Money makes the world go round. Securing a loan is often necessary for making major purchases or simply surviving in tough financial times. Homeowners generally take out a mortgage to buy a house and a car loan may be required to purchase the car of your dreams. Students frequently take out student loans to cover the costs of their education and individuals and businesses may take out loans to raise capital for whatever it is they desire. Then there are credit card debt and payday loans for tough financial times. Debt is simply a part of life and interest rates are a necessary part of financing.
All states set interest rates for various situations. Most states laws set a legal interest rate that caps interest rates at a maximum amount – often a fixed percentage or tied to some a federal interest rate. There are often many exceptions to these laws, however. Court judgments and decrees awarding money will apply interest rates as well. This is often prescribed in state statute. Here’s a summary of Wyoming law.
Wyoming Interest Rate Laws
Wyoming’s legal interest rate is 7% per year. This rate can be changed in a contract or agreement or otherwise set by law, however. A separate state law sets the rate of interest on court judgments at 10% per year unless otherwise stated by in a contract that is the subject of the court’s decision. Wyoming does not charge interest rates on late child support payments or maintenance payments paid in installments either.
The following table provides a summary of Wyoming interest rate laws:
|Code Sections||Legal interest rate of 7% (40-14-106(e)).|
|Penalty for Usury (Unlawful Interest Rate)||-|
|Interest Rates on Court Judgements||10% unless otherwise agreed (1-16-102(a)); no interest on late child support or maintenance payments (1-6-102(c)).|
|Exceptions||Extensions of credit to government or government agencies; credit sales, loans or leases for agricultural purposes (40-14-121).|
Related Resources for Interest Rate Laws
You can find more information about consumer protection laws and related information about avoiding credit card debt here at FindLaw. Additional legal options may be available depending on the circumstances. If you have further questions about a particular case, we recommend getting in touch with a local consumer protection lawyer for further advice.
Contact a qualified attorney.