Wyo. Code R. 021-0004-7
Effective Date: 07/21/2003 to Current
Rule Type: Current Rules & Regulations
Reference Number: 021.0004.7.07212003
(a) As used in this Chapter:
(i) “Appeal period” means the period of seven (7) days after the date on which an ordered person receives a notice of intent.
(ii) “Notice date” means the date on which the petitioner is served with a notice of intent, which shall conclusively be the date shown on the return receipt or other reliable report of service.
(iii) “Order” means any order issued by the Commissioner under the authority of the Wyoming Money Transmitters Act including a penalty order and a temporary order.
(iv) “Ordered person” means a person who or which is the subject of an order and upon whom or which the order is to operate directly.
(v) “Penalty order” means an order, or such portion of an order, that imposes a civil monetary penalty.
(vi) “Petition” means the request for hearing that a petitioner may file pursuant to W.S. 40-22-111(c) and W.S. 40-22-128.
(vii) “Petitioner” means a person who files a petition. A petitioner may be an applicant for license, a license holder or an authorized delegate.
(viii) “Receipt date” means the date on which the Commissioner is served with a petition.
(ix) “Temporary order” means an order issued pursuant to W.S. 40-22-122.
(a) The Commissioner is empowered to issue orders under the enforcement article. All orders shall be in writing.
(b) All orders shall be delivered to the ordered person;
(i) By certified mail, addressed to the last known address of the ordered person, as shown on the records of the Division, or (ii) In the manner provided for service of process under the Wyoming Rules of Civil Procedure.
(c) Each order, other than a temporary cease and desist order, shall be accompanied by a notice of intent.
(d) Temporary orders and penalty orders shall be issued only upon principal actors.
(a) A notice of intent shall include the following:
(i) The name and street mailing address of each ordered person.
(ii) If the ordered person is an officer or director of a financial institution or a holding company, the name and street mailing address of the financial institution or a holding company with which he is affiliated.
(iii) The effective date of the order, unless specified in the proposed order.
(iv) If the order includes a penalty order or is issued simultaneously with a penalty order, a statement as to the amount of the civil penalty for each proscribed activity and the total amount of the civil penalty to be assessed (which total may be expressed as a maximum amount that will accrue daily for so long as the proscribed activity continues).
(v) A statement of the grounds for issuing the order, including citation to the statute or rule involved, if any.
(vi) A statement of the facts in support of the allegations contained in the grounds for issuing the order.
(vii) A statement informing the ordered person that it has the right to a hearing on the order before the Board in accordance with the Board Regulations and these Regulations and that failure to request a hearing within the appeal period will result in the order becoming final.
(viii) A copy of the proposed order.
(b) An order shall include:
(i) The name of the ordered person, identified with reasonable particularity, such as by residence address, social security number or employment status.
(ii) A brief statement, explaining the basis for the issuance of the order.
(iii) If applicable, the effective date of the order, which may be immediately upon issuance.
(iv) In the case of a cease and desist order, a statement directing the actor to discontinue the proscribed activity, directing it to correct the effects of or the steps leading to the proscribed activity, or both.
(v) In the case of a removal order, a statement describing the proscribed activity that requires the removal of the actor.
(vi) In the case of a temporary order, the determination by the Commissioner that the proscribed activity described in the proposed order poses an immediate threat to the safety and soundness of the financial institution or to the interests of the depositors, creditors or shareholders of the financial institution.
(vii) In the case of a penalty order, the determination by the Commissioner:
(A) That the actor has engaged in a proscribed activity or that the actor violated or failed to comply fully with any provision of a lawful order, and
(B) As to his consideration of the factors listed in W.S. 13-10-207(c).
(a) A proposed order shall become effective upon the later to occur of
(i) The date specified in the order;
(ii) The date of the order, if no effective date is specified in the order;
(iii) The date on which the order is delivered to the ordered person, if no effective date is specified in the order and the order is undated.