Title 40, Title 40 — Trade And Commerce

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…

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 …

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…

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 us…

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 wit…

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 investigati…

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 b…

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 purchase…

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 activi…

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 info…

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 freq…

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…

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 confident…

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 …

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 subdeleg…

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 th…

Suspension or revocation of authorized delegates. (a) The commissioner may issue an order to the licensee suspending or revoking the designation of an authorized delegate or subdelegate if the commissioner finds that: (i) The authorized delegate or subdelegate violated this act o…

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, authorized delegate or subdelegate is likely to cause immediate and irreparable harm to the licensee, its customers or…

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 …

Civil penalties. The commissioner may impose a civil penalty upon a person who violates this act or a rule adopted or an order issued under this act in an amount not to exceed five hundred dollars ($500.00) per day for each day the violation is outstanding, plus the state's costs…

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 felon…

Unlicensed persons; verification authority regarding exemptions. (a) If the commissioner has reason to believe that a person has violated or is violating W.S. 40-22-103 of this act the commissioner may issue an order to show cause why an order to cease and desist should not issue…

Administrative procedures. All administrative proceedings under this act shall be conducted in accordance with the Wyoming Administrative Procedure Act.

Hearings. Except as otherwise provided in W.S. 40-22-111(c) and 40-22-122(c), the commissioner may not suspend or revoke a license, issue an order to cease and desist, suspend or revoke the designation of an authorized delegate or subdelegate, or assess a civil penalty without no…

Rulemaking and deposit of fees. (a) The commissioner shall promulgate all necessary rules to implement and administer this act. (b) All application, renewal, examination and licensing fees, except the amount paid for data processing by the registry or any other entity designated …