Wyoming covers checks held for later collection
Wyoming allows payday loans by licensed businesses through its rules on post-dated checks and similar arrangements. The loan is secured by a check or draft that the business agrees to cash or collect later under the agreement. Loans can be made using checks dated for the same day. These laws protect the transactions concerned and do not apply to every cash advance loan that is advertised in the marketplace.
The relevant provisions are W.S. 40-14-362 through 40-14-367 of the Wyoming Uniform Consumer Credit Code. The provisions do not set a limit on the advance's dollar value. A normal loan under these provisions is permitted to last no more than a calendar month. A statutory extended payment plan has a separate schedule which is longer.
Before signing, make sure the legal name on the agreement is the same as the name on an active Wyoming Post-Dated Check Casher license. The Division of Banking's license lookup website covers this. Check the business name offering the loan, including an online business, and location. If the type of license or business name is not clear, have the Division of Banking confirm it.
The charge ceiling depends on the amount and term
According to Section 40-14-363, a finance charge cannot exceed the higher of $30 and a monthly calculation of 20% using unpaid principal. Charging the permitted finance charge is not required. The $30 amount is most impactful for small advances. For the full month, the charge would be 20% of $100, producing $20, so the allowed finance charge would be $30.
Assumptions are made for purposes of this illustration that the borrower receives all stated cash and makes one payment after one complete calendar month. Therefore, this example shows the maximum original finance charge, rather than an actual, specific finance charge that is made by a lender.
| Cash received | Maximum finance charge | Scheduled repayment |
|---|---|---|
| $100 | $30, the larger of $30 and $20 | $130 |
| $500 | $100, the larger of $30 and $100 | $600 |
A shorter term requires more calculation. The monthly percentage does not allow the lender to automatically charge a 20% finance charge for a two-week loan. Require the business to show how its quoted finance charge relates to the amounts and dates stated in the agreement.
A $100 charge on a $500 balance for a 31-day period from October 4 to November 4, yields an estimated APR of 235%: ($100 ÷ $500) × (365 ÷ 31) × 100. This assumes one on-time payment of $600 and no other charges. The $100 charge is for that month. To annualize it is to compare the cost to other forms of borrowing. For a more accurate estimate of cost, use the lender's actual disclosures for an offer.
The original limit for finance charges prevents the check casher from adding a separate transaction charge, called a fee, instead of interest. A specific interest rule can apply after default on an extended payment plan. Your own bank's account charges are separate from the lender's pricing.
Cancellation has a 5 p.m. Mountain Time deadline
You may undo the transaction for free if the full advance is returned to the check cashing business by 5 p.m. (Mountain Time) the next business day. Section 40-14-365 provides the return of the loan funds must be in cash or certified funds. The business must provide you cancellation instructions in writing, when it makes the loan.
Check the instructions, and applicable business days, immediately. A message saying you want to cancel will not be accepted in lieu of returning the funds. Obtain a copy of the receipt showing the amount and time the funds were returned, and confirmation that the transaction was canceled.
Paying early after the cancellation window is different. Wyoming allows the original payday finance charge to be fully earned at the time the transaction begins. Therefore, do not expect a refund of the interest if the payment is made a few days early. Ask for the exact payoff amount and keep the verification of payment.
Request and sign a payment plan before the loan is due
Section 40-14-366 allows an extended payment plan. You must be eligible and timely in making the request. You must have the request, as well as a signed amendment of the plan, to record the plan, all completed on the final business day preceding the loan’s due date, before 5 p.m. Mountain Time. Requests made on the due date do not satisfy the provisions of the law. Contact your lender early enough to finish the paperwork.
Outstanding debt and fees are divided into payments of approximately equal size, with four or more payments in total. The payment schedule must be at least 60 days long. Each payment is due not before the date you receive your regular income. If income is not received regularly, there must be at least a 14 day interval between payments. The one month limit for the original loan does not shorten this plan.
For example, the $600 balance above could be divided into four $150 payments, with dates that follow the income and 60-day requirements. The existing $100 finance charge is part of the $600 balance. The lender cannot charge interest or other fees for the extension as long as you follow the plan. You will not be charged an early repayment fee if you decide to pay off the plan early.
The law permits this option once every twelve months with a check casher. The period commences with full payment of the earlier plan, and concludes with initiation of a new plan with that business. For example, full payment of a plan in July would not give access to a new plan in January, even though a new calendar year has begun.
Keep all the signed amendments and all the installment receipts. The law permits the check casher to return the check it previously held and require you to provide a replacement check covering the unpaid amount as you make payment plan payments. Confirm the amount of each replacement check, and keep proof that the old check was returned.
A new advance from the same lender cannot replace the debt
As stated in section 40-14-364, another post-dated check advance from the same check casher cannot be used to pay, refinance, or combine the existing transaction. A statutory payment plan, on the other hand, does not provide new cash or create a new advance to pay off the old one, but rather extends the existing balance across more future dates.
The provision names the same check cashing business; it shouldn't be presented as an across-the-board statement about every single business loan. Taking a loan out elsewhere can still give you a second payment and another charge. Look into payday loan alternatives before taking out a loan to pay off a payday loan, especially if the biller can modify the due date or payment schedule of the original bill.
A missed plan payment can change the amount due
Failure to make a payment when it is due will cause a default on the extended plan. The check casher will have the right to demand the entire balance and pursue lawful collection. After a plan default, the law permits interest to accrue on the unpaid balance, using a yearly rate of 6 percentage points added to the prime rate reported by the Wall Street Journal for January 1 in the year of default. This exception relates to a default on the extended plan. It is not the rate charged for the original payday loan.
For disputed charges, incorrectly taken payments, and timely payment plan refusals, explain your situation in writing to the merchant. The consumer complaint process for post-dated check cashing businesses covers unresolved issues with the Division of Banking. Be sure to include a copy of the initial loan contract, plan request, signed amendment, receipts and other bank records that show the issue. Include the relevant dates and the change you would like to see.
The Division looks into possible violations within its authority. The Division does not provide representation in private disputes. A complaint will not help you if you do not respond to court papers in a timely manner.
Rules and official resources reviewed October 4, 2026. This guide addresses Wyoming's licensed post-dated-check payday loans and their statutory extended payment plans.