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 40-19-106 – 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 40-19-103 – 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 […]