§ 40-23-118 — License suspension or revocation

Wyoming § 40-23-118

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

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(a) The commissioner may suspend, not to exceed six (6)
months, or revoke a license if the commissioner finds:
(i) Any fact or condition exists that, if it had
existed at the time when the licensee applied for its license,
would have been grounds for denying the application;
(ii) The licensee violated any provision of this act
or any rule or order validly promulgated by the commissioner;
(iii) The licensee is conducting its business in an
unsafe or unsound manner;
(iv) The licensee refuses to permit the commissioner
to make any examination authorized by this act;
(v) The licensee willfully fails to make any report
required by this act;
(vi) The competence, experience, character or general
fitness of the licensee indicates that it is not in the public
interest to permit the licensee to continue to conduct business;
(vii) The bond of the licensee has been revoked,
cancelled, expired or otherwise is not effective;
(viii) The licensee or any partner, officer,
director, manager or employee of the licensee has been convicted
of a felony or misdemeanor involving any aspect of the mortgage
lending business, breach of trust, or fraudulent or dishonest
dealing;
(ix) The licensee or any partner, officer, director,
manager or employee of the licensee has had a license
substantially equivalent to a license under this act, and issued
by another state, denied, revoked or suspended under the laws of
that state;
(x) The licensee has filed an application for a
license which as of the date the license was issued, or as of
the date of an order denying, suspending or revoking a license,
was incomplete in any material respect or contained any
statement that was, in light of the circumstances under which it
was made, false or misleading with respect to any material fact.
(b) Notwithstanding any provision of the Wyoming
Administrative Procedure Act, if the commissioner finds that
probable cause for revocation of a license exists and that
enforcement of this act and the public interest require
immediate suspension of the license pending investigation, he
may, after a hearing upon five (5) days written notice, enter an
order suspending the license for not more than thirty (30) days.
(c) The commissioner may, in his discretion, reinstate a
license, terminate a suspension or grant a new license to a
person whose license has been revoked or suspended if no fact or
condition then exists which clearly would justify the
commissioner in refusing to grant a license.
(d) For purposes of this section, "licensee" shall also
mean a licensed mortgage loan originator pursuant to W.S.