowed; and

 

(ii) Appropriate additional charges (W.S. 40-14-213), payment ofwhich is deferred.

 

40-14-217. Credit service charge on consolidation.

 

 

(a) If a buyer owes an unpaid balance to a seller with respectto a consumer credit sale, refinancing, or consolidation, and becomes obligatedon another consumer credit sale, refinancing, or consolidation with the sameseller, the parties may agree to a consolidation resulting in a single scheduleof payments pursuant to either of the following subsections:

 

(i) The parties may agree to refinance the unpaid balance withrespect to the previous sale pursuant to the provisions on refinancing (W.S.40-14-216) and to consolidate the amount financed resulting from therefinancing by adding it to the amount financed with respect to the subsequentsale. The seller may contract for and receive a credit service charge based onthe aggregate amount financed resulting from the consolidation at a rate notexceeding that permitted by the provisions on credit service charge for consumercredit sales (W.S. 40-14-212);

 

(ii) The parties may agree to consolidate by adding together theunpaid balances with respect to the two (2) sales.

 

40-14-218. Credit service charge for revolving charge accounts.

 

 

(a) With respect to a consumer credit sale made pursuant to arevolving charge account, the parties to the sale may contract for the paymentby the buyer of a credit service charge not exceeding that permitted in thissection.

 

(b) A charge may be made in each billing cycle which is apercentage of an amount no greater than:

 

(i) The average daily balance of the account;

 

(ii) The unpaid balance of the account on the same day of thebilling cycle; or

 

(iii) The median amount within a specified range within which theaverage daily balance of the account or the unpaid balance of the account onthe same day of the billing cycle is included. A charge may be made pursuant tothis paragraph only if the seller, subject to classifications anddifferentiations he may reasonably establish, makes the same charge on allbalances within the specified range and if the percentage when applied to themedian amount within the range does not produce a charge exceeding the chargeresulting from applying that percentage to the lowest amount within the rangeby more than eight percent (8%) of the charge on the median amount.

 

(c) Except as provided in paragraph (ii) of this subsection:

 

(i) If the billing cycle is monthly, the charge may not exceedone and three-fourths percent (1.75%) of the amount pursuant to subsection (b)of this section; or

 

(ii) If the billing cycle is not monthly, the maximum charge isthat percentage which bears the same relation to the applicable monthlypercentage as the number of days in the billing cycle bears to thirty (30). Forthe purposes of this section, a variation of not more than four (4) days frommonth to month is "the same day of the billing cycle".

 

(d) Notwithstanding subsection (c) of this section, if there isan unpaid balance on the date as of which the credit service charge is applied,the seller may contract for and receive a charge not exceeding fifty cents($.50) if the billing cycle is monthly or longer, or the pro rata part of fiftycents ($.50) which bears the same relation to fifty cents ($.50) as the numberof days in the billing cycle bears to thirty (30) if the billing cycle isshorter than monthly.

 

40-14-219. 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 performcertain duties pertaining to insuring or preserving collateral and the sellerpursuant to the agreement pays for performance of the duties on behalf of thebuyer, the seller may add the amounts paid to the debt. Within a reasonabletime after advancing any sums, he shall state to the buyer in writing theamount of the sums advanced, any charges with respect to this amount, and anyrevised payment schedule and, if the duties of the buyer performed by theseller pertain to insurance, a brief description of the insurance paid for bythe seller including the type and amount of coverages. No further informationneed be given.

 

(b) A credit service charge may be made for sums advancedpursuant to subsection (a) of this section at a rate not exceeding the ratestated to the buyer pursuant to the laws relating to disclosure with respect tothe sale, refinancing, or consolidation, except that with respect to arevolving charge account the amount of the advance may be added to the unpaidbalance of the amount and the seller may make a credit service charge notexceeding that permitted by the provisions on credit service charge forrevolving charge accounts (W.S. 40-14-218).

 

40-14-220. Right to prepay.

 

Subject to the provisions on rebate uponprepayment (W.S. 40-14-221), the buyer may prepay in full the unpaid balance ofa consumer credit sale, refinancing, or consolidation at any time withoutpenalty.

 

40-14-221. Rebate upon prepayment.

 

 

(a) Except as provided in subsection (b) of this section, uponprepayment in full of the unpaid balance of a precomputed consumer credit sale,refinancing or consolidation, the unearned credit service charge shall berefunded based upon the Rule of 78's if the transaction under its originalterms did not exceed sixty-one (61) monthly installments and upon the actuarialmethod, if the transaction by its original terms exceeded sixty-one (61)monthly installments. An amount not less than the unearned portion of thecredit service charge calculated according to this section shall be rebated tothe debtor. With respect to irregular payment transactions, the administratormay prescribe by rule the refund formula. If the rebate otherwise required isless than one dollar ($1.00), no rebate need be made.

 

(b) Upon prepayment in full of a consumer credit sale,refinancing, or consolidation, other than one (1) pursuant to a revolvingcharge account, if the credit service charge then earned is less than anypermitted minimum credit service charge (W.S. 40-14-212(f)) contracted for,whether or not the sale, refinancing, or consolidation is precomputed, theseller may collect or retain the minimum charge, as if earned, not exceedingthe credit service charge contracted for.

 

(c) If a deferral (W.S. 40-14-215) has been agreed to, theunearned portion of the credit service charge shall be computed without regardto the deferral. The amount of deferral charge earned at the date of prepaymentshall also be calculated. If the deferral charge earned is less than thedeferral charge paid, the difference shall be added to the unearned portion ofthe credit service charge. If any part of a deferral charge has been earned buthas not been paid, that part shall be subtracted from the unearned portion ofthe credit service charge or shall be added to the unpaid balance.

 

(d) This section does not preclude the collection or retentionby the seller of delinquency charges (W.S. 40-14-214).

 

(e) If the maturity is accelerated for any reason and judgmentis obtained, the buyer is entitled to the same rebate as if payment had beenmade on the date judgment is entered.

 

(f) Upon prepayment in full of a consumer credit sale by theproceeds of consumer credit insurance (W.S. 40-14-403), the buyer or his estateis entitled to the same rebate as though the buyer had prep

State Codes and Statutes

Statutes > Wyoming > Title40 > Chapter14

CHAPTER 14 - WYOMING UNIFORM CONSUMER CREDIT CODE

 

ARTICLE 1 - GENERAL PROVISIONS AND DEFINITIONS

 

40-14-101. Short title.

 

This act shall be known and may be cited as"Wyoming Uniform Consumer Credit Code."

 

40-14-102. Purposes; rules of construction.

 

 

(a) This act shall be liberally construed and applied topromote its underlying purposes and policies.

 

(b) The underlying purposes and policies of this act are:

 

(i) To simplify, clarify and modernize the law governing retailinstallment sales, consumer credit, small loans and usury;

 

(ii) To provide rate ceilings to assure an adequate supply ofcredit to consumers;

 

(iii) To further consumer understanding of the terms of credittransactions and to foster competition among suppliers of consumer credit sothat consumers may obtain credit at reasonable cost;

 

(iv) To protect consumer buyers, lessees, and borrowers againstunfair practices by some suppliers of consumer credit, having due regard forthe interests of legitimate and scrupulous creditors;

 

(v) To permit and encourage the development of fair andeconomically sound consumer credit practices;

 

(vi) To conform the regulation of consumer credit transactionsto the policies of the federal Consumer Credit Protection Act; and

 

(vii) To make uniform the law, including administrative rules,among the various jurisdictions.

 

(c) A reference to a requirement imposed by this act includesreference to a related rule of the administrator adopted pursuant to this act.

 

40-14-103. Supplementary general principles of law applicable.

 

Unless displaced by the particularprovisions of this act, the Uniform Commercial Code and the principles of lawand equity, including the law relative to capacity to contract, principal andagent, estoppel, fraud, misrepresentation, duress, coercion, mistake,bankruptcy, or other validating or invalidating cause, supplement itsprovisions.

 

40-14-104. Construction against implicit repeal.

 

This act being a general act intended as aunified coverage of its subject matter, no part of it shall be deemed to beimpliedly repealed by subsequent legislation if such construction canreasonably be avoided.

 

40-14-105. Severability.

 

If any provision of this act or theapplication thereof to any person or circumstances is held invalid, theinvalidity does not affect other provisions or applications of this act whichcan be given effect without the invalid provision or application, and to thisend the provisions of this act are severable.

 

40-14-106. Waiver; agreement to forego rights; settlement of claims;legal rate of interest.

 

 

(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 against a creditorfor an excess charge, other violation of this act, or civil penalty, or a claimagainst a buyer, lessee, or debtor for default or breach of a duty imposed bythis act, if disputed in good faith, may be settled by agreement.

 

(c) A claim, whether or not disputed, against a buyer, lessee,or debtor may be settled for less value than the amount claimed.

 

(d) A settlement in which the buyer, lessee, or debtor waivesor agrees to forego rights or benefits under this act is invalid if the courtas a matter of law finds the settlement to have been unconscionable at the timeit was made. The competence of the buyer, lessee, or debtor, any deception orcoercion practiced upon him, the nature and extent of the legal advice receivedby him, and the value of the consideration are relevant to the issue ofunconscionability.

 

(e) If there is no agreement or provision of law for adifferent rate, the interest of money shall be at the rate of seven percent(7%) per annum.

 

40-14-107. 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 creditincluding consumer credit sales (W.S. 40-14-204), consumer loans (W.S.40-14-304), and consumer related sales and loans (W.S. 40-14-257 and40-14-355), and displaces existing limitations on the powers of those creditorsbased on maximum charges.

 

(b) With respect to sellers of goods or services, small loancompanies, licensed lenders, consumer and sales finance companies, industrialbanks and loan companies and commercial banks and trust companies, this actdisplaces existing limitations on their powers based solely on amount orduration of credit.

 

(c) Except as provided in subsection (a) of this section, thisact does not displace limitations on powers of credit unions, savings banks,savings and loan associations, or other thrift institutions whether organizedfor the profit of shareholders or as mutual organizations.

 

(d) Except as provided in subsections (a) and (b) of thissection, this act does not displace:

 

(i) Limitations on powers of supervised financial organizationsdefined by W.S. 40-14-140(a)(xix) with respect to the amount of a loan to asingle borrower, the ratio of a loan to the value of collateral, the durationof a loan secured by an interest in land or other similar restrictions designedto protect deposits; or

 

(ii) Limitations on powers an organization is authorized toexercise under the laws of this state or the United States.

 

40-14-120. Territorial application.

 

(a) Except as otherwise provided in this section, this actapplies to consumer credit transactions made in this state. For purposes ofthis act, a consumer credit transaction is made in this state if:

 

(i) A signed writing evidencing the obligation or offer of theconsumer is received by the creditor in this state;

 

(ii) The creditor induces consumers who are residents of thisstate to enter into credit transactions by a continuous and systematicsolicitation either personally or by mail and the goods or money are deliveredin this state and payment is made from this state; or

 

(iii) The credit transaction is secured by a dwelling, as definedin W.S. 40-14-640(a), located in Wyoming.

 

(b) With respect to sales made pursuant to a revolving chargeaccount (W.S. 40-14-208), this act applies if the buyer's communication orindication of his intention to establish the account is received by the sellerin this state. If no communication or indication of intention is given by thebuyer before the first sale, this act applies if the seller's communicationnotifying the buyer of the privilege of using the account is mailed orpersonally delivered in this state.

