§ 40-19-114 — License required; application for license; fee; qualifications

Wyoming § 40-19-114

• Jurisdiction: Wyoming
• Title 40: Trade and Commerce
• Ch. 19: CONSUMER RENTAL PURCHASE AGREEMENT ACT

Text

(a) Any person acting as a merchant, as defined by W.S.
40-19-102(a)(viii), in this state shall be licensed with a
single statewide license to conduct such business under this
section.
(b) The commissioner shall receive and act on all
applications for licenses required under this act. Applications
shall be filed in the manner prescribed by the commissioner and
shall contain the information the commissioner requires by rule
to make an investigation and evaluation of the financial
responsibility, experience and business qualification of the
applicant, and of the partners or members if the applicant is a
partnership or association, and of the principal officers and
directors if the applicant is a corporation, such as to warrant
belief that the business will be operated honestly and fairly
within the purposes of this act.
(c) The application for one (1) or more licenses shall be
accompanied by a processing fee not to exceed five hundred
dollars ($500.00) set by rule of the commissioner. The fee shall
be deposited by the commissioner with the state treasurer and
credited to the financial institutions administration account.
Funds from the account shall be expended to carry out the duties
of the commissioner. If the expenses of the investigation and
evaluation exceed the amount of the fee, the applicant shall
reimburse the commissioner the excess amount. If the expenses of
the investigation and evaluation are less than the amount of the
fee, the unexpended amount shall remain within the account. If
an application is withdrawn by the applicant at any time prior
to the completion of the investigation and evaluation, the
unexpended amount shall remain within the account.
(d) Except as otherwise provided, fees collected by the
commissioner under this act shall be deposited by the
commissioner with the state treasurer and credited to the
financial institutions administration account. Expenditures
shall be made from the account by warrants drawn by the state
auditor, upon vouchers issued and signed by the commissioner.
The funds deposited in the account under this act shall be
expended only to carry out the duties of the commissioner.
(e) The applicant shall be notified when the application
is approved. Within twenty (20) days after notification, the
applicant shall pay an initial license fee that shall include
only the following:
(i) An amount not to exceed five hundred dollars
($500.00) for each place of business which is a physical
location, as set by rule of the commissioner;
(ii) An amount not to exceed one thousand dollars
($1,000.00) if the applicant displays or offers rental-purchase
property through an independent third-party retailer location
regardless of the number of independent third-party retailer
locations, as set by rule of the commissioner; and
(iii) An amount not to exceed five hundred dollars
($500.00) if the applicant has a place of business that is an
online presence, and the applicant is not subject to the amounts
in paragraphs (i) or (ii) of this subsection.
(f) Each place of business, including online presence, and
independent third-party retailer location as of the time of
application shall be disclosed in the application to the
commissioner, provided that the independent third-party retailer
locations may be deemed confidential business information and
not subject to public disclosure.
(g) Each license shall state the primary address from
which the business is to be conducted and the name of the
licensee. The license shall be prominently displayed at each
place of business of the licensee that is a physical location
open to consumers. If the licensee has no physical location that
is a place of business open to consumers, the license number
shall be clearly displayed at the online presence of the
licensee. The license shall not be transferable or assignable.
(h) If a licensee wishes to move the primary address
listed on the license to another location, the licensee shall:
(i) Give written notice to the commissioner at least
thirty (30) days prior to the move; and
(ii) Pay a license modification fee not to exceed one
hundred dollars ($100.00), as set by rule of the commissioner.
(j) Each license issued under this section shall expire on
December 31. The license shall be renewed annually not less
than thirty (30) days before the expiration date by submitting a
request for renewal on a form designated by the commissioner.
The licensee shall pay a renewal fee that shall only include the
following:
(i) An amount not to exceed five hundred dollars
($500.00) for each place of business which is a physical
location, as set by rule of the commissioner;
(ii) An amount not to exceed one thousand dollars
($1,000.00) if the applicant displays or offers rental purchase
property through an independent third-party retailer location
regardless of the number of independent third-party retailer
locations, as set by rule of the commissioner; and
(iii) An amount not to exceed five hundred dollars
($500.00) if the applicant has an online presence that is a
place of business, and the applicant is not subject to the
amounts in paragraph (i) or (ii) of this subsection.
(k) Any fee charged and collected under this section shall
be in accordance with W.S. 13-1-603(d) through (f).