§ 40-14-212 — Credit service charge for consumer credit sales other than revolving charge accounts

Wyoming § 40-14-212

• Jurisdiction: Wyoming
• Title 40: Trade and Commerce
• Ch. 14: WYOMING UNIFORM CONSUMER CREDIT CODE
• Art. 2: CREDIT SALES

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(a) With respect to a consumer credit sale, other than a
sale pursuant to a revolving charge account, a seller may
contract for and receive a credit service charge not exceeding
that permitted by this section.
(b) The credit service charge, calculated according to the
actuarial method, may not exceed:
(i) Where the amount financed does not exceed
seventy-five thousand dollars ($75,000.00), the equivalent of
the greater of either of the following:
(A) The total of: Thirty-six percent (36%) per
year on that part of the unpaid balances of the amount financed
which is one thousand dollars ($1,000.00) or less and twenty-one
percent (21%) per year on that part of the unpaid balances of
the amount financed which is more than one thousand dollars
($1,000.00); or
(B) Twenty-one percent (21%) per year on that
part of the unpaid balances of the amount financed.
(C) Repealed by Laws 1981, ch. 147, § 1.
(ii) Where the amount financed exceeds seventy-five
thousand dollars ($75,000.00), any credit service charge
specified in the buyer's sale agreement.
(c) This section does not limit or restrict the manner of
contracting for the credit service charge, whether by way of
add-on, discount, or otherwise, so long as the rate of the
credit service charge does not exceed that permitted by this
section. If the sale is precomputed:
(i) The credit service charge may be calculated on
the assumption that all scheduled payments will be made when
due; and
(ii) The effect of prepayment is governed by the
provisions on rebate upon prepayment (W.S. 40-14-221).
(d) For the purposes of this section, the term of a sale
agreement commences with the date the credit is granted or, if
goods are delivered or services performed ten (10) days or more
after that date, with the date of commencement of delivery or
performance. Differences in the lengths of months are
disregarded and a day may be counted as one-thirtieth of a
month. Subject to classifications and differentiations the
seller may reasonably establish, a part of a month in excess of
fifteen (15) days may be treated as a full month if periods of
fifteen (15) days or less are disregarded and that procedure is
not consistently used to obtain a greater yield than would
otherwise be permitted.
(e) Subject to classifications and differentiations the
seller may reasonably establish, he may make the same credit
service charge on all amounts financed within a specified range.
A credit service charge so made does not violate subsection (b)
of this section if:
(i) When applied to the median amount within each
range, it does not exceed the maximum permitted by subsection
(b) of this section; and
(ii) When applied to the lowest amount within each
range, it does not produce a rate of credit service charge
exceeding the rate calculated according to paragraph (a)(i) of
this section by more than eight percent (8%) of the rate
calculated according to paragraph (a)(i) of this section.
(f) Notwithstanding subsection (b) of this section, the
seller may contract for and receive a minimum credit service
charge of not more than thirty dollars ($30.00).