Statutes, codes, and regulations
Wyoming Administrative Code
Agency 021 - Audit, Dept. ofSubagency 0006 - Residential Mortgage Practices
Chapter 2 - MORTGAGE LENDER/BROKER LICENSING; SURETY BOND; PREPAYMENT PENALTY DISCLOSURE FORM
Section 2-1 - Application/Licensing; Surety Bond

021-2 Wyo. Code R. § 2-1

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Current through April 27, 2019
Section 2-1 - Application/Licensing; Surety Bond

(a) Each applicant for a mortgage lender/broker shall provide all of the information required on the license application form prescribed by the Commissioner, as applicable.

(b) An application to obtain a mortgage lender/broker license pursuant to W.S. 40-23-107 shall be considered "filed" only after all information and appropriate processing fees required by the Commissioner have been received by the Commissioner.

(c) An application for a license is a continuing obligation up until approval and issuing of the license applied for. If information in an application becomes inaccurate after filing, the applicant shall promptly notify the Commissioner.

(d) Pursuant to W.S. W.S. W.S. 40-23-110(a)(ii), effective January 1, 2010, an initial surety bond must be maintained by all licensees in the amount of twenty five thousand dollars ($25,000.00) until the first renewal date after the initial license is obtained. When renewing a license each year, the bond amount shall be adjusted based upon the volume of business under the act transacted during the previous calendar year according to the following scale:

  • (i) If the total volume of Wyoming loans made or brokered under the act was equal to or less than three million dollars ($3,000,000.00), the amount of the bond shall be twenty-five thousand dollars ($25,000.00).
  • (ii) If the total volume of loans Wyoming made or brokered under the act was greater than three million dollars ($3,000,000.00) but less than ten million dollars ($10,000,000.00), the amount of the bond shall be fifty thousand dollars ($50,000.00).
  • (iii) If the total volume of Wyoming loans made or brokered under the act was equal to or greater than ten million dollars ($10,000,000.00) the amount of the bond shall be one hundred thousand dollars ($100,000.00).

021-2 Wyo. Code R. § 2-1