Automobile title loans.

WORKING DRAFT
2014
STATE OF
WYOMING
14LSO-0339

HOUSE BILL

NO.

HB0171

Automobile title loans.

Sponsored by:
Representative(s) Krone

A BILL

for

AN ACT relating to
the Uniform Consumer Credit Code;
providing definitions;
requiring licensure; authorizing
special
motor vehicle title loans; specifying the terms
of a
special
motor vehicle title loan
;
and providing for an effective date.

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

Section 1.

W.S. 40
‑
14
‑
366 is created to read:

40
‑
14
‑
366.

Definitions; l
icense required;
special

motor vehicle title loan finance charge; limits on
contract
terms; minimum finance charge
; limitation on multiple agreements
.

(a)

As used in this section:

(
i
)

"
Special
motor vehicle title loan" means a loan
secured by an
interest in the title to a motor vehicle
with a term of
not more than twelve (12) months
or other similar arrangement
.

(b
)

No person shall
engage in the business of offering
special
motor vehicle title loans
unless licensed in accordance with W.S. 40
‑
14
‑
634. No person offering
special
motor vehicle title loans
may contract for, charge or receive any amount as a charge in connection with the loan other than the loan finance charge stated in this subsection. No
special
motor vehicle title loan
shall impose a finance charge that exceeds the greater of thirty dollars ($30.00)
per month
or twenty percent (20%) per month on the principal balance of the loan or similar arrangement.

(c)

The finance charge on a
special
motor vehicle title loan is
fully earned on the day
the loan contract or similar arrangement is made
.

(d)

No
special
motor vehicle title loan
or similar arrangement shall be repaid, refinanced or otherwise consolidated by proceeds of another
short-term motor vehicle title loan
or similar arrangement
accepted
by the
lender who
contracted for the original short-term motor vehicle title loan
or similar arrangement
.

Section 2.

This act is effective July 1, 2014.

(END)

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HB0171