§ 40-14-140 — General definitions

(a) In addition to definitions appearing in subsequent
articles, in this act:
(i) "Actuarial method" means the method, defined by
rules adopted by the administrator, of allocating payments made
on a debt between principal or amount financed and loan finance
charge or credit service charge pursuant to which a payment is
applied first to the accumulated loan finance charge or credit
service charge and the balance is applied to the unpaid
principal or unpaid amount financed;
(ii) "Administrator" means the administrator
designated in the article (article 6) on administration (W.S.
40-14-603);
(iii) "Agreement" means the bargain of the parties in
fact as found in their language or by implication from other
circumstances including course of dealing or usage of trade or
course of performance;
(iv) "Agricultural purpose" means a purpose related
to the production, harvest, exhibition, marketing,
transportation, processing, or manufacture of agricultural
products by a natural person who cultivates, plants, propagates,
or nurtures the agricultural products. "Agricultural products"
includes agricultural, horticultural, viticultural, and dairy
products, livestock, wildlife, poultry, bees, forest products,
fish and shellfish, and any products thereof, including
processed and manufactured products, and any and all products
raised or produced on farms and any processed or manufactured
products thereof;
(v) "Closing costs" with respect to a debt secured by
an interest in land includes:
(A) Fees or premiums for title examination,
title insurance, or similar purposes including surveys;
(B) Fees for preparation of a deed, settlement
statement, or other documents;
(C) Escrows for future payments of taxes and
insurance;
(D) Fees for notarizing deeds and other
documents;
(E) Appraisal fees; and
(F) Credit reports.
(vi) "Conspicuous".-A term or clause is conspicuous
when it is so written that a reasonable person against whom it
is to operate ought to have noticed it. Whether a term or clause
is conspicuous or not is for decision by the court;
(vii) "Credit" means the right granted by a creditor
to a debtor to defer payment of debt or to incur debt and defer
its payment;
(viii) "Earnings" means compensation paid or payable
to an individual or for his account for personal services
rendered or to be rendered by him, whether denominated as wages,
salary, commission, bonus, or otherwise, and includes periodic
payments pursuant to a pension, retirement, or disability
program;
(ix) "Lender credit card or similar arrangement"
means an arrangement or loan agreement, other than a seller
credit card, pursuant to which a lender gives a debtor the
privilege of using a credit card, letter of credit, or other
credit confirmation or identification in transactions out of
which debt arises:
(A) By the lender's honoring a draft or similar
order for the payment of money drawn or accepted by the debtor;
(B) By the lender's payment or agreement to pay
the debtor's obligations; or
(C) By the lender's purchase from the obligee of
the debtor's obligations.
(x) Repealed By Laws 2013, Ch. 124, § 3.
(xi) "Official fees" means:
(A) Fees and charges prescribed by law which
actually are or will be paid to public officials for determining
the existence of or for perfecting, releasing, or satisfying a
security interest related to a consumer credit sale, consumer
lease, or consumer loan; or
(B) Premiums payable for insurance in lieu of
perfecting a security interest otherwise required by the
creditor in connection with the sale, lease, or loan, if the
premium does not exceed the fees and charges described in
subparagraph (A) of this paragraph which would otherwise be
payable.
(xii) "Organization" means a sole proprietorship,
limited liability company, corporation, government or
governmental subdivision or agency, trust, estate, partnership,
cooperative, association or other entity, public or private;
(xiii) "Payable in installments" means that payment
is required or permitted by a written agreement in five (5) or
more installments. If any periodic payment other than the down
payment under an agreement requiring or permitting two (2) or
more periodic payments is more than twice the amount of any
other periodic payment, excluding the down payment, the consumer
credit sale, consumer lease or consumer loan is "payable in
installments";
(xiv) "Person" includes a natural person or an
individual, and an organization;
(xv)(A) "Person related to" with respect to an
individual, means:
(I) The spouse of the individual;
(II) A brother, brother-in-law, sister,
sister-in-law of the individual;
(III) An ancestor or lineal descendant of
the individual or his spouse; and
(IV) Any other relative, by blood or
marriage, of the individual or his spouse who shares the same
home with the individual;
(B) "Person related to" with respect to an
organization means:
(I) A person directly or indirectly
controlling, controlled by or under common control with the
organization;
(II) An officer or director of the
organization or a person performing similar functions with
respect to the organization or to a person related to the
organization;
(III) The spouse of a person related to the
organization; and
(IV) A relative by blood or marriage of a
person related to the organization who shares the same home with
him.
(xvi) "Presumed" or "presumption" means that the
trier of fact must find the existence of the fact presumed
unless and until evidence is introduced which would support a
finding of its nonexistence;
(xvii) "Rule of 78's" means the method used in the
calculation of rebate upon prepayment where the unearned portion
of the credit service charge or loan finance charge is a
fraction of the charge of which the numerator is the sum of the
periodic balances scheduled to follow the computational period
in which prepayment occurs and the denominator is the sum of all
periodic balances under the related consumer credit sale
agreement, the loan agreement or, if the balance owing resulted
from a refinancing or a consolidation, the related refinancing
agreement or consolidation agreement;
(xviii) "Seller credit card" means an arrangement in
which a person gives to a buyer or lessee the privilege of using
a credit card, letter of credit or other credit confirmation or
identification primarily for the purpose of purchasing or
leasing goods or services from that person or from that person
and any other person;
(xix) "Supervised financial organization" means a
depository institution as defined by 12 U.S.C. § 1813(c);
(A) Repealed by Laws 2021, ch. 14, § 3.
(B) Repealed by Laws 2021, ch. 14, § 3.
(xx) "Licensee" means an organization licensed under
this act;
(xxi) "Incident to the extension of credit" means a
charge assessed at any time during the duration of a credit
transaction that is not assessed to a consumer in a comparable
cash transaction whether imposed by the original creditor or an
assignee or servicer of the credit transaction;
(xxii) "Regulation Z" means regulation Z as
promulgated by the board of governors of the federal reserve
system and codified in 12 C.F.R. part 1026 et seq., as amended;
(xxiii) "Channeling agent" means the third party
licensing system that gathers the application information and
distributes it to Wyoming for review for the approval or denial
decision;
(xxiv) "Registry" means the nationwide licensing
system and registry maintained by the State Regulatory Registry,
LLC;
(xxv) "Current installment" means the intervening
period between regularly scheduled payments;
(xxvi) "Regularly engages" or "regularly engaged"
means the extension of credit more than twenty-five (25) times,
or more than five (5) times for transactions secured by a
dwelling as defined by W.S. 40-14-640(a)(iv), in the preceding
calendar year. The requirements of this paragraph may be applied
to the current calendar year if not met in the preceding year;
(xxvii) "This act" means W.S. 40-14-101 through 40-
14-649.