Title 40 — Title 40 — Trade And Commerce
32 chapters · 686 sections in this title.
W.S. § 40-23-101 Short title
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Short title. This act may be cited as the "Wyoming Residential Mortgage Practices Act."
W.S. § 40-23-102 (a) Definitions
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(a) Definitions. 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; "Commissioner" means the state bank…
W.S. § 40-23-103 Powers and duties of commissioner
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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, orde…
W.S. § 40-23-104 License requirements
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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…
W.S. § 40-23-105 (a) Exemptions from license requirements
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(a) Exemptions from license requirements. 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 t…
W.S. § 40-23-106 Initial licensing and compliance
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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.
W.S. § 40-23-107 Application for license to do business as a mortgage lender or mortgage broker
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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 commissi…
W.S. § 40-23-108 Change in control of a licensee
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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 ad…
W.S. § 40-23-109 License renewal and annual report
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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 shal…
W.S. § 40-23-110 Surety bonds
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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: (…
W.S. § 40-23-111 Examinations and investigations
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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 t…
W.S. § 40-23-112 The commissioner shall establish by rule a process where a mortgage loan originator may challenge information entered into the registry by the commissioner
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The commissioner shall establish by rule a process where a mortgage loan originator may challenge information entered into the registry by the commissioner.
W.S. § 40-23-113 Disclosure of mortgage lender fees
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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 c…
W.S. § 40-23-114 Disclosure of mortgage broker fees
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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 agree…
W.S. § 40-23-115 Loan commitments; prepayment penalty disclosure by mortgage broker
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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 tran…
W.S. § 40-23-116 Trust accounts
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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 tru…
W.S. § 40-23-117 (a) shall: Prohibited practices
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(a) shall: Prohibited practices. No licensee or person required to have a license (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…
W.S. § 40-23-118 License suspension or revocation
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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…
W.S. § 40-23-119 Orders to cease and desist
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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 viola…
W.S. § 40-23-120 Consent orders
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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 …
W.S. § 40-23-121 Civil penalties
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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…
W.S. § 40-23-122 Criminal penalties
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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…
W.S. § 40-23-123 Hearings
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Hearings. Except as otherwise provided in W.S. 40-23-103(a)(vii), 40-23-108(c) and 40-23-109, the commissioner shall not suspend or revoke a license, issue an order to cease and desist or assess a civil penalty without notice and an opportunity to be heard.
W.S. § 40-23-124 rulemaking
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rulemaking. Loan originator licensing; registration; (a) An individual, unless specifically exempted under subsection (c) of this section, shall not engage in the business of a mortgage loan originator for any dwelling located in Wyoming without first obtaining and maintaining an…
W.S. § 40-23-125 Loan originator application; processing
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Loan originator application; processing. (a) Applicants for a mortgage loan originator license shall apply in a form prescribed by the commissioner. Each application form shall contain content as set forth by rule of the commissioner and may be changed or updated as necessary by …
W.S. § 40-23-126 Issuance of loan originator license
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Issuance of loan originator license. (a) The commissioner shall not issue a mortgage loan originator license unless the commissioner makes at a minimum the following findings: (i) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdict…
W.S. § 40-23-127 originators
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originators. Prelicensing and relicensing education of loan (a) In order to meet the prelicensing education requirement referred to in W.S. 40-23-126(a)(iv), a person shall complete at least twenty (20) hours of education approved in accordance with subsection (b) of this section…
W.S. § 40-23-128 Testing of mortgage loan originators
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Testing of mortgage loan originators. (a) In order to meet the written test requirement under W.S. 40-23-126(a)(v), an individual shall pass, in accordance with the standards established under this section, a qualified written test developed by the registry and administered by a …
W.S. § 40-23-129 rulemaking
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rulemaking. Standards for loan originator license renewal; (a) The minimum standards for license renewal for mortgage loan originators shall include the following: (i) The mortgage loan originator continues to meet the minimum standards for license issuance under W.S. 40-23-126(a…
W.S. § 40-23-130 Continuing education for mortgage loan originators; rulemaking
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Continuing education for mortgage loan originators; rulemaking. (a) In order to meet the annual continuing education requirements referred to in W.S. 40-23-129(a)(ii), a licensed mortgage loan originator shall complete at least eight (8) hours of education approved in accordance …
W.S. § 40-23-131 Mortgage call reports
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Mortgage call reports. Each licensee shall submit to the registry reports of condition, which shall be in such form and shall contain all information as required by the registry.
W.S. § 40-23-132 Report to the registry
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Report to the registry. The commissioner shall regularly report violations of this act, as well as enforcement actions and other relevant information, to the registry subject to the provisions contained in W.S.
W.S. § 40-23-133 Unique identifier; rulemaking
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Unique identifier; rulemaking. The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan applications forms, solicitations or advertisements, including business cards or websites and any other documents as …