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

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

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

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

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

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

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

(vi)  To conform the regulation of consumer credit transactions to 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 includes reference to a related rule of the administrator adopted pursuant to this act.

(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 creditor for an excess charge, other violation of this act, or civil penalty, or a claim against a buyer, lessee, or debtor for default or breach of a duty imposed by this 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 waives or agrees to forego rights or benefits under this act is invalid if the court as a matter of law finds the settlement to have been unconscionable at the time it was made. The competence of the buyer, lessee, or debtor, any deception or coercion practiced upon him, the nature and extent of the legal advice received by him, and the value of the consideration are relevant to the issue of unconscionability.

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

(f)  The Financial Technology Sandbox Act shall apply to this act.

(a)  This act prescribes maximum charges for all creditors, except lessors and those excluded (W.S. 40-14-121), extending consumer credit including consumer credit sales (W.S. 40-14-204) and consumer loans (W.S. 40-14-304), and displaces existing limitations on the powers of those creditors based on maximum charges.

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

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

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

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

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

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

(i)  A signed writing evidencing the obligation or offer of the consumer is received by the creditor or person acting on behalf of the creditor in this state;

(ii)  Repealed By Laws 2013, Ch. 124, § 3.

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

(iv)  A consumer who is a resident of this state enters into a consumer credit transaction while in this state with a creditor who has offered or advertised in this state by means, including but not limited to mail brochure, telephone, print, radio, television, internet or other electronic means.

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

(c)  With respect to loans made pursuant to a lender credit card or similar arrangement (W.S. 40-14-140(a)(ix)), this act applies if the debtor's communication or indication of his intention to establish the arrangement with the lender is received by the lender in this state. If no communication or indication of intention is given by the debtor before the first loan, this act applies if the lender's communication notifying the debtor of the privilege of using the arrangement is mailed or personally delivered in this state.

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

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

(i)  A seller, lessor, lender, or assignee of his rights, may not collect charges through actions or other proceedings in excess of those permitted 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, may not enforce rights against the buyer, lessee, or debtor, with respect to the provisions of agreements which violate the provisions on limitations on agreements and practices (part 4) of the article on credit sales (article 2) or of the article on loans (article 3).

(f)  Except as provided in subsection (d) of this section, a sale, lease, loan or modification thereof, made in another state to a person who was not a resident of this state when the sale, lease, loan, or modification was made is valid and enforceable in this state according to its terms to the extent that it is valid and enforceable under the laws of the state 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 writing signed by him in connection with a credit transaction. Until he notifies the creditor of a new or different address, the given address is presumed to be unchanged.

(h)  Notwithstanding other provisions of this section:

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

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

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

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

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

(iii)  That fixes venue.

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

(i)  Applicability (W.S. 40-14-602) of the part on powers and functions of administrator (part 1) of the article on administration (article 6); and

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

(a)  Except as required by W.S. 40-14-641, this act does not apply to:

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

(ii)  Except as otherwise provided in the article on insurance [article 4], the sale of insurance by an insurer if the premium is not financed;

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

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

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

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

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

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

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

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

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

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

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

(B)  Fees for preparation of a deed, settlement statement, or other 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 conspicuous when it is so written that a reasonable person against whom it is to operate ought to have noticed it. Whether a term or clause is conspicuous or not is for decision by the court;

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

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

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

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

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

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

(x)  Repealed By Laws 2013, Ch. 124, § 3.

(xi)  "Official fees" means:

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

(B)  Premiums payable for insurance in lieu of perfecting a security interest otherwise required by the creditor in connection with the sale, lease, or loan, if the premium does not exceed the fees and charges described in subparagraph (A) of this paragraph which would otherwise be payable.

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

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

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

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

(I)  The spouse of the individual;

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

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

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

(B)  "Person related to" with respect to an organization means:

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

(II)  An officer or director of the organization or a person performing similar functions with respect to the organization or to a person related 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 the organization who shares the same home with him.

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

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

(xviii)  "Seller credit card" means an arrangement in which 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 for the purpose of purchasing or leasing goods or services from that person or from that person and any other person;

(xix)  "Supervised financial organization" means a depository institution as defined by 12 U.S.C. § 1813(c);

(A)  Repealed by Laws 2021, ch. 14, § 3.

(B)  Repealed by Laws 2021, ch. 14, § 3.

(xx)  "Licensee" means an organization licensed under this act;

(xxi)  "Incident to the extension of credit" means a charge assessed at any time during the duration of a credit transaction that is not assessed to a consumer in a comparable cash transaction whether imposed by the original creditor or an assignee or servicer of the credit transaction;

(xxii)  "Regulation Z" means regulation Z as promulgated by the board of governors of the federal reserve system and codified in 12 C.F.R. part 1026 et seq., as amended;

(xxiii)  "Channeling agent" means the third party licensing system that gathers the application information and distributes it to Wyoming for review for the approval or denial decision;

(xxiv)  "Registry" means the nationwide licensing system and registry maintained by the State Regulatory Registry, LLC;

(xxv)  "Current installment" means the intervening period between regularly scheduled payments;

(xxvi)  "Regularly engages" or "regularly engaged" means the extension of credit more than twenty-five (25) times, or more than five (5) times for transactions secured by a dwelling as defined by W.S. 40-14-640(a)(iv), in the preceding calendar year. The requirements of this paragraph may be applied to the current calendar year if not met in the preceding year;

(xxvii)  "This act" means W.S. 40-14-101 through 40-14-649.

(a)  Definitions in this act and the sections in which they appear are:

(i)  "Actuarial method"-W.S. 40-14-140(a)(i);

(ii)  "Administrator"-W.S. 40-14-140(a)(ii);

(iii)  "Administrator"-W.S. 40-14-603;

(iv)  "Agreement"-W.S. 40-14-140(a)(iii);

(v)  "Agricultural 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)  Repealed by Laws 2021, ch. 14, § 3.

(xvii)  Repealed by Laws 2021, ch. 14, § 3.

(xviii)  Repealed By Laws 2012, Ch. 98, § 2.

(xix)  Repealed By Laws 2012, Ch. 98, § 2.

(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. 40-14-304(c);

(xxxii)  Repealed By Laws 2013, Ch. 124, § 3.

(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)  Repealed by Laws 2021, ch. 14, § 3.

(lix)  Repealed by Laws 2021, ch. 14, § 3.

(lx)  "Channeling agent" – W.S. 40-14-140(a)(xxiii);

(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. 40-14-140(a)(xxiv);

(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)  "Incident to the extension of credit" – W.S. 40-14-140(a)(xxi);

(lxxviii)  "Regulation Z" – W.S. 40-14-140(a)(xxii);

(lxxix)  "This act" - W.S. 40-14-140(a)(xxvii);

(lxxx)  "Current installment" – W.S. 40-14-140(a)(xxv);

(lxxxi)  "Regularly engages" or "regularly engaged" – W.S. 40-14-140(a)(xxvi).