License Renewal Date Changes
Our office has received a number of inquiries regarding the renewal of licenses issued under the Wyoming Uniform Consumer Credit Code (“Code”). Pursuant to legislative changes in 2013, the renewal date for all licenses issued under the Code (Supervised Lender, Sales Finance Company, Pawnbroker and Post-Dated Check Casher) is now December 31 of each year. This change became effective after last year’s renewal so your current license will not expire until December 31, 2014. The specific section of the law states:
40-14-634. License required; application; fee; conditions and execution; license nontransferable; display; renewal.
(h) Each license issued under this act shall expire on December 31. The license shall be renewed annually not less than thirty (30) days before the stated expiration date. The renewal fee for each license shall not exceed five hundred dollars ($500.00), as set by rule of the administrator.
Our office will send out more specific information regarding the license renewal process later this year as the new renewal date approaches. If you have any questions regarding license renewals, please feel free to contact Deanna Chafin at email@example.com or 307-777-6485.
- Non-lender creditors - Any business that sells merchandise on credit.
- Retail merchants such as appliance, jewelry and furniture stores.
- Dealerships such as auto, boat, motorcycle, motor home, mobile home, ATV, and RV's
- Professionals - Any business that sells services on credit.
- Doctors, lawyers, veterinarians, accountants, dentists, hospitals, etc.
2. Licensed: Persons who make "cash" loans whose rate exceeds 10% per year; or persons who take assignment of cash loans whose rate exceeds 10% per year; or persons who take formal assignment of retail sales contracts (regardless of the interest rate).
- Supervised Lenders - Finance Companies; Pawn Shops; Residential Mortgage Companies; Post-dated Check Cashers.
- Sales Finance Companies - Primarily engaged in consumer credit activity of taking by assignment or financing in behalf of sellers or lessors (retail consumer sales transactions)
Supervised Lenders - Supervised lenders are entities that originate cash loans with rates that exceed 10% per year (supervised loans), purchase supervised loans, or purchase retail installment contracts originated by a retail creditor. Every location where business is regularly conducted must be licensed. No license is required if annually your company conducts less than five (5) loans secured by real estate or less than twenty five (25) loans.
Sales Finance Companies - Sales finance companies are entities whose only business is purchasing retail installment contracts which have been originated by a retail creditor. Sales finance companies purchase loans from retail merchants or take loans by assignment which have been originated by another creditor.
Post-dated Check Cashers - Post-dated check cashers are entities that make post-dated check loans. Each branch is licensed individually and each store front is licensed. Some businesses conduct internet activities.
Pawn Brokers - Pawn brokers are entities that conduct pawn activities. All physical locations in Wyoming that conduct pawn activities are licensed.
Rent-to-Own - Rent-to-own entities offer merchandise under rental-purchase agreements. Physical locations that conduct rent-to-own activities in Wyoming are licensed.
Non-Lender Creditors and Professionals Registration Form (see bottom of page to download form)
License Renewal Application Instructions
Please follow the instructions listed below to complete your renewal application. All renewal applications will be mailed to you. If you do not receive a renewal application please contact the Wyoming Division of Banking at (307) 777-7797 or via e-mail at firstname.lastname@example.org.
Step 1: Confirm Your License Details and Contact Information
If your telephone number is different, please enter the correct telephone number in the "Correct Information." field.
Please enter your e-mail address to receive notifications from our office to help ensure appropriate means of communication.
- If your information is different, please update in the "Correct Information" field.
Step 2: Answer All Requirements
- Form needs to be completed in its entirety
- Form needs to be notarized
Step 3: Submit Information
- Submit the completed renewal using the contact information provided in your license renewal letter.
Please return by mail with your renewal application the required renewal fee made payable to the "Department of Audit".