reglab/statecodes huggingface dataset:
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 21 - Uniform Electronic Transactions Act › Section 40-21-112 - Retention to Electronic Records, Originals.

40-21-112. Retention to electronic records, originals.
(a) If a law requires that a record be retained, the requirement is satisfied by retaining an electronic record of the information in the record which:
(i) Accurately reflects the information set forth in the record after it was first generated in its final form as an electronic record or otherwise; and
(ii) Remains accessible for later reference.
(b) A requirement to retain a record in accordance with subsection (a) of this section does not apply to any information the sole purpose of which is to enable the record to be sent, communicated or received.
(c) A person may satisfy subsection (a) of this section by using the services of another person if the requirements of that subsection are satisfied.
(d) If a law requires a record to be presented or retained in its original form, or provides consequences if the record is not presented or retained in its original form, that law is satisfied by an electronic record retained in accordance with subsection (a) of this section.
(e) If a law requires retention of a check, that requirement is satisfied by retention of an electronic record of the information on the front and back of the check in accordance with subsection (a) of this section.
(f) A record retained as an electronic record in accordance with subsection (a) of this section satisfies a law requiring a person to retain a record for evidentiary, audit or like purposes, unless a law enacted after the effective date of this act specifically prohibits the use of an electronic record for the specified purpose.
(g) This section does not preclude a governmental agency of this state from specifying additional requirements for the retention of a record subject to the agency's jurisdiction.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 21 - Uniform Electronic Transactions Act › Section 40-21-114 - Automated Transaction.

40-21-114. Automated transaction.
(a) In an automated transaction, the following rules apply:
(i) A contract may be formed by the interaction of electronic agents of the parties, even if no individual was aware of or reviewed the electronic agents' actions or the resulting terms and agreements;
(ii) A contract may be formed by the interaction of an electronic agent and an individual, acting on the individual's own behalf or for another person, including by an interaction in which the individual performs actions that the individual is free to refuse to perform and which the individual knows or has reason to know will cause the electronic agent to complete the transaction or performance;
(iii) The terms of the contract are determined by the substantive law applicable to it.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 21 - Uniform Electronic Transactions Act › Section 40-21-115 - Time and Place of Sending and Receipt.

40-21-115. Time and place of sending and receipt.
(a) Unless otherwise agreed between the sender and the recipient, an electronic record is sent when it:
(i) Is addressed properly or otherwise directed properly to an information processing system that the recipient has designated or uses for the purpose of receiving electronic records or information of the type sent and from which the recipient is able to retrieve the electronic record;
(ii) Is in a form capable of being processed by that system; and
(iii) Enters an information processing system outside the control of the sender or of a person that sent the electronic record on behalf of the sender or enters a region of the information processing system designated or used by the recipient which is under the control of the recipient.
(b) Unless otherwise agreed between a sender and the recipient, an electronic record is received when:
(i) It enters an information processing system that the recipient has designated or uses for the purpose of receiving electronic records or information of the type sent and from which the recipient is able to retrieve the electronic record; and
(ii) It is in a form capable of being processed by that system.
(c) Subsection (b) of this section applies even if the place the information processing system is located is different from the place the electronic record is deemed to be received under subsection (d) of this section.
(d) Unless otherwise expressly provided in the electronic record or agreed between the sender and the recipient, an electronic record is deemed to be sent from the sender's place of business and to be received at the recipient's place of business. For purposes of this subsection, the following rules apply:
(i) If the sender or recipient has more than one (1) place of business, the place of business of that person is the place having the closest relationship to the underlying transaction;
(ii) If the sender or the recipient does not have a place of business, the place of business is the sender's or recipient's residence, as the case may be.
(e) An electronic record is received under subsection (b) of this section even if no individual is aware of its receipt.
(f) Receipt of an electronic acknowledgment from an information processing system described in subsection (b) of this section establishes that a record was received but, by itself, does not establish that the content sent corresponds to the content received.
(g) If a person is aware that an electronic record purportedly sent under subsection (a) of this section, or purportedly received under subsection (b) of this section, was not actually sent or received, the legal effect of the sending or receipt is determined by other applicable law. Except to the extent permitted by the other law, the requirements of this subsection may not be varied by agreement.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 21 - Uniform Electronic Transactions Act › Section 40-21-117 - Creation and Retention of Electronic Records and Conversion of Written Records by Government Agencies.

