2023 23LSO-0501
STATE OF WYOMING
HOUSE BILL NO. HB0161
Loan disclosures for guarantors and co-signers.
Sponsored by: Representative(s) Jennings, Heiner, Knapp,
Pendergraft, Singh, Styvar and Winter and Senator(s) Hutchings and Kolb
A BILL
for
1 AN ACT relating to banking; requiring a guarantor or co-
2 signer on a loan to sign a disclosure related to rights in
3 property involved in the loan; and providing for an
4 effective date.
5
6 Be It Enacted by the Legislature of the State of Wyoming:
7
8 Section 1. W.S. 13-1-403 is created to read:
9
10 ARTICLE 4
11 CHECKING ACCOUNTS AND OTHER DISCLOSURES
12
13 13-1-403. Disclosure to guarantors of loans.
14
1 HB0161
 2023 STATE OF WYOMING 23LSO-0501
1 (a) At the time a loan or other extension of credit
2 is made related for the purchase of any property or
3 pledging any property as collateral for the loan, any
4 person who is a guarantor or co-signer on the loan shall be
5 required to sign a document acknowledging receipt of the
6 disclosure required by this subsection. The disclosure
7 shall be provided by the financial institution making the
8 loan. The disclosure shall be a separate document and shall
9 provide notice to the guarantor or co-signer that agreeing
10 to be a guarantor or co-signer on a loan does not by itself
11 confer any right to or interest in the property that is the
12 subject of the loan or any property used as collateral for
13 the loan.
14
15 (b) Signing a disclosure under this section shall not
16 affect any right or interest that a guarantor or co-signer
17 has in the property that is the subject of the loan or any
18 property used as collateral for the loan as the result of
19 any deed, agreement or other instrument.
20
21 Section 2. This act is effective July 1, 2023.
22
23 (END)
2 HB0161