Wyoming Usury Laws
Wyoming somewhat lacks specificity in its laws as far as usury limitations are concerned. In other words, there are not specific dictates in regard to what is and what is not permitted when it comes to usury caps. There is not one statutory provision that sets forth explicitly what can and cannot be done in the way of maximum interest rates on personal, consumer loans. However, this does not mean that there are no limitations in Wyoming when it comes to interest rates on personal, consumer loans.
The legal rate of interest that has been established in Wyoming is 10%. However, the provisions establishing this legal interest rate does not address usurious conduct per se. However, it is clear in Wyoming that if a person engages in a practice of charging interest above and beyond the legal interest rate of 10% with regularity and without some other statutory reason for doing so can run afoul of various provisions involving consumer protection.
Further, there are some instances in which lending practices are deemed to be so predatory that the person perpetrating the same is deemed to be a so-called loan shark. In such instances, an individual engaging in such conduct, can end up being prosecuted under the criminal statutes that are in place in the state.
Generally speaking, if a loan agreement contains a provision regarding the payment of interest above and beyond the legal limit, that agreement itself will be struck down as illegal in its entirety. In other words, such a loan agreement will be unenforceable in a court of law. However, this is not always the case. There are instances in which the deviation is not significant or in which it is done by understandable error or mistake. In such a situation, the loan agreement will be re-worked and the interest rate lowered to a legally acceptable level. The loan agreement itself will otherwise survive.
The general statutory provisions governing lending practices and interest rates in Wyoming can be found at Wyoming Statutes Annotated at Title 34, 34.1, and 40.
If you have any questions pertaining to lending laws in Wyoming after reading this article, you need to consult with a qualified lawyer. Additionally, keep in mind that the lending laws in Wyoming do change from time to time. We work to keep the information in this article up to date. However, with the changes in laws, we cannot always guarantee the accuracy of all of the information contained in this article.