This amendment modifies the Consumer Rental Purchase Agreement Act by expanding the scope of amendments, changing terminology from 'administrator' to 'commissioner', and adding new statutory sections for record retention, examination, and enforcement powers.
- Expands the list of amended sections to include W.S. 40-19-102(a)(i) in addition to the originally listed (xi)(intro). (Page 1, lines 1-2)
- Adds W.S. 40-19-108(a)(xi) and both subsections (a) and (b) of 40-19-109 to the list of amended sections. (Page 1, lines 4-5)
- Modifies the list of amended sections in W.S. 40-19-114 to include all subsections (a) through (j) rather than selective subsections, and includes all relevant subsections of 40-19-115 plus adds new sections 40-19-116 through 40-19-118. (Page 2, lines 2-15)
- Adds a definition of 'Administrator' meaning the state banking commissioner to the definitions section. (Page 2, lines 17-20)
- Adds W.S. 40-19-108 containing prohibited provisions in rental-purchase agreements, including provisions on reinstatement fees and pickup and redelivery fees that cannot exceed amounts set by rule of the commissioner. (Page 5, lines 22-31)
- Adds subsection (b) to W.S. 40-19-109 requiring default notice to be in writing, conspicuously state merchant contact information, transaction identification, consumer's right to cure, payment amount and due date, and be in form required by rule of the commissioner. (Page 6, lines 33-41)
- Adds subsections (b) through (d) to W.S. 40-19-114 detailing the commissioner's duties regarding license applications, processing fees, and fund management for the financial institutions administration account. (Page 9, lines 43-38)
- Replaces all instances of 'administrator' with 'commissioner' throughout multiple pages to standardize terminology referring to the state banking commissioner. (Page 9, lines 40-41; Page 9, lines 43-44; Page 10, lines 9; Page 11, lines 11-12; Page 11, lines 14-15; Page 11, lines 17-18)
- Adds requirements for licensees to provide thirty days' written notice and pay a license modification fee not to exceed $100 when relocating a licensed office. (Page 11, lines 2-9)
- Adds W.S. 40-19-115 containing detailed procedures for license revocation and suspension, including notice requirements, hearing procedures, grounds for revocation, and license reinstatement provisions. (Page 12, lines 20-18)
- Adds W.S. 40-19-116 requiring licensees to maintain records according to generally accepted accounting principles and practices in a manner enabling the commissioner to determine compliance, with records preserved for not more than two years after final entry. (Page 12, lines 25-35)
- Adds W.S. 40-19-117 granting the commissioner authority to examine and investigate licensee records upon complaint, administer oaths, subpoena witnesses, and compel production of evidence relevant to discovering violations. (Page 12, lines 37 through Page 4, line 16)
- Adds W.S. 40-19-118 establishing the commissioner's general powers and enforcement authority, including rulemaking, cease and desist orders, civil actions, and criminal penalties for obstruction of examination or violation of commissioner orders. (Page 5, lines 18-6)
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