§ 13-2-709 — Loan production offices; activities; notification; examination; name

Wyoming § 13-2-709

• Jurisdiction: Wyoming
• Title 13: Banks, Banking and Finance
• Ch. 2: ORGANIZATION OF BANKS
• Art. 7: STATEWIDE BRANCH BANKING

Text

(a) After notifying the commissioner, a bank may establish
and operate one (1) or more loan production offices. A loan
production office may conduct any of the following activities:
(i) Solicit loans on behalf of the bank or a branch
of the bank;
(ii) Assemble credit information;
(iii) Make property inspections and appraisals;
(iv) Secure title information;
(v) Prepare applications for loans, including making
recommendations with respect to action;
(vi) Solicit investors to purchase loans from the
bank and to contract with the bank for servicing of such loans;
and
(vii) Any other activity that federal authorities
have approved for a loan production office operated by a
national bank.
(b) A bank shall not accept deposits, originate deposits
or savings or checking accounts, approve loans or disburse loan
funds at a loan production office established pursuant to this
section.
(c) The notification to the commissioner shall include the
following information:
(i) The street address of the loan production office;
(ii) A general description of the area where the loan
production office will be located;
(iii) The proposed activities to be conducted at the
loan production office and the types of loans to be solicited at
the office.
(d) Each loan production office shall be subject to
examination and supervision by the commissioner in the same
manner and to the same extent as the bank. If the commissioner
determines that the loan production office is violating any
applicable law or that the operation of the loan production
office is adversely affecting the safety and soundness of the
bank, the commissioner may take any appropriate administrative
action authorized in this act.
(e) Nothing in this section shall prohibit a bank from
establishing and operating a loan production office in a state
other than Wyoming, provided that the bank complies with all
applicable provisions of Wyoming law, the law of the state where
the loan production office will be located and federal law.
(f) Every loan production office operating in this state,
including a loan production office operated by a federally
chartered financial institution or an out-of-state bank, shall
include the words "loan production office" in its title,
official documents, letterhead, advertisements, signs and any
other communications with its customers or the general public.