Wyoming Adopts Provisions Concerning The Uniform Consumer Credit Code and The Uniform Power of Attorney Act

• March 8, 2017
• Laura Eckstein

The Wyoming Department of Audit, Division of Banking, adopted provisions regarding licensing fees, which are effective immediately.

Uniform Consumer Credit Code

Chapter 1 Organization, Licensing, Records, Insurance Refunds

Section 4. Application/Licensing

1. An application to obtain a license shall be filed with the Administrator through the registry. This includes supervised lenders, pawnbrokers, post-dated check cashers and sales finance companies. An application shall be considered “filed” only after all information and appropriate processing fees required by the Administrator have been received from the applicant.
2. Each applicant shall provide all of the information prescribed by the Administrator, as applicable.
3. Pursuant to W.S. 40-14-634(c), each filed application for one (1) or more licenses shall be accompanied by:
   1. A three hundred dollar ($300.00) processing fee for the first license (principal license) for each license type; and
   2. An additional processing fee of one hundred fifty dollars ($150.00) for each additional license (branch license) for each license type.
4. Pursuant to W.S. 40-14-634(d), a fifty dollar ($50.00) initial license fee shall be paid for each license obtained.
5. It is understood and agreed to that an application is a continuing obligation up until approval and issuing of the license applied for. If information in an application becomes inaccurate after filing, the applicant shall promptly notify the Administrator.

Section 6. Modification

Pursuant to W.S. 40-14-634(g)(ii), a license modification fee of fifty dollars

($50.00) shall be assessed to any licensee who wishes to move his office to another location.

Section 7. Annual Renewal

Pursuant to W.S. 40-14-634(h), the annual license renewal fee shall be fifty dollars

($50.00) plus any fees assessed by the registry.

Chapter 3 Wyoming Consumer Rental-Purchase Agreement Act

Section 4. Licensing Standards, Fees

(a) A license to engage in the business as a rental-purchase merchant will be issued to an applicant if the Administrator, upon investigation and evaluation of the completed application and all other relevant information, determines that all of the requirements of W.S. 40-19-114 have been met.

(d) Each office or place of business shall be licensed separately and a fifty dollar ($50.00) license fee shall be paid for each license initially required, made payable to the Department of Audit.

Section 5. Modification

(a) Pursuant to W.S. 40-19-114(h)(ii), if the merchant wishes to move to another location, the merchant shall:

1. Give at least thirty (30) days written notice to the Administrator; and,
2. Pay a license modification fee of fifty dollars ($50.00) for each license required to be modified, made payable to the Department of Audit.

Section 6. Annual Renewal

As required by W.S. 40-19-114(j), merchants licensed under the Wyoming Consumer Rental-Purchase Agreement Act shall pay an annual license renewal fee of fifty dollars ($50.00) per license location, made payable to the Department of Audit.

Section 7. Additional Charges

(a) In addition to rental payments, a merchant may contract for and receive the following additional charges in connection with a rental-purchase agreement:

1. A reinstatement fee pursuant to W.S. 40-19-108(a)(xi). The reinstatement fee may not exceed the greater of 5% of the delinquent payment or two dollars ($2.00). Only one reinstatement fee may be assessed and collected on any delinquent payment, regardless of how long the payment remains unpaid;
2. An optional pickup fee not to exceed twenty dollars ($20.00) for three (3) or fewer items or forty dollars ($40.00) for four (4) or more items that are actually picked up;
3. An optional redelivery fee not to exceed twenty dollars ($20.00) for three (3) or fewer items or forty dollars ($40.00) for four (4) or more items that are actually redelivered;
4. A liability damage waiver fee may be contracted for and received pursuant to W.S. 40-19-111(a).

Chapter 5 Loan Originator Licensing; Fees; Information Challenge

Section 2. Application Fee

Pursuant to W.S. 40-14-642(f), each application for a mortgage loan originator license shall be accompanied by a one hundred and twenty dollar ($120.00) application fee plus any fees assessed by the registry.

Section 3. License Renewal Fee; Reinstatement; Continuing Education

1. Pursuant to W.S. 40-14-646(a)(iii), the mortgage loan originator license renewal fee shall be one hundred and twenty dollars ($120.00) plus any fees assessed by the registry.
2. Pursuant to W.S. 40-14-646(b) and W.S. 40-14-647(h), if any licensed mortgage loan originator fails to satisfy the requirements for renewal of their license by December 1, that license shall expire on December 31. The mortgage loan originator shall have until March 1 of the year immediately following the year the license expired to satisfy all of the renewal requirements under W.S. 40-14-646(a)(i), (ii) and (iii) and reinstate the license. Business as a mortgage loan originator may not be conducted after December 31 until such time as all of the renewal requirements have been satisfied and the license has been reinstated to active status on the registry. Failure to complete all of the renewal requirements by March 1 will result in final expiration of the license.

