Post-dated check cashing.

WORKING DRAFT
2009
STATE OF
WYOMING
09LSO-0435

HOUSE BILL
NO.
HB0216

Post-dated check cashing.

Sponsored by:
Representative(s) Throne

A BILL

for

AN ACT relating to the
U
niform
C
onsumer
C
redit
C
ode; providing for a limit on the amount of post-dated check financing; providing for the suspension of post-dated check casher's license; 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
.

This act is effective July 1, 2009.

(END)

1
HB0216