Wyo. Code R. 031-0001-2
General Agency, Board or Commission Rules
Chapter 2: Licensing
Effective Date: 11/01/2023 to Current
Rule Type: Current Rules & Regulations
Reference Number: 031.0001.2.11012023
Section 1. Authority. The board is authorized under Wyoming Statute 33-11-106 and 33-11-107(d) to promulgate rules and regulations related to the licensing of collection agencies in Wyoming.
Section 2. Residency. All applicants must have an established office with a physical address in the State of Wyoming with a bona fide resident of Wyoming as qualified resident manager.
(a) Each application for a new or renewing collection agency license shall be submitted through the registry.
(b) In addition to any fees assessed by the registry, license fees payable to the Collection Agency Board are established as follows:
| (i) | New Agency License | $500.00 |
|---|---|---|
| (ii) | New Branch License | $500.00 |
| (iii) | Agency Renewal | $150.00 |
| (iv) | Branch Renewal | $150.00 |
(c) The license fee shall not be refunded for any reason.
(d) The applicant or licensee may submit the required surety bond or deposit, in accordance with W.S. 33-11-108, at the time of the application.
(a) Except as provided in subsection (b), each licensee shall maintain, at all times, a trust account for the benefit of its clients which shall contain, at all times, sufficient funds to pay all sums due or owed to clients. The trust account shall be maintained at a bank, savings and loan association, savings bank or credit union which is insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration, until disbursed to the creditor. Such account shall be clearly designated as a trust account and shall be used only for such purposes and not as an operating account. A deposit of all funds received to a trust account followed by a transfer of the agency share of the collection to an operating account is not a violation of this section.
(b) A license whose sole activity is to operate as a debt buyer as defined in W.S. 33-11-101(a)(xv) is exempt from the requirement to maintain a trust account on the following conditions:
(i) Verify at the time of initial application, on a form prescribed by the board, that the licensee's sole activity is a debt buyer defined in W.S. 33-11-101(a)(xv);
(ii) Verify annually at the time of renewal, on a form prescribed by the board, that the licensee's sole activity is a debt buyer as defined in W.S. 33-11-101(a)(xv).
(a) A person may be qualified as a resident manager for no more than fifteen (15) collection agencies in this state.
(b) To qualify as a new resident manager the applicant shall:
(i) Complete a resident manager application supplied by the board.
(ii) Pass an examination administered by the board.
(iii) For each time the applicant takes the examination, pay an examination fee of $100.00.
(iv) Have at least three years of experience in third-party collection business.
(v) Reimburse the board for its actual background investigations expenses not to exceed $50.00.
(vi) Demonstrate financial responsibility to the Board through a credit report or other verifiable means.
(c) No resident manager applicant will be allowed to take the examination more than twice in any six (6) month period.
(d) The board will be responsible for creating the examination and determining the passing grade.
(e) The results of the examination will be released to the applicant only.
(f) The Board will hold each resident manager personally responsible for the operation and the conduct of his or her employees.
(a) A complete and legible financial statement on a form supplied by the Board.
(b) Financial statements over six months old will not be accepted by the Board.
Section 7. Forms and Contracts. Every applicant for a new agency or branch license must submit with its application copies of templates of all standard client contracts and copies of all form letters used to communicate with consumers in the State of Wyoming. After licensing, any new forms reflecting a substantive change adopted for use shall be submitted to the Board with the applicant's next renewal.
Section 8. Branch Office. Branch offices shall meet full licensing requirements and comply with Chapter 2 of these rules.
Section 9. License Not Required. A license for a collection agency will not be required for any person or business whose only operation consists solely of a billing service done in the name of the client.
(a) Any licensee desiring to renew its collection agency license must submit the application for renewal through the registry during the renewal period of November 1 through December 1 each year. (b) Renewal applications submitted through the registry after December 1 shall be sanctioned according to the following schedule:
(i) Submitted December 2 through December 15: $250.00 (ii) Submitted December 16 through December 31: $750.00
(c) The sanction in subsection (b) of this section will be invoiced and must be paid through the registry before the renewal application will be processed. If the applicant accepts the sanction the application review member will review the application for substantive compliance with the Rules and Wyoming Collection Agency Act.
Section 11. Transfer. Licenses cannot be sold or transferred.