WY Stat § 40-23-102 (2021)
2021 Wyoming Statutes|Title 40 - Trade and Commerce|Chapter 23 - Wyoming Residential Mortgage Practices Act|Section 40-23-102 - Definitions.

40-23-102. Definitions.| (a) 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" means the state banking commissioner;  (iii) "Control" means owning twenty-five percent (25%) or more of the voting share of the licensee or having the power to direct the licensee's management or policies;  (iv) "Division" means the division of banking within the department of audit;  (v) "Licensee" means a company licensed under this act as a mortgage broker or a mortgage lender;  (vi) "Mortgage broker" means any company, who for compensation, or in the expectation of compensation, assists a person in obtaining or applying to obtain a residential mortgage loan or holds itself out as being able to assist a person in obtaining or applying to obtain a residential mortgage loan;  (vii) "Mortgage brokerage agreement" means a written agreement in which a mortgage broker agrees to assist the borrower in obtaining a residential mortgage loan;  (viii) "Mortgage brokering activities" means for compensation, either directly or indirectly, assisting or offering to assist in the preparation of an application for a residential mortgage loan on behalf of a borrower, or negotiating or offering to negotiate the terms or conditions of a residential mortgage loan with any person making residential mortgage loans;  (ix) "Mortgage lender" means any company, who makes residential mortgage loans to borrowers or holds itself out as able to make mortgage loans;  (x) "Mortgage lending activities" means for compensation, either directly or indirectly, accepting or offering to accept applications for making residential mortgage loans;  (xi) "Person" means an individual, sole proprietorship, partnership, corporation, limited liability company or other entity, public or private;  (xii) "Real Estate Settlement Procedures Act" means the act set forth in 12 U.S.C. § 2601 et seq., as amended;  (xiii) "Regulation X" means regulation X as promulgated by the consumer financial protection bureau and codified in 12 CFR part 1024 et seq., as amended;  (xiv) "Regulation Z" means regulation Z as promulgated by the consumer financial protection bureau and codified in 12 CFR part 1026 et seq., as amended;  (xv) "Residential mortgage loan" means a first mortgage loan made primarily for personal, family or household use that is secured by a mortgage, deed of trust or other equivalent consensual security interest on a dwelling or residential real estate in Wyoming upon which is constructed or intended to be constructed a dwelling;  (xvi) "Residential real property" means real property improved by a one (1) to four (4) family dwelling;  (xvii) "Truth in Lending Act" means the act set forth in 15 U.S.C. § 1601 et seq., as amended;  (xviii) "Channeling agent" means the third party licensing system that gathers the application information and distributes it to Wyoming for review for the approval or denial decision;  (xix) "Clerical or support duties" means:  (A) The receipt, collection, distribution and analysis of information common for the processing or underwriting of a residential mortgage loan; and  (B) Communicating with a consumer to obtain the information necessary for the processing or underwriting of a loan, to the extent that such communication does not include offering or negotiating loan rates or terms, or counseling consumers about residential mortgage loan rates or terms.  (xx) "Company" means a sole proprietorship, partnership, corporation, limited liability company or other entity, public or private;  (xxi) "Depository institution" means a company as defined in 12 U.S.C. 1813 of the federal deposit insurance act, and includes any credit union;  (xxii) "Dwelling" means a residential structure that contains one (1) to four (4) units, whether or not that structure is attached to real property. "Dwelling", if it is used as a residence, includes an individual condominium unit, cooperative unit, mobile home and trailer;  (xxiii) "Federal banking agency" means the board of governors of the federal reserve system, the comptroller of the currency, the director of the office of thrift supervision, the national credit union administration or the federal deposit insurance corporation;  (xxiv) "Immediate family member" means a spouse, child, sibling, parent, grandparent, grandchild, stepparent, stepchild, stepsibling and any adoptive relationship included in this paragraph;  (xxv) "Individual" means a natural person;  (xxvi) "Loan processor or underwriter" means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a licensee, or an exempt person under W.S. 40-23-105;  (xxvii) "Mortgage loan originator":  (A) Means an individual who for compensation or gain or in the expectation of compensation or gain:  (I) Takes a residential mortgage loan application; or  (II) Offers or negotiates the terms of a residential mortgage loan.  (B) Shall not include any individual engaged solely as a loan processor or underwriter except as otherwise described in W.S. 40-23-124(d);  (C) Shall not include a person who only performs real estate brokerage activities and is licensed or registered in accordance with Wyoming law, unless the person is compensated by a lender, a mortgage broker or other mortgage loan originator or by any agent of such lender, mortgage broker or other mortgage loan originator; and  (D) Shall not include a person solely involved in extensions of credit relating to timeshare plans.  (xxviii) "Nontraditional mortgage product" means any mortgage product other than a thirty (30) year fixed rate mortgage;  (xxix) "Real estate brokerage activity" means any activity that involves offering or providing real estate brokerage services to the public, including:  (A) Acting as a real estate agent or real estate broker for a buyer, seller, lessor or lessee of real property;  (B) Arranging meetings or communicating with any party interested in the sale, purchase, lease, rental or exchange of real property;  (C) Negotiating, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental or exchange of real property, unless the negotiating relates to the financing of these transactions, which shall then constitute engaging in the business as a mortgage loan originator;  (D) Engaging in any activity for which a person engaged in the activity is required to be registered or licensed as a real estate agent or real estate broker under any applicable law; and  (E) Offering to engage in any activity, or act in any capacity, described in subparagraph (A), (B), (C) or (D) of this paragraph.  (xxx) "Registered mortgage loan originator" means any individual who:  (A) Is registered with, and maintains a unique identifier through, the registry; and  (B) Meets the definition of mortgage loan originator and is an employee of:  (I) A depository institution;  (II) A subsidiary that is:  (1) Owned and controlled by a depository institution; and  (2) Regulated by a federal banking agency; or  (III) An institution regulated by the farm credit administration.  (xxxi) "Registry" means the nationwide mortgage licensing system and registry which is a mortgage licensing system developed and maintained by the conference of state bank supervisors and the American association of residential mortgage regulators for the licensing and registration of mortgage lenders, mortgage brokers and mortgage loan originators;  (xxxii) "Timeshare plan" means as defined in 11 U.S.C. § 101(53D);  (xxxiii) "Unique identifier" means a number or other identifier assigned by protocols established by the registry;  (xxxiv) "This act" means W.S. 40-23-101 through 40-23-133.