Wyoming Cash Advance Laws & Regulations
Here are some specific Wyoming regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
1 full calendar month - Maximum Finance Charges and Fees
The greater of $30 or 20% of the total amount of the check - Maximum Loan Amount
N/A - Number of Rollovers
N/A - Outstanding Loans Allowed at Once
One - Cool-Off Period
None
- Payment Plan
None - Collection Fees
No limits - Presentment Limit
None - Private Right of Action
Not specified - Military Protection
Additional fee restrictions may apply to service members or their dependents - Penalties
Civil fines, suspension or revocations of license; cease and desist order; criminal
The Wyoming Department of Audit, Division of Banking regulates the payday loan or “post-dated check cashing” industry in Wyoming. It has established some important regulations to protect consumers. Unlike many states where aggressive rules are prohibitive, Wyoming has put in place some important laws to protect consumers from predatory lending, while also decreasing government’s impact in the lending process. The Divison of Banking has set a limit of one outstanding loan, and strict limits on finance charges compared with other states.
Wyoming House Bill 231 (2011), which would have put additional regulations to protect consumers was defeated in the state legislature in March 2011. As of January 2012, there have been no legislative or regulatory changes to the cash advance industry in Wyoming.
References:
Title 40 – Trade and Commerce, Chapter 14 – Wyoming Uniform Consumer Credit Code
Wyoming Post-Date Check Cashing House Bill 231
Information by City
More Information about Wyoming
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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