Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0004 - Money Transmitters › Chapter 1 - GENERAL MATTERS AND DEFINITIONS › Section 1-2 - Definitions

Current through July 13, 2024
(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.
(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) "Security Device" means a surety bond,
				irrevocable letter of credit or other similar security device.
(viii) "Total yearly volume" means the
				combined dollar value of money transmission conducted by the licensee,
				including its authorized delegates and subdelegates, during the preceding year
				(July 1 through June 30) with Wyoming residents.
(ix) "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.
(x) "Wyoming Administrative Procedure Act"
				means as defined by W.S. 163-101.
(xi) "Wyoming Administrative Regulation
				Review Act" means as defined by
				W.S.
				28-9-101.
(xii) "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.
(xiii) "Wyoming Public Records
				Act" means as defined by
				W.S.
				16-4-201.