Wyo. Code R. 021-0007-1
Uniform Consumer Credit Code
Chapter 1: Organization, Licensing, Records
Effective Date: 07/26/2005 to 02/22/2017
Rule Type: Superceded Rules & Regulations
Reference Number: 021.0007.1.07262005
(a) Generally, these Rules and Regulations (herein after referred to as the 'Rules') are promulgated pursuant to W.S. 16-3-102(a)(i). Some Chapters are also promulgated pursuant to other, more specific statutory authority, as specified in such Chapter.
(b) The Administrator may employ a Deputy Administrator. If the Office of the Administrator is vacant or if the Administrator is absent or unable to act, the Deputy Administrator shall be the Acting Administrator.
(a) For the purposes of the Code and these Rules, Chapters 1 through 4, the following definitions apply:
(i) 'Actuarial method' means the allocating of payments made on a debt between principal and loan finance charge or credit service charge pursuant to which:
(A) With respect to transactions other than precomputed, payment is applied first to the accumulated loan finance charge or credit service charge and the balance is applied to the unpaid principal.
(B) With respect to precomputed transactions entered into on or after May 25, 1979, and payable according to their original terms in more than sixty-one (61) monthly installments, the unearned portion of the loan finance charge or credit service charge is, at the option of the creditor, either:
(I) That portion which is applicable to all fully unexpired computational periods as originally scheduled, or if deferred, as deferred, which follow the date of prepayment. For this purpose the applicable charge is the total of that which would have been made for each such period, had the consumer loan or consumer credit sale not been precomputed, by applying to unpaid balances of principal the annual percentage rate previously stated to the debtor pursuant to the provisions of the Code on disclosure based on the assumption that all payments were made as originally scheduled, or if deferred, as deferred. The creditor, at his option, may round the annual percentage rate to the nearest one quarter of one percent (.25%) if such procedure is not consistently used to obtain greater yield than would otherwise be permitted; or
(II) The total loan finance charge or credit service charge minus the earned loan finance charge or credit service charge. The earned loan finance charge or credit service charge shall be determined by applying the annual percentage rate previously stated to the debtor pursuant to the provisions of the Code on disclosure to the actual unpaid balances for the actual time the balances were unpaid up to the date of prepayment. If a delinquency or deferral charge was collected, it shall be treated as a payment.
(C) The option referred to in paragraph (i)(B)(I) above must be taken and disclosed to the debtor at the time the transaction is entered into. If disclosure is not clearly given as to the option to be used, the creditor will be deemed to have chosen that option discussed in paragraph (i)(B)(II) above.
(ii) 'Administrator' means the State Banking Commissioner of the state of Wyoming.
(iii) 'Code' refers to the Wyoming Uniform Consumer Credit Code Act as cited in W.S. 40-14-101 et seq.
(iv) 'Consumer' means a cardholder or a natural person to whom consumer credit is offered or extended. However, for purposes of rescission under Reg. Z Sections 226.15 and 226.23 the term also includes a natural person in whose principal dwelling a security interest is or will be retained or acquired, if that person's ownership interest in the dwelling is or will be subject to the security interest. Unless the context indicates otherwise, credit shall be construed to mean 'consumer credit,' loan to mean 'consumer loan,' lease to mean 'consumer lease,' and transaction to mean 'consumer credit transaction.'
(v) 'Division' means the Department of Audit, Division of Banking.
(vi) 'Lessee' means a natural person who leases under, or who is offered, a consumer lease.
(vii) 'Lessor' means a person who in the ordinary course of business regularly leases, offers to lease or arranges for the leasing of personal property under a consumer lease.
(viii) 'Month.' For purposes of W.S. 40-14-363, a month shall be one (1) calendar month. The period shall expire on the same date in the succeeding month if there is such a date, otherwise on the last day of the succeeding month.
(ix) 'Multiple of the federal minimum wage.' For purposes of the limitation on garnishment, the multiple of the federal minimum hourly wage for pay periods other than a week shall be determined as follows:
(A) Where the employee is paid by the day, the multiple shall be six (6), for two (2) days the multiple shall be twelve (12), for three (3) days the multiple shall be eighteen (18), and for four (4) days the multiple shall be twenty-four (24) or six (6) times the number of days;
(B) Where the employee is paid either every two (2) weeks or semi-monthly, then the multiple shall be two and one-sixth (2 1/6) x thirty (30) x current federal minimum wage;
(C) Where the employee is paid monthly, then the calendar month shall be considered to consist of four and one-third (4 1/3) work weeks and the formula shall be four and one-third (4 1/3) x thirty (30) x current federal minimum wage; or
(D) Where the employee is paid once every two months, then the multiple shall be eight and two-thirds (8 2/3) x thirty (30) x current federal minimum wage.
(x) "A continuous and systematic solicitation either personally or by mail" as used in W.S. 40-14-120(a)(ii) includes: face-to-face, mail (to include U.S. Postal Service and express or other delivery service), electronic, telephone, facsimile, or by any other similar means including the use of loan brokers.