40-21-117. Creation and retention of electronic records and conversion of written records by government agencies.
Each governmental agency shall determine whether, and the extent to which, a governmental agency will create and retain electronic records and convert written records to electronic records.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 21 - Uniform Electronic Transactions Act › Section 40-21-118 - Acceptance and Distribution of Electronic Records by Governmental Agencies.

40-21-118. Acceptance and distribution of electronic records by governmental agencies.
(a) Except as otherwise provided in W.S. 40-21-112(f), each governmental agency of this state shall determine whether, and the extent to which, governmental agency will send and accept electronic records and electronic signatures to and from other persons and otherwise create, generate, communicate, store, process, use and rely upon electronic records and electronic signatures.
(b) To the extent that a governmental agency uses electronic records and electronic signatures under subsection (a) of this section, the department of enterprise technology services shall promulgate rules in accordance with the Wyoming Administrative Procedure Act to specify for state agencies:
(i) The manner and format in which the electronic records must be created, generated, sent, communicated, received and stored and the systems established for those purposes;
(ii) If electronic records must be signed by electronic means, the type of electronic signature required, the manner and format in which the electronic signature must be affixed to the electronic record and the identity of, or criteria that must be met by, any third party used by a person filing a document to facilitate the process;
(iii) Control processes and procedures as appropriate to ensure adequate preservation, disposition, integrity, security, confidentiality and auditability of electronic records; and
(iv) Any other required attributes for electronic records which are specified for corresponding nonelectronic records or reasonably necessary under the circumstances.
(c) Except as otherwise provided in W.S. 40-21-112(f), this act does not require a governmental agency of this state to use or permit the use of electronic records or electronic signatures.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 21 - Uniform Electronic Transactions Act › Section 40-21-119 - Interoperability.

40-21-119. Interoperability.
The department of enterprise technology services in adopting standards pursuant to W.S. 40-21-118 may encourage and promote consistency and interoperability with similar requirements adopted by other governmental agencies of this and other states and the federal government and nongovernmental persons interacting with governmental agencies of this state. If appropriate, those standards may specify differing levels of standards from which governmental agencies of this state may choose in implementing the most appropriate standard for a particular application.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-103 - License Required.

40-22-103. License required.
(a) With the exception of those persons exempt pursuant to W.S. 40-22-104, on and after October 1, 2003, no person shall engage in the business of money transmission without a license. The division shall regulate money transmitters and carry out the provisions of this act.
(b) A person is engaged in the business of money transmission if the person advertises, offers or provides services to Wyoming residents, for personal, family or household use, through any medium including, but not limited to, internet or other electronic means.
(c) A licensee with a physical presence in this state may conduct its business at one (1) or more locations, directly or indirectly owned, or through one (1) or more authorized delegates or subdelegates, or both, pursuant to a single license granted to the licensee, provided that for each business name, a separate license shall be required.
(d) Every licensee, authorized delegate and subdelegate shall comply with the Bank Secrecy Act, 12 U.S.C. 1951 et seq.
(e) Authorized delegates or subdelegates of a licensee, acting within the scope of authority conferred by a written contract as described in W.S. 40-22-118 shall not be required to obtain a license.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-104 - Exemptions; Applicability.

