§ 33-11-108 — Bond required for license; terms, conditions and execution; amount; notice to surety; new bond

Wyoming § 33-11-108

• Jurisdiction: Wyoming
• Title 33: Professions and Occupations
• Ch. 11: COLLECTION AGENCIES

Text

(a) The applicant shall be notified when the application
is approved. Within twenty (20) days after notification, the
applicant shall file and thereafter maintain a deposit with the
state treasurer or a bond as required by this act. The license
shall be issued upon approval of the bond by the board and the
attorney general. The bond shall be issued by a surety company
licensed and authorized to do business in Wyoming, in the sum of
ten thousand dollars ($10,000.00) and shall run to the state of
Wyoming and to any party who may be a claimant. The bond shall
be executed and acknowledged by the applicant as principal. The
applicant may satisfy the bond requirement of this section by
depositing with the state treasurer ten thousand dollars
($10,000.00) cash.
(b) The bond shall be conditioned that the principal, as a
licensee under this act, shall pay and turn over to or for the
use of any claimant from whom any debt is taken or received for
collection, the proceeds of such collection less the charges for
collection in accordance with the terms of the agreement made
between the principal and the claimant.
(c) The bond shall cover all debts placed with the
licensee for collection. Any claim under the bond shall be
presented to the board. The board shall promptly notify the
surety. If the surety fails to pay or settle the claim within
thirty (30) days after notice from the board, the claimant may
bring suit on the bond in the claimant's own name. The aggregate
liability of the surety for any and all claims which may arise
under the bond shall in no event exceed the amount of the
penalty of the bond.
(d) A licensee may file a new bond with the board at any
time. A surety company may file with the board notice of its
withdrawal as surety of any licensee. Upon the filing of a new
bond or a notice of withdrawal, the liability of the former
surety for all future acts of the licensee shall terminate
except as provided in W.S. 33-11-109.
(e) Upon filing notice with the board by any surety
company of its withdrawal as the surety of any licensee, or upon
the revocation by the insurance commissioner of the authority of
any surety company to transact business in this state, the board
shall immediately give notice to the licensee of the withdrawal
or revocation. Within thirty (30) days from the date of
notification the licensee shall file a new bond with the board.
If a licensee fails to file a new bond satisfactory to the board
within the time allowed, the right of the licensee to conduct a
collection agency shall terminate.