2012 Wyoming Statutes
TITLE 40 - TRADE AND COMMERCE
CHAPTER 14 - WYOMING UNIFORM CONSUMER CREDIT CODE
40-14-311. Additional charges.

(a) In addition to the loan finance charge permitted by this article, a lender may contract for and receive the following additional charges in connection with a consumer loan:

(i) Official fees and taxes;

(ii) Charges for insurance as described in subsection (b) of this section;

(iii) Annual charges, payable in advance, for the privilege of using a lender credit card or similar arrangement which entitles the user to purchase goods or services from at least one hundred (100) persons not related to the issuer of the lender credit card or similar arrangement, under an arrangement pursuant to which the debts resulting from the purchases are payable to the issuer;

(iv) Charges for other benefits, including insurance, conferred on the debtor, if the benefits are of value to him and if the charges are reasonable in relation to the benefits, are of a type which is not for credit, and are excluded as permissible additional charges from the loan finance charge by rule adopted by the administrator.

(b) An additional charge may be made for insurance written in connection with the loan, other than insurance protecting the lender against the debtor's default or other credit loss:

(i) With respect to insurance against loss of or damage to property, or against liability, if the lender furnishes a clear and specific statement in writing to the debtor, setting forth the cost of the insurance if obtained from or through the lender, and stating that the debtor may choose the person through whom the insurance is to be obtained;

(ii) With respect to consumer credit insurance providing life, accident, or health coverage, if the insurance coverage is not a factor in the approval by the lender of the extension of credit, and this fact is clearly disclosed in writing to the debtor, and if, in order to obtain the insurance in connection with the extension of credit, the debtor gives specific affirmative written indication of his desire to do so after written disclosure to him of the cost thereof; and

(iii) With respect to mechanical breakdown insurance, if:

(A) Before consummation of the loan the lender furnishes a clear and specific statement in writing to the debtor setting forth the cost of the insurance and a copy of the policy;

(B) The insurance coverage is not a factor in the approval by the lender of the extension of credit and that fact is clearly disclosed in writing to the debtor; and

(C) The debtor gives specific affirmative written indication of his desire to purchase the insurance.

(c) Reasonable closing costs (W.S. 40-14-140(a)(v)) are additional charges.