§ 40-23-110 — Surety bonds

(a) All licensees shall maintain a surety bond to the
state of Wyoming in accordance with this section. The surety
bond shall be used to cover individual loan originators employed
or under contract with a licensee. The bond to be maintained
shall be in the amount:
(i) Until December 31, 2009, of twenty-five thousand
dollars ($25,000.00). This amount shall be increased by an
additional sum of ten thousand dollars ($10,000.00) for each
licensed office;
(ii) Effective January 1, 2010, as established by
rule of the commissioner based upon the volume of business
activity transacted by the licensee under this act.
(b) The surety bond shall be a continuing obligation of
the issuing surety. The surety's liability under the bond for
any claims made under the bond either individually or in the
aggregate shall in no event exceed the face amount of the bond
issued. The bond shall be issued by a surety authorized to do
business in the state of Wyoming. The bond, including any and
all riders and endorsements executed subsequent to the effective
date of the bond, shall be placed on file with the commissioner.
(c) In the event that a licensee or person employed by or
under contract with a licensee has violated any of the
provisions of this act or of a rule or order lawfully made
pursuant to this act, or federal law or regulation pertaining to
the mortgage lending or mortgage brokering, and has damaged any
person by such violation, then the bond shall be forfeited and
paid by the surety to the state of Wyoming for the benefit of
any person so damaged, in an amount sufficient to satisfy the
violation or the bond in its entirety if the violation exceeds
the amount of the bond.
(d) Surety bonds shall remain effective continuously until
released in writing by the commissioner. If a bond has not been
previously released by the commissioner, the bond shall expire
two (2) years after the date of the surrender, revocation or
expiration of the license.