021-14 Wyo. Code R. § 14-7

Current through April 27, 2019
Section 14-7 - Compensation for Leased Premises

(a) If the bank leases a portion of the banks premises to a broker, the bank may negotiate whatever terms are usual and customary in the leasing of commercial office space. The bank may be compensated by a percentage share of commissions or revenue earned from the brokerage transactions conducted at the leased premises, provided the compensation is for services performed or for rent of space and equipment provided.

(b) A bank may contract to lease a portion of bank premises to a covered agent to make bank-related sales of insurance to bank customers. If the bank leases a portion of bank premises to a covered agent, the bank may negotiate whatever terms are usual and customary in the leasing of commercial office space. The bank may be compensated from revenue earned from insurance or annuities sales made at or from the leased premises (including sales that are not bank-related sales of insurance), provided the compensation is for services performed or for rent of space and equipment provided and is not commission-sharing in violation of W.S. 26-9-132.

(c) The method of compensation must not result in a partnership or joint venture relationship between the bank and the broker, or make the bank a guarantor of or liable for operating costs, losses or debts of the covered agent. If the compensation agreement provides for a percentage of revenues after deduction of losses resulting from failure of bank customers to perform their obligations, the loss deductions may not exceed the amount of revenues accruing to the banks credit after the losses are incurred.

021-14 Wyo. Code R. § 14-7