Section 1-2 - Definitions (a) When used in the Wyoming Money Transmitters Act and these Regulations, the following terms have the indicated meanings: - (i) "Change in control," for the purposes of filing for a new license, means a transfer that results in one (1) or more persons owning or controlling fifty percent (50%) or more of the controlling equity interests of the licensee, unless such person(s) owned or controlled fifty percent (50%) or more of such controlling equity interests as of the date of the most recent filed application. Any change in the form of the business entity constitutes a change in control.
- (ii) "Department" means the Department of Audit created under W.S. 9-2-2003(a), which is one of the principal administrative operating units of the state government.
- (iii) "Division counsel" means the person or persons, if any, assigned or otherwise designated by the Attorney General to provide legal advice, counsel and/or representation to the Commissioner.
- (iv) "Hearing" means the public hearing held by the Commissioner on an application under Chapter 6 or on a suspension or revocation under Chapter 7.
- (v) "Qualified foreign attorney" means a person
- (A) Who has been admitted to practice before the highest court of any state;
- (B) Who has associated with a Wyoming attorney for purposes of representing a client before the Commissioner; and
- (C) Who is accompanied by the associated Wyoming attorney in, at and throughout all proceedings, whether formal or informal, before the Commissioner.
- (vi) "Regulations" means these Rules and Regulations of the Commissioner.
- (vii) "Unsafe or unsound manner" can result from either action or lack of action by management to include but is not limited to the following considerations by the Commissioner;
- (A) Failure to provide adequate supervision and direction over authorized delegates;
- (B) Failure to keep accurate books and records;
- (C) Failure to account properly for transactions;
- (D) Failure to make payment upon outstanding payment instruments;
- (E) Operating without adequate liquidity;
- (F) Operating without adequate internal controls; or
- (G) Failure to comply with federal reporting laws.
- (viii) "Wyoming Administrative Procedure Act" means as defined by W.S. W.S. W.S. 16-3-101.
- (ix) "Wyoming Administrative Regulation Review Act means as defined by W.S. W.S. W.S. 28-9-101.
- (x) "Wyoming attorney" means a person who has been admitted to practice as an attorney and counselor at law in all courts of the State of Wyoming and who is an active member of the Wyoming State Bar.
- (xi) "Wyoming Public Records Act "means as defined by W.S. W.S. W.S. 16-4-201.
(b) Excluding any terms that are otherwise defined in this or any other Chapter, the definitions set forth in W.S. W.S. W.S. 40-22-102 are incorporated into this Chapter by this reference.