40-22-104. Exemptions; applicability.
(a) This act shall not apply to:
(i) The United States or any department, agency, or instrumentality thereof;
(ii) The United States post office;
(iii) The state or any political subdivisions thereof;
(iv) Banks, bank holding companies, credit unions, building and loan associations, savings and loan associations, savings banks or mutual banks organized under the laws of any state or the United States provided that they do not issue or sell payment instruments through authorized delegates or subdelegates who are not banks, bank holding companies, credit unions, building and loan associations, savings and loan associations, savings banks or mutual banks;
(v) Electronic transfer of government benefits for any federal, state or county governmental agency as defined in Federal Reserve Board Regulation E by a contractor for and on behalf of the United States or any department, agency or instrumentality thereof, or any state or any political subdivisions thereof;
(vi) Buying, selling, issuing, or taking custody of payment instruments in the form of virtual currency or receiving virtual currency for transmission to a location within or outside the United States by any means;
(vii) Repealed by Laws 2019, ch. 170, 4.
(viii) A person engaged in the business of money transmission under this act that does not meet the definition of a money services business under 31 C.F.R. 1010.100(ff), as amended as of January 1, 2020.
(b) The Financial Technology Sandbox Act shall apply to this act.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-105 - License Requirements.

40-22-105. License requirements.
(a) Each licensee shall at all times have a net worth of not less than twenty-five thousand dollars ($25,000.00), as calculated in accordance with generally accepted accounting principles.
(b) Every corporate applicant at the time of filing of an application for a license and at all times after a license is issued, shall be in good standing in the state of its incorporation. All noncorporate applicants shall at the time of the filing of an application for a license and at all times after a license is issued, be registered or qualified to do business in the state.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-107 - Permissible Investments and Statutory Trust.

40-22-107. Permissible investments and statutory trust.
(a) Each licensee shall at all times possess permissible investments having an aggregate market value calculated in accordance with generally accepted accounting principles, of not less than the aggregate face amount of all outstanding payment instruments issued or sold by the licensee in the United States. This requirement may be waived by the commissioner if the dollar volume of a licensee's outstanding payment instruments does not exceed the bond or other security devices posted by the licensee pursuant to W.S. 40-22-106.
(b) Permissible investments even if commingled with other assets of the licensee, shall be deemed by operation of law to be held in trust for the benefit of the purchasers and holders of the licensee's outstanding payment instruments in the event of the bankruptcy of the licensee.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-109 - Application Fee.

40-22-109. Application fee.
Each application shall be accompanied by a nonrefundable application fee not to exceed three thousand dollars ($3,000.00) for each license applied for, as set by rule of the commissioner. Any fee charged and collected under this section shall be in accordance with W.S. 13-1-603(d) through (f).
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-110 - Issuance of License.

40-22-110. Issuance of license.
(a) After the applicant files an application, the commissioner shall investigate the financial condition and responsibility, financial and business experience, character and general fitness of the applicant. The commissioner may conduct an on site investigation of the applicant, the reasonable cost of which shall be borne by the applicant. If the commissioner finds that the applicant's business will be conducted honestly, fairly and in a manner commanding the confidence and trust of the community and that the applicant has fulfilled the requirements imposed by this act and has paid the required application fee, the commissioner shall issue a license to the applicant authorizing the applicant to engage in the licensed activities in this state for a term of one (1) year. If these requirements have not been met, the commissioner shall deny the application in writing setting forth the reasons for the denial.
(b) The commissioner shall approve or deny every application for an original license within one hundred twenty (120) days from the date a complete application is submitted, provided the time period may be extended with written consent of the applicant. The commissioner shall notify the applicant of the date when the application is deemed complete. In the absence of approval or denial of the application within time period allowed or consented to, the application is deemed approved and the commissioner shall issue the license effective as of the first day after the one hundred twenty (120) day or extended period has elapsed.
(c) Any applicant aggrieved by a denial issued by the commissioner under this section may at any time within thirty (30) days from the date of receipt of written notice of the denial request a hearing before the commissioner.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-111 - Renewal of License and Annual Report.

