Section 40-23-117 – Prohibited Practices.
40-23-117. Prohibited practices. (a) No licensee or person required to have a license shall: (i) Pay compensation to, contract with or employ in any manner, any person engaged in mortgage lending or brokering activities who is not properly licensed unless such person is exempt under W.S. 40-23-105; (ii) Obtain any exclusive dealing or exclusive agency […]
Section 40-23-118 – License Suspension or Revocation.
40-23-118. License suspension or revocation. (a) The commissioner may suspend, not to exceed six (6) months, or revoke a license if the commissioner finds: (i) Any fact or condition exists that, if it had existed at the time when the licensee applied for its license, would have been grounds for denying the application; (ii) The […]
Section 40-23-119 – Orders to Cease and Desist.
40-23-119. Orders to cease and desist. (a) If the commissioner determines that a violation of this act or of a rule adopted or an order issued under this act by a licensee is likely to cause immediate and irreparable harm to the licensee, its customers or the public as a result of the violation or […]
Section 40-23-120 – Consent Orders.
40-23-120. Consent orders. The commissioner may enter into a consent order at any time with a person to resolve a matter arising under this act. A consent order shall be signed by the person to whom it is issued or by the person’s authorized representative and shall indicate agreement with the terms contained in the […]
Section 40-23-111 – Examinations and Investigations.
40-23-111. Examinations and investigations. (a) The commissioner may conduct examinations of any licensee under this act at intervals he deems necessary to determine compliance with this act and other applicable laws, rules and regulations. (b) The commissioner may at any time investigate the loans or business books and records of any licensee or person engaged […]
Section 40-23-112 – Records; Confidentiality of Records; Exception.
40-23-112. Records; confidentiality of records; exception. (a) Every licensee shall maintain records in conformity with generally accepted accounting principles in a manner that will enable the commissioner to determine whether the licensee is complying with the provisions of this act. The recordkeeping system of a licensee shall be sufficient if he makes the required information […]
Section 40-23-113 – Disclosure of Mortgage Lender Fees.
40-23-113. Disclosure of mortgage lender fees. (a) Within three (3) working days of taking a mortgage loan application and prior to receiving any consideration, other than third party fees, from the borrower, the mortgage lender shall: (i) Disclose the terms of the loan to the borrower in compliance with the disclosure requirements of the federal […]
Section 40-23-114 – Disclosure of Mortgage Broker Fees.
40-23-114. Disclosure of mortgage broker fees. (a) Within three (3) business days of a borrower signing a completed mortgage loan application and before the borrower provides any consideration to the licensee, the licensee shall execute and deliver to the borrower a mortgage brokerage agreement. The mortgage brokerage agreement shall be in writing, signed and dated […]
Section 40-23-115 – Loan Commitments; Prepayment Penalty Disclosure by Mortgage Broker.
40-23-115. Loan commitments; prepayment penalty disclosure by mortgage broker. (a) A mortgage broker may issue a loan commitment and may furnish a lock-in of the interest rate and program on behalf of the mortgage lender when the mortgage broker has obtained a written or electronically transmitted loan commitment or lock-in for the mortgage loan from […]
Section 40-23-116 – Trust Accounts.
40-23-116. Trust accounts. All monies received from a borrower for payment of third party provider services shall be deemed as held in trust immediately upon receipt. All such trust funds shall be deposited, prior to the end of the third business day following receipt of the funds, in a trust account of a federally insured […]