 

(c) With respect to loans made pursuant to a lender credit cardor similar arrangement (W.S. 40-14-140(a)(ix)), this act applies if thedebtor's communication or indication of his intention to establish thearrangement with the lender is received by the lender in this state. If nocommunication or indication of intention is given by the debtor before thefirst loan, this act applies if the lender's communication notifying the debtorof the privilege of using the arrangement is mailed or personally delivered inthis state.

 

(d) The part on limitations on creditors' remedies (part 1) ofthe article on remedies and penalties (article 5) applies to actions or otherproceedings brought in this state to enforce rights arising from consumercredit sales, consumer leases, or consumer loans, or extortionate extensions ofcredit, wherever made.

 

(e) If a consumer credit sale, consumer lease, or consumerloan, or modification thereof, is made in another state to a person who is aresident of this state when the sale, lease, loan, or modification is made, thefollowing provisions apply as though the transaction occurred in this state:

 

(i) A seller, lessor, lender, or assignee of his rights, maynot collect charges through actions or other proceedings in excess of thosepermitted by the article on credit sales (article 2) or by the article on loans(article 3); and

 

(ii) A seller, lessor, lender, or assignee of his rights, maynot enforce rights against the buyer, lessee, or debtor, with respect to theprovisions of agreements which violate the provisions on limitations onagreements and practices (part 4) of the article on credit sales (article 2) orof the article on loans (article 3).

 

(f) Except as provided in subsection (d) of this section, asale, lease, loan or modification thereof, made in another state to a personwho was not a resident of this state when the sale, lease, loan, ormodification was made is valid and enforceable in this state according to itsterms to the extent that it is valid and enforceable under the laws of thestate applicable to the transaction.

 

(g) For the purposes of this act, the residence of a buyer,lessee, or debtor is the address given by him as his residence in any writingsigned by him in connection with a credit transaction. Until he notifies thecreditor of a new or different address, the given address is presumed to beunchanged.

 

(h) Notwithstanding other provisions of this section:

 

(i) Except as provided in subsection (d) of this section, thisact does not apply if the buyer, lessee, or debtor is not a resident of thisstate at the time of a credit transaction and the parties then agree that thelaw of his residence applies; and

 

(ii) This act applies if the buyer, lessee, or debtor is aresident of this state at the time of a credit transaction and the parties thenagree that the law of this state applies.

 

(j) Except as provided in subsection (h) of this section, thefollowing agreements by a buyer, lessee, or debtor are invalid with respect toconsumer credit sales, consumer leases, consumer loans, or modificationsthereof, to which this act applies:

 

(i) That the law of another state shall apply;

 

(ii) That the buyer, lessee, or debtor consents to thejurisdiction of another state; and

 

(iii) That fixes venue.

 

(k) The following provisions of this act specify the applicablelaw governing certain cases:

 

(i) Applicability (W.S. 40-14-602) of the part on powers andfunctions of administrator (part 1) of the article on administration (article6); and

 

(ii) Applicability (W.S. 40-14-630) of the part on notificationand fees (part 2) of the article on administration (article 6).

 

40-14-121. Exclusions.

 

(a) Except as required by W.S. 40-14-641, this act does notapply to:

 

(i) Extensions of credit to government or governmental agenciesor instrumentalities;

 

(ii) Except as otherwise provided in the article on insurance[article 4], the sale of insurance by an insurer if the premium is notfinanced;

 

(iii) Transactions under public utility or common carrier tariffsif a subdivision or agency of this state or of the United States regulates thecharges for the services involved, the charges for delayed payment, and anydiscount allowed for early payment; or

 

(iv) Repealed by Laws 1983, ch. 62, 2.

 

(v) Ceilings on rates and charges or limits on loan maturitiesof a credit union organized under the laws of this state or of the UnitedStates if these ceilings or limits are established by these laws; or

 

(vi) Credit sales, loans or leases primarily for an agriculturalpurpose except as provided in article 2, part 6 and article 3, part 6 of thiscode.

 

40-14-140. General definitions.

 

(a) In addition to definitions appearing in subsequentarticles, in this act:

 

(i) "Actuarial method" means the method, defined byrules adopted by the administrator, of allocating payments made on a debtbetween principal or amount financed and loan finance charge or credit servicecharge pursuant to which a payment is applied first to the accumulated loanfinance charge or credit service charge and the balance is applied to theunpaid principal or unpaid amount financed;

 

(ii) "Administrator" means the administratordesignated in the article (article 6) on administration (W.S. 40-14-603);

 

(iii) "Agreement" means the bargain of the parties infact as found in their language or by implication from other circumstancesincluding course of dealing or usage of trade or course of performance;

 

(iv) "Agricultural purpose" means a purpose related tothe production, harvest, exhibition, marketing, transportation, processing, ormanufacture of agricultural products by a natural person who cultivates,plants, propagates, or nurtures the agricultural products. "Agriculturalproducts" includes agricultural, horticultural, viticultural, and dairyproducts, livestock, wildlife, poultry, bees, forest products, fish andshellfish, and any products thereof, including processed and manufacturedproducts, and any and all products raised or produced on farms and anyprocessed or manufactured products thereof;

 

(v) "Closing costs" with respect to a debt secured byan interest in land includes:

 

(A) Fees or premiums for title examination, title insurance, orsimilar purposes including surveys;

 

(B) Fees for preparation of a deed, settlement statement, orother documents;

 

(C) Escrows for future payments of taxes and insurance;

 

(D) Fees for notarizing deeds and other documents;

 

(E) Appraisal fees; and

 

(F) Credit reports.

 

(vi) "Conspicuous". - A term or clause is conspicuouswhen it is so written that a reasonable person against whom it is to operateought to have noticed it. Whether a term or clause is conspicuous or not is fordecision by the court;

 

(vii) "Credit" means the right granted by a creditor toa debtor to defer payment of debt or to incur debt and defer its payment;

 

(viii) "Earnings" means compensation paid or payable toan individual or for his account for personal services rendered or to berendered by him, whether denominated as wages, salary, commission, bonus, orotherwise, and includes periodic payments pursuant to a pension, retirement, ordisability program;

 

(ix) "Lender credit card or similar arrangement" meansan arrangement or loan agreement, other than a seller credit card, pursuant towhich a lender gives a debtor the privilege of using a credit card, letter ofcredit, or other credit confirmation or identification in transactions out ofwhich debt arises:

 

(A) By the lender's honoring a draft or similar order for thepayment of money drawn or accepted by the debtor;

 

(B) By the lender's payment or agreement to pay the debtor'sobligations; or

 

(C) By the lender's purchase from the obligee of the debtor'sobligations.

 

(x) "Mechanical breakdown insurance" means acontractual undertaking in which a person for an additional charge undertakesto indemnify another for direct or consequential loss caused by the failure ormalfunction of a component or system of any motor vehicle whether that loss isto be indemnified in funds, goods or services in any combination;

 

(xi) "Official fees" means:

 

(A) Fees and charges prescribed by law which actually are orwill be paid to public officials for determining the existence of or forperfecting, releasing, or satisfying a security interest related to a consumercredit sale, consumer lease, or consumer loan; or

 

(B) Premiums payable for insurance in lieu of perfecting asecurity interest otherwise required by the creditor in connection with thesale, lease, or loan, if the premium does not exceed the fees and chargesdescribed in subparagraph (A) of this paragraph which would otherwise bepayable.

 

(xii) "Organization" means a sole proprietorship,limited liability company, corporation, government or governmental subdivisionor agency, trust, estate, partnership, cooperative, association or otherentity, public or private;

 

(xiii) "Payable in installments" means that payment isrequired or permitted by a written agreement in five (5) or more installments.If any periodic payment other than the down payment under an agreementrequiring or permitting two (2) or more periodic payments is more than twicethe amount of any other periodic payment, excluding the down payment, theconsumer credit sale, consumer lease or consumer loan is "payable ininstallments";

 

(xiv) "Person" includes a natural person or anindividual, and an organization;

 

(xv)(A) "Person related to" with respect to anindividual, means:

 

(I) The spouse of the individual;

 

(II) A brother, brother-in-law, sister, sister-in-law of theindividual;

 

(III) An ancestor or lineal descendant of the individual or hisspouse; and

 

(IV) Any other relative, by blood or marriage, of the individualor his spouse who shares the same home with the individual;

 

(B) "Person related to" with respect to anorganization means:

 

(I) A person directly or indirectly controlling, controlled byor under common control with the organization;

 

(II) An officer or director of the organization or a personperforming similar functions with respect to the organization or to a personrelated to the organization;

 

(III) The spouse of a person related to the organization; and

 

(IV) A relative by blood or marriage of a person related to theorganization who shares the same home with him.

 

(xvi) "Presumed" or "presumption" means thatthe trier of fact must find the existence of the fact presumed unless and untilevidence is introduced which would support a finding of its nonexistence;

 

(xvii) "Rule of 78's" means the method used in thecalculation of rebate upon prepayment where the unearned portion of the creditservice charge or loan finance charge is a fraction of the charge of which thenumerator is the sum of the periodic balances scheduled to follow thecomputational period in which prepayment occurs and the denominator is the sumof all periodic balances under the related consumer credit sale agreement, theloan agreement or, if the balance owing resulted from a refinancing or aconsolidation, the related refinancing agreement or consolidation agreement;

 

(xviii) "Seller credit card" means an arrangement inwhich a person gives to a buyer or lessee the privilege of using a credit card,letter of credit or other credit confirmation or identification primarily forthe purpose of purchasing or leasing goods or services from that person or fromthat person and any other person;

 

(xix) "Supervised financial organization" means aperson other than an insurance company or other organization primarily engagedin an insurance business, which is:

 

(A) Organized, chartered or holding an authorizationcertificate under the laws of this state, any other state or of the UnitedStates which authorizes the person to make loans and to receive depositsincluding a savings, share, certificate or deposit account; and

 

(B) Subject to supervision by an official or agency of anystate or of the United States.

 

(xx) "Licensee" means an organization licensed underthis act;

 

(xxi) "This act" means W.S. 40-14-101 through40-14-702.

 

40-14-141. Definition.

 

In this act "Federal Consumer CreditProtection Act" means the Consumer Credit Protection Act (Public Law90-321; 82 U.S. Statutes 146), as amended, and includes regulations issuedpursuant to that act.

 

40-14-142. Index of definitions.

 

(a) Definitions in this act and the sections in which theyappear 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 purpose" - W.S. 40-14-140(a)(iv);

 

(vi) "Amount financed" - W.S. 40-14-211;

 

(vii) Repealed By Laws 2008, Ch. 116, 2.

 

(viii) Repealed By Laws 2008, Ch. 116, 2.

