§ 40-14-604 — Powers of administrator; harmony with federal regulations; reliance on rules; duty to report and cooperate

Wyoming § 40-14-604

• Jurisdiction: Wyoming
• Title 40: Trade and Commerce
• Ch. 14: WYOMING UNIFORM CONSUMER CREDIT CODE
• Art. 6: ADMINISTRATION

Text

(a) In addition to other powers granted by this act, the
administrator within the limitations provided by law may:
(i) Receive and act on complaints, take action
designed to obtain voluntary compliance with this act, or
commence proceedings on his own initiative;
(ii) Counsel persons and groups on their rights and
duties under this act;
(iii) Establish programs for the education of
consumers with respect to credit practices and problems;
(iv) Make studies appropriate to effectuate the
purposes and policies of this act and make the results available
to the public;
(v) Adopt, amend, and repeal substantive rules when
specifically authorized by this act, and adopt, amend, and
repeal procedural rules to carry out the provisions of this act;
(vi) Appoint any necessary hearing examiners, clerks,
and other employees and agents and fix their compensation, and
request the attorney general to appoint attorneys necessary to
represent the administrator in the enforcement of this act;
(vii) Require a licensee under this act or an
applicant for a license issued under this act to submit to a
background investigation including fingerprint checks for state,
national and international criminal history record checks as
necessary. While exercising his authority under this paragraph,
the administrator may utilize background checks completed by the
division of criminal investigation, other government agencies in
this state or in other states, the federal bureau of
investigation, the registry or another entity designated by the
registry;
(viii) Determine the content of application forms and
the means by which an applicant applies for, renews or amends a
license under this act. The administrator may allow applicants
to utilize the registry or an entity designated by the registry
for the processing of applications and fees.
(b) The administrator may adopt rules not inconsistent
with the federal Consumer Credit Protection Act to assure a
meaningful disclosure of credit terms so that a prospective
debtor will be able to compare more readily the various credit
terms available to him and to avoid the uninformed use of
credit. These rules may contain classifications,
differentiations or other provisions, and may provide for
adjustments and exceptions for any class of transactions subject
to this act which in the judgment of the administrator are
necessary or proper to effectuate the purposes or to prevent
circumvention or evasion of, or to facilitate compliance with,
the provisions of this act relating to disclosure of credit
terms.
(c) To keep the administrator's rules in harmony with the
federal Consumer Credit Protection Act and with the rules of
administrators in other jurisdictions which enact the Uniform
Consumer Credit Code, the administrator, so far as is consistent
with the purposes, policies and provisions of this act, may:
(i) Before adopting, amending, and repealing rules,
advise and consult with administrators in other jurisdictions
which enact the Uniform Consumer Credit Code; and
(ii) In adopting, amending, and repealing rules, take
into consideration:
(A) The regulations so prescribed by the
consumer financial protection bureau; and
(B) The rules of administrators in other
jurisdictions which enact the Uniform Consumer Credit Code.
(d) Except for return of an excess charge, no liability is
imposed under this act for an act done or omitted in conformity
with a rule of the administrator notwithstanding that after the
act or omission the rule may be amended or repealed or be
determined by judicial or other authority to be invalid for any
reason.
(e) The administrator shall, as required by W.S. 9-2-1014,
report to the governor on the operation of his office, on the
use of consumer credit in the state, and on the problems of
persons of small means obtaining credit from persons regularly
engaged in extending sales or loan credit. For the purpose of
making the report, the administrator is authorized to conduct
research and make appropriate studies. The report shall include
a description of the examination and investigation procedures
and policies of his office, a statement of policies followed in
deciding whether to investigate or examine the offices of credit
suppliers subject to this act, a statement of the number and
percentages of offices which are periodically investigated or
examined, a statement of the types of consumer credit problems
of both creditors and debtors which have come to his attention
through his examinations and investigations and the disposition
of them under existing law and a general statement of the
activities of his office and of others to promote the purposes
of this act. The report shall not identify the creditors against
whom action is taken by the administrator.
(f) Any person refusing or obstructing access to the
administrator or representatives designated by the administrator
to any accounts, books, records or papers, refusing to furnish
any required information, or hindering a full examination or
investigation of the accounts, books, records or papers, is
guilty of a misdemeanor punishable by a fine of not more than
seven hundred fifty dollars ($750.00), imprisonment for a period
of not more than six (6) months, or both.
(g) Any person who wrongfully fails or refuses to comply
with an order of the administrator as may be provided for under
this act is guilty of a misdemeanor punishable by a fine of not
more than one hundred dollars ($100.00) per day for each day the
order is not complied with.
(h) Any person failing to submit reports to the
administrator as may be required under this act is subject to a
civil penalty of not more than ten dollars ($10.00) per day for
each day the reports are delayed beyond the stated time the
reports are required to be submitted.
(j) Reports required of persons by the administrator under
this act and materials relating to examinations and
investigations of persons subject to this act shall be subject
to the provisions of W.S. 16-4-203(d)(v) and 9-1-512, as
applicable.