Section 40-22-101 – Short Title.

40-22-101. Short title. This act may be cited as the “Wyoming Money Transmitters Act.”

Section 40-22-102 – Definitions.

40-22-102. Definitions. (a) As used in this act: (i) “Applicant” means a person filing an application for a license; (ii) “Authorized delegate” means an entity designated by the licensee to engage in the business of money transmission on behalf of a licensee; (iii) “Commissioner” means the state banking commissioner; (iv) “Control” means the power to […]

Section 40-22-103 – License Required.

40-22-103. License required. (a) With the exception of those persons exempt pursuant to W.S. 40-22-104, on and after October 1, 2003, no person shall engage in the business of money transmission without a license. The division shall regulate money transmitters and carry out the provisions of this act. (b) A person is engaged in the […]

Section 40-22-104 – Exemptions; Applicability.

40-22-104. Exemptions; applicability. (a) This act shall not apply to: (i) The United States or any department, agency, or instrumentality thereof; (ii) The United States post office; (iii) The state or any political subdivisions thereof; (iv) Banks, bank holding companies, credit unions, building and loan associations, savings and loan associations, savings banks or mutual banks […]

Section 40-22-105 – License Requirements.

40-22-105. License requirements. (a) Each licensee shall at all times have a net worth of not less than twenty-five thousand dollars ($25,000.00), as calculated in accordance with generally accepted accounting principles. (b) Every corporate applicant at the time of filing of an application for a license and at all times after a license is issued, […]

Section 40-22-106 – Bond or Other Security Device.

40-22-106. Bond or other security device. (a) A surety bond, irrevocable letter of credit or other similar security device acceptable to the commissioner shall be provided with a license application or upon approval of the application, as determined by the applicant. An application without a security device may be conditionally approved by the commissioner pending […]

Section 40-22-107 – Permissible Investments and Statutory Trust.

40-22-107. Permissible investments and statutory trust. (a) Each licensee shall at all times possess permissible investments having an aggregate market value calculated in accordance with generally accepted accounting principles, of not less than the aggregate face amount of all outstanding payment instruments issued or sold by the licensee in the United States. This requirement may […]

Section 40-22-108 – Application for License.

40-22-108. Application for license. (a) Each application for a license shall be made in writing and in a form prescribed by the commissioner. Each application shall include the following: (i) The exact name of the applicant, the applicant’s principal address, any fictitious or trade name used by the applicant in the conduct of its business […]

Section 40-22-109 – Application Fee.

40-22-109. Application fee. Each application shall be accompanied by a nonrefundable application fee not to exceed three thousand dollars ($3,000.00) for each license applied for, as set by rule of the commissioner. Any fee charged and collected under this section shall be in accordance with W.S. 13-1-603(d) through (f).

Section 40-22-110 – Issuance of License.

40-22-110. Issuance of license. (a) After the applicant files an application, the commissioner shall investigate the financial condition and responsibility, financial and business experience, character and general fitness of the applicant. The commissioner may conduct an on site investigation of the applicant, the reasonable cost of which shall be borne by the applicant. If the […]

Section 40-22-111 – Renewal of License and Annual Report.

40-22-111. Renewal of license and annual report. (a) Each license issued under this act shall expire on December 31. The license shall be renewed annually not later than December 1. Each licensee shall pay an annual renewal fee as set by rule of the commissioner. (b) The renewal fee shall be accompanied by a report, […]

Section 40-22-112 – Licensee Liability.

40-22-112. Licensee liability. A licensee’s liability to any person for a money transmission conducted on that person’s behalf by the licensee or an authorized delegate or a subdelegate shall be limited to the amount of money transmitted or the face amount of the payment instrument purchased.

Section 40-22-113 – Extraordinary Reporting Requirements.

40-22-113. Extraordinary reporting requirements. (a) Within fifteen (15) business days of the occurrence of any one (1) of the events listed in this subsection, a licensee shall file a written report with the commissioner describing the event and its expected impact on the licensee’s activities in the state: (i) Any material changes in information provided […]

Section 40-22-114 – Changes in Control of a Licensee.

40-22-114. Changes in control of a licensee. (a) A licensee shall give the commissioner written notice of a proposed change of control 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 of the licensee. […]

Section 40-22-115 – Examinations.

40-22-115. Examinations. (a) The commissioner may conduct examinations of persons licensed under this act at intervals he deems necessary to determine whether violations of this act and other applicable laws, rules and regulations pertaining to money transmissions are occurring and the frequency and seriousness of the violations. (b) Each licensee or person subject to examination […]

Section 40-22-116 – Maintenance of Records.

40-22-116. Maintenance of records. (a) Each licensee shall make, keep and preserve the following books, accounts and other records for a period of five (5) years and these records shall be open to inspection by the commissioner: (i) A record of each payment instrument; (ii) A general ledger, posted at least monthly, containing all assets, […]

Section 40-22-117 – Confidentiality of Records; Exception.

40-22-117. Confidentiality of records; exception. (a) Except as provided in subsection (b) of this section, all information or reports obtained by the commissioner from an applicant, licensee or authorized delegate or subdelegate are confidential. (b) The commissioner may disclose confidential information to officials and examiners in other states or to federal regulatory authorities or to […]

Section 40-22-118 – Authorized Delegate Contracts.

40-22-118. Authorized delegate contracts. (a) A licensee shall designate an authorized delegate by express written contract including the following: (i) That the licensee appoints the person as its delegate with authority to engage in money transmission on behalf of the licensee; (ii) That an authorized delegate may not authorize subdelegates without the written consent of […]

Section 40-22-119 – Authorized Delegate and Subdelegate Conduct.

40-22-119. Authorized delegate and subdelegate conduct. (a) An authorized delegate or subdelegate shall not make any fraudulent or false statement or misrepresentation to a licensee or to the commissioner. (b) All money transmission activities conducted by an authorized delegate or subdelegate shall be in strict accord with the licensee’s written procedures provided to the authorized […]

Section 40-22-120 – License Suspension or Revocation.

40-22-120. License suspension or revocation. (a) The commissioner may suspend or revoke a licensee’s license if the commissioner finds that: (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 licensee’s net worth becomes […]