(a) For the purposes of the Code and these Rules, Chapters 1 through 4, the following definitions apply: - (i) "Actuarial method" means the allocating of payments made on a debt between principal and loan finance charge or credit service charge pursuant to which:
- (A) With respect to transactions other than precomputed, payment is applied first to the accumulated loan finance charge or credit service charge and the balance is applied to the unpaid principal.
- (B) With respect to precomputed transactions entered into on or after May 25, 1979, and payable according to their original terms in more than sixty-one (61) monthly installments, the unearned portion of the loan finance charge or credit service charge is, at the option of the creditor, either:
- (I) That portion which is applicable to all fully unexpired computational periods as originally scheduled, or if deferred, as deferred, which follow the date of prepayment. For this purpose the applicable charge is the total of that which would have been made for each such period, had the consumer loan or consumer credit sale not been precomputed, by applying to unpaid balances of principal the annual percentage rate previously stated to the debtor pursuant to the provisions of the Code on disclosure based on the assumption that all payments were made as originally scheduled, or if deferred, as deferred. The creditor, at his option, may round the annual percentage rate to the nearest one quarter of one percent (.25%) if such procedure is not consistently used to obtain greater yield than would otherwise be permitted; or
- (II) The total loan finance charge or credit service charge minus the earned loan finance charge or credit service charge. The earned loan finance charge or credit service charge shall be determined by applying the annual percentage rate previously stated to the debtor pursuant to the provisions of the Code on disclosure to the actual unpaid balances for the actual time the balances were unpaid up to the date of prepayment. If a delinquency or deferral charge was collected, it shall be treated as a payment.
- (C) The option referred to in paragraph (i)(B)(I) above must be taken and disclosed to the debtor at the time the transaction is entered into. If disclosure is not clearly given as to the option to be used, the creditor will be deemed to have chosen that option discussed in paragraph (i)(B)(II) above.
- (ii) "Administrator" means the State of Banking Commissioner of the state of Wyoming.
- (iii) "Code" refers to the Wyoming Uniform Consumer Credit Code Act as cited in W.S. 40-14-101 et seq.
- (iv) "Consumer" means a cardholder or a natural person to whom consumer credit is offered or extended. Unless the context indicates otherwise, credit shall be construed to mean "consumer credit," loan to mean "consumer loan," lease to mean "consumer lease," and transaction to mean "consumer credit transaction."
- (v) "Division" means the Department of Audit, Division of Banking.
- (vi) "Lessee" means a natural person who leases under, or who is offered, a consumer lease.
- (vii) "Lessor" means a person who in the ordinary course of business regularly leases, offers to lease or arranges for the leasing of personal property under a consumer lease.
- (viii) "Month." For purposes of W.S. 40-14-363, a month shall be one (1) calendar month. The period shall expire on the same date in the succeeding month if there is such a date, otherwise on the last day of the succeeding month.
- (ix) "Multiple of the federal minimum wage." For purposes of the limitation on garnishment, the multiple of the federal minimum hourly wage for pay periods other than a week shall be determined as follows:
- (A) Where the employee is paid by the day, the multiple shall be six (6), for two (2) days the multiple shall be twelve (12), for three (3) days the multiple shall be eighteen (18), and for four (4) days the multiple shall be twenty-four (24) or six (6) times the number of days;
- (B) Where the employee is paid either every two (2) weeks or semimonthly, then the multiple shall be two and one-sixth (2 1/6) x thirty (30) x current federal minimum wage;
- (C) Where the employee is paid monthly, then the calendar month shall be considered to consist of four and one-third (4 1/3) work weeks and the formula shall be four and one-third (4 1/3) x thirty (30) x current federal minimum wage; or
- (D) Where the employee is paid once every two months, then the multiple shall be eight and two-thirds (8 2/3) x thirty (30) x current federal minimum wage.