40-22-111. Renewal of license and annual report.
(a) Each license issued under this act shall expire on December 31. The license shall be renewed annually not later than December 1. Each licensee shall pay an annual renewal fee as set by rule of the commissioner.
(b) The renewal fee shall be accompanied by a report, in a form approved by the commissioner, which shall include:
(i) A copy of the licensee's most recent audited consolidated annual financial statement including balance sheet, statement of income or loss, statement of changes in shareholder's equity and statement of changes in financial position, or in the case of a licensee that is a wholly owned subsidiary of another corporation, the consolidated audited annual financial statement of the parent corporation may be filed in lieu of the licensee's audited annual financial statement;
(ii) For the most recent quarter for which data is available prior to the date of the filing of the renewal application, but in no event more than one hundred twenty (120) days prior to the renewal date, the licensee shall provide the number of payment instruments sold by the licensee in the state, the dollar amount of those instruments and the dollar amount of those instruments currently outstanding;
(iii) Any material changes to any of the information submitted by the licensee on its original application which have not previously been reported to the commissioner on any other report required to be filed under this act;
(iv) A list of the licensee's permissible investments;
(v) A list of the locations, if any, within this state at which business regulated by this act is being conducted by either the licensee or its authorized delegates or its subdelegates;
(vi) The commissioner is authorized for good cause shown to waive any requirement of this section with respect to any license renewal application or to permit a license renewal applicant to submit substituted information in its license renewal application in lieu of the information required by this section.
(c) A licensee that has not filed a renewal report or paid its renewal fee by the renewal filing deadline and has not been granted an extension of time to do so by the commissioner, shall have its license suspended on the renewal date. The licensee has thirty (30) days after its license is suspended in which to file a renewal report and pay the renewal fee.
(d) Any fee charged and collected under this section shall be in accordance with W.S. 13-1-603(d) through (f).
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-112 - Licensee Liability.

40-22-112. Licensee liability.
A licensee's liability to any person for a money transmission conducted on that person's behalf by the licensee or an authorized delegate or a subdelegate shall be limited to the amount of money transmitted or the face amount of the payment instrument purchased.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-113 - Extraordinary Reporting Requirements.

40-22-113. Extraordinary reporting requirements.
(a) Within fifteen (15) business days of the occurrence of any one (1) of the events listed in this subsection, a licensee shall file a written report with the commissioner describing the event and its expected impact on the licensee's activities in the state:
(i) Any material changes in information provided in a licensee's application or renewal report;
(ii) The filing for bankruptcy or reorganization by the licensee;
(iii) The institution of revocation or suspension proceedings against the licensee by any state or governmental authority with regard to the licensee's money transmission activities;
(iv) Any felony indictment or conviction of the licensee or any of its executive officers related to money transmission activities.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-114 - Changes in Control of a Licensee.

40-22-114. Changes in control of a licensee.
(a) A licensee shall give the commissioner written notice of a proposed change of control within fifteen (15) business days after learning of the proposed change of control.
(b) The commissioner may require the licensee to provide additional information concerning the proposed persons in control of the licensee. The additional information shall be limited to the same types required of the licensee or persons in control of the licensee as part of its original license or renewal application.
(c) The licensee shall reapply and submit the required fees established by rule, not to exceed three thousand dollars ($3,000.00) for a new license upon a change in the control of the licensee as determined by the commissioner. The license is not transferable nor assignable to the new persons in control of the licensee. Any fee charged and collected under this section by the commissioner shall be in accordance with W.S. 13-1-603(d) through (f).
(d) The following persons are exempt from the requirements of subsections (a) through (c) of this section, but the licensee shall notify the commissioner of a change of control:
(i) A person that acts as a proxy for the sole purpose of voting at a designated meeting of the security holders or holders of voting interests of a licensee or person in control of a licensee;
(ii) A person that acquires control of a licensee by devise or descent;
(iii) A person that acquires control as a personal representative, custodian, guardian, conservator, or trustee, or as an officer appointed by a court of competent jurisdiction or by operation of law; and
(iv) A person that the commissioner by rule or order exempts in the public interest.
(e) Subsection (a) of this section does not apply to public offerings of securities.
(f) Before filing a request for approval to acquire control, a person may request in writing a determination from the commissioner as to whether the person would be considered a person in control of a licensee upon consummation of a proposed transaction. If the commissioner determines that the person would not be a person in control of a licensee, the commissioner shall enter an order to that effect and the proposed person and transaction is not subject to the requirements of subsections (a) through (c) of this section.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-115 - Examinations.

