Payday Loan in Wyoming
Legal Status: Legal
Citation:
Wy. Stat. 40-14-362 et seq.
Loan Terms:
Maximum Loan Amount: Not Specified
Loan Term: 1 calendar month
Maximum Finance Rate and Fees: the greater of 20% or $30
Finance Charge for 14-day $100 loan: $30
APR for 14-day $100 loan: 780%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot repay, refinance or consolidate by proceeds of another check)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees:
Criminal Action: Prohibited (Prior to date on instrument)
Where to Complain, Get Information:
Regulator: Wyoming Division of Banking
Address: Uniform Consumer Credit Code, 122 West 25th Street Cheyenne WY 82002
Phone: (307) 777-7797
Fax: (307) 777-3555
Applicability: To a post dated check casher, who is a person engaged in the business of lending money by means of post-dated check transactions or similar arrangements. Otherwise, UCCC applies. Wyo. Stat. Ann. ยง 40-14-348 et seq. (36% per year on loans of $1,000 or less).
Licensing requirements: Must get a license and pay fee of $500.
Permitted charges: No greater than $30 or 20% per month on the principal balance of the check. Finance
charges are fully earned on the day the arrangement is made.
Prohibited acts: A person cannot engage in business as a post-dated check casher unless he is licensed. A
postdated check cannot be repaid, refinanced, or otherwise consolidated by proceeds of another postdated check accepted by the same postdated check casher.
Loan terms: Maximum term shall be one calendar month.
