Audit, Dept. of

Residential Mortgage Practices

Chapter 2: Licensing Fees; Prepayment Penalty Disclosure Form

Effective Date: 07/26/2005 to 12/30/2009

Rule Type: Superceded Rules & Regulations

Reference Number: 021.0006.2.07262005

RULES AND REGULATIONS OF THE COMMISSIONER

CHAPTER 2 - LICENSING FEES; PREPAYMENT PENALTY DISCLOSURE FORM

Section 1. Application/Licensing.

(a) Each applicant shall provide all of the information required on the license application form prescribed by the Commissioner, as applicable. (b) An application to obtain a license 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 from the applicant. (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.

Section 2. Application Fee.

(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. (b) Funds submitted pursuant to this Section shall be made payable to the Department of Audit.

Section 3. Change in Control Fee.

(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.

(b) Funds submitted pursuant to this Section shall be made payable to the Department of Audit.

Section 4. License Renewal Fee and Annual Report.

(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.

(b) Funds submitted pursuant to this Section shall be made payable to the Department of Audit.

Section 5. License Modification Fee.

(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.

(b) Funds submitted pursuant to this Section shall be made payable to the Department of Audit.

Section 6. Prepayment Penalty Disclosure Form.

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):

IMPORTANT PREPAYMENT PENALTY DISCLOSURE

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 ___