Wyo. Code R. 021-0006-3
Effective Date: 12/30/2009 to Current
Rule Type: Current Rules & Regulations
Reference Number: 021.0006.3.12302009
(a) Each mortgage loan originator 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 mortgage loan originator license pursuant to W.S. 40-23-125 shall be considered “filed” only after all information and appropriate processing fees required 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) A mortgage loan originator license is only active if the mortgage loan originator is sponsored by an exempt entity or a mortgage lender or mortgage broker licensed under the Wyoming Residential Mortgage Practices Act, and registered with the Nationwide Mortgage Licensing System. A mortgage loan originator can only be sponsored by and conduct business as a mortgage loan originator for only one company at any time.
Pursuant to W.S. 40-23-125(f), each application for a mortgage loan originator license shall be accompanied by a one hundred and fifty dollar ($150.00) application fee.
(a) Pursuant to W.S. 40-23-129(a)(iii), the mortgage loan originator license renewal fee shall be one hundred and fifty dollars ($150.00).
(b) Pursuant to W.S. 40-23-129(b) and W.S. 40-23-130(h), if any licensed mortgage loan originator fails to satisfy the requirements for renewal of their license by December 1, that license shall expire on December 31. The mortgage loan originator shall have until March 1 of the year immediately following the year the license expired to satisfy all of the renewal requirements under W.S. 40-23-129(a)(i), (ii) and (iii) and reinstate the license. Business as a mortgage loan originator may not be conducted after December 31 until such time as all of the renewal requirements have been satisfied and the license has been reinstated to active status on the Nationwide Mortgage Licensing
System. Failure to complete all of the renewal requirements by March 1 will result in final expiration of the license.
(a) Upon written request, an individual is entitled to a hearing to challenge any information relating to that individual entered onto the registry by the Commissioner if the individual has previously provided a written challenge to the Commissioner regarding such information and the Commissioner has provided a written response that the information being challenged will not be removed from the registry.
(b) Notwithstanding any provision under the Wyoming Administrative Procedure Act, a request for hearing shall not be made more than fifteen (15) days after the individual has received notification by certified mail that information being challenged will not be removed from the registry by the Commissioner and the supporting reasons for that decision.