Wyo. Code R. 021-0006-2
Chapter 2: Mortgage Lender/Broker Licensing; Surety Bond; Prepayment Penalty Disclosure Form
Effective Date: 12/30/2009 to Current
Rule Type: Current Rules & Regulations
Reference Number: 021.0006.2.12302009
(a) Each applicant for a mortgage lender/broker shall provide all of the information required on the license application form prescribed by the Commissioner, as applicable.
(b) An application to obtain a mortgage lender/broker license pursuant to W.S. 40-23-107 shall be considered “filed” only after all information and appropriate processing fees required by the Commissioner have been received by the Commissioner.
(c) An application for a license is a continuing obligation up until approval and issuing of the license applied for. If information in an application becomes inaccurate after filing, the applicant shall promptly notify the Commissioner.
(d) Pursuant to W.S. 40-23-110(a)(ii), effective January 1, 2010, an initial surety bond must be maintained by all licensees in the amount of twenty five thousand dollars ($25,000.00) until the first renewal date after the initial license is obtained. When renewing a license each year, the bond amount shall be adjusted based upon the volume of business under the act transacted during the previous calendar year according to the following scale:
(i) If the total volume of Wyoming loans made or brokered under the act was equal to or less than three million dollars ($3,000,000.00), the amount of the bond shall be twenty-five thousand dollars ($25,000.00).
(ii) If the total volume of loans Wyoming made or brokered under the act was greater than three million dollars ($3,000,000.00) but less than ten million dollars ($10,000,000.00), the amount of the bond shall be fifty thousand dollars ($50,000.00).
(iii) If the total volume of Wyoming loans made or brokered under the act was equal to or greater than ten million dollars ($10,000,000.00) the amount of the bond shall be one hundred thousand dollars ($100,000.00).
(a) Pursuant to W.S. 40-23-107(a), each filed application for one (1) or more licenses shall be accompanied by:
(i) A five hundred dollar ($500.00) application fee for the home office location; and (ii) An additional application fee of fifty dollars ($50.00) for each additional location.
(a) An application filed as a result of a change in control pursuant to W.S. 40-23-108 shall be accompanied by:
(i) A five hundred dollar ($500.00) application fee for the home office location; and
(ii) An additional application fee of fifty dollars ($50.00) for each additional location.
(a) The annual report required pursuant to W.S. 40-23-109 shall be accompanied by:
(i) A five hundred dollar ($500.00) renewal fee for the home office location; and
(ii) An additional renewal fee of fifty dollars ($50.00) for each additional location.
(a) Any modification required to a license pursuant to W.S. 40-23-107(g), shall be submitted with a fifty dollar ($50.00) license modification fee.
If a prepayment penalty may be a condition of a residential mortgage loan offered to a borrower, a disclosure notice in substantially the following form must be provided to the borrower pursuant to W.S. 40-23-113(a)(ii) and W.S. 40-23-115:
The loan that you are applying for contains a PREPAYMENT PENALTY provision. If you pay off or refinance this loan before __ (date) ____, you will be assessed a PREPAYMENT PENALTY calculated according the following formula:
(complete explanation of the prepayment penalty calculation)
Do not sign this document unless you fully understand and accept the prepayment penalty provision of this loan.
Applicant ____ Date ____
Applicant ____ Date ____