§ 40-14-310 — Consumer loan finance charges

Wyoming § 40-14-310

• Jurisdiction: Wyoming
• Title 40: Trade and Commerce
• Ch. 14: WYOMING UNIFORM CONSUMER CREDIT CODE
• Art. 3: LOANS

Text

(a) With respect to a consumer loan and except as provided
for pawnbrokers under W.S. 40-14-360(a) and post-dated check
cashers under W.S. 40-14-363(a), a lender may contract for and
receive a loan finance charge as provided by this section.
(b) This section does not limit or restrict the manner of
contracting for the loan finance charge, whether by way of add-
on, discount, or otherwise, so long as the rate of the loan
finance charge does not exceed that permitted by this section.
The loan finance charge may be contracted for and earned at the
single annual percentage rate that would earn the same finance
charge as the graduated rates when the debt is paid according to
the agreed terms and the calculations are made according to the
actuarial method. If the loan is precomputed:
(i) The loan finance 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. 40-14-319).
(c) For the purposes of this section, the term of a loan
commences with the date the loan is made. 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 lender 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 if that procedure is not consistently used to obtain a
greater yield than would otherwise be permitted.
(d) Repealed by Laws 2021, ch. 14, § 3.
(e) Subject to classifications and differentiations the
lender may reasonably establish, he may make the same loan
finance charge on all amounts financed within a specified range.
A loan finance charge so made does not violate subsection (g) of
this section if:
(i) When applied to the median amount within each
range, it does not exceed the maximum permitted by subsection
(g) of this section; and
(ii) When applied to the lowest amount within each
range, it does not produce a rate of loan finance charge
exceeding the rate calculated according to paragraph (i) of this
subsection by more than eight percent (8%) of the rate
calculated according to paragraph (i) of this subsection.
(f) Except as provided for pawnbrokers in W.S. 40-14-
360(f) and post-dated check cashers in W.S. 40-14-363, a lender
may contract for and receive a minimum loan finance charge of
not more than thirty dollars ($30.00).
(g) A loan finance charge, calculated according to the
actuarial method, shall not exceed the equivalent of thirty-six
percent (36%) per year on that part of the unpaid balances of
the principal that is equal to or less than one thousand dollars
($1,000.00) and shall not exceed the equivalent of twenty-one
percent (21%) per year on that part of the unpaid balances of
the principal that is greater than one thousand dollars
($1,000.00).
(h) If an unpaid balance exists on a consumer loan in a
revolving account on the date on which the loan finance charge
is applied, the lender may contract for and receive a charge in
accordance with this subsection. For accounts with a billing
cycle of thirty (30) days or more, the lender may receive a
charge not to exceed three dollars ($3.00). For accounts with a
billing cycle of less than thirty (30) days, the lender may
receive a charge not to exceed the pro rata part of three
dollars ($3.00) that bears the same relation to three dollars
($3.00) as the number of days in the billing cycle bears to
thirty (30). No charge shall be made under this subsection for
an account if the lender has made an annual charge for the same
period as permitted by the provisions on additional charges
(W.S. 40-14-311(a)(iii)).