§ 40-14-366 — Extended payment plan; terms and conditions

Wyoming § 40-14-366

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

Text

(a) Subject to the terms and conditions of this section, a
consumer who is unable to repay a post-dated check or similar
arrangement when due may elect once every twelve (12) months to
repay the post-dated check or similar arrangement by means of an
extended payment plan. The twelve (12) month period shall be
measured from the date the consumer pays in full one extended
payment plan with the post-dated check casher until the date
that the consumer enters into another extended payment plan with
the post-dated check casher.
(b) To request an extended payment plan, the consumer,
before 5:00 p.m. Mountain Time on the last business day before
the due date of the outstanding post-dated check or similar
arrangement, shall request the plan and sign an amendment to the
original agreement which memorializes the plan's terms.
(c) The extended payment plan's terms shall allow the
consumer to repay the outstanding post-dated check or similar
arrangement including any fee due in at least four (4)
substantially equal installments and over a time period of at
least sixty (60) days. Each plan installment shall be due on or
after a date on which the consumer receives regular income, or
if the consumer has no regular income due dates shall be a
minimum of two (2) weeks between installments. The consumer may
prepay an extended payment plan in full at any time without
penalty. As long as the consumer complies with the terms of the
extended payment plan, the plan shall be at no additional cost
to the consumer and the post-dated check casher shall not charge
the consumer any interest or additional fees during the term of
the extended payment plan. The post-dated check casher may,
with each payment under the plan by a consumer, provide for the
return of the consumer's prior held check and require a new
check for the remaining balance under the plan.
(d) If the consumer fails to pay any extended payment plan
installment when due, the consumer shall be in default of the
payment plan and the post-dated check casher immediately may
accelerate payment on the remaining balance and take action to
collect all amounts due. Upon default, notwithstanding W.S.
40-14-363(a), the post-dated check casher may charge the
consumer interest on the outstanding balance at an annual rate
equal to six percent (6%) plus the prime rate as listed in the
Wall Street Journal on January 1 of the year in which the
consumer defaults.