Everything freelancers and small businesses need to know about charging late fees, interest rates, and collecting overdue invoices in Wyoming.
This information is provided for general educational purposes only and does not constitute legal advice. Laws change frequently. Consult a licensed attorney in Wyoming for advice on your specific situation. Last reviewed: 2026.
Usury laws cap the maximum interest rate that can be charged on overdue payments in Wyoming.
7% default; no general usury cap
Wyoming's default interest rate is 7% (Wyo. Stat. § 40-14-106). Wyoming does not have a general usury statute capping rates for written agreements.
All commercial transactions with written agreements are effectively uncapped.
Understanding what you can and cannot charge for late payments in Wyoming.
Late fees are permitted when contractually agreed. General contract principles govern reasonableness.
No statutory cap; parties may agree to terms.
Standard contract law analysis. Unconscionability doctrine applies.
Wyoming Prompt Payment Act sets deadlines and penalties for late payments in Wyoming.
45 days for state contracts.
Interest at 1.5% per month.
Wyo. Stat. § 16-6-602 requires state agencies to pay within 45 days. Interest accrues at 1.5% per month on late payments.
Certain industries in Wyoming have additional rules around payment timelines, liens, and collection procedures.
Construction: Wyo. Stat. § 29-2-101 provides mechanics' lien rights with 150-day filing window.
Energy and mining: Wyoming's energy industry (coal, oil, gas) has significant payment flows with standard commercial terms.
Agriculture and ranching: Seasonal payment arrangements are common in Wyoming's agricultural sector.
Use this compliant wording on your invoices to clearly communicate your late fee policy in accordance with Wyoming law.
Payment is due within 30 days. A late fee of 1.5% per month (18% per annum) will be assessed on unpaid balances, as permitted under Wyoming law (Wyo. Stat. § 40-14-106).
This wording works because it clearly states the rate, when it applies, and references Wyoming legal standards. Always ensure your stated rate complies with Wyoming's usury limits.
Practical tips for invoicing within Wyoming's legal framework.
Before you can charge a late fee in Wyoming, your client needs to have agreed to the terms. Include your late fee clause directly on your invoice and in your contract.
Wyoming caps interest rates at 7% default / No general cap. Charging above this limit can void your right to collect interest entirely and may expose you to penalties.
A reminder 3 days before the due date and a follow-up the day after dramatically reduces late payments. Automated reminders ensure nothing slips through the cracks.
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Compare Wyoming's rules with neighboring and commonly referenced states.
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