40-22-115. Examinations.
(a) The commissioner may conduct examinations of persons licensed under this act at intervals he deems necessary to determine whether violations of this act and other applicable laws, rules and regulations pertaining to money transmissions are occurring and the frequency and seriousness of the violations.
(b) Each licensee or person subject to examination or investigation under this act shall pay to the commissioner an amount assessed by the commissioner to cover the direct cost of examinations or investigations conducted pursuant to this section.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-116 - Maintenance of Records.

40-22-116. Maintenance of records.
(a) Each licensee shall make, keep and preserve the following books, accounts and other records for a period of five (5) years and these records shall be open to inspection by the commissioner:
(i) A record of each payment instrument;
(ii) A general ledger, posted at least monthly, containing all assets, liability, capital, income and expense accounts;
(iii) Bank statements and bank reconciliation records;
(iv) Outstanding payment instruments;
(v) Records of each payment instrument paid;
(vi) A list of the names and addresses of all authorized delegates and subdelegates; and
(vii) Any other records the commissioner reasonably requires by rule.
(b) The records required under this section may be maintained in photographic, electronic or other similar form.
(c) Records may be maintained at a location other than within this state so long as they are made accessible to the commissioner upon seven (7) business days written notice.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-117 - Confidentiality of Records; Exception.

40-22-117. Confidentiality of records; exception.
(a) Except as provided in subsection (b) of this section, all information or reports obtained by the commissioner from an applicant, licensee or authorized delegate or subdelegate are confidential.
(b) The commissioner may disclose confidential information to officials and examiners in other states or to federal regulatory authorities or to appropriate prosecuting attorneys.
(c) This section does not prohibit the commissioner from disclosing to the public a list of persons licensed under this act or the aggregated financial data on those licensees.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-118 - Authorized Delegate Contracts.

40-22-118. Authorized delegate contracts.
(a) A licensee shall designate an authorized delegate by express written contract including the following:
(i) That the licensee appoints the person as its delegate with authority to engage in money transmission on behalf of the licensee;
(ii) That an authorized delegate may not authorize subdelegates without the written consent of the commissioner; and
(iii) That authorized delegates are subject to supervision and regulation by the commissioner.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-119 - Authorized Delegate and Subdelegate Conduct.

40-22-119. Authorized delegate and subdelegate conduct.
(a) An authorized delegate or subdelegate shall not make any fraudulent or false statement or misrepresentation to a licensee or to the commissioner.
(b) All money transmission activities conducted by an authorized delegate or subdelegate shall be in strict accord with the licensee's written procedures provided to the authorized delegate and subdelegate.
(c) An authorized delegate shall remit all money owing to the licensee in accordance with the terms of the contract between the licensee and the authorized delegate.
(d) An authorized delegate and subdelegate are deemed to consent to the commissioner's inspection with or without prior notice to the licensee, authorized delegate or subdelegate pursuant to W.S. 40-22-115.
(e) A subdelegate shall remit all money owing to the authorized delegate or licensee in accordance with the terms of the contract between the authorized delegate and the subdelegate.
(f) An authorized delegate shall not enter into contracts with subdelegates without the consent of the licensee and the commissioner.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-120 - License Suspension or Revocation.

40-22-120. License suspension or revocation.
(a) The commissioner may suspend or revoke a licensee's license if the commissioner finds that:
(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 for denying the application;
(ii) The licensee's net worth becomes inadequate and the licensee after ten (10) business days written notice from the commissioner, fails to remedy the deficiency;
(iii) The licensee knowingly violates any material provision of this act or any rule or order validly promulgated by the commissioner;
(iv) The licensee is conducting its business in an unsafe or unsound manner;
(v) The licensee is insolvent;
(vi) The licensee has suspended payment of its obligations, has made an assignment for the benefit of its creditors or has admitted in writing its inability to pay its debts as they become due;
(vii) The licensee has applied for an adjudication of bankruptcy, reorganization, arrangement or other relief under any bankruptcy;
(viii) The licensee refuses to permit the commissioner to make any examination authorized by this act;
(ix) The licensee willfully fails to make any report required by this act;
(x) The competence, experience, character or general fitness of the licensee indicates that it is not in the public interest to permit the licensee to continue to conduct business.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-121 - Suspension or Revocation of Authorized Delegates.

