§ 40-19-108 — Prohibited provisions

Wyoming § 40-19-108

• Jurisdiction: Wyoming
• Title 40: Trade and Commerce
• Ch. 19: CONSUMER RENTAL PURCHASE AGREEMENT ACT

Text

(a) A rental-purchase agreement shall not contain a:
(i) Confession of judgment;
(ii) Negotiable instrument;
(iii) Security interest or any other claim of a
property interest in any property of the consumer;
(iv) Wage assignment;
(v) Waiver by the consumer of claims or defenses;
(vi) Provision authorizing the merchant or a person
acting on the merchant's behalf to enter upon the consumer's
premises unlawfully or to commit any breach of the peace in the
repossession of property;
(vii) Provision requiring the consumer to purchase
insurance or a liability damage waiver from the merchant for the
property. The merchant may require the consumer to insure the
property so as to satisfy any liability of the consumer to the
merchant for loss or damage to the property;
(viii) Provision that mere failure to return property
constitutes probable cause for a criminal action;
(ix) Provision requiring the consumer to make a final
periodic payment in an amount greater than regular periodic
payments in order to acquire ownership of the property or a
provision requiring the consumer to make periodic payments
totaling more than the dollar amount necessary to acquire
ownership as disclosed pursuant to W.S. 40-19-107;
(x) Provision requiring a reinstatement fee unless a
periodic payment is late more than five (5) days on a monthly
agreement or more than two (2) days on an agreement with
periodic payments made more frequently than monthly;
(xi) Provision for a reinstatement fee or pickup and
redelivery fee in excess of the maximum amount set by rule of
the commissioner for property subject to rental-purchase
agreements; or
(xii) Provision for a late charge or any other type
of charge or penalty for reinstating a rental-purchase agreement
other than a reinstatement fee. However, a merchant may use the
term "late charge" or a similar term to refer to a reinstatement
fee.