§ 40-14-250 — Change in terms of revolving charge accounts

Wyoming § 40-14-250

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

Text

(a) If a seller makes a change in the terms of a revolving
charge account without complying with this section any
additional cost or charge to the buyer resulting from the change
is an excess charge and subject to the remedies available to
debtors (W.S. 40-14-521) and to the administrator (W.S.
40-14-613).
(b) A seller may change the terms of the revolving charge
account whether or not the change is authorized by prior
agreement. Except as provided in subsection (c) of this section,
the seller shall give to the buyer written notice of any change
at least three (3) times, with the first notice at least six (6)
months before the effective date of the change.
(c) The notice specified in subsection (b) of this section
is not required if notice of any proposed change in the terms of
a revolving charge account is given to the customer at least
thirty (30) days prior to the effective date of such change or
thirty (30) days prior to the beginning of the billing cycle
within which such change will become effective, whichever is the
earlier date, and if:
(i) The buyer after receiving notice of the change
agrees in writing to the change;
(ii) The buyer elects to pay an amount designated on
a billing statement as including a new charge for a benefit
offered to the buyer when the benefit and charge constitute the
change in terms and when the billing statement also states the
amount payable if the new charge is excluded;
(iii) The change involves no significant cost to the
buyer;
(iv) The buyer has previously consented in writing to
the kind of change made and notice of the change is given to the
buyer in two (2) billing cycles prior to the effective date of
the change; or
(v) The change applies only to purchases made or
obligations incurred after a date specified in a notice of the
change given in two (2) billing cycles prior to the effective
date of the change.
(d) The notice provided for in this section is given to
the buyer when mailed to him at the address used by the seller
for sending periodic billing statements.
Part 5. Home Solicitation Sales