40-22-121. Suspension or revocation of authorized delegates.
(a) The commissioner may issue an order to the licensee suspending or revoking the designation of an authorized delegate or subdelegate if the commissioner finds that:
(i) The authorized delegate or subdelegate violated this act or a rule adopted or an order issued under this act;
(ii) The authorized delegate or subdelegate has not cooperated with an examination or investigation by the commissioner;
(iii) The authorized delegate or subdelegate has engaged in fraud, intentional misrepresentation or gross negligence;
(iv) The authorized delegate or subdelegate has been convicted of a violation of a state or federal money laundering statute;
(v) The competence, experience, character or general fitness of the authorized delegate or subdelegate or a person in control of the authorized delegate or subdelegate indicates that it is not in the public interest to permit the authorized delegate or subdelegate to provide money transmission services; or
(vi) The authorized delegate or subdelegate has engaged in an unsafe or unsound practice.
(b) In determining whether an authorized delegate or subdelegate has engaged in an unsafe or unsound practice the commissioner may consider the size and condition of the authorized delegate's or subdelegate's provision of money services, the magnitude of the loss, the gravity of the violation of this act and the previous conduct of the authorized delegate or subdelegate.
(c) An authorized delegate or subdelegate may apply for relief from a suspension or revocation designation as an authorized delegate or subdelegate according to procedures prescribed by the commissioner.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-122 - Orders to Cease and Desist.

40-22-122. 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, authorized delegate or subdelegate is likely to cause immediate and irreparable harm to the licensee, its customers or the public as a result of the violation or cause insolvency or significant dissipation of assets of the licensee, the commissioner may issue an order requiring the licensee, authorized delegate or subdelegate to cease and desist from the violation. The order becomes effective upon service upon the licensee, authorized delegate or subdelegate.
(b) The commissioner may issue an order against a licensee to cease and desist from providing money transmission services through an authorized delegate or subdelegate that is the subject of a separate order pursuant to W.S. 40-22-121 by the commissioner.
(c) An order to cease and desist remains effective and enforceable pending the completion of an administrative proceeding pursuant to Wyoming Administrative Procedure Act.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-123 - Consent Orders.

40-22-123. 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 the terms contained in the order. A consent order may provide that it does not constitute an admission by a person that this act or a rule adopted or an order issued under this act has been violated.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-124 - Civil Penalties.

40-22-124. 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 and expenses for the investigation and prosecution of the matter, including reasonable attorney's fees.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-125 - Criminal Penalties.

40-22-125. 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 felony, punishable for not less than three (3) years imprisonment or a fine of not less than ten thousand dollars ($10,000.00), or both.
(b) An individual who knowingly engages in any activity for which a license is required under this act without being licensed under this act is guilty of a felony punishable for not less than three (3) years imprisonment or a fine of not less than ten thousand dollars ($10,000.00), or both.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-126 - Unlicensed Persons; Verification Authority Regarding Exemptions.

40-22-126. Unlicensed persons; verification authority regarding exemptions.
(a) If the commissioner has reason to believe that a person has violated or is violating W.S. 40-22-103 of this act the commissioner may issue an order to show cause why an order to cease and desist should not issue requiring that the person cease and desist from the violation of W.S. 40-22-103.
(b) Repealed by Laws 2019, ch. 170, 4.
(c) In an emergency, the commissioner may petition the district court for the issuance of a temporary restraining order.
(d) An order to cease and desist becomes effective upon service upon the person.
(e) An order to cease and desist remains effective and enforceable pending the completion of an administrative proceeding pursuant to W.S. 40-22-127 and 40-22-128.
(f) A person served with an order to cease and desist for violating W.S. 40-22-103 may petition the district court for a judicial order setting aside, limiting, or suspending the enforcement, operation, or effectiveness of the order pending the completion of an administrative proceeding pursuant to W.S. 40-22-127 and 40-22-128.
(g) The commissioner shall commence a contested case proceeding within twenty (20) days after issuing an order to cease and desist.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-128 - Hearings.

