§ 40-23-107 — Application for license to do business as a mortgage lender or mortgage broker

Wyoming § 40-23-107

• Jurisdiction: Wyoming
• Title 40: Trade and Commerce
• Ch. 23: WYOMING RESIDENTIAL MORTGAGE PRACTICES ACT

Text

(a) The commissioner shall receive and act on all
applications for licenses to do business as a mortgage lender or
mortgage broker. Applications shall be filed in the manner
prescribed by the commissioner, shall contain such information
as prescribed by the commissioner, shall be updated as
prescribed by the commissioner to keep the information current,
and shall be accompanied by an application fee not to exceed one
thousand dollars ($1,000.00) for the home office location and an
amount not to exceed one hundred dollars ($100.00) for each
additional location, as set by rule of the commissioner. When
an application for licensure is denied or withdrawn, the
commissioner shall retain all fees paid by the applicant.
(b) An application for license may be granted if the
commissioner finds:
(i) The financial responsibility and experience,
character and fitness of the license applicant, of the owners or
persons in charge of the applicant and individuals designated in
charge of the applicant's places of business, are such as to
warrant belief that the business will be operated honestly and
fairly within the purposes of this act;
(ii) The applicant has not been convicted of, pled
guilty or nolo contendere to, a felony in a domestic, foreign or
military court during the seven (7) year period preceding the
date of the application for licensing, or at any time preceding
such date of application if such felony involved an act of
fraud, dishonesty, breach of trust or money laundering;
(iii) The applicant has not been the subject of any
administrative action or enforcement proceeding by any state or
federal government agency involving the revocation of any
license or authority substantially equivalent to a license under
this act;
(iv) The applicant has not filed an application for a
license which is false or misleading with respect to any
material fact;
(v) Repealed By Laws 2008, Ch. 76, § 2.
(vi) The applicant has provided information on the
application as required by the commissioner pursuant to
subsection (a) of this section; and
(vii) The applicant has not been convicted of, pled
guilty or nolo contendere to a misdemeanor in a domestic,
foreign or military court involving an act of fraud, dishonesty,
breach of trust or money laundering.
(c) The commissioner is empowered to conduct
investigations as deemed necessary to determine the existence of
the requirements in subsection (b) of this section.
(d) Upon written request, an applicant is entitled to a
hearing on the question of his qualifications for a license if:
(i) The commissioner has notified the applicant in
writing that his application has been denied, or objections to
the application have been filed with the commissioner;
(ii) The commissioner has not issued a license within
sixty (60) days after a complete application for the license was
filed.
(e) If a hearing is held, the applicant and those filing
objections shall reimburse, pro rata, the commissioner for his
reasonable and necessary expenses incurred as a result of the
hearing. Notwithstanding any provision under the Wyoming
Administrative Procedure Act, a request for hearing shall not be
made more than fifteen (15) days after the applicant has
received notification by certified mail that the application has
been denied and stating in substance the commissioner’s finding
supporting denial of the application or that objections have
been filed and the substance thereof.
(f) Every licensee shall license and maintain a home
office as a principal location for the transaction of mortgage
business. A separate license shall be required for each place
of business from which mortgage brokering activities or mortgage
lending activities are directly or indirectly conducted. The
commissioner may issue additional licenses to the same applicant
upon compliance with all the provisions of this act governing
the issuance of a single license. Each license shall remain in
full force and effect unless the licensee does not satisfy the
renewal requirements of W.S. 40-23-109, or the license is
relinquished, suspended or revoked. Licenses shall be
terminated upon the relinquishment or revocation of a home
office license.
(g) No licensee shall change the location of any place of
business, consolidate two (2) or more locations, open a new
location or close any location, without giving the commissioner
prior written notice and paying a license modification fee not
to exceed one hundred dollars ($100.00) as set by rule of the
commissioner.
(h) A licensee shall not engage in the business of making
or brokering residential mortgage loans at any place of business
for which he does not hold a license nor shall he engage in
business under any other name than that on the license without
the approval of the commissioner.
(j) The commissioner may suspend action upon a license
application pending resolution of any criminal charges, before
any court of competent jurisdiction, against an applicant which
would disqualify that applicant if convicted.
(k) An applicant shall make complete disclosure of all
information required in the application, including information
concerning officers, directors, partners, members, managers or
employees.