 

(ix) "Cash price" - W.S. 40-14-210;

 

(x) "Closing costs" - W.S. 40-14-140(a)(v);

 

(xi) "Conspicuous" - W.S. 40-14-140(a)(vi);

 

(xii) "Consumer credit insurance" - W.S.40-14-403(a)(i);

 

(xiii) "Consumer credit sale" - W.S. 40-14-204;

 

(xiv) "Consumer lease" - W.S. 40-14-206;

 

(xv) "Consumer loan" - W.S. 40-14-304;

 

(xvi) "Consumer related loan" - W.S. 40-14-355;

 

(xvii) "Consumer related sale" - W.S. 40-14-257;

 

(xviii) "Corresponding nominal annual percentage rate" -(sale) - W.S. 40-14-225(c) [Repealed];

 

(xix) "Corresponding nominal annual percentage rate" -(loan) - W.S. 40-14-323(c) [Repealed];

 

(xx) "Credit" - W.S. 40-14-140(a)(vii);

 

(xxi) "Credit Insurance Act" - W.S. 40-14-403(a)(ii);

 

(xxii) "Credit service charge" - W.S. 40-14-209;

 

(xxiii) "Earnings" - W.S. 40-14-140(a)(viii);

 

(xxiv) "Federal Consumer Credit Protection Act" - W.S.40-14-141;

 

(xxv) "Goods" - W.S. 40-14-205(a);

 

(xxvi) "Home solicitation sale" - W.S. 40-14-251;

 

(xxvii) "Lender" - W.S. 40-14-307(a);

 

(xxviii) "Lender credit card or similar arrangement" -W.S. 40-14-140(a)(ix);

 

(xxix) "Loan" - W.S. 40-14-306;

 

(xxx) "Loan finance charge" - W.S. 40-14-309;

 

(xxxi) "Loan primarily secured by an interest in land" -W.S. 40-14-305;

 

(xxxii) "Mechanical breakdown insurance" - W.S.40-14-140(a)(x);

 

(xxxiii) "Merchandise certificate" - W.S. 40-14-205(b);

 

(xxxiv) "Official fees" - W.S. 40-14-140(a)(xi);

 

(xxxv) "Organization" - W.S. 40-14-140(a)(xii);

 

(xxxvi) "Payable in installments" - W.S.40-14-140(a)(xiii);

 

(xxxvii) "Pawnbroker" - W.S. 40-14-359(a)(i);

 

(xxxviii) "Pawn finance charge" - W.S. 40-14-359(a)(ii);

 

(xxxix) "Pawn transaction" - W.S. 40-14-359(a)(iii);

 

(xl) "Person" - W.S. 40-14-140(a)(xiv);

 

(xli) "Person related to" - W.S. 40-14-140(a)(xv);

 

(xlii) "Post-dated check or similar arrangement" - W.S.40-14-362(a)(i);

 

(xliii) "Post-dated check casher" - W.S. 40-14-362(a)(ii);

 

(xliv) "Precomputed" (loan) - W.S. 40-14-307(b);

 

(xlv) "Precomputed" (sale) - W.S. 40-14-205(g);

 

(xlvi) "Presumed" or "presumption" - W.S.40-14-140(a)(xvi);

 

(xlvii) "Principal" - W.S. 40-14-307(c);

 

(xlviii) "Revolving charge account" - W.S. 40-14-208;

 

(xlix) "Revolving loan account" - W.S. 40-14-308;

 

(l) "Rule of 78's" - W.S. 40-14-140(a)(xvii);

 

(li) "Sale of goods" - W.S. 40-14-205(d);

 

(lii) "Sale of an interest in land" - W.S.40-14-205(f);

 

(liii) "Sale of services" - W.S. 40-14-205(e);

 

(liv) "Seller" - W.S. 40-14-207;

 

(lv) "Seller credit card" - W.S. 40-14-140(a)(xviii);

 

(lvi) "Services" - W.S. 40-14-205(c);

 

(lvii) "Supervised financial organization" - W.S.40-14-140(a)(xix);

 

(lviii) "Supervised lender" - W.S. 40-14-341(b);

 

(lix) "Supervised loan" - W.S. 40-14-341(a);

 

(lx) "Channeling agent" W.S. 40-14-640(a)(i);

 

(lxi) "Clerical or support duties" W.S.40-14-640(a)(ii);

 

(lxii) "Depository institution" W.S. 40-14-640(a)(iii);

 

(lxiii) "Dwelling" W.S. 40-14-640(a)(iv);

 

(lxiv) "Federal banking agency" W.S. 40-14-640(a)(v);

 

(lxv) "Immediate family member" W.S.40-14-640(a)(vi);

 

(lxvi) "Individual" W.S. 40-14-640(a)(vii);

 

(lxvii) "Licensee" W.S. 40-14-140(a)(xx);

 

(lxviii) "Loan processor or underwriter" W.S.40-14-640(a)(viii);

 

(lxix) "Mortgage loan originator" W.S.40-14-640(a)(ix);

 

(lxx) "Nontraditional mortgage product" W.S.40-14-640(a)(x);

 

(lxxi) "Real estate brokerage activity" W.S. 40-14-640(a)(xi);

 

(lxxii) "Registered mortgage loan originator" W.S.40-14-640(a)(xii);

 

(lxxiii) "Registry" W.S. 40-14-640(a)(xiii);

 

(lxxiv) "Residential mortgage loan" W.S.40-14-640(a)(xiv);

 

(lxxv) "Timeshare plan" W.S. 40-14-640(a)(xv);

 

(lxxvi) "Unique identifier" W.S. 40-14-640(a)(xvi);

 

(lxxvii) "This act" - means W.S. 40-14-101 through40-14-702.

 

ARTICLE 2 - CREDIT SALES

 

40-14-201. Short title.

 

This article shall be known and may becited as "Uniform Consumer Credit Code Credit Sales."

 

40-14-202. Scope.

 

This article applies to consumer creditsales, including home solicitation sales, and consumer leases; in addition part6 applies to consumer related sales.

 

40-14-203. Definitions.

 

 

(a) The following definitions apply to this act and appear inthis 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" - W.S. 40-14-206;

 

(vi) "Consumer related sale" - W.S. 40-14-257;

 

(vii) Repealed By Laws 2008, Ch. 116, 2.

 

(viii) "Credit service charge" - W.S. 40-14-209;

 

(ix) "Goods" - W.S. 40-14-205(a);

 

(x) "Home solicitation sale" - W.S. 40-14-251;

 

(xi) "Merchandise certificate" - W.S. 40-14-205(b);

 

(xii) "Precomputed" - W.S. 40-14-205(g);

 

(xiii) "Revolving charge account" - W.S. 40-14-208;

 

(xiv) "Sale of goods" - W.S. 40-14-205(d);

 

(xv) "Sale of an interest in land" - W.S.40-14-205(f);

 

(xvi) "Sale of services" - W.S. 40-14-205(e);

 

(xvii) "Seller" - W.S. 40-14-207;

 

(xviii) "Services" - W.S. 40-14-205(c).

 

40-14-204. 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 inland in which:

 

(i) Credit is granted by a person who regularly engages as aseller in credit transactions of the same kind;

 

(ii) The buyer is a person other than an organization;

 

(iii) The goods, services or interest in land are purchasedprimarily for a personal, family or household purpose;

 

(iv) Either the debt is payable in installments or a creditservice charge is made; and

 

(v) With respect to a sale of goods or services, the amountfinanced does not exceed fifty thousand dollars ($50,000.00) or the debt issecured by a dwelling, as defined in W.S. 40-14-640(a)(iv), located in Wyoming.

 

(b) Unless the sale is made subject to this act by agreementpursuant to W.S. 40-14-256, "consumer credit sale" does not include:

 

(i) A sale in which the seller allows the buyer to purchasegoods or services pursuant to a lender credit card or similar arrangement; or

 

(ii) A sale of an interest in land if the credit service chargedoes not exceed eighteen percent (18%) per year calculated according to theactuarial method on the unpaid balances of the amount financed on theassumption that the debt will be paid according to the agreed terms and willnot be paid before the end of the agreed term, except as provided fordisclosure and debtors' remedies in W.S. 40-14-520.

 

(c) Repealed by Laws 1981, ch. 147, 2.

 

40-14-205. Additional definitions.

 

 

(a) "Goods" includes a goods not in existence at thetime the transaction is entered into and merchandise certificates, but excludesmoney, chattel paper, documents of title, and instruments.

 

(b) "Merchandise certificate" means a writing issuedby a seller not redeemable in cash and usable in its face amount in lieu ofcash in exchange for goods or services.

 

(c) "Services" includes:

 

(i) Work, labor, and other personal services;

 

(ii) Privileges with respect to transportation, hotel andrestaurant accommodations, education, entertainment, recreation, physicalculture, hospital accommodations, funerals, cemetery accommodations, and thelike; and

 

(iii) Insurance provided by a person other than the insurer.

 

(d) "Sale of goods" includes any agreement in theform of a bailment or lease of goods if the bailee or lessee agrees to pay ascompensation for use a sum substantially equivalent to or in excess of theaggregate value of the goods involved and it is agreed that the bailee orlessee will become, or for no other or a nominal consideration has the optionto become, the owner of the goods upon full compliance with his obligationsunder the agreement.

 

(e) "Sale of services" means furnishing or agreeingto furnish services and includes making arrangements to have services furnishedby another.

 

(f) "Sale of an interest in land" includes a lease inwhich the lessee has an option to purchase the interest and all or asubstantial part of the rental or other payments previously made by him areapplied to the purchase price.

 

(g) A sale, refinancing, or consolidation is"precomputed" if the debt is expressed as a sum comprising the amountfinanced and the amount of the credit service charge computed in advance.

 

40-14-206. Definition of "consumer lease".

 

 

(a) "Consumer lease" means a lease of goods:

 

(i) Which a lessor regularly engaged in the business of leasingmakes to a person, other than an organization, who takes under the leaseprimarily for a personal, family or household purpose;

 

(ii) In which the amount payable under the lease does not exceedtwenty-five thousand dollars ($25,000.00); and

 

(iii) Which is for a term exceeding four (4) months.

 

(b) "Consumer lease" does not include a lease madepursuant to a lender credit card or similar arrangement.

 

40-14-207. Definition of "seller".

 

Except as otherwise provided,"seller" includes an assignee of the seller's right to payment butuse of the term does not in itself impose on an assignee any obligation of theseller with respect to events occurring before the assignment.

 

40-14-208. Definition of "revolving charge account".

 

 

(a) "Revolving charge account" means an arrangementbetween a seller and a buyer pursuant to which:

 

(i) The seller may permit the buyer to purchase goods orservices on credit either from the seller or pursuant to a seller credit card;

 

(ii) The unpaid balances of amounts financed arising frompurchases and the credit service and other appropriate charges are debited toan account;

 

(iii) A credit service charge if made is not precomputed but iscomputed on the outstanding unpaid balances of the buyer's account from time totime; and

 

(iv) Either the buyer has the privilege of paying in full or ininstallments or the seller periodically imposes charges computed on the accountfor delaying payment and permits the buyer to continue to purchase on credit.

 

40-14-209. Definition of "credit service charge".

 

(a) "Credit service charge" means the sum of:

 

(i) All charges payable directly or indirectly by the buyer andimposed directly or indirectly by the seller as an incident to the extension ofcredit, including any of the following types of charges which are applicable:time price differential, service, carrying or other charge however denominated,premium or other charge for any guarantee or insurance protecting the selleragainst the buyer's default or other credit loss; and

 

(ii) Charges incurred for investigating the collateral orcredit-worthiness of the buyer or for commissions or brokerage for obtainingthe credit, irrespective of the person to whom the charges are paid or payable,unless the seller had no notice of the charges when the credit was granted.

 

(b) Credit service charge does not include:

 

(i) Charges as a result of default;

 

(ii) Additional charges pursuant to W.S. 40-14-213;

 

(iii) Delinquency charges specified by W.S. 40-14-214;

 

(iv) Deferral charges pursuant to W.S. 40-14-215;

 

(v) A discount not in excess of five percent (5%) offered by aseller for purposes of inducing payment by cash, check or other means notinvolving the use of a seller or lender credit card, if the discount is offeredto all prospective buyers and its availability is disclosed clearly andconspicuously in accordance with regulations of the administrator; or

 

(vi) Reasonable credit application fees whether or not credit isextended.

 

40-14-210. Definition of "cash price".

