Section 40-19-101 – Short Title.

40-19-101. Short title. This act shall be known and may be cited as the “Wyoming Consumer Rental-Purchase Agreement Act.”

Section 40-19-102 – Definitions.

40-19-102. Definitions. (a) As used in this act: (i) “Administrator” means the state banking commissioner; (ii) “Advertisement” means a commercial message in any medium that solicits a consumer to enter a rental-purchase agreement; (iii) “Business day” means any day other than Sunday or a legal holiday; (iv) “Cash sale price” means the price stated in […]

Section 40-19-103 – Notices.

40-19-103. Notices. Notices required by this act shall be given personally or sent by first class or registered mail to the known residential address of the consumer. Notice, if last by mail, is given when deposited in a mailbox properly addressed and postage prepaid.

Section 40-19-104 – Application.

40-19-104. Application. (a) This act applies to rental-purchase agreements and acts, practices or conduct related to a rental-purchase agreement entered into in this state. (b) For the purposes of this act, the residence of the consumer is the address given by the consumer as the consumer’s residence in writing signed by the consumer in connection […]

Section 40-19-105 – Inapplicability of Other Laws; Exempt Transactions.

40-19-105. Inapplicability of other laws; exempt transactions. (a) Rental-purchase agreements as defined in this act are not governed by laws relating to: (i) Transactions governed under the Wyoming Uniform Consumer Credit Code; or (ii) “Security interests” as defined by W.S. 34.1-1-201(a)(xxxvii). (b) This act does not apply to the following: (i) Rental-purchase agreements primarily for […]

Section 40-19-106 – General Requirements of Rental-Purchase Agreements.

40-19-106. General requirements of rental-purchase agreements. (a) Each rental-purchase agreement shall be in writing, dated, signed by the consumer and merchant and completed as to all essential provisions as required by this act. (b) The agreement shall be made clearly and conspicuously with disclosures required by W.S. 40-19-107(a)(i), (v), (vi), (vii) and (viii) grouped together, […]

Section 40-19-107 – Disclosures.

40-19-107. Disclosures. (a) For each rental-purchase agreement, the merchant shall disclose in the agreement the following items as applicable: (i) Whether the periodic payment is weekly, monthly or otherwise, the dollar amount of each payment and the total number and total dollar amount of all periodic payments necessary to acquire ownership of the property; (ii) […]

Section 40-19-108 – Prohibited Provisions.

40-19-108. Prohibited provisions. (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 […]

Section 40-19-109 – Default; Notice of Default and Right to Cure.

40-19-109. Default; notice of default and right to cure. (a) In any rental-purchase agreement, after a consumer is in default for three (3) business days or more and does not voluntarily surrender possession of the rented property, a merchant may give the consumer the notice provided in this section. Notice may be given to the […]

Section 40-19-110 – Reinstatement.

40-19-110. Reinstatement. (a) Any consumer whose default consists solely of a failure to make a timely rental payment may reinstate the agreement, without losing any rights or options which exist under the agreement, by paying the following charges within seven (7) days of the renewal date of the agreement: (i) All past due rental charges; […]

Section 40-19-111 – Liability Damage Waivers; Fees.

40-19-111. Liability damage waivers; fees. (a) A consumer and merchant may contract for a liability damage waiver. The selling or offering for sale of a liability damage waiver pursuant to this act shall be subject to the following prohibitions and requirements: (i) A merchant may not sell or offer to sell a liability damage waiver […]

Section 40-19-112 – Renegotiations and Extensions.

40-19-112. Renegotiations and extensions. (a) A renegotiation occurs when any term of a rental-purchase agreement that is required to be disclosed by W.S. 40-19-107 is changed by agreement between the merchant and consumer. A renegotiation is considered to be a new rental-purchase agreement requiring the merchant to give all the disclosures required by W.S. 40-19-107. […]

Section 40-19-113 – Advertising.

40-19-113. Advertising. (a) An advertisement for a rental-purchase agreement that refers to or states the dollar amount of a periodic payment and the right to acquire ownership of a specific item shall also clearly and conspicuously state the following: (i) The transaction advertised is a rental-purchase agreement; (ii) The total number and total amount of […]

Section 40-19-114 – License Required; Application for License; Fee; Qualifications.

40-19-114. License required; application for license; fee; qualifications. (a) Any person acting as a merchant, as defined by W.S. 40-19-102(a)(viii), in this state shall be licensed to conduct such business under this section. (b) The administrator shall receive and act on all applications for licenses required under this act. Applications shall be filed in the […]

Section 40-19-115 – Revocation or Suspension of License.

40-19-115. Revocation or suspension of license. (a) The administrator may issue to a person licensed under this act an order to show cause why his license should not be revoked or suspended for a period not in excess of six (6) months. The order shall state the place for a hearing and set a time […]

Section 40-19-116 – Record Retention.

40-19-116. Record retention. Every licensee shall maintain records in conformity with generally accepted accounting principles and practices in a manner which will enable the administrator to determine whether the licensee is complying with the provisions of this act. The record keeping system of a licensee shall be sufficient if he makes the required information reasonably […]

Section 40-19-117 – Examination and Investigation.

40-19-117. Examination and investigation. (a) Upon complaint the administrator may examine and copy the records of a licensee. The investigation may be made for the purposes of discovering violations of this act or securing information lawfully required. For these purposes he shall have free and reasonable access during normal office hours to the offices, places […]

Section 40-19-118 – Powers and Functions of the Administrator; Enforcement; Penalties.

40-19-118. Powers and functions of the administrator; enforcement; penalties. (a) Except as otherwise provided, the Wyoming Administrative Procedure Act, W.S. 16-3-101 through 16-3-115, shall apply to and govern all administrative actions taken by the administrator pursuant to this act. (b) The administrator may adopt rules and regulations to implement and administer this act. (c) After […]

Section 40-19-119 – Consumer Civil Actions.

40-19-119. Consumer civil actions. (a) A merchant who fails to comply with a requirement imposed in W.S. 40-19-106 through 40-19-112 or 40-12-104 shall be liable to the consumer damaged thereby in an amount equal to the greater of: (i) The actual damages sustained by the consumer as a result of the violation, plus the costs […]

Section 40-19-120 – Merchant’s Defense.

40-19-120. Merchant’s defense. (a) If a merchant establishes by a preponderance of the evidence that a violation of this act was unintentional, no penalty as specified in W.S. 40-19-118 shall be imposed and validity of the transaction shall not be affected. (b) A merchant shall not be liable under this act for any failure to […]