40-22-128. Hearings.
Except as otherwise provided in W.S. 40-22-111(c) and 40-22-122(c), the commissioner may not suspend or revoke a license, issue an order to cease and desist, suspend or revoke the designation of an authorized delegate or subdelegate, or assess a civil penalty without notice and an opportunity to be heard. The commissioner shall also hold a hearing when requested to do so by an applicant whose application for a license is denied.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 22 - Wyoming Money Transmitters Act › Section 40-22-129 - Rulemaking and Deposit of Fees.

40-22-129. Rulemaking and deposit of fees.
(a) The commissioner shall promulgate all necessary rules to implement and administer this act.
(b) All application, renewal, examination and licensing fees, except the amount paid for data processing by the registry or any other entity designated by the registry, shall be deposited by the commissioner with the state treasurer into the financial institutions administration account.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 23 - Wyoming Residential Mortgage Practices Act › Section 40-23-103 - Powers and Duties of Commissioner.

40-23-103. 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, orders, limitations, standards, requirements or licenses issued under this act, and to exercise all incidental powers as necessary to carry out the purposes of this act;
(ii) Order any mortgage broker, mortgage lender or mortgage loan originator to cease any activity or practice which the commissioner deems to be deceptive, dishonest, a violation of state or federal laws or regulations or unduly harmful to the interests of the public;
(iii) Conduct investigations, issue subpoenas, and hold hearings as necessary to determine whether a person has violated any provision of this act;
(iv) Conduct examinations of the books and records of licensees and conduct investigations as necessary and proper for the enforcement of the provisions of this act and the rules promulgated under the authority of this act;
(v) Issue orders that are necessary to execute, enforce and effectuate the purposes of this act;
(vi) Require that all application, renewal, licensing, examination and all other fees included under this act, except the amount paid for data processing by a nationwide mortgage licensing system and database, shall be deposited by the commissioner with the state treasurer into the financial institutions administration account within the earmarked revenue fund;
(vii) Require the mortgage broker to reimburse the borrower for undisclosed or incorrectly disclosed fees pursuant to W.S. 40-23-114(d) and require the mortgage lender to reimburse the borrower for undisclosed or incorrectly disclosed fees pursuant to W.S. 40-23-113(e);
(viii) Require a background investigation including fingerprint checks for state and national criminal history record checks as necessary. The commissioner may utilize background checks completed by the division of criminal investigation, other government agencies in this state or in other states, the federal bureau of investigation or a nationwide mortgage licensing system;
(ix) Determine the content of application forms and the means by which an applicant applies for, renews or makes changes to a license under this act. The commissioner may require applicants to utilize a nationwide mortgage licensing system and database for the processing of applications and fees;
(x) Establish fees authorized in this act in accordance with W.S. 13-1-603(d) through (f).
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 23 - Wyoming Residential Mortgage Practices Act › Section 40-23-104 - License Requirements.

40-23-104. 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 company engaged in mortgage lending or mortgage brokering activities with any dwelling located in Wyoming shall first obtain a license in accordance with this act.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 23 - Wyoming Residential Mortgage Practices Act › Section 40-23-105 - Exemptions From License Requirements.

