Wyo. Code R. 021-0007-1
Uniform Consumer Credit Code
Chapter 1: Organization, Purpose and Methods
Effective Date: 10/08/1991 to 08/23/1996
Rule Type: Superceded Rules & Regulations
Reference Number: 021.0007.1.10081991
audit/uccc/01_Organization_Purpose_and_Methods
Agency AUDIT
Audit, Dept. of
Program UCCC
Uniform Consumer Credit Code
Chapter Name Organization, Purpose and Methods
Chapter No.1
Date Filed 10/08/91 Expr Date
Supr Date Repeal Date
Document Type RULES
Organization, Purpose, and Methods
Subpart A -- General
Section 1.1. Organization.
(a) The State Banking Commissioner shall be the Administrator of the Wyoming Uniform Consumer Credit Code, W.S. 40-14-603. He shall be the policy-making and governing authority and be responsible for the enforcement of the Uniform Consumer Credit Code in the State of Wyoming.
(b) The Administrator shall appoint 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.
(c) Such other employees as are necessary to perform the duties imposed by law upon the Administrator of the Wyoming Uniform Consumer Credit Code shall be appointed by the Administrator.
Section 1.2. General Purpose and Method of Operation.
(a) The purpose of the Office of the Administrator of the Wyoming Uniform Consumer Credit Code is as follows:
(i) 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.
(ii) 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.
(iii) To permit and encourage the development of fair and economically sound consumer credit practices.
(iv) To conform the regulations of consumer credit transactions to the policies of the Federal Consumer Credit Protection Act.
(v) To implement the Uniform Consumer Credit Code in the State of Wyoming in accordance with the terms and provisions therein contained.
(vi) To further consumer understanding of the terms of credit transactions and to foster competition among suppliers of credit.
(b) In general, this regulation applies to each individual or business that offers or extends credit when four conditions are met:
(i) The credit is offered or extended to consumers;
(ii) The offering or extension of credit is done regularly; [f.1.]
(iii) The credit is subject to a finance charge or is payable by a written agreement in five or more installments; and
(iv) The credit is primarily for personal, family, or household purposes.
(v) If a credit card is involved, however, certain provisions apply even if the credit is not subject to a finance charge, or is not payable by a written agreement in five or more installments.
(a) All papers, records and all other property of the Wyoming Uniform Consumer Credit Code shall be maintained and filed in the office of the Administrator.
(b) All communications shall be made to the Administrator of the Wyoming Uniform Consumer Credit Code and the records of such communications kept in said office.
(a) The Administrator is hereby authorized to approve rate tables and rebate tables for use in this State, provided that such tables are not inconsistent with the tables or supplements thereto approved by the Board of Governors of the Federal Reserve System.
(a) Licensing of supervised lenders, pawnbrokers and sales finance companies. The application form to be used to acquire a license to make and take assignment of supervised loans or to engage in business as a sales finance company shall contain the following information:
(i) Name, address, and telephone number of applicant.
(ii) Trade name under which, and complete address of location where, business will be conducted, including zip code.
(iii) If a Wyoming corporation, date of incorporation.
(iv) If a foreign corporation, has applicant qualified to do business in the State of Wyoming? Give complete details; date of incorporation, place of incorporation, date qualified in Wyoming, and name and address of designated agent in Wyoming for service of process.
(v) Name, title, business and residence address and business and residence telephone numbers of all partners, officers and directors.
(vi) Name, title, and residence address of individual to be in charge of the office or place of business or premises for which this license is sought.
(vii) A true and correct statement of the financial condition of the applicant. Balance sheet figures to be given must be current within thirty (30) days of application.
(viii) Show if any of the assets listed in the foregoing statement are pledged to secure payment of liabilities and if so, include the following information; kind and total of assets pledged, amount of indebtedness so secured, and the names and addresses of the pledgees.
(ix) Bank reference.
(x) Names, addresses, and occupations of three (3) reputable citizens of Wyoming, preferably located in the community in which you desire to conduct business, who are personally acquainted with you or with the officers of the corporation. If such persons are not known to the applicant, then provide the names, titles, and complete addresses of state supervisory authorities in three (3) states in which your corporation is now licensed and conducts business as a supervised lender.
(xi) Has any applicant, partner, officer, or director been convicted of a felony within ten (10) years of the date of this application?
(xii) List other states in which a similar business is conducted or controlled by you.
