Wyo. Code R. 021-0007-3
Uniform Consumer Credit Code
Chapter 3: Wyoming Consumer Rental-Purchase Agreement Act
Effective Date: 07/26/2005 to 02/22/2017
Rule Type: Superceded Rules & Regulations
Reference Number: 021.0007.3.07262005
The Rules governing the Wyoming Consumer Rental-Purchase Agreement Act are adopted pursuant to W.S. 40-19-118(b).
(a) As used in this Chapter and the Wyoming Consumer Rental-Purchase Agreement Act:
(i) All of the definitions set forth in W.S. 40-19-102 are incorporated herein by reference.
(ii) 'Financial statement' means any report summarizing the financial condition or financial results of an applicant on any date or for any period. Financial statements include the balance sheet and the income statement.
(iii) 'Initial period' means from the date of inception to the first scheduled payment.
(iv) 'Monthly' means each calendar month. Monthly payments 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. If the payment due date is not a business day, the periodic payment shall expire on the next business day.
(v) 'Regularly provides' means providing the use of property under rental-purchase agreements, but only if the merchant made more than twenty-five (25) such agreements in the preceding calendar year. If a merchant did not meet these numerical standards in the preceding calendar year, the numerical standards shall be applied to the current calendar year.
(vi) 'Weekly' means every seven (7) consecutive calendar days. Weekly payments shall expire on the same day in the succeeding week. If the payment due date is not a business day, the periodic payment shall expire on the next business day.
(a) Any merchant who regularly provides the use of property under rental-purchase agreements shall apply for a license to conduct business as a rental-purchase merchant. Each applicant shall provide all of the information required on the license application form prescribed by the Administrator, as applicable.
(b) The completed application shall be accompanied by a processing fee of three hundred dollars ($300.00), made payable to the Department of Audit.
(a) A license to engage in the business as a rental-purchase merchant will be issued to an applicant if the Administrator, upon investigation and evaluation of the completed application and all other relevant information, determines that all of the requirements of W.S. 40-19-114 have been met.
(b) The Administrator may deny an application to engage in the business as a rental-purchase merchant if the Administrator, upon investigation and evaluation of the completed application and all other relevant information, determines that:
(i) The applicant has not satisfied the requirements of W.S. 40-19-114;
(ii) The applicant has violated any provision of W.S. 40-19-101 through 40-19-120;
(iii) The applicant has violated any state or federal law applicable to the conduct of the business of a rental-purchase merchant including, but not limited to, any rule, regulation or administrative order or directive promulgated thereunder;
(iv) The applicant has conducted, or from the information provided it appears to the Administrator that the applicant will conduct, its business in an unsafe and unsound manner; or
(v) The applicant has engaged in conduct which has resulted in the suspension or revocation of its license to engage in the business as a rental-purchase merchant by the licensing authority of any other state.
(c) An applicant whose application has been denied under subsection (b) may request a contested case hearing under Chapter 4 of these Rules.
(d) Each office or place of business shall be licensed separately and a fifty dollar ($50.00) license fee shall be paid for each license initially required, made payable to the Department of Audit.
(a) If the merchant wishes to move to another location or change the business name on the license, the merchant shall:
(i) Give at least thirty (30) days written notice to the Administrator; and,
(ii) Pay a license modification fee of twenty-five dollars ($25.00) for each license required to be modified, made payable to the Department of Audit.
As required by W.S. 40-19-114(j), merchants licensed under the Wyoming Consumer Rental-Purchase Agreement Act shall pay an annual license renewal fee of fifty dollars ($50.00) per license location, made payable to the Department of Audit. Said fees shall accompany the license renewal form which will be provided to each licensee by the Administrator.
(a) In addition to rental payments, a merchant may contract for and receive the following additional charges in connection with a rental-purchase agreement:
(i) A reinstatement fee pursuant to W.S. 40-19-108(a)(xi). The reinstatement fee may not exceed the greater of 5% of the delinquent payment or two dollars ($2.00). Only one reinstatement fee may be assessed and collected on any delinquent payment, regardless of how long the payment remains unpaid;
(ii) An optional pickup fee not to exceed twenty dollars ($20.00) for three (3) or fewer items or forty dollars ($40.00) for four (4) or more items that are actually picked up;
(iii) An optional redelivery fee not to exceed twenty dollars ($20.00) for three (3) or fewer items or forty dollars ($40.00) for four (4) or more items that are actually redelivered;
(iv) A liability damage waiver fee may be contracted for and received pursuant to W.S. 40-19-111(a).
A notice in substantially the following form complies with the requirement in W.S. 40-19-109(b):
(Name, address and telephone number of merchant)
(Account number, if any)
(Brief description of transaction)
(Date) is LAST DATE FOR PAYMENT
(Amount) is the AMOUNT DUE NOW
You have failed to renew your rental agreement(s). If you pay the AMOUNT DUE NOW (above) by the LAST DATE FOR PAYMENT (above), you may continue with the contract as though you had renewed on time. If you do not pay by that date, we may exercise our rights under the law. You may be required to pay reasonable costs authorized by law.
PLEASE NOTE: As of the LAST DATE FOR PAYMENT (above) you will owe the following additional payments:
(date due)
(amount)
In order to cure your account fully, the payment or payments listed above must also be paid in full on or before the LAST DATE FOR PAYMENT. If you have questions, promptly write or telephone (name of merchant).