CHAPTER 14. WYOMING UNIFORM CONSUMER CREDIT CODE

ARTICLE 3. LOANS

Part 2. Maximum Charges

§ 40-14-317 Advances to perform covenants of debtor.

(a) If the agreement with respect to a consumer loan, refinancing, or consolidation contains covenants by the debtor to perform certain duties pertaining to insuring or preserving collateral and if the lender pursuant to the agreement pays for performance of the duties on behalf of the debtor, the lender may add the amounts paid to the debt. Within a reasonable time after advancing any sums, he shall state to the debtor in writing the amount of the sums advanced, any charges with respect to this amount, and any revised payment schedule and, if the duties of the debtor performed by the lender pertain to insurance, a brief description of the insurance paid for by the lender including the type and amount of coverages. No further information need be given.

(b) A loan finance charge may be made for sums advanced pursuant to subsection (a) of this section at a rate not exceeding the rate stated to the debtor pursuant to the laws relating to disclosure with respect to the loan, refinancing, or consolidation, except that with respect to a revolving loan account the amount of the advance may be added to the unpaid balance of the debt and the lender may make a loan finance charge not exceeding that permitted by the provisions on loan finance charge for consumer loans (W.S. 40-14-310) or for supervised loans (W.S. 40-14-348), whichever is appropriate. (Laws 1971, ch. 191, § 3-208; W.S. 1957, § 40-3-208.)

CHAPTER 14. WYOMING UNIFORM CONSUMER CREDIT CODE

ARTICLE 3. LOANS

Part 1. General Provisions

§ 40-14-304 Definition of "consumer loan".

(a) Except with respect to a loan primarily secured by an interest in land, "consumer loan" is a loan made by a person regularly engaged in the business of making loans in which:

(i) The debtor is a person other than an organization;

(ii) The debt is incurred primarily for a personal, family or household purpose;

(iii) Either the debt is payable in installments or a loan finance charge is made; and

(iv) Either the principal does not exceed fifty thousand dollars ($50,000.00) or the debt is secured by an interest in land or by personal property used or expected to be used as the principal dwelling place of the debtor.

(b) Repealed by Laws 1981, ch. 147, § 2. (Laws 1971, ch. 191, § 3-104; W.S. 1957, § 40-3-104; Laws 1975, ch. 167, § 1; 1979, ch. 117, § 1; 1981, ch. 147, §§ 1, 2; 1996, ch. 86, § 2.)

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