Department of Audit, Division of Banking
Uniform Consumer Credit Code
Effective September 26, 2011
The Division of Banking, Uniform Consumer Credit Code amended Sections 2 and 3 of Chapter 2 of the Rules and Regulations of the Administrator.
Following is a description of the amended rules.
Section 2: The Administrator will adopt the Federal Reserve Board Regulation Z by reference as of October 1, 2011, subject to the specific exceptions set forth in the rules. The amended rules reference the most current version of Regulation Z.
Section 3 is entitled “Provisions of Regulation Z modified or not adopted.” Subsection (i) currently modifies Regulation Z to comply with W.S. 40-14-204 which defines consumer credit sales where the amount financed does not exceed $50,000, and 40-14-304 which defines a consumer loan where the principal does not exceed $50,000.
It no longer necessary for the Division of Banking’s Rules to modify Regulation Z to extend disclosure coverage to transactions not exceeding $50,000 because effective July 21, 2011, the Dodd-Frank Act requires that the protections of the Truth-in-Lending Act apply to consumer credit transactions up to $50,000 compared with $25,000 currently. Therefore, subsection (i) of Section 3 is being deleted.
These rules are promulgated pursuant to the authority provided in Wyoming Statutes 40‑14‑102(b)(vi) and (c), 40-14-222(f), 40-14-320(e), 40-14-604(b) and (c), and pursuant to the Wyoming Administrative Procedure Act. These are amended rules.