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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) Except with respect to a loan primarily secured by an interest in land, “consumer loan” is a loan made by a person regularly engaged in the business of making loans in which:
(i) The debtor is a person other than an organization;
(ii) The debt is incurred primarily for a personal, family or household purpose;
(iii) Either the debt is payable in installments or a loan finance charge is made; and
(iv) The principal does not exceed seventy-five thousand dollars ($75,000.00).
(b) Repealed by Laws 1981, ch. 147, § 2.
(c) “Loan primarily secured by an interest in land” means a loan made for the purpose of purchasing or acquiring ownership of land and appurtenances, including structures affixed to the land, and which is secured by a first mortgage lien. A loan primarily secured by an interest in land is not a consumer loan, except that W.S. 40-14-320, 40-14-323, 40-14-354 and 40-14-520 through 40-14-524 shall apply to loans primarily secured by an interest in land.
Cite this article: FindLaw.com - Wyoming Statutes Title 40. Trade and Commerce § 40-14-304. Definition of “consumer loan”; interests in land - last updated January 01, 2024 | https://codes.findlaw.com/wy/title-40-trade-and-commerce/wy-st-sect-40-14-304/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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