Wyo. Code R. 021-0007-5
Uniform Consumer Credit Code
Chapter 5: Consumer Rental-Purchase Agreement Act
Effective Date: 03/20/1998 to 12/30/2009
Rule Type: Superceded Rules & Regulations
Reference Number: 021.0007.5.03201998
Section 1. Authority. The rules governing the Wyoming Consumer Rental-Purchase Agreement Act are adopted pursuant to W.S. 40-19-118(b).
(a) As used in these rules and the Wyoming Consumer Rental-Purchase Agreement Act:
(i) All of the definitions set forth in W.S. 40-19-102, as amended, are incorporated herein by reference.
(ii) 'Financial statement' is 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.
(b) Rules of construction. For purposes of these rules, the following rules of construction apply:
(i) Where appropriate, the singular form of a word includes the plural form and plural includes singular.
(ii) Captions and catchlines are intended solely as aids to convenient reference, and no reference as to the intent of any provision of these rules may be drawn from them.
(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 submit a completed application in writing on a form prescribed by the administrator. Each completed application shall contain the following information:
(A) Exact name of corporation, partnership, sole-proprietorship, limited liability company, or other entity for which application is made.
(B) Federal Tax Identification number / Social Security number.
(C) Address, phone, and fax number (if applicable) of location where business is to be conducted.
(D) Name, address, phone, and fax number (if applicable) of individual who is responsible for responding to matters relating to this application.
(E) Name, address, phone, and fax number (if applicable) of individual who will be responsible for managing the applicant's business at the licensed location.
(F) Status of applicant: sole-proprietor, partnership, corporation, limited liability company, other (define) doing business under own name or an assumed name (d/b/a).
(I) If a Wyoming corporation, date of incorporation.
(II) If a foreign corporation, date and place of incorporation, date qualified in Wyoming, and name and address of designated agent in Wyoming for service of process.
(III) If a partnership or limited liability company ('LLC'), attach a certified copy of partnership agreement or LLC agreement and any amendments.
(G) Submit a list of names and business addresses of senior Officers and Directors of the applicant in an addendum to the application. Include the positions of chief executive and/or operating officer, president, executive or senior vice president, secretary, treasurer, or positions of similar responsibilities. If a partnership, list all partners.
(H) Does the applicant have any parent companies, subsidiaries, or affiliates? If 'yes', submit a list as an addendum to the application, including exact name(s) of parent companies, subsidiaries, affiliates, and their principal lines of business.
(J) Does the applicant, parent companies, subsidiaries, or affiliates have one (1) or more branches currently licensed by the administrator conducting business under this act? If “yes”, submit a list as an addendum to the application, including name, address, type of business, and license number.
(K) List types of business activities, other than those covered by this act, which will be conducted by the applicant at the licensed location.
(L) Notarized signature of officer or representative authorized to submit the application. If a partnership, all partners must sign the application.
(A) Briefly summarize the professional background and experience of the individuals listed in (i)(E) and (i)(G) of subsection (a) in an addendum to this application. Resumes are acceptable.
(B) Provide a minimum of two (2) letters of reference (form provided by the administrator). Letters of reference may be from regulators of other states in which similar business is conducted or, if not applicable, from members of the community in which the business is to be located. One (1) of the references shall be a bank reference.
(C) Has the administrator, any other agency in this state, any federal agency, or any other agency of any other state ever denied, suspended, or revoked a license or registration of the applicant? If “yes”, provide complete details in an addendum to the application. The information should include the following: name and address of agency, date of action, and reason for action.
(D) Has any governmental or regulatory agency ever initiated a formal, or informal regulatory action, or order against the applicant? If “yes”, provide complete details in an addendum to the application. The information should include the following: name and address of agency, date of action, and reason for action.
(E) Summary of any formal sanctions imposed against the applicant related to business that is regulated under this act as a matter of public record. Such formal sanctions may include, but are not limited to fine, reprimand, probation, censure, revocation, suspension, surrender or restriction. Provide complete details in an addendum to the application. The information should include the following: name and address of person or agency that initiated the formal sanction(s), date of action, and reason for action.
(F) Has the applicant ever been convicted of, or pleaded nolo contendre to, any criminal offense under any laws of this state relating to the rental-purchase business? If “yes”, provide complete details in an addendum to the application.
(A) Has the applicant ever had to work out a compromise with creditors? If “yes”, provide complete details in an addendum to the application.
(B) Has the applicant ever been adjudged as bankrupt under the U.S. Bankruptcy Code? If 'yes', provide complete details in an addendum to the application.
(C) Provide a copy of a current credit report from a major credit reporting bureau for the applicant. The credit report must be dated within thirty (30) days prior to the date of the application. Provide an explanation of any negative information on the credit report in an addendum to this application.
(D) Submit audited financial statements for the applicant as of the close of the applicant's last fiscal year, if such statements were prepared. If audited statements were not prepared, an applicant must submit unaudited financial statements. Unaudited statements must be dated not more than sixty (60) days prior to the date of the completed application and must include a notarized signature of an authorized officer or representative of the applicant.
(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 obtain a judicial review as provided for under W.S. 16-3-114.
(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.
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.
Section 6. Annual Renewal. As required by W.S. 40-19-114(j), merchants licensed under this 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.
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).
Section 8. Notice of Default and Right to Cure. 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).