1999 State of Wyoming 99LSO-0442

SENATE FILE NO. SF0062


Post-dated checks-actions.

Sponsored by: Senator(s) Hinchey

A BILL

for

1 AN ACT relating to post-dated checks; authorizing damages

2 and court costs in actions based on post-dated transactions

3 as specified; and providing for an effective date.

4

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

6

7 Section 1. W.S. 40-14-363(a) and by creating a new

8 subsection (d) is amended to read:

9

10 40-14-363. License required; post-dated check finance

11 charge; limits on amount financed and terms; minimum finance

12 charge; liquidated damages.

13

14 (a) No person shall engage in business as a post-dated

15 check casher in this state unless licensed in accordance

16 with W.S. 40-14-634. No post-dated check casher may

17 contract for, charge or receive any amount as a charge in

18 connection with a post-dated check or similar arrangement

Page 1

1 other than a post-dated check finance charge as stated in

2 this subsection and damages and court costs as provided in

3 subsection (d) of this section. No post-dated check finance

4 charge shall exceed the greater of thirty dollars ($30.00)

5 or twenty percent (20%) per month on the principal balance

6 of the post-dated check or similar arrangement.

7

8 (d) In an action based upon the debtor's breach of a

9 post-dated check transaction or similar arrangement the

10 debtor shall be liable for the amount of the check and court

11 costs and, if the contract so provides, shall be liable for

12 an additional amount equal to the amount of the check as

13 liquidated damages.

14

15 Section 2. This act is effective July 1, 1999.

16

17 (END)
40 14 362. Definitions.

(a) As used in W.S. 40 14 362 through 40 14 364:

(i) "Post dated check or similar arrangement" means the act of lending money in which a check or draft is dated on a date subsequent to the date it was written or dated on the date written but held for any period of days prior to deposit or presentment due to the check casher's agreement with or representations to a debtor, whether express or implied;

(ii) "Post dated check casher" means a person engaged in the business of lending money by means of post dated check transactions or similar arrangements.

40 14 363. License required; post dated check finance charge; limits on amount financed and terms; minimum finance charge.

(a) No person shall engage in business as a post dated check casher in this state unless licensed in accordance with W.S. 40 14 634. No post dated check casher may contract for, charge or receive any amount as a charge in connection with a post dated check or similar arrangement other than a post dated check finance charge as stated in this subsection. No post dated check finance charge shall exceed the greater of thirty dollars ($30.00) or twenty percent (20%) per month on the principal balance of the post dated check or similar arrangement.

(b) The maximum term of any post dated check or similar arrangement subject to this part shall be one (1) calendar month.

(c) Post dated check finance charges are fully earned on the day the post dated check or similar arrangement is made.

40 14 364. Limitation on multiple agreements.

No post dated check or similar arrangement shall be repaid, refinanced or otherwise consolidated by proceeds of another post dated check or similar arrangement accepted by the same post dated check casher.