HB0161 • 2023

Loan disclosures for guarantors and co-signers.

AN ACT relating to banking; requiring a guarantor or co-signer on a loan to sign a disclosure related to rights in property involved in the loan; and providing for an effective date.

Inactive

Wyoming marks this bill as inactive, which usually means it is no longer moving in the current session.

Sponsor: Representative Jennings
Last action: 2023-02-24
Official status: inactive
Effective date: 3/1/2023

Plain English Breakdown

The bill did not pass and was marked as inactive, so it has no legal effect.

Loan Disclosures for Guarantors and Co-signers

The bill would have required guarantors or co-signers on loans to sign a disclosure about their rights in the property involved in the loan.

What This Bill Does

Would have created a new law requiring guarantors or co-signers of loans to sign a document acknowledging receipt of a specific disclosure from financial institutions at the time a loan is made.

Who It Names or Affects

Guarantors and co-signers of loans
Financial institutions providing loans

Terms To Know

Guarantor: A person who agrees to pay back a loan if the borrower cannot.
Co-signer: Similar to a guarantor, a co-signer also promises to repay a loan if the main borrower does not.

Limits and Unknowns

The bill was marked as inactive and did not become law.
It would have only affected loans made in Wyoming after July 1, 2023, but since it is inactive, this effective date will not apply.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

HB0161HS001

Standing Committee • House Minerals, Business and Economic Development

Adopted

Plain English: The amendment removes the requirement that the disclosure for guarantors or co-signers on a loan must be a separate document.

Removes the requirement that the guarantor or co-signer's disclosure must be in a separate document.

The amendment does not specify what form the disclosure will take if it is no longer required to be a separate document.

Bill History

2023-02-24 Senate
S:Died in Committee Returned Bill Pursuant to SR 5-4
2023-02-24 Senate
S No report prior to CoW Cutoff
2023-02-21 Senate
S07 - Corporations:Do Pass Failed 1-4-0-0-0
2023-02-16 Senate
S Introduced and Referred to S07 - Corporations
2023-01-31 Senate
S Received for Introduction
2023-01-31 House
H 3rd Reading:Passed 54-8-0-0-0
2023-01-30 House
H 2nd Reading:Passed
2023-01-27 House
H COW:Passed
2023-01-25 House
H Placed on General File
2023-01-25 House
H09 - Minerals:Recommend Amend and Do Pass 9-0-0-0-0
2023-01-19 House
H Introduced and Referred to H09 - Minerals
2023-01-18 House
H Received for Introduction
2023-01-17 LSO
Bill Number Assigned

Current Bill Text

Read the full stored bill text

23LSO-0501
2023
STATE OF WYOMING
23LSO-0501
ENGROSSED
3.0

HOUSE BILL NO. HB0161

Loan disclosures for guarantors and co-signers.

Sponsored by: Representative(s) Jennings, Heiner, Knapp, Pendergraft, Singh, Styvar and Winter and Senator(s) Hutchings and Kolb

A BILL

for

AN ACT relating to banking; requiring a guarantor or co-signer on a loan to sign a disclosure related to rights in property involved in the loan; and providing for an effective date.

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

Section 1.

W.S. 13
‑
1
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403 is created to read:

ARTICLE 4
CHECKING ACCOUNTS AND OTHER DISCLOSURES

13
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1
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403.

Disclosure to guarantors of loans.

(a)

At the time a loan or other extension of credit is made related for the purchase of any property or pledging any property as collateral for the loan, any person who is a guarantor or co
‑
signer on the loan shall be required to sign a document acknowledging receipt of the disclosure required by this subsection. The disclosure shall be provided by the financial institution making the loan. The disclosure shall provide notice to the guarantor or co
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signer that agreeing to be a guarantor or co
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signer on a loan does not by itself confer any right to or interest in the property that is the subject of the loan or any property used as collateral for the loan.

(b)

Signing a disclosure under this section shall not affect any right or interest that a guarantor or co-signer has in the property that is the subject of the loan or any property used as collateral for the loan as the result of any deed, agreement or other instrument.

Section 2
.

This act is effective July 1, 2023
.

(END)

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