40-23-105. Exemptions from license requirements.
(a) 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 trust on the property sold;
(iii) Any person licensed or chartered under the laws of any state or the United States as a bank, savings and loan association, credit union, or trust company or an operating subsidiary of which the person owns or controls eighty percent (80%) or more of the voting stock;
(iv) An attorney licensed to practice law in Wyoming who is not principally engaged in the business of negotiating residential mortgage loans when the attorney renders services in the course of his practice as an attorney;
(v) Repealed By Laws 2009, Ch. 184, 3.
(vi) Any person who purchases or otherwise obtains a residential mortgage loan which has been originated, processed and closed with the borrower by a licensee or by an exempt person, who does not directly or indirectly solicit borrowers in Wyoming for the purpose of making residential mortgage loans, and who does not participate in the negotiation of residential mortgage loans with the borrower. For the purpose of this paragraph, "negotiation of residential mortgage loans" does not include setting the terms under which a person may buy or fund a residential mortgage loan originated by a licensee or exempt person after the residential mortgage loan has closed.
(b) The Financial Technology Sandbox Act shall apply to this act.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 23 - Wyoming Residential Mortgage Practices Act › Section 40-23-106 - Initial Licensing and Compliance.

40-23-106. 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.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 23 - Wyoming Residential Mortgage Practices Act › Section 40-23-108 - Change in Control of a Licensee.

40-23-108. 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 additional information concerning the proposed persons in control of the licensee. The additional information shall be limited to the same information required of the licensee or persons in control of the licensee as part of its original license or renewal application.
(c) The licensee shall reapply and submit the required fees established by rule, not to exceed one thousand dollars ($1,000.00) for a home office location and an amount not to exceed one hundred dollars ($100.00) for each additional location upon a change in the control of the licensee as determined by the commissioner. The license is not transferable nor assignable to the new persons in control of the licensee.
(d) Before filing a request for approval to acquire control, a person may request in writing a determination from the commissioner as to whether the person would be considered a person in control of a licensee upon consummation of a proposed transaction. If the commissioner determines that the person would not be a person in control of a licensee, the commissioner shall enter an order stating the proposed person and transaction is not subject to the requirements of subsections (a) through (c) of this section.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 23 - Wyoming Residential Mortgage Practices Act › Section 40-23-109 - License Renewal and Annual Report.

40-23-109. 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 shall not exceed one thousand dollars ($1,000.00) for the home office location and an amount not to exceed one hundred dollars ($100.00) for each additional location, as set by rule of the commissioner.
(b) The renewal fee shall be accompanied by a report, in a form prescribed by the commissioner, which shall include:
(i) Any material changes to any of the information submitted by the licensee on its original application which have not been reported previously to the commissioner on any other report required to be filed under this act;
(ii) Any update necessary on the surety bond;
(iii) Any update on civil or criminal proceedings against the licensee or any administrative or enforcement proceedings by any state or federal government agency involving fines, penalties or the revocation or suspension of any business licensee or authority substantially equivalent to a license under this act;
(iv) Any other information as the commissioner may deem necessary.
2023 Wyoming Statutes › Title 40 - Trade and Commerce › Chapter 23 - Wyoming Residential Mortgage Practices Act › Section 40-23-110 - Surety Bonds.

40-23-110. 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:
(i) Until December 31, 2009, of twenty-five thousand dollars ($25,000.00). This amount shall be increased by an additional sum of ten thousand dollars ($10,000.00) for each licensed office;
(ii) Effective January 1, 2010, as established by rule of the commissioner based upon the volume of business activity transacted by the licensee under this act.
(b) The surety bond shall be a continuing obligation of the issuing surety. The surety's liability under the bond for any claims made under the bond either individually or in the aggregate shall in no event exceed the face amount of the bond issued. The bond shall be issued by a surety authorized to do business in the state of Wyoming. The bond, including any and all riders and endorsements executed subsequent to the effective date of the bond, shall be placed on file with the commissioner.
(c) In the event that a licensee or person employed by or under contract with a licensee has violated any of the provisions of this act or of a rule or order lawfully made pursuant to this act, or federal law or regulation pertaining to the mortgage lending or mortgage brokering, and has damaged any person by such violation, then the bond shall be forfeited and paid by the surety to the state of Wyoming for the benefit of any person so damaged, in an amount sufficient to satisfy the violation or the bond in its entirety if the violation exceeds the amount of the bond.
(d) Surety bonds shall remain effective continuously until released in writing by the commissioner. If a bond has not been previously released by the commissioner, the bond shall expire two (2) years after the date of the surrender, revocation or expiration of the license.