 

"Cash price" means the price atwhich the creditor offers, in the ordinary course of business, to sell for cashthe property or services which are the subject of a consumer credittransaction. It may include the cash price of accessories or services relatedto the sale such as delivery, installation, alterations, modifications, andimprovements, and may include taxes to the extent imposed on the cash sale, butshall not include any other charges of the types described in section 226.4 ofregulation Z of the federal Consumer Credit Protection Act.

 

40-14-211. Definition of "amount financed".

 

 

(a) "Amount financed" means the total of thefollowing 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 tradedin;

 

(ii) The amount actually paid or to be paid by the sellerpursuant to an agreement with the buyer to discharge a security interest in ora lien on property traded in; and

 

(iii) If not included in the cash price:

 

(A) Any applicable sales, use, excise, or documentary stamptaxes;

 

(B) Amounts actually paid or to be paid by the seller forregistration, certificate of title, or license fees; and

 

(C) Additional charges permitted by this article (section 2-202[ 40-14-213]).

 

40-14-212. Credit service charge for consumer credit sales other thanrevolving charge accounts.

 

 

(a) With respect to a consumer credit sale, other than a salepursuant to a revolving charge account, a seller may contract for and receive acredit service charge not exceeding that permitted by this section.

 

(b) The credit service charge, calculated according to theactuarial method, may not exceed:

 

(i) Where the amount financed does not exceed fifty thousanddollars ($50,000.00), the equivalent of the greater of either of the following:

 

(A) The total of: Thirty-six percent (36%) per year on thatpart of the unpaid balances of the amount financed which is one thousanddollars ($1,000.00) or less and twenty-one percent (21%) per year on that partof the unpaid balances of the amount financed which is more than one thousanddollars ($1,000.00); or

 

(B) Twenty-one percent (21%) per year on that part of theunpaid balances of the amount financed.

 

(C) Repealed by Laws 1981, ch. 147, 1.

 

(ii) Where the amount financed exceeds fifty thousand dollars($50,000.00), any credit service charge specified in the buyer's saleagreement.

 

(c) This section does not limit or restrict the manner ofcontracting for the credit service charge, whether by way of add-on, discount,or otherwise, so long as the rate of the credit service charge does not exceedthat permitted by this section. If the sale is precomputed:

 

(i) The credit service charge may be calculated on theassumption that all scheduled payments will be made when due; and

 

(ii) The effect of prepayment is governed by the provisions onrebate upon prepayment (W.S. 40-14-221).

 

(d) For the purposes of this section, the term of a saleagreement commences with the date the credit is granted or, if goods aredelivered or services performed ten (10) days or more after that date, with thedate of commencement of delivery or performance. Differences in the lengths ofmonths are disregarded and a day may be counted as one-thirtieth of a month.Subject to classifications and differentiations the seller may reasonablyestablish, a part of a month in excess of fifteen (15) days may be treated as afull month if periods of fifteen (15) days or less are disregarded and thatprocedure is not consistently used to obtain a greater yield than wouldotherwise be permitted.

 

(e) Subject to classifications and differentiations the sellermay reasonably establish, he may make the same credit service charge on allamounts financed within a specified range. A credit service charge so made doesnot violate subsection (b) of this section if:

 

(i) When applied to the median amount within each range, itdoes not exceed the maximum permitted by subsection (b) of this section; and

 

(ii) When applied to the lowest amount within each range, itdoes not produce a rate of credit service charge exceeding the rate calculatedaccording to paragraph (a)(i) of this section by more than eight percent (8%)of the rate calculated according to paragraph (a)(i) of this section.

 

(f) Notwithstanding subsection (b) of this section, the sellermay contract for and receive a minimum credit service charge of not more thanthirty dollars ($30.00).

 

40-14-213. Additional charges.

 

 

(a) In addition to the credit service charge permitted by thispart, a seller may contract for and receive the following additional charges inconnection with a consumer credit sale:

 

(i) Official fees and taxes;

 

(ii) Charges for insurance as described in subsection (b) ofthis section; and

 

(iii) Charges for other benefits, including insurance, conferredon the buyer, if the benefits are of value to him and if the charges arereasonable in relation to the benefits, are of a type which is not for credit,and are excluded as permissible additional charges from the credit servicecharge by rule adopted by the administrator.

 

(b) An additional charge may be made for insurance written inconnection with the sale, other than insurance protecting the seller againstthe buyer's default or other credit loss:

 

(i) With respect to insurance against loss of or damage toproperty, or against liability, if the seller furnishes a clear and specificstatement in writing to the buyer, setting forth the cost of the insurance ifobtained from or through the seller, and stating that the buyer may choose theperson through whom the insurance is to be obtained;

 

(ii) With respect to consumer credit insurance providing life,accident, or health coverage, if the insurance coverage is not a factor in theapproval by the seller of the extension of credit and this fact is clearlydisclosed in writing to the buyer, and if, in order to obtain the insurance inconnection with the extension of credit, the buyer gives specific affirmativewritten indication of his desire to do so after written disclosure to him ofthe cost thereof;

 

(iii) With respect to mechanical breakdown insurance, if:

 

(A) Before consummation of the sale the seller furnishes aclear and specific statement in writing to the buyer setting forth the cost ofthe insurance and a copy of the policy;

 

(B) The insurance coverage is not a factor in the approval bythe seller of the extension of credit and that fact is clearly disclosed inwriting to the buyer; and

 

(C) The buyer gives specific affirmative written indication ofhis desire to purchase the insurance.

 

(c) Reasonable closing costs (W.S. 40-14-140(a)(v)) areadditional charges.

 

40-14-214. Delinquency charges.

 

 

(a) With respect to a consumer credit sale, refinancing, orconsolidation, the parties may contract for a delinquency charge on anyinstallment not paid in full within ten (10) days after its scheduled due datein an amount not exceeding the greater of:

 

(i) Five percent (5%) of the unpaid amount of the installment;or

 

(ii) Ten dollars ($10.00).

 

(b) A delinquency charge under subsection (a) of this sectionmay be collected only once on an installment however long it remains indefault. No delinquency charge may be collected if the installment has beendeferred and a deferral charge (W.S. 40-14-215) has been paid or incurred untilten (10) days after the deferred due date. A delinquency charge may becollected at the time it accrues or at any time thereafter.

 

(c) No delinquency charge may be collected on an installmentwhich is paid in full within ten (10) days after its scheduled installment duedate even though an earlier maturing installment or a delinquency charge on anearlier installment may not have been paid in full. For purposes of thissubsection payments are applied first to current installments and then todelinquent installments.

 

40-14-215. Deferral charges.

 

 

(a) With respect to a consumer credit sale, refinancing, orconsolidation, the parties before or after default may agree in writing to adeferral of all or part of one (1) or more unpaid installments, and the sellermay make and collect a charge which the buyer expressly agrees to pay asconsideration for the deferral. A deferral charge may be collected at the timeit is assessed or at any time thereafter.

 

(b) The seller, in addition to the deferral charge, may makeappropriate additional charges (W.S. 40-14-213), and the amount of thesecharges which is not paid in cash may be added to the amount deferred for thepurpose of calculating the deferral charge.

 

(c) Except in connection with a revolving charge account, theparties may agree in writing at the time of a consumer credit sale,refinancing, or consolidation that if an installment is not paid within ten(10) days after its due date, the seller may unilaterally grant a deferral andmake charges as provided in this section. No deferral charge may be made for aperiod after the date that the seller elects to accelerate the maturity of theagreement.

 

(d) A delinquency charge made by the seller on an installmentmay not be retained if a deferral charge is made pursuant to this section withrespect to the period of delinquency.

 

40-14-216. Credit service charge on refinancing.

 

 

(a) With respect to a consumer credit sale, refinancing, orconsolidation, the seller may by agreement with the buyer refinance the unpaidbalance and may contract for and receive a credit service charge based on theamount financed resulting from the refinancing at a rate not exceeding thatpermitted by the provisions on credit service charge for consumer credit sales(W.S. 40-14-212). For the purpose of determining the credit service chargepermitted, the amount financed resulting from the refinancing comprises thefollowing:

 

(i) If the transaction was not precomputed, the total of theunpaid balance and accrued charges on the date of refinancing, or, if thetransaction was precomputed, the amount which the buyer would have beenrequired to pay upon prepayment pursuant to the provisions on rebate uponprepayment (W.S. 40-14-221) on the date of refinancing except that for thepurpose of computing this amount no minimum credit service charge (W.S.40-14-212(f)) shall be allowed; and

 

(ii) Appropriate additional charges (W.S. 40-14-213), payment ofwhich is deferred.

 

40-14-217. Credit service charge on consolidation.

 

 

(a) If a buyer owes an unpaid balance to a seller with respectto a consumer credit sale, refinancing, or consolidation, and becomes obligatedon another consumer credit sale, refinancing, or consolidation with the sameseller, the parties may agree to a consolidation resulting in a single scheduleof payments pursuant to either of the following subsections:

 

(i) The parties may agree to refinance the unpaid balance withrespect to the previous sale pursuant to the provisions on refinancing (W.S.40-14-216) and to consolidate the amount financed resulting from therefinancing by adding it to the amount financed with respect to the subsequentsale. The seller may contract for and receive a credit service charge based onthe aggregate amount financed resulting from the consolidation at a rate notexceeding that permitted by the provisions on credit service charge for consumercredit sales (W.S. 40-14-212);

 

(ii) The parties may agree to consolidate by adding together theunpaid balances with respect to the two (2) sales.

 

40-14-218. Credit service charge for revolving charge accounts.

 

 

(a) With respect to a consumer credit sale made pursuant to arevolving charge account, the parties to the sale may contract for the paymentby the buyer of a credit service charge not exceeding that permitted in thissection.

 

(b) A charge may be made in each billing cycle which is apercentage of an amount no greater than:

 

(i) The average daily balance of the account;

 

(ii) The unpaid balance of the account on the same day of thebilling cycle; or

 

(iii) The median amount within a specified range within which theaverage daily balance of the account or the unpaid balance of the account onthe same day of the billing cycle is included. A charge may be made pursuant tothis paragraph only if the seller, subject to classifications anddifferentiations he may reasonably establish, makes the same charge on allbalances within the specified range and if the percentage when applied to themedian amount within the range does not produce a charge exceeding the chargeresulting from applying that percentage to the lowest amount within the rangeby more than eight percent (8%) of the charge on the median amount.

 

(c) Except as provided in paragraph (ii) of this subsection:

 

(i) If the billing cycle is monthly, the charge may not exceedone and three-fourths percent (1.75%) of the amount pursuant to subsection (b)of this section; or

 

(ii) If the billing cycle is not monthly, the maximum charge isthat percentage which bears the same relation to the applicable monthlypercentage as the number of days in the billing cycle bears to thirty (30). Forthe purposes of this section, a variation of not more than four (4) days frommonth to month is "the same day of the billing cycle".

 

(d) Notwithstanding subsection (c) of this section, if there isan unpaid balance on the date as of which the credit service charge is applied,the seller may contract for and receive a charge not exceeding fifty cents($.50) if the billing cycle is monthly or longer, or the pro rata part of fiftycents ($.50) which bears the same relation to fifty cents ($.50) as the numberof days in the billing cycle bears to thirty (30) if the billing cycle isshorter than monthly.