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Uniform Power of Attorney Act

Wyoming enacted provisions creating its Uniform Power of Attorney Act, which are effective on January 1, 2018.

3-9-103. Applicability

(a) This act applies to all powers of attorney except:

1. A power to the extent it is coupled with an interest in the subject of the power, including a power given to or for the benefit of a creditor in connection with a credit transaction;
2. A power to make health care decisions;
3. A proxy or other delegation to exercise voting rights or management rights with respect to an entity;
4. A power created on a form prescribed by a government or governmental subdivision, agency or instrumentality for a governmental purpose.

3-9-104. Power of attorney is durable

1. A power of attorney created on or after the effective date of this act is durable unless it expressly provides that it is terminated by the incapacity of the principal.
2. A power of attorney existing on the effective date of this act is durable only if on that day the power of attorney is durable in accordance with the law existing on the day of execution of the power of attorney.

3-9-105. Execution of power of attorney

A power of attorney shall be signed by the principal or in the principal’s conscious presence by another person who is directed by the principal to sign the principal’s name on the power of attorney. A signature on a power of attorney is presumed to be genuine if the principal acknowledges the signature before a notary public or other person authorized by law to take acknowledgments.

3-9-106. Validity of power of attorney.

1. A power of attorney executed in this state on or after the effective date of this act is valid if its execution complies with W.S. 3-9-105.
2. A power of attorney executed in this state before the effective date of this act is valid if its execution complied with the law of this state as it existed at the time of execution.

3-9-109. When power of attorney effective

1. A power of attorney is effective when executed unless the principal provides in the power of attorney that it becomes effective at a future date or upon the occurrence of a future event or contingency.
2. If a power of attorney becomes effective upon the occurrence of a future event or contingency, the principal, in the power of attorney, may authorize one (1) or more persons to determine in a writing or other record that the event or contingency has occurred.
3. If a power of attorney becomes effective upon the principal’s incapacity and the principal has not authorized a person to determine whether the principal is incapacitated, or the person authorized is unable or unwilling to make the determination, the power of attorney becomes effective upon a determination in a writing or other record by:
   1. A physician or licensed psychologist that the principal is incapacitated within the meaning of W.S. 3-9-102(a)(v)(A); or
   2. An attorney at law, a judge or an appropriate governmental official that the principal is incapacitated within the meaning of W.S. 3-9-102(a)(v)(B).
4. A person authorized by the principal in the power of attorney to determine that the principal is incapacitated may act as the principal’s personal representative pursuant to the Health Insurance Portability and Accountability Act, sections 1171 through 1179 of the Social Security Act, and applicable regulations, to obtain access to the principal’s health care information and communicate with the principal’s health care provider.

3-9-110. Termination of power of attorney or agent’s authority

1. A power of attorney terminates when the:
   1. Principal dies;
   2. Principal becomes incapacitated, if the power of attorney is not durable;
   3. Principal revokes the power of attorney;
   4. Power of attorney provides that it terminates;
   5. Purpose of the power of attorney is accomplished; or
   6. Principal revokes the agent’s authority or the agent dies, becomes incapacitated or resigns and the power of attorney does not provide for another agent to act under the power of attorney.
2. An agent’s authority terminates when:
   1. The principal revokes the authority;
   2. The agent dies, becomes incapacitated or resigns;
   3. An action is filed for the dissolution or annulment of the agent’s marriage to the principal or an action is filed for legal separation, unless the power of attorney otherwise provides; or
   4. The power of attorney terminates.
3. Unless the power of attorney otherwise provides, an agent’s authority is exercisable until the authority terminates under subsection (b) of this section, notwithstanding a lapse of time since the execution of the power of attorney.
4. Termination of an agent’s authority or of a power of attorney is not effective as to the agent or another person that, without actual knowledge of the termination, acts in good faith under the power of attorney. An act so performed, unless otherwise invalid or unenforceable, binds the principal and the principal’s successors in interest.
5. Incapacity of the principal of a power of attorney that is not durable does not revoke or terminate the power of attorney as to an agent or other person that, without actual knowledge of the incapacity, acts in good faith under the power of attorney. An act so performed, unless otherwise invalid or unenforceable, binds the principal and the principal’s successors in interest.
6. The execution of a power of attorney does not revoke a power of attorney previously executed by the principal unless the subsequent power of attorney provides that the previous power of attorney is revoked or that all other powers of attorney are revoked.

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