(xiii) Signature(s) of applicant(s). If a partner ship, all partners must execute this form.
(xiv) Signature(s) of the applicant(s) must be notarized in the following form:
STATE OF ...) ) ss. COUNTY OF ...)
On this ... day of ..., 19..., before me, a notary public, personally appeared ... known to me to be the person(s) named in, and who executed the foregoing instrument and made oath that the statements and representations set forth therein are true to the best of their knowledge and belief.
My commission expires: ...
... Notary Public in and for said County and State
(b) Standards. Upon receipt of an application for a supervised lender's license or a sales finance company license, the Administrator shall investigate the financial responsibility, character, and fitness of the applicant and of its members if the applicant is a copartnership or association, and of its officers and directors if the applicant is a corporation. If the Administrator determines that the facts disclosed by the investigation warrant the belief that the business will be operated honestly and fairly within the meaning of the Code, he shall issue the license.
(c) Hearings. If the Administrator denies the application, the applicant shall be afforded a hearing, provided he makes a written request within fifteen (15) days after the Administrator has mailed the applicant a notice of denial. If the Administrator fails to issue a license within sixty (60) days after the application has been filed, the applicant shall be afforded a hearing, provided he makes a written request within seventy-five (75) days after the filing date of his original application.
(d) Licensing of Pawn Brokers. Every pawn broker must comply with the licensing provisions in W.S. 40-14-632, other applicable provisions in W.S. 40-14-343 and the provisions for notification of intent to do business in W.S. 40-14-631. Section 1.6. Notification and Fees.
(a) Notification. Pursuant to the authority contained in W.S. 40-14-630, 40-14-631, and 40- 14-632 of the Code, the following rules are adopted for notification to the Administrator of a person engaged in this state in making consumer credit sales, consumer leases, or consumer loans, and to a person having an office or place of business in this state who takes assignments of and undertakes direct collection of payments from, or enforcement of, rights against debtors arising from these sales, leases, or loans.
(i) Any licensed supervised lender retaining a license must file annual notification and pay the appropriate fee whether or not any consumer loans were made or taken by assignment during the preceding calendar year.
(b) Forms. Persons subject to subsection (a) above shall file a notification form with the Administrator within thirty (30) days after commencing business in this state and, thereafter, on or before January 31 of each year on the prescribed form which shall state:
(i) Name of person.
(ii) Name in which business is transacted if different from subsection (i) above.
(iii) Address of principal office giving street number, city, state and zip code. (This may be outside the State of Wyoming).
(iv) Type of business conducted.
(v) Name and address (in Wyoming) of designated agent upon whom service of process may be made.
(vi) If consumer credit sales, consumer leases or consumer loans are made otherwise than at an office or retail store in this state, there should be a brief description of the manner in which they are made.
(vii) Whether supervised loans are made.
(viii) Whether consumer credit sales, consumer leases or consumer loans are taken by assignment from other sellers, lessors or lenders.
(ix) Whether consumer credit sales or consumer loans are made pursuant to a "Revolving Charge or Revolving Loan Account."
(x) All locations in Wyoming where consumer credit sales, consumer leases or consumer loans are made or taken by assignment.
(c) Fees.
(i) A person required to file notification shall, on or before January 31 of each year, pay to the Administrator an annual fee of twenty-five dollars ($25.00) for that year.
(ii) Persons required to file notification who are sellers, lessors or lenders shall pay an additional fee at the time and in the manner stated in paragraph (i) of twenty-five dollars ($25.00) for each $100,000.00, or part thereof, in excess of $100,000.00, of the original unpaid balances arising from consumer credit sales, consumer leases or consumer loans, made in this state within the preceding calendar year and held either by the seller, lessor or lender for more than thirty (30) days after the inception of the sale, lease, or loan giving rise to the obligation, or by an assignee who has not filed notification. A refinancing of a sale, lease or loan resulting in an increase in the amount of an obligation is considered a new sale, lease or loan to the extent of the amount of the increase.
(iii) Persons required to file notification who are assignees shall pay an additional fee at the time and in the manner stated in paragraph (i) of twenty-five dollars ($25.00) for each $100,000.00, or part thereof, of the unpaid balances at the time of assignment of obligations arising from consumer credit sales, consumer leases or consumer loans, made in this state taken by assignment during the preceding calendar year, but an assignee need not pay a fee with respect to an obligation on which the assignor or other person has already paid a fee.