(xi) "Reg. Z" means 12 CFR 226 et seq., as amended as of January 1, 2005. These Rules do not include any later amendments or editions of Reg.Z past January 1, 2005. Copies of Reg. Z are available for public inspection at the Department of Audit, Division of Banking, 122 W. 25th Street, 3rd Floor East, Cheyenne, Wyoming 82002. Copies of Reg. Z are available at cost from the Department of Audit, Division of Banking.
(a) All papers, records and all other property of the division shall be maintained and filed in the office of the Administrator.
(b) All communications shall be made to the Administrator and the records of such communications kept in said office.
Unless otherwise stated, in computing any time period prescribed by these Rules, the day of the act or event from which the time period begins to run shall not be included. The last day of the period so computed shall be included, unless it is a Saturday, a Sunday, or a legal holiday, in which event the period runs until the end of the next day which is not a Saturday, a Sunday, or a legal holiday. When the period is less than eleven (11) days, Saturdays, Sundays, and legal holidays shall be excluded in the computation.
(a) An application to obtain a license shall be filed with the Administrator. This includes supervised lenders, pawnbrokers, post-dated check cashers and sales finance companies. An application shall be considered “filed” only after all information and appropriate processing fees required by the Administrator have been received from the applicant.
(b) Each applicant shall provide all of the information required on the license application form prescribed by the Administrator, as applicable.
(c) Pursuant to W.S. 40-14-634 (c), each filed application for one (1) or more licenses shall be accompanied by:
(i) A one hundred fifty dollar ($150.00) processing fee for the first license; and
(ii) An additional processing fee of one hundred fifty dollars ($150.00) for each additional license. Fees shall be made payable to the Department of Audit.
(d) Each office or place of business shall be licensed separately and a twenty-five dollar ($25.00) initial license fee shall be paid for each license obtained. Fees shall be made payable to the Department of Audit.
(e) In lieu of filing a new application for one (1) or more subsequent licenses, a licensee may utilize an application currently filed with the Administrator, as defined under this Section, provided:
(i) All information contained on the application currently filed with the Administrator, as required to be provided under subsection (b) of this Section has not changed, and is verified in writing to the Administrator. Written verification of this paragraph must include a notarized signature of the applicant. If a partnership, all partners must execute the written verification. If an organization, an authorized officer of the applicant must execute the written verification;
(ii) The completed application currently filed with the Administrator must have been received within one (1) year from the date of the new written license request; and
(iii) Each written license request for one (1) or more additional licenses shall be submitted with the required processing fees listed under subsection (c) of this Section. If the written license request is approved, the licensee shall also be subject to applicable initial license fees under subsection (d) of this Section.
(f) It is understood and agreed to that an application is a continuing obligation up until approval and issuing of the license applied for. If information in an application becomes inaccurate after filing, the applicant shall promptly notify the Administrator.
(a) “Change of ownership” means:
(i) A transfer of all or substantially all of the assets of the business conducted at any license location;
(ii) In all cases other than individuals, a transfer that results in one (1) or more persons owning or controlling greater than fifty percent (50%) of the controlling interests of the licensee, unless such person(s) owned or controlled greater than fifty percent (50%) of such controlling interests as of the date of the most recent filed application; or
(iii) Any change which will result by operation of law in a new type of business entity, in the licensee’s dissolution, disassociation or reformation, such as the change in partners in a general partnership.
(b) “Effective ownership interest” means any person who is entitled or permitted, directly or indirectly, to share in at least twenty-five percent (25%) of the ownership interests of an entity, or to vote for or against a manager.
(c) “Manager” means:
(i) For corporations, the board of directors or, if the corporation has elected not to have a board of directors, the holders of the capital stock of the corporation;
(ii) For limited partnerships, general partnerships or joint ventures, the general partners or joint adventurers; or
(iii) For limited liability companies, statutory or other trusts, and any other business organization, the persons in whom the management of the company, trust, or organization is vested.
(d) “Transfer” means to change in any manner legal or equitable claims of ownership or any rights or obligations relating to any such claim, whether by act or inaction, whether directly or indirectly, whether intentional or not. But “transfer” does not include the granting or imposition of a lien, whether on an ownership interest or any of the assets of the licensee, but does include the foreclosure of any rights of redemption as to any such lien.
(e) Change of effective ownership interest. Within thirty (30) days after a change of any effective ownership interest of a licensee and not a change of ownership under subsection (f) of this Section, the licensee shall provide written notice of the change of effective ownership interest to the Administrator. The Administrator may require the licensee to provide additional information or apply for a new license in the manner prescribed under this section.
(f) Change of ownership. A licensee shall notify the administrator in writing at least sixty (60) days prior to the effective date of a change of ownership. The new owners shall apply for a new license in the manner prescribed under this Section.
Any modification required to a license at the request of the business, shall be submitted with a twenty-five dollars ($25.00) modification fee. Fees shall be made payable to the Department of Audit.
The annual license renewal fee shall be twenty-five dollars ($25.00) for each individual license. Fees shall be made payable to the Department of Audit.
If any book, log, journal, document, record or information relevant and necessary to the examination or investigation is kept or maintained electronically, the business examined or investigated shall provide such data or access to data in an electronic format when requested by the Administrator.