Most states have usury laws (usually statutes) governing the amount of interest that can be charged on a loan. Usury laws vary from state to state, but the elements of a usury claim are generally: (1) a loan of money; (2) an absolute obligation to repay the principal; and (3) the exaction of a greater compensation than allowed by law for the use of the money by the borrower.

And interest means compensation for the use, forbearance, or detention of money. The term does not include time price differential, regardless of how it is denominated. The term does not include compensation or other amounts that are determined or stated by law not to constitute interest, or that are permitted to be contracted for, charged, or received in addition to interest in connection with an extension of credit.

Service charges, finance charges, and discount points are generally considered interest for purposes of usury. But contingent or uncertain charges are generally not considered interest.

In Wyoming, usury laws are codified under Wyoming Statutes Title 40, Trade and Commerce, Chapter 14, Interest and Usury. These laws set the maximum legal interest rates that can be charged on loans. As of the current regulations, the legal rate of interest is 7% per annum when no other rate is agreed upon (Wyo. Stat. § 40-14-106). For written contracts, parties may agree to a maximum interest rate of 10% per annum or the prime rate plus 3%, whichever is greater (Wyo. Stat. § 40-14-107). The elements of a usury claim in Wyoming include the existence of a loan of money, an absolute obligation to repay the principal, and the charging of an interest rate exceeding the maximum allowed by law. Charges that are considered interest include service charges, finance charges, and discount points, but not contingent or uncertain charges. Violations of usury laws can result in penalties, including forfeiture of all interest and charges on the debt, and in some cases, borrowers may recover up to twice the amount of interest paid (Wyo. Stat. § 40-14-108).