Section 40-23-105 – Exemptions From License Requirements.
40-23-105. Exemptions from license requirements. (a) The provisions of this act do not apply to: (i) Agencies of the United States and agencies of this state and its political subdivisions; (ii) An owner of real property who offers credit secured by a contract of sale, mortgage or deed of trust on the property sold; (iii) […]
Section 40-23-106 – Initial Licensing and Compliance.
40-23-106. Initial licensing and compliance. A person conducting mortgage lending or mortgage brokering activities, as of July 1, 2005 shall, not later than September 30, 2005, apply to the commissioner for a license.
Section 40-23-107 – Application for License to Do Business as a Mortgage Lender or Mortgage Broker.
40-23-107. Application for license to do business as a mortgage lender or mortgage broker. (a) The commissioner shall receive and act on all applications for licenses to do business as a mortgage lender or mortgage broker. Applications shall be filed in the manner prescribed by the commissioner, shall contain such information as prescribed by the […]
Section 40-23-108 – Change in Control of a Licensee.
40-23-108. Change in control of a licensee. (a) A licensee shall give the commissioner written notice of a proposed change of control of a licensee within fifteen (15) business days after learning of the proposed change of control. (b) The commissioner may require the licensee to provide additional information concerning the proposed persons in control […]
Section 40-23-109 – License Renewal and Annual Report.
40-23-109. License renewal and annual report. (a) Each mortgage broker and mortgage lender license issued under this act shall expire on December 31. The license shall be renewed annually not less than thirty (30) days before the stated expiration date. The renewal fee for each license shall not exceed one thousand dollars ($1,000.00) for the […]
Section 40-23-110 – Surety Bonds.
40-23-110. Surety bonds. (a) All licensees shall maintain a surety bond to the state of Wyoming in accordance with this section. The surety bond shall be used to cover individual loan originators employed or under contract with a licensee. The bond to be maintained shall be in the amount: (i) Until December 31, 2009, of […]
Section 40-23-102 – Definitions.
40-23-102. Definitions. (a) As used in this act: (i) “Borrower” means a person who has applied to a mortgage lender for a residential mortgage loan or on whose behalf the mortgage lending and mortgage brokering activities are conducted; (ii) “Commissioner” means the state banking commissioner; (iii) “Control” means owning twenty-five percent (25%) or more of […]
Section 40-23-103 – Powers and Duties of Commissioner.
40-23-103. Powers and duties of commissioner. (a) In addition to any other powers and duties imposed upon the commissioner by law, the commissioner shall: (i) Perform any and all acts necessary to promulgate, administer and enforce the provisions of this act and any rules, regulations, orders, limitations, standards, requirements or licenses issued under this act, […]
Section 40-23-104 – License Requirements.
40-23-104. License requirements. (a) With the exception of those persons exempt pursuant to W.S. 40-23-105, on and after July 1, 2005, no company shall engage in mortgage lending activities or mortgage brokering activities without first obtaining a license in accordance with this act. (b) A company engaged in mortgage lending or mortgage brokering activities with […]
Section 40-22-125 – Criminal Penalties.
40-22-125. Criminal penalties. (a) A person who intentionally makes a false statement, misrepresentation or false certification in a record filed or required to be maintained under this act or who intentionally makes a false entry or omits a material entry in the record is guilty of a felony, punishable for not less than three (3) […]