Wyoming Statutes
§ 40-23-116 — Trust accounts
All monies received from a borrower for payment of third party
provider services shall be deemed as held in trust immediately
upon receipt. All such trust funds shall be deposited, prior to
the end of the third business day following receipt of the
funds, in a trust account of a federally insured financial
institution. All trust account funds collected under this act
shall remain on deposit in a noninterest bearing trust account
until disbursement. The trust account shall be designated and
maintained for the benefit of borrowers. Monies maintained in
the trust account shall be exempt from execution, attachment or
garnishment. A mortgage lender or mortgage broker shall not in
any way encumber the corpus of the trust account or commingle
any other operating funds with trust account funds. Wi
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Nearby Sections
15
§ 40-23-101
Short title§ 40-23-102
Definitions§ 40-23-104
License requirements§ 40-23-105
Exemptions from license requirements§ 40-23-106
Initial licensing and compliance§ 40-23-108
Change in control of a licensee§ 40-23-109
License renewal and annual report§ 40-23-110
Surety bonds§ 40-23-111
Examinations and investigations§ 40-23-113
Disclosure of mortgage lender fees§ 40-23-114
Disclosure of mortgage broker fees§ 40-23-116
Trust accounts