Wyo. Code R. 021-0004-1
Effective Date: 11/16/2021 to Current
Rule Type: Current Rules & Regulations
Reference Number: 021.0004.1.11162021
(a) Generally, these Regulations are promulgated pursuant to W.S. 40-22-129(a) and pursuant to the Wyoming Administrative Procedure Act and the Wyoming Administrative Regulation Review Act. Some Chapters are also promulgated pursuant to other, more specific statutory authority, as specified in such Chapters.
(b) This Chapter provides for matters that apply generally to money transmission and supplies general information that is basic and common to the balance of these Regulations.
(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. 16-3-101.
(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.
(b) Excluding any terms that are otherwise defined in this or any other Chapter, the definitions set forth in W.S. 40-22-102 are incorporated into this Chapter by this reference.
(a) Whenever any document or other material is required to be served on, filed with or otherwise delivered to the Commissioner, such service, filing or delivery shall be made upon him personally, or in the absence of the Commissioner, upon the acting Commissioner.
(b) Whenever any document or other material is required to be served on or otherwise delivered to a party in connection with proceedings before the Commissioner, such service or delivery shall be made:
(i) If such party is represented by counsel who has filed a notice of appearance in accordance with Section 2 of Chapter 5, then upon such counsel;
(ii) If such party is an entity or a group of individuals and is not represented by counsel, then upon the agent designated by such party for service of process; or
(iii) In all other circumstances, upon such party.
(c) Whenever any document or other material is required to be served on, filed with or otherwise delivered to any other person, such service, filing or delivery shall be made in any manner permitted under the Wyoming Rules of Civil Procedure for service of process.
(d) Unless expressly provided in the Wyoming Money Transmitters Act or these Regulations, any notice or other written communication may be delivered by certified mail or by any reputable, nationwide overnight courier service that obtains the signature of the person to whom delivery is made and that retains records of delivery.
(a) Pursuant to W.S. 40-22-117, W.S. 9-1-512 and W.S. 16-4-203(a)(i), reports issued by the Commissioner, materials relating to examinations and reports and other records required of a money transmitter are not public records and are not open for public inspection, subject to the exceptions provided in W.S. 16-4-203(a) and W.S. 40-22-117(b). In connection with proceedings under Chapters 5, 6 and 7, the information obtained by or provided to the Commissioner and/or the Division is confidential both because the Commissioner's future ability to obtain the information necessary to discharge his statutory duties in light of the public interest would be substantially and irretrievably impaired and because, given the nature of the information gained by the Commissioner, its public release would cause substantial harm to the competitive positions of the persons providing the information, of the applicant and of the proposed institution.
(b) Upon written request to the Commissioner, any person may inspect public records possessed by the Division, subject to and only to the extent permitted under the Wyoming Public Records Act. Information that is not subject to public inspection under the Wyoming Public Records Act shall not be made available for public inspection.
(c) Inspection of public records shall take place in the Division's offices during regular business hours. Only the Commissioner or other Division employees may remove public records from the Division's offices. A person desiring photocopies of all or part of a public record shall make such request in writing and, as required by W.S. 16-4-204, shall pay the Division's then-prevailing charges for such copies and for the services of Division employees in complying with such request and supervising such compliance.
In computing any time period prescribed by these Regulations, the day of the act or event from which the time period begins to run shall not be included. The last day of the period so computed shall be included, unless it is a legal holiday, in which event the period runs until the end of the next day which is not a legal holiday. When the period is less than eleven (11) days, legal holidays shall be excluded in the computation.
(a) Unless the content clearly indicates otherwise, this Chapter applies to all Chapters.
(b) To aid readability, these Regulations use the masculine gender when referring to individuals and use the neuter gender when referring to non-individuals. Words expressed using one gender include the other genders.
(c) Unless the context clearly indicates otherwise, these Regulations shall be construed by the following rules:
(i) Words and phrases shall be taken in their ordinary and usual sense, but technical words and phrases having a peculiar and appropriate meaning in law or in the money transmitter industry shall be understood according to their technical import.
(ii) Reference to 'the Wyoming Statutes' or the abbreviation 'W.S.' means the Wyoming Statutes as published from time to time and, pending reduction to published form and subject to applicable effective dates, all supplements, additions and other modifications enacted by the Legislature of the State of Wyoming. Reference to a named act or rule shall be treated correspondingly.
(iii) These rules shall be construed consistently with W.S. 8-1-103.
(d) Reference to a particular Section without indication of the Chapter in which it is found refers to the applicable Section in the same Chapter as the reference is found.
(e) Reference to a particular Chapter without indication of the body of regulations in which it is found refers to the applicable Chapter in these Regulations.
(f) Use of the term “includes” or “including” means that the list of items is not exhaustive but instead is illustrative.
(g) Reference to any particular rule (whether of practice, procedure or otherwise), section, code or act means such rule, section, code or act (whether statutory, regulatory or otherwise) as the same may be amended, re-codified, relocated or otherwise modified from time to time.