 

40-14-219. 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 performcertain duties pertaining to insuring or preserving collateral and the sellerpursuant to the agreement pays for performance of the duties on behalf of thebuyer, the seller may add the amounts paid to the debt. Within a reasonabletime after advancing any sums, he shall state to the buyer in writing theamount of the sums advanced, any charges with respect to this amount, and anyrevised payment schedule and, if the duties of the buyer performed by theseller pertain to insurance, a brief description of the insurance paid for bythe seller including the type and amount of coverages. No further informationneed be given.

 

(b) A credit service charge may be made for sums advancedpursuant to subsection (a) of this section at a rate not exceeding the ratestated to the buyer pursuant to the laws relating to disclosure with respect tothe sale, refinancing, or consolidation, except that with respect to arevolving charge account the amount of the advance may be added to the unpaidbalance of the amount and the seller may make a credit service charge notexceeding that permitted by the provisions on credit service charge forrevolving charge accounts (W.S. 40-14-218).

 

40-14-220. Right to prepay.

 

Subject to the provisions on rebate uponprepayment (W.S. 40-14-221), the buyer may prepay in full the unpaid balance ofa consumer credit sale, refinancing, or consolidation at any time withoutpenalty.

 

40-14-221. Rebate upon prepayment.

 

 

(a) Except as provided in subsection (b) of this section, uponprepayment in full of the unpaid balance of a precomputed consumer credit sale,refinancing or consolidation, the unearned credit service charge shall berefunded based upon the Rule of 78's if the transaction under its originalterms did not exceed sixty-one (61) monthly installments and upon the actuarialmethod, if the transaction by its original terms exceeded sixty-one (61)monthly installments. An amount not less than the unearned portion of thecredit service charge calculated according to this section shall be rebated tothe debtor. With respect to irregular payment transactions, the administratormay prescribe by rule the refund formula. If the rebate otherwise required isless than one dollar ($1.00), no rebate need be made.

 

(b) Upon prepayment in full of a consumer credit sale,refinancing, or consolidation, other than one (1) pursuant to a revolvingcharge account, if the credit service charge then earned is less than anypermitted minimum credit service charge (W.S. 40-14-212(f)) contracted for,whether or not the sale, refinancing, or consolidation is precomputed, theseller may collect or retain the minimum charge, as if earned, not exceedingthe credit service charge contracted for.

 

(c) If a deferral (W.S. 40-14-215) has been agreed to, theunearned portion of the credit service charge shall be computed without regardto the deferral. The amount of deferral charge earned at the date of prepaymentshall also be calculated. If the deferral charge earned is less than thedeferral charge paid, the difference shall be added to the unearned portion ofthe credit service charge. If any part of a deferral charge has been earned buthas not been paid, that part shall be subtracted from the unearned portion ofthe credit service charge or shall be added to the unpaid balance.

 

(d) This section does not preclude the collection or retentionby the seller of delinquency charges (W.S. 40-14-214).

 

(e) If the maturity is accelerated for any reason and judgmentis obtained, the buyer is entitled to the same rebate as if payment had beenmade on the date judgment is entered.

 

(f) Upon prepayment in full of a consumer credit sale by theproceeds of consumer credit insurance (W.S. 40-14-403), the buyer or his estateis entitled to the same rebate as though the buyer had prep


State Codes and Statutes

State Codes and Statutes

Statutes > Wyoming > Title40 > Chapter14

CHAPTER 14 - WYOMING UNIFORM CONSUMER CREDIT CODE

 

ARTICLE 1 - GENERAL PROVISIONS AND DEFINITIONS

 

40-14-101. Short title.

 

This act shall be known and may be cited as"Wyoming Uniform Consumer Credit Code."

 

40-14-102. Purposes; rules of construction.

 

 

(a) This act shall be liberally construed and applied topromote its underlying purposes and policies.

 

(b) The underlying purposes and policies of this act are:

 

(i) To simplify, clarify and modernize the law governing retailinstallment sales, consumer credit, small loans and usury;

 

(ii) To provide rate ceilings to assure an adequate supply ofcredit to consumers;

 

(iii) To further consumer understanding of the terms of credittransactions and to foster competition among suppliers of consumer credit sothat consumers may obtain credit at reasonable cost;

 

(iv) To protect consumer buyers, lessees, and borrowers againstunfair practices by some suppliers of consumer credit, having due regard forthe interests of legitimate and scrupulous creditors;

 

(v) To permit and encourage the development of fair andeconomically sound consumer credit practices;

 

(vi) To conform the regulation of consumer credit transactionsto the policies of the federal Consumer Credit Protection Act; and

 

(vii) To make uniform the law, including administrative rules,among the various jurisdictions.

 

(c) A reference to a requirement imposed by this act includesreference to a related rule of the administrator adopted pursuant to this act.

 

40-14-103. Supplementary general principles of law applicable.

 

Unless displaced by the particularprovisions of this act, the Uniform Commercial Code and the principles of lawand equity, including the law relative to capacity to contract, principal andagent, estoppel, fraud, misrepresentation, duress, coercion, mistake,bankruptcy, or other validating or invalidating cause, supplement itsprovisions.

 

40-14-104. Construction against implicit repeal.

 

This act being a general act intended as aunified coverage of its subject matter, no part of it shall be deemed to beimpliedly repealed by subsequent legislation if such construction canreasonably be avoided.

 

40-14-105. Severability.

 

If any provision of this act or theapplication thereof to any person or circumstances is held invalid, theinvalidity does not affect other provisions or applications of this act whichcan be given effect without the invalid provision or application, and to thisend the provisions of this act are severable.

 

40-14-106. Waiver; agreement to forego rights; settlement of claims;legal rate of interest.

 

 

(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 against a creditorfor an excess charge, other violation of this act, or civil penalty, or a claimagainst a buyer, lessee, or debtor for default or breach of a duty imposed bythis act, if disputed in good faith, may be settled by agreement.

 

(c) A claim, whether or not disputed, against a buyer, lessee,or debtor may be settled for less value than the amount claimed.

 

(d) A settlement in which the buyer, lessee, or debtor waivesor agrees to forego rights or benefits under this act is invalid if the courtas a matter of law finds the settlement to have been unconscionable at the timeit was made. The competence of the buyer, lessee, or debtor, any deception orcoercion practiced upon him, the nature and extent of the legal advice receivedby him, and the value of the consideration are relevant to the issue ofunconscionability.

 

(e) If there is no agreement or provision of law for adifferent rate, the interest of money shall be at the rate of seven percent(7%) per annum.

 

40-14-107. 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 creditincluding consumer credit sales (W.S. 40-14-204), consumer loans (W.S.40-14-304), and consumer related sales and loans (W.S. 40-14-257 and40-14-355), and displaces existing limitations on the powers of those creditorsbased on maximum charges.

 

(b) With respect to sellers of goods or services, small loancompanies, licensed lenders, consumer and sales finance companies, industrialbanks and loan companies and commercial banks and trust companies, this actdisplaces existing limitations on their powers based solely on amount orduration of credit.

 

(c) Except as provided in subsection (a) of this section, thisact does not displace limitations on powers of credit unions, savings banks,savings and loan associations, or other thrift institutions whether organizedfor the profit of shareholders or as mutual organizations.

 

(d) Except as provided in subsections (a) and (b) of thissection, this act does not displace:

 

(i) Limitations on powers of supervised financial organizationsdefined by W.S. 40-14-140(a)(xix) with respect to the amount of a loan to asingle borrower, the ratio of a loan to the value of collateral, the durationof a loan secured by an interest in land or other similar restrictions designedto protect deposits; or

 

(ii) Limitations on powers an organization is authorized toexercise under the laws of this state or the United States.

 

40-14-120. Territorial application.

 

(a) Except as otherwise provided in this section, this actapplies to consumer credit transactions made in this state. For purposes ofthis act, a consumer credit transaction is made in this state if:

 

(i) A signed writing evidencing the obligation or offer of theconsumer is received by the creditor in this state;

 

(ii) The creditor induces consumers who are residents of thisstate to enter into credit transactions by a continuous and systematicsolicitation either personally or by mail and the goods or money are deliveredin this state and payment is made from this state; or

 

(iii) The credit transaction is secured by a dwelling, as definedin W.S. 40-14-640(a), located in Wyoming.

 

(b) With respect to sales made pursuant to a revolving chargeaccount (W.S. 40-14-208), this act applies if the buyer's communication orindication of his intention to establish the account is received by the sellerin this state. If no communication or indication of intention is given by thebuyer before the first sale, this act applies if the seller's communicationnotifying the buyer of the privilege of using the account is mailed orpersonally delivered in this state.

 

(c) With respect to loans made pursuant to a lender credit cardor similar arrangement (W.S. 40-14-140(a)(ix)), this act applies if thedebtor's communication or indication of his intention to establish thearrangement with the lender is received by the lender in this state. If nocommunication or indication of intention is given by the debtor before thefirst loan, this act applies if the lender's communication notifying the debtorof the privilege of using the arrangement is mailed or personally delivered inthis state.

 

(d) The part on limitations on creditors' remedies (part 1) ofthe article on remedies and penalties (article 5) applies to actions or otherproceedings brought in this state to enforce rights arising from consumercredit sales, consumer leases, or consumer loans, or extortionate extensions ofcredit, wherever made.

 

(e) If a consumer credit sale, consumer lease, or consumerloan, or modification thereof, is made in another state to a person who is aresident of this state when the sale, lease, loan, or modification is made, thefollowing provisions apply as though the transaction occurred in this state:

 

(i) A seller, lessor, lender, or assignee of his rights, maynot collect charges through actions or other proceedings in excess of thosepermitted by the article on credit sales (article 2) or by the article on loans(article 3); and

 

(ii) A seller, lessor, lender, or assignee of his rights, maynot enforce rights against the buyer, lessee, or debtor, with respect to theprovisions of agreements which violate the provisions on limitations onagreements and practices (part 4) of the article on credit sales (article 2) orof the article on loans (article 3).

 

(f) Except as provided in subsection (d) of this section, asale, lease, loan or modification thereof, made in another state to a personwho was not a resident of this state when the sale, lease, loan, ormodification was made is valid and enforceable in this state according to itsterms to the extent that it is valid and enforceable under the laws of thestate applicable to the transaction.

 

(g) For the purposes of this act, the residence of a buyer,lessee, or debtor is the address given by him as his residence in any writingsigned by him in connection with a credit transaction. Until he notifies thecreditor of a new or different address, the given address is presumed to beunchanged.

 

(h) Notwithstanding other provisions of this section:

 

(i) Except as provided in subsection (d) of this section, thisact does not apply if the buyer, lessee, or debtor is not a resident of thisstate at the time of a credit transaction and the parties then agree that thelaw of his residence applies; and

 

(ii) This act applies if the buyer, lessee, or debtor is aresident of this state at the time of a credit transaction and the parties thenagree that the law of this state applies.

 

(j) Except as provided in subsection (h) of this section, thefollowing agreements by a buyer, lessee, or debtor are invalid with respect toconsumer credit sales, consumer leases, consumer loans, or modificationsthereof, to which this act applies:

 

(i) That the law of another state shall apply;

 

(ii) That the buyer, lessee, or debtor consents to thejurisdiction of another state; and

 

(iii) That fixes venue.

 

(k) The following provisions of this act specify the applicablelaw governing certain cases:

 

(i) Applicability (W.S. 40-14-602) of the part on powers andfunctions of administrator (part 1) of the article on administration (article6); and

 

(ii) Applicability (W.S. 40-14-630) of the part on notificationand fees (part 2) of the article on administration (article 6).

 

40-14-121. Exclusions.

