Wyoming Payday Loan Law and Legislation

Wyoming Payday Loan Regulations
Legal Status
Legal
Interest Rate (APR)
261%*
Minimum Loan Amount
Not Specified
Maximum Loan Amount
No limit
Minimum Loan Term
Not Specified
Maximum Loan Term
One calendar month
Finance Charges
$30 (or 20% per month)

Payday lending is legal in Wyoming.

Utah imposes no limit on the payday loan amount to be offered in the state. The maximum loan term is 70 days (10 weeks). The APR is 658%*. The amount of finance charges is not specified. Criminal actions against borrowers are prohibited.

Wyoming has had pretty much the same payday loan regulations for years. They were adopted as the part of Wyoming Uniform Consumer Credit Code (UCCC) and revised in 2104. At the present moment, there are no law alternations to be expected.

Wyoming Payday Lending Statutes

Payday lending in Wyoming is regulated by Wy. Stat. 40-14-362 et seq. (Wyoming Uniform Consumer Credit Code). Actually, there aren’t any legal restrictions on the cash amount that can be borrowed; however, the law puts certain restrictions on the time the loan should be paid back.

A payday loan practice in Wyoming is officially called “post-dated check or similar agreement“.

All lenders willing to operate in the state must have a post-dated check casher license obtained from the Department of Audit, Division of Banking: “No person shall engage in business as a post‑dated check casher in this state unless licensed in accordance with W.S. 40‑14‑634.”, according to the Wy. Stat. 40-14-362 et seq.

Here is the list of all post-dated check casher licensed lenders in Wyoming.

Loan Amount in Wyoming

  • Wyoming has no set limit to a maximum loan amount.
  • There is no limitation to a number of loans that a person can apply for.

Rates, fees and other charges in Wyoming

  • There aren’t any restrictions with regard to interest rates.
  • The maximum charges for payday loans in Wyoming should not exceed $30 or 20% per month.

Real APR for payday loans in Wyoming can reach 261% (*According to the Center for Responsible Lending 2019: “Typical APR based on average rate for a $300 loan advertised by largest payday chains or as determined by state regulator, where applicable.”).

Maximum term for a payday in Wyoming

  • The maximum time period a payday cash advance may be taken is 10 weeks.
  • It is allowed to roll-over loans, provided that the loan term is no longer than 10 weeks.

Consumer Information

  • Lenders are forbidden to take any criminal actions against borrowers.
  • Payday loans are not to be refinanced into another payday loan.
  • The state prohibits borrowers to secure a payday cash advance at one lending company to pay the loan to the previous lender.
  • A borrower has a right to receive a repayment plan every 12 months that will allow the loan to be repaid in 4 equal installments over 60 days.

To find the information about payday lenders of the state you may visit the Wyoming Division of Banking.

You can also file your complaints online on the page of the Attorney General’s Consumer Protection Unit.

The History of Payday Loans in Wyoming

  • 2005HB 303 that “would have allowed licensed check cashing operators to charge for collection fees, court awarded costs, and attorneys’ fees for dishonored checks in addition to the normal finance charge,” died in Committee.
  • 2006 – The Military Lending Act effectively capped payday loans offered to the military at 36% APR. This federal law has no exceptions, thus, no lender in Wyoming is now allowed to offer loans to the military in excess of 36% APR.
  • June 2014 – Wyoming Uniform Consumer Credit Code (UCCC) (adopted by Wyoming among other 9 states in the 1960-70s) was revised. Current regulations have been in place since then.
  • June 2, 2016 – The Consumer Financial Protection Bureau (CFPB) proposed a Payday Loan Rule that hasn’t yet fully come into effect (expected in November 2020).

(As of May 2019)

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