Post-dated check cashing.

WORKING DRAFT
2007
STATE OF
WYOMING
07LSO-0019

HOUSE BILL
NO.
HB0086

Post-dated check cashing.

Sponsored by:
Representative(s) Warren, Gilmore,
Harvey
, Illoway and Millin and Senator(s) Sessions

A BILL

for

AN ACT relating to the uniform consumer credit code; providing for a limit on the amount of post-dated check financing; providing for the suspension of post-dated check casher's license; providing an appropriation; authorizing an additional position; and providing for an effective date.

Be It Enacted by the Legislature of the State of
Wyoming
:

Section 1.

W.S. 40
‑
14
‑
363(a) and by creating a new subsection (d) is amended to read:

40
‑
14
‑
363.

License required; post-dated check finance charge; limits on amount financed and terms; minimum finance charge.

(a)

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. No post-dated check casher may contract for, charge or receive any amount as a charge in connection with a post
-
dated check or similar arrangement other than a post
-
dated check finance charge as stated in this subsection.
The maximum amount of any post-dated check shall not exceed four hundred dollars ($400.00). No person shall borrow more than four hundred dollars ($400.00) in any one (1) month in any post-dated check or similar arrangement.
No post-dated check finance charge shall exceed the greater of thirty dollars ($30.00) or
twenty percent (20%)

per month on the principal balance of the post-dated check or similar arrangement.

(d)

If the administrator, acting in accordance with the procedural requirements of W.S. 40
‑
14
‑
635, finds that a post-dated check casher has two (2) or more violations of this section
in a twelve (12) month period
that result in the post-dated check casher refunding excess charges to the consumer, the post-dated check casher's license may be revoked or suspended. Notwithstanding W.S. 40
‑
14
‑
635, a post-dated check casher's license suspended or revoked pursuant to this subsection shall not be reinstated until after twelve (12) months have lapsed since the suspension or revocation.

Section 2.

There is authorized one (1) additional full-time position to the department of audit. For the purposes of this act for the fiscal period beginning July 1, 2007 and ending June 30, 2008, there is appropriated to the department of audit
eighty-eight
thousand
seven
hundred
thirty
dollars ($
88
,
730
.00) from the financial institutions administration account within the earmarked revenue fund.

Section 3.
This act is effective July 1, 2007.

(END)

1
HB0086