 

(a) Except as required by W.S. 40-14-641, this act does notapply to:

 

(i) Extensions of credit to government or governmental agenciesor instrumentalities;

 

(ii) Except as otherwise provided in the article on insurance[article 4], the sale of insurance by an insurer if the premium is notfinanced;

 

(iii) Transactions under public utility or common carrier tariffsif a subdivision or agency of this state or of the United States regulates thecharges for the services involved, the charges for delayed payment, and anydiscount allowed for early payment; or

 

(iv) Repealed by Laws 1983, ch. 62, 2.

 

(v) Ceilings on rates and charges or limits on loan maturitiesof a credit union organized under the laws of this state or of the UnitedStates if these ceilings or limits are established by these laws; or

 

(vi) Credit sales, loans or leases primarily for an agriculturalpurpose except as provided in article 2, part 6 and article 3, part 6 of thiscode.

 

40-14-140. General definitions.

 

(a) In addition to definitions appearing in subsequentarticles, in this act:

 

(i) "Actuarial method" means the method, defined byrules adopted by the administrator, of allocating payments made on a debtbetween principal or amount financed and loan finance charge or credit servicecharge pursuant to which a payment is applied first to the accumulated loanfinance charge or credit service charge and the balance is applied to theunpaid principal or unpaid amount financed;

 

(ii) "Administrator" means the administratordesignated in the article (article 6) on administration (W.S. 40-14-603);

 

(iii) "Agreement" means the bargain of the parties infact as found in their language or by implication from other circumstancesincluding course of dealing or usage of trade or course of performance;

 

(iv) "Agricultural purpose" means a purpose related tothe production, harvest, exhibition, marketing, transportation, processing, ormanufacture of agricultural products by a natural person who cultivates,plants, propagates, or nurtures the agricultural products. "Agriculturalproducts" includes agricultural, horticultural, viticultural, and dairyproducts, livestock, wildlife, poultry, bees, forest products, fish andshellfish, and any products thereof, including processed and manufacturedproducts, and any and all products raised or produced on farms and anyprocessed or manufactured products thereof;

 

(v) "Closing costs" with respect to a debt secured byan interest in land includes:

 

(A) Fees or premiums for title examination, title insurance, orsimilar purposes including surveys;

 

(B) Fees for preparation of a deed, settlement statement, orother documents;

 

(C) Escrows for future payments of taxes and insurance;

 

(D) Fees for notarizing deeds and other documents;

 

(E) Appraisal fees; and

 

(F) Credit reports.

 

(vi) "Conspicuous". - A term or clause is conspicuouswhen it is so written that a reasonable person against whom it is to operateought to have noticed it. Whether a term or clause is conspicuous or not is fordecision by the court;

 

(vii) "Credit" means the right granted by a creditor toa debtor to defer payment of debt or to incur debt and defer its payment;

 

(viii) "Earnings" means compensation paid or payable toan individual or for his account for personal services rendered or to berendered by him, whether denominated as wages, salary, commission, bonus, orotherwise, and includes periodic payments pursuant to a pension, retirement, ordisability program;

 

(ix) "Lender credit card or similar arrangement" meansan arrangement or loan agreement, other than a seller credit card, pursuant towhich a lender gives a debtor the privilege of using a credit card, letter ofcredit, or other credit confirmation or identification in transactions out ofwhich debt arises:

 

(A) By the lender's honoring a draft or similar order for thepayment of money drawn or accepted by the debtor;

 

(B) By the lender's payment or agreement to pay the debtor'sobligations; or

 

(C) By the lender's purchase from the obligee of the debtor'sobligations.

 

(x) "Mechanical breakdown insurance" means acontractual undertaking in which a person for an additional charge undertakesto indemnify another for direct or consequential loss caused by the failure ormalfunction of a component or system of any motor vehicle whether that loss isto be indemnified in funds, goods or services in any combination;

 

(xi) "Official fees" means:

 

(A) Fees and charges prescribed by law which actually are orwill be paid to public officials for determining the existence of or forperfecting, releasing, or satisfying a security interest related to a consumercredit sale, consumer lease, or consumer loan; or

 

(B) Premiums payable for insurance in lieu of perfecting asecurity interest otherwise required by the creditor in connection with thesale, lease, or loan, if the premium does not exceed the fees and chargesdescribed in subparagraph (A) of this paragraph which would otherwise bepayable.

 

(xii) "Organization" means a sole proprietorship,limited liability company, corporation, government or governmental subdivisionor agency, trust, estate, partnership, cooperative, association or otherentity, public or private;

 

(xiii) "Payable in installments" means that payment isrequired or permitted by a written agreement in five (5) or more installments.If any periodic payment other than the down payment under an agreementrequiring or permitting two (2) or more periodic payments is more than twicethe amount of any other periodic payment, excluding the down payment, theconsumer credit sale, consumer lease or consumer loan is "payable ininstallments";

 

(xiv) "Person" includes a natural person or anindividual, and an organization;

 

(xv)(A) "Person related to" with respect to anindividual, means:

 

(I) The spouse of the individual;

 

(II) A brother, brother-in-law, sister, sister-in-law of theindividual;

 

(III) An ancestor or lineal descendant of the individual or hisspouse; and

 

(IV) Any other relative, by blood or marriage, of the individualor his spouse who shares the same home with the individual;

 

(B) "Person related to" with respect to anorganization means:

 

(I) A person directly or indirectly controlling, controlled byor under common control with the organization;

 

(II) An officer or director of the organization or a personperforming similar functions with respect to the organization or to a personrelated to the organization;

 

(III) The spouse of a person related to the organization; and

 

(IV) A relative by blood or marriage of a person related to theorganization who shares the same home with him.

 

(xvi) "Presumed" or "presumption" means thatthe trier of fact must find the existence of the fact presumed unless and untilevidence is introduced which would support a finding of its nonexistence;

 

(xvii) "Rule of 78's" means the method used in thecalculation of rebate upon prepayment where the unearned portion of the creditservice charge or loan finance charge is a fraction of the charge of which thenumerator is the sum of the periodic balances scheduled to follow thecomputational period in which prepayment occurs and the denominator is the sumof all periodic balances under the related consumer credit sale agreement, theloan agreement or, if the balance owing resulted from a refinancing or aconsolidation, the related refinancing agreement or consolidation agreement;

 

(xviii) "Seller credit card" means an arrangement inwhich a person gives to a buyer or lessee the privilege of using a credit card,letter of credit or other credit confirmation or identification primarily forthe purpose of purchasing or leasing goods or services from that person or fromthat person and any other person;

 

(xix) "Supervised financial organization" means aperson other than an insurance company or other organization primarily engagedin an insurance business, which is:

 

(A) Organized, chartered or holding an authorizationcertificate under the laws of this state, any other state or of the UnitedStates which authorizes the person to make loans and to receive depositsincluding a savings, share, certificate or deposit account; and

 

(B) Subject to supervision by an official or agency of anystate or of the United States.

 

(xx) "Licensee" means an organization licensed underthis act;

 

(xxi) "This act" means W.S. 40-14-101 through40-14-702.

 

40-14-141. Definition.

 

In this act "Federal Consumer CreditProtection Act" means the Consumer Credit Protection Act (Public Law90-321; 82 U.S. Statutes 146), as amended, and includes regulations issuedpursuant to that act.

 

40-14-142. Index of definitions.

 

(a) Definitions in this act and the sections in which theyappear 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 purpose" - W.S. 40-14-140(a)(iv);

 

(vi) "Amount financed" - W.S. 40-14-211;

 

(vii) Repealed By Laws 2008, Ch. 116, 2.

 

(viii) Repealed By Laws 2008, Ch. 116, 2.

 

(ix) "Cash price" - W.S. 40-14-210;

 

(x) "Closing costs" - W.S. 40-14-140(a)(v);

 

(xi) "Conspicuous" - W.S. 40-14-140(a)(vi);

 

(xii) "Consumer credit insurance" - W.S.40-14-403(a)(i);

 

(xiii) "Consumer credit sale" - W.S. 40-14-204;

 

(xiv) "Consumer lease" - W.S. 40-14-206;

 

(xv) "Consumer loan" - W.S. 40-14-304;

 

(xvi) "Consumer related loan" - W.S. 40-14-355;

 

(xvii) "Consumer related sale" - W.S. 40-14-257;

 

(xviii) "Corresponding nominal annual percentage rate" -(sale) - W.S. 40-14-225(c) [Repealed];

 

(xix) "Corresponding nominal annual percentage rate" -(loan) - W.S. 40-14-323(c) [Repealed];

 

(xx) "Credit" - W.S. 40-14-140(a)(vii);

 

(xxi) "Credit Insurance Act" - W.S. 40-14-403(a)(ii);

 

(xxii) "Credit service charge" - W.S. 40-14-209;

 

(xxiii) "Earnings" - W.S. 40-14-140(a)(viii);

 

(xxiv) "Federal Consumer Credit Protection Act" - W.S.40-14-141;

 

(xxv) "Goods" - W.S. 40-14-205(a);

 

(xxvi) "Home solicitation sale" - W.S. 40-14-251;

 

(xxvii) "Lender" - W.S. 40-14-307(a);

 

(xxviii) "Lender credit card or similar arrangement" -W.S. 40-14-140(a)(ix);

 

(xxix) "Loan" - W.S. 40-14-306;

 

(xxx) "Loan finance charge" - W.S. 40-14-309;

 

(xxxi) "Loan primarily secured by an interest in land" -W.S. 40-14-305;

 

(xxxii) "Mechanical breakdown insurance" - W.S.40-14-140(a)(x);

 

(xxxiii) "Merchandise certificate" - W.S. 40-14-205(b);

 

(xxxiv) "Official fees" - W.S. 40-14-140(a)(xi);

 

(xxxv) "Organization" - W.S. 40-14-140(a)(xii);

 

(xxxvi) "Payable in installments" - W.S.40-14-140(a)(xiii);

 

(xxxvii) "Pawnbroker" - W.S. 40-14-359(a)(i);

 

(xxxviii) "Pawn finance charge" - W.S. 40-14-359(a)(ii);

 

(xxxix) "Pawn transaction" - W.S. 40-14-359(a)(iii);

 

(xl) "Person" - W.S. 40-14-140(a)(xiv);

 

(xli) "Person related to" - W.S. 40-14-140(a)(xv);

 

(xlii) "Post-dated check or similar arrangement" - W.S.40-14-362(a)(i);

 

(xliii) "Post-dated check casher" - W.S. 40-14-362(a)(ii);

 

(xliv) "Precomputed" (loan) - W.S. 40-14-307(b);

 

(xlv) "Precomputed" (sale) - W.S. 40-14-205(g);

 

(xlvi) "Presumed" or "presumption" - W.S.40-14-140(a)(xvi);

 

(xlvii) "Principal" - W.S. 40-14-307(c);

 

(xlviii) "Revolving charge account" - W.S. 40-14-208;

 

(xlix) "Revolving loan account" - W.S. 40-14-308;

 

(l) "Rule of 78's" - W.S. 40-14-140(a)(xvii);

 

(li) "Sale of goods" - W.S. 40-14-205(d);

 

(lii) "Sale of an interest in land" - W.S.40-14-205(f);

 

(liii) "Sale of services" - W.S. 40-14-205(e);

 

(liv) "Seller" - W.S. 40-14-207;

 

(lv) "Seller credit card" - W.S. 40-14-140(a)(xviii);

 

(lvi) "Services" - W.S. 40-14-205(c);

 

(lvii) "Supervised financial organization" - W.S.40-14-140(a)(xix);

 

(lviii) "Supervised lender" - W.S. 40-14-341(b);

 

(lix) "Supervised loan" - W.S. 40-14-341(a);

 

(lx) "Channeling agent" W.S. 40-14-640(a)(i);

 

(lxi) "Clerical or support duties" W.S.40-14-640(a)(ii);

 

(lxii) "Depository institution" W.S. 40-14-640(a)(iii);

 

(lxiii) "Dwelling" W.S. 40-14-640(a)(iv);

 

(lxiv) "Federal banking agency" W.S. 40-14-640(a)(v);

 

(lxv) "Immediate family member" W.S.40-14-640(a)(vi);

 

(lxvi) "Individual" W.S. 40-14-640(a)(vii);

 

(lxvii) "Licensee" W.S. 40-14-140(a)(xx);

 

(lxviii) "Loan processor or underwriter" W.S.40-14-640(a)(viii);

 

(lxix) "Mortgage loan originator" W.S.40-14-640(a)(ix);

 

(lxx) "Nontraditional mortgage product" W.S.40-14-640(a)(x);

 

(lxxi) "Real estate brokerage activity" W.S. 40-14-640(a)(xi);

 

(lxxii) "Registered mortgage loan originator" W.S.40-14-640(a)(xii);

 

(lxxiii) "Registry" W.S. 40-14-640(a)(xiii);

 

(lxxiv) "Residential mortgage loan" W.S.40-14-640(a)(xiv);

 

(lxxv) "Timeshare plan" W.S. 40-14-640(a)(xv);

 

(lxxvi) "Unique identifier" W.S. 40-14-640(a)(xvi);

 

(lxxvii) "This act" - means W.S. 40-14-101 through40-14-702.

