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Can you summarize WYST Title 40, Chapter 14, Article 2?
WYOMING UNIFORM CONSUMER CREDIT CODE > CREDIT SALES
Short Summary
The provided legal document content pertains to the Wyoming Uniform Consumer Credit Code, specifically related to credit sales, consumer leases, home solicitation sales, and revolving charge accounts. The code governs various aspects of consumer credit transactions, including the definition of key terms, requirements for credit sales and leases, disclosure obligations, and the calculation of credit service charges. It provides definitions for terms such as ‘consumer credit sale,’ ‘consumer lease,’ ‘goods,’ ‘services,’ ‘home solicitation sale,’ ‘revolving charge account,’ and ‘credit service charge.’ The code sets limits on the amount financed, credit service charges, and additional charges that can be imposed by sellers. It also outlines the rights and obligations of buyers and lessees, including the right to cancel a home solicitation sale within three business days. The code does not mention specific penalties for non-compliance or violation of its provisions. Overall, the code aims to protect consumers in credit transactions and ensure fair and transparent practices by sellers and lessors.
Whom does it apply to?
The document applies to sellers, buyers, lessors, and lessees involved in consumer credit sales, consumer leases, home solicitation sales, and revolving charge accounts.
What does it govern?
The provided legal document content pertains to the Wyoming Uniform Consumer Credit Code. This code governs various aspects of consumer credit transactions, including consumer credit sales, consumer leases, home solicitation sales, and revolving charge accounts.
What are exemptions?
Sales made through lender credit cards or similar arrangements, as well as sales of interest in land with a credit service charge not exceeding 18% per year, are exempted from being considered as consumer credit sales. There are no specific exemptions mentioned for consumer leases, home solicitation sales, or revolving charge accounts.
What are the Penalties?
Specific penalties for non-compliance or violation of the code are not mentioned in the provided content.
Jurisdiction
Wyoming