Bill No.:                      SF0022                                    Drafter:  MDO

LSO No.:                    13LSO-0082                           Effective Date:  7/1/2013

Enrolled Act No.:      SEA0037

Chapter No.:              CH0124

Prime Sponsor:          Joint Minerals, Business and Economic Development Interim Committee

Catch Title:                Uniform Consumer Credit Code amendments.

Subject:                      Trade and Commerce.

Summary/Major Elements:

• This act amends the Uniform Consumer Credit Code (UCCC) (W.S. 14-4-101 et seq.).  Regulatory, licensing and enforcement duties under the UCCC are generally assigned to the Banking Division of the Department of Audit.

• The UCCC regulates consumer credit card transactions and the lending of credit in other forms to purchase consumer goods and other specified products.

• Further, the Act:

§ Increases the jurisdictional amount for consumer credit transactions under the UCCC from $50,000 to $75,000;

§ Provides for an enforcement action by the Banking Division against a person licensed under the UCCC who violates federal law or regulations against predatory lending to military personnel;

§ Expands the territorial application of the UCCC to include a creditor who has offered or advertised in Wyoming by print, broadcast or any electronic means;

§ Provides that a seller may contract for additional credit service charges and other charges as authorized by the federal Consumer Credit Protection Act and rules and regulation of the Banking Division;

§ Provides for disclosure and advertising of consumer credit as provided in the federal Consumer Credit Protection Act;

§ Removes requirement that rules promulgated by the Banking Division be consistent with regulations promulgated by the Federal Reserve Board as they apply to the credit terms of consumer credit instruments.