 

ARTICLE 2 - CREDIT SALES

 

40-14-201. Short title.

 

This article shall be known and may becited as "Uniform Consumer Credit Code Credit Sales."

 

40-14-202. Scope.

 

This article applies to consumer creditsales, including home solicitation sales, and consumer leases; in addition part6 applies to consumer related sales.

 

40-14-203. Definitions.

 

 

(a) The following definitions apply to this act and appear inthis 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" - W.S. 40-14-206;

 

(vi) "Consumer related sale" - W.S. 40-14-257;

 

(vii) Repealed By Laws 2008, Ch. 116, 2.

 

(viii) "Credit service charge" - W.S. 40-14-209;

 

(ix) "Goods" - W.S. 40-14-205(a);

 

(x) "Home solicitation sale" - W.S. 40-14-251;

 

(xi) "Merchandise certificate" - W.S. 40-14-205(b);

 

(xii) "Precomputed" - W.S. 40-14-205(g);

 

(xiii) "Revolving charge account" - W.S. 40-14-208;

 

(xiv) "Sale of goods" - W.S. 40-14-205(d);

 

(xv) "Sale of an interest in land" - W.S.40-14-205(f);

 

(xvi) "Sale of services" - W.S. 40-14-205(e);

 

(xvii) "Seller" - W.S. 40-14-207;

 

(xviii) "Services" - W.S. 40-14-205(c).

 

40-14-204. 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 inland in which:

 

(i) Credit is granted by a person who regularly engages as aseller in credit transactions of the same kind;

 

(ii) The buyer is a person other than an organization;

 

(iii) The goods, services or interest in land are purchasedprimarily for a personal, family or household purpose;

 

(iv) Either the debt is payable in installments or a creditservice charge is made; and

 

(v) With respect to a sale of goods or services, the amountfinanced does not exceed fifty thousand dollars ($50,000.00) or the debt issecured by a dwelling, as defined in W.S. 40-14-640(a)(iv), located in Wyoming.

 

(b) Unless the sale is made subject to this act by agreementpursuant to W.S. 40-14-256, "consumer credit sale" does not include:

 

(i) A sale in which the seller allows the buyer to purchasegoods or services pursuant to a lender credit card or similar arrangement; or

 

(ii) A sale of an interest in land if the credit service chargedoes not exceed eighteen percent (18%) per year calculated according to theactuarial method on the unpaid balances of the amount financed on theassumption that the debt will be paid according to the agreed terms and willnot be paid before the end of the agreed term, except as provided fordisclosure and debtors' remedies in W.S. 40-14-520.

 

(c) Repealed by Laws 1981, ch. 147, 2.

 

40-14-205. Additional definitions.

 

 

(a) "Goods" includes a goods not in existence at thetime the transaction is entered into and merchandise certificates, but excludesmoney, chattel paper, documents of title, and instruments.

 

(b) "Merchandise certificate" means a writing issuedby a seller not redeemable in cash and usable in its face amount in lieu ofcash in exchange for goods or services.

 

(c) "Services" includes:

 

(i) Work, labor, and other personal services;

 

(ii) Privileges with respect to transportation, hotel andrestaurant accommodations, education, entertainment, recreation, physicalculture, hospital accommodations, funerals, cemetery accommodations, and thelike; and

 

(iii) Insurance provided by a person other than the insurer.

 

(d) "Sale of goods" includes any agreement in theform of a bailment or lease of goods if the bailee or lessee agrees to pay ascompensation for use a sum substantially equivalent to or in excess of theaggregate value of the goods involved and it is agreed that the bailee orlessee will become, or for no other or a nominal consideration has the optionto become, the owner of the goods upon full compliance with his obligationsunder the agreement.

 

(e) "Sale of services" means furnishing or agreeingto furnish services and includes making arrangements to have services furnishedby another.

 

(f) "Sale of an interest in land" includes a lease inwhich the lessee has an option to purchase the interest and all or asubstantial part of the rental or other payments previously made by him areapplied to the purchase price.

 

(g) A sale, refinancing, or consolidation is"precomputed" if the debt is expressed as a sum comprising the amountfinanced and the amount of the credit service charge computed in advance.

 

40-14-206. Definition of "consumer lease".

 

 

(a) "Consumer lease" means a lease of goods:

 

(i) Which a lessor regularly engaged in the business of leasingmakes to a person, other than an organization, who takes under the leaseprimarily for a personal, family or household purpose;

 

(ii) In which the amount payable under the lease does not exceedtwenty-five thousand dollars ($25,000.00); and

 

(iii) Which is for a term exceeding four (4) months.

 

(b) "Consumer lease" does not include a lease madepursuant to a lender credit card or similar arrangement.

 

40-14-207. Definition of "seller".

 

Except as otherwise provided,"seller" includes an assignee of the seller's right to payment butuse of the term does not in itself impose on an assignee any obligation of theseller with respect to events occurring before the assignment.

 

40-14-208. Definition of "revolving charge account".

 

 

(a) "Revolving charge account" means an arrangementbetween a seller and a buyer pursuant to which:

 

(i) The seller may permit the buyer to purchase goods orservices on credit either from the seller or pursuant to a seller credit card;

 

(ii) The unpaid balances of amounts financed arising frompurchases and the credit service and other appropriate charges are debited toan account;

 

(iii) A credit service charge if made is not precomputed but iscomputed on the outstanding unpaid balances of the buyer's account from time totime; and

 

(iv) Either the buyer has the privilege of paying in full or ininstallments or the seller periodically imposes charges computed on the accountfor delaying payment and permits the buyer to continue to purchase on credit.

 

40-14-209. Definition of "credit service charge".

 

(a) "Credit service charge" means the sum of:

 

(i) All charges payable directly or indirectly by the buyer andimposed directly or indirectly by the seller as an incident to the extension ofcredit, including any of the following types of charges which are applicable:time price differential, service, carrying or other charge however denominated,premium or other charge for any guarantee or insurance protecting the selleragainst the buyer's default or other credit loss; and

 

(ii) Charges incurred for investigating the collateral orcredit-worthiness of the buyer or for commissions or brokerage for obtainingthe credit, irrespective of the person to whom the charges are paid or payable,unless the seller had no notice of the charges when the credit was granted.

 

(b) Credit service charge does not include:

 

(i) Charges as a result of default;

 

(ii) Additional charges pursuant to W.S. 40-14-213;

 

(iii) Delinquency charges specified by W.S. 40-14-214;

 

(iv) Deferral charges pursuant to W.S. 40-14-215;

 

(v) A discount not in excess of five percent (5%) offered by aseller for purposes of inducing payment by cash, check or other means notinvolving the use of a seller or lender credit card, if the discount is offeredto all prospective buyers and its availability is disclosed clearly andconspicuously in accordance with regulations of the administrator; or

 

(vi) Reasonable credit application fees whether or not credit isextended.

 

40-14-210. Definition of "cash price".

 

"Cash price" means the price atwhich the creditor offers, in the ordinary course of business, to sell for cashthe property or services which are the subject of a consumer credittransaction. It may include the cash price of accessories or services relatedto the sale such as delivery, installation, alterations, modifications, andimprovements, and may include taxes to the extent imposed on the cash sale, butshall not include any other charges of the types described in section 226.4 ofregulation Z of the federal Consumer Credit Protection Act.

 

40-14-211. Definition of "amount financed".

 

 

(a) "Amount financed" means the total of thefollowing 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 tradedin;

 

(ii) The amount actually paid or to be paid by the sellerpursuant to an agreement with the buyer to discharge a security interest in ora lien on property traded in; and

 

(iii) If not included in the cash price:

 

(A) Any applicable sales, use, excise, or documentary stamptaxes;

 

(B) Amounts actually paid or to be paid by the seller forregistration, certificate of title, or license fees; and

 

(C) Additional charges permitted by this article (section 2-202[ 40-14-213]).

 

40-14-212. Credit service charge for consumer credit sales other thanrevolving charge accounts.

 

 

(a) With respect to a consumer credit sale, other than a salepursuant to a revolving charge account, a seller may contract for and receive acredit service charge not exceeding that permitted by this section.

 

(b) The credit service charge, calculated according to theactuarial method, may not exceed:

 

(i) Where the amount financed does not exceed fifty thousanddollars ($50,000.00), the equivalent of the greater of either of the following:

 

(A) The total of: Thirty-six percent (36%) per year on thatpart of the unpaid balances of the amount financed which is one thousanddollars ($1,000.00) or less and twenty-one percent (21%) per year on that partof the unpaid balances of the amount financed which is more than one thousanddollars ($1,000.00); or

 

(B) Twenty-one percent (21%) per year on that part of theunpaid balances of the amount financed.

 

(C) Repealed by Laws 1981, ch. 147, 1.

 

(ii) Where the amount financed exceeds fifty thousand dollars($50,000.00), any credit service charge specified in the buyer's saleagreement.

 

(c) This section does not limit or restrict the manner ofcontracting for the credit service charge, whether by way of add-on, discount,or otherwise, so long as the rate of the credit service charge does not exceedthat permitted by this section. If the sale is precomputed:

 

(i) The credit service charge may be calculated on theassumption that all scheduled payments will be made when due; and

 

(ii) The effect of prepayment is governed by the provisions onrebate upon prepayment (W.S. 40-14-221).

 

(d) For the purposes of this section, the term of a saleagreement commences with the date the credit is granted or, if goods aredelivered or services performed ten (10) days or more after that date, with thedate of commencement of delivery or performance. Differences in the lengths ofmonths are disregarded and a day may be counted as one-thirtieth of a month.Subject to classifications and differentiations the seller may reasonablyestablish, a part of a month in excess of fifteen (15) days may be treated as afull month if periods of fifteen (15) days or less are disregarded and thatprocedure is not consistently used to obtain a greater yield than wouldotherwise be permitted.

 

(e) Subject to classifications and differentiations the sellermay reasonably establish, he may make the same credit service charge on allamounts financed within a specified range. A credit service charge so made doesnot violate subsection (b) of this section if:

 

(i) When applied to the median amount within each range, itdoes not exceed the maximum permitted by subsection (b) of this section; and

 

(ii) When applied to the lowest amount within each range, itdoes not produce a rate of credit service charge exceeding the rate calculatedaccording to paragraph (a)(i) of this section by more than eight percent (8%)of the rate calculated according to paragraph (a)(i) of this section.

 

(f) Notwithstanding subsection (b) of this section, the sellermay contract for and receive a minimum credit service charge of not more thanthirty dollars ($30.00).

 

40-14-213. Additional charges.

 

 

(a) In addition to the credit service charge permitted by thispart, a seller may contract for and receive the following additional charges inconnection with a consumer credit sale:

 

(i) Official fees and taxes;

 

(ii) Charges for insurance as described in subsection (b) ofthis section; and

 

(iii) Charges for other benefits, including insurance, conferredon the buyer, if the benefits are of value to him and if the charges arereasonable in relation to the benefits, are of a type which is not for credit,and are excluded as permissible additional charges from the credit servicecharge by rule adopted by the administrator.

 

(b) An additional charge may be made for insurance written inconnection with the sale, other than insurance protecting the seller againstthe buyer's default or other credit loss:

 

(i) With respect to insurance against loss of or damage toproperty, or against liability, if the seller furnishes a clear and specificstatement in writing to the buyer, setting forth the cost of the insurance ifobtained from or through the seller, and stating that the buyer may choose theperson through whom the insurance is to be obtained;

 

(ii) With respect to consumer credit insurance providing life,accident, or health coverage, if the insurance coverage is not a factor in theapproval by the seller of the extension of credit and this fact is clearlydisclosed in writing to the buyer, and if, in order to obtain the insurance inconnection with the extension of credit, the buyer gives specific affirmativewritten indication of his desire to do so after written disclosure to him ofthe cost thereof;

 

(iii) With respect to mechanical breakdown insurance, if:

 

(A) Before consummation of the sale the seller furnishes aclear and specific statement in writing to the buyer setting forth the cost ofthe insurance and a copy of the policy;

 

(B) The insurance coverage is not a factor in the approval bythe seller of the extension of credit and that fact is clearly disclosed inwriting to the buyer; and

 

(C) The buyer gives specific affirmative written indication ofhis desire to purchase the insurance.

 

(c) Reasonable closing costs (W.S. 40-14-140(a)(v)) areadditional charges.

 

40-14-214. Delinquency charges.

 

 

(a) With respect to a consumer credit sale, refinancing, orconsolidation, the parties may contract for a delinquency charge on anyinstallment not paid in full within ten (10) days after its scheduled due datein an amount not exceeding the greater of:

 

(i) Five percent (5%) of the unpaid amount of the installment;or

 

(ii) Ten dollars ($10.00).

 

(b) A delinquency charge under subsection (a) of this sectionmay be collected only once on an installment however long it remains indefault. No delinquency charge may be collected if the installment has beendeferred and a deferral charge (W.S. 40-14-215) has been paid or incurred untilten (10) days after the deferred due date. A delinquency charge may becollected at the time it accrues or at any time thereafter.

 

(c) No delinquency charge may be collected on an installmentwhich is paid in full within ten (10) days after its scheduled installment duedate even though an earlier maturing installment or a delinquency charge on anearlier installment may not have been paid in full. For purposes of thissubsection payments are applied first to current installments and then todelinquent installments.

 

40-14-215. Deferral charges.

 

 

(a) With respect to a consumer credit sale, refinancing, orconsolidation, the parties before or after default may agree in writing to adeferral of all or part of one (1) or more unpaid installments, and the sellermay make and collect a charge which the buyer expressly agrees to pay asconsideration for the deferral. A deferral charge may be collected at the timeit is assessed or at any time thereafter.

 

(b) The seller, in addition to the deferral charge, may makeappropriate additional charges (W.S. 40-14-213), and the amount of thesecharges which is not paid in cash may be added to the amount deferred for thepurpose of calculating the deferral charge.

 

(c) Except in connection with a revolving charge account, theparties may agree in writing at the time of a consumer credit sale,refinancing, or consolidation that if an installment is not paid within ten(10) days after its due date, the seller may unilaterally grant a deferral andmake charges as provided in this section. No deferral charge may be made for aperiod after the date that the seller elects to accelerate the maturity of theagreement.

 

(d) A delinquency charge made by the seller on an installmentmay not be retained if a deferral charge is made pursuant to this section withrespect to the period of delinquency.

 

40-14-216. Credit service charge on refinancing.

 

 

(a) With respect to a consumer credit sale, refinancing, orconsolidation, the seller may by agreement with the buyer refinance the unpaidbalance and may contract for and receive a credit service charge based on theamount financed resulting from the refinancing at a rate not exceeding thatpermitted by the provisions on credit service charge for consumer credit sales(W.S. 40-14-212). For the purpose of determining the credit service chargepermitted, the amount financed resulting from the refinancing comprises thefollowing:

 

(i) If the transaction was not precomputed, the total of theunpaid balance and accrued charges on the date of refinancing, or, if thetransaction was precomputed, the amount which the buyer would have beenrequired to pay upon prepayment pursuant to the provisions on rebate uponprepayment (W.S. 40-14-221) on the date of refinancing except that for thepurpose of computing this amount no minimum credit service charge (W.S.40-14-212(f)) shall be allowed; and

 

(ii) Appropriate additional charges (W.S. 40-14-213), payment ofwhich is deferred.

 

40-14-217. Credit service charge on consolidation.

 

 

(a) If a buyer owes an unpaid balance to a seller with respectto a consumer credit sale, refinancing, or consolidation, and becomes obligatedon another consumer credit sale, refinancing, or consolidation with the sameseller, the parties may agree to a consolidation resulting in a single scheduleof payments pursuant to either of the following subsections:

 

(i) The parties may agree to refinance the unpaid balance withrespect to the previous sale pursuant to the provisions on refinancing (W.S.40-14-216) and to consolidate the amount financed resulting from therefinancing by adding it to the amount financed with respect to the subsequentsale. The seller may contract for and receive a credit service charge based onthe aggregate amount financed resulting from the consolidation at a rate notexceeding that permitted by the provisions on credit service charge for consumercredit sales (W.S. 40-14-212);

 

(ii) The parties may agree to consolidate by adding together theunpaid balances with respect to the two (2) sales.

 

40-14-218. Credit service charge for revolving charge accounts.

 

 

(a) With respect to a consumer credit sale made pursuant to arevolving charge account, the parties to the sale may contract for the paymentby the buyer of a credit service charge not exceeding that permitted in thissection.

 

(b) A charge may be made in each billing cycle which is apercentage of an amount no greater than:

 

(i) The average daily balance of the account;

 

(ii) The unpaid balance of the account on the same day of thebilling cycle; or

 

(iii) The median amount within a specified range within which theaverage daily balance of the account or the unpaid balance of the account onthe same day of the billing cycle is included. A charge may be made pursuant tothis paragraph only if the seller, subject to classifications anddifferentiations he may reasonably establish, makes the same charge on allbalances within the specified range and if the percentage when applied to themedian amount within the range does not produce a charge exceeding the chargeresulting from applying that percentage to the lowest amount within the rangeby more than eight percent (8%) of the charge on the median amount.

 

(c) Except as provided in paragraph (ii) of this subsection:

 

(i) If the billing cycle is monthly, the charge may not exceedone and three-fourths percent (1.75%) of the amount pursuant to subsection (b)of this section; or

 

(ii) If the billing cycle is not monthly, the maximum charge isthat percentage which bears the same relation to the applicable monthlypercentage as the number of days in the billing cycle bears to thirty (30). Forthe purposes of this section, a variation of not more than four (4) days frommonth to month is "the same day of the billing cycle".

 

(d) Notwithstanding subsection (c) of this section, if there isan unpaid balance on the date as of which the credit service charge is applied,the seller may contract for and receive a charge not exceeding fifty cents($.50) if the billing cycle is monthly or longer, or the pro rata part of fiftycents ($.50) which bears the same relation to fifty cents ($.50) as the numberof days in the billing cycle bears to thirty (30) if the billing cycle isshorter than monthly.

 

40-14-219. 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 performcertain duties pertaining to insuring or preserving collateral and the sellerpursuant to the agreement pays for performance of the duties on behalf of thebuyer, the seller may add the amounts paid to the debt. Within a reasonabletime after advancing any sums, he shall state to the buyer in writing theamount of the sums advanced, any charges with respect to this amount, and anyrevised payment schedule and, if the duties of the buyer performed by theseller pertain to insurance, a brief description of the insurance paid for bythe seller including the type and amount of coverages. No further informationneed be given.

 

(b) A credit service charge may be made for sums advancedpursuant to subsection (a) of this section at a rate not exceeding the ratestated to the buyer pursuant to the laws relating to disclosure with respect tothe sale, refinancing, or consolidation, except that with respect to arevolving charge account the amount of the advance may be added to the unpaidbalance of the amount and the seller may make a credit service charge notexceeding that permitted by the provisions on credit service charge forrevolving charge accounts (W.S. 40-14-218).

 

40-14-220. Right to prepay.

 

Subject to the provisions on rebate uponprepayment (W.S. 40-14-221), the buyer may prepay in full the unpaid balance ofa consumer credit sale, refinancing, or consolidation at any time withoutpenalty.

 

40-14-221. Rebate upon prepayment.

 

 

(a) Except as provided in subsection (b) of this section, uponprepayment in full of the unpaid balance of a precomputed consumer credit sale,refinancing or consolidation, the unearned credit service charge shall berefunded based upon the Rule of 78's if the transaction under its originalterms did not exceed sixty-one (61) monthly installments and upon the actuarialmethod, if the transaction by its original terms exceeded sixty-one (61)monthly installments. An amount not less than the unearned portion of thecredit service charge calculated according to this section shall be rebated tothe debtor. With respect to irregular payment transactions, the administratormay prescribe by rule the refund formula. If the rebate otherwise required isless than one dollar ($1.00), no rebate need be made.

 

(b) Upon prepayment in full of a consumer credit sale,refinancing, or consolidation, other than one (1) pursuant to a revolvingcharge account, if the credit service charge then earned is less than anypermitted minimum credit service charge (W.S. 40-14-212(f)) contracted for,whether or not the sale, refinancing, or consolidation is precomputed, theseller may collect or retain the minimum charge, as if earned, not exceedingthe credit service charge contracted for.

 

(c) If a deferral (W.S. 40-14-215) has been agreed to, theunearned portion of the credit service charge shall be computed without regardto the deferral. The amount of deferral charge earned at the date of prepaymentshall also be calculated. If the deferral charge earned is less than thedeferral charge paid, the difference shall be added to the unearned portion ofthe credit service charge. If any part of a deferral charge has been earned buthas not been paid, that part shall be subtracted from the unearned portion ofthe credit service charge or shall be added to the unpaid balance.

 

(d) This section does not preclude the collection or retentionby the seller of delinquency charges (W.S. 40-14-214).

 

(e) If the maturity is accelerated for any reason and judgmentis obtained, the buyer is entitled to the same rebate as if payment had beenmade on the date judgment is entered.

 

(f) Upon prepayment in full of a consumer credit sale by theproceeds of consumer credit insurance (W.S. 40-14-403), the buyer or his estateis entitled to the same rebate as though the buyer had prep

Categories