§ 33-39-203 — Registration required

(a) No person shall engage in the business or act in the
capacity of an appraisal management company regarding property
located in this state without an active Wyoming registration
unless exempted from this article. Any person who engages in
the business or acts in the capacity of an appraisal management
company regarding property located in this state has thereby
submitted to the jurisdiction of the state of Wyoming and to the
administrative jurisdiction of the board, and shall be subject
to all penalties and remedies available under Wyoming law for
any violation of this chapter.
(b) It is unlawful for a person to directly or indirectly
engage or attempt to engage in business as an appraisal
management company, to directly or indirectly engage or attempt
to perform appraisal management services, or to advertise or
hold itself out as engaging in or conducting business as an
appraisal management company regarding property located in this
state without first obtaining a registration issued by the board
under the provisions of this article, regardless of the entity's
use of the term "appraisal management company", "mortgage
technology company" or any other name.
(c) The registration application required by subsection
(a) of this section shall, at a minimum, include the following
information:
(i) The name, business address and phone contact
information of the person seeking registration;
(ii) If the person is not domiciled in this state,
the name and contact information for the person's agent for
service of process in this state;
(iii) The name, address and contact information for
any individual or any corporation, partnership or other business
entity that owns ten percent (10%) or more of the appraisal
management company;
(iv) The name, address and contact information for
the designated contact person;
(v) A certification that the appraisal management
company complies with this article;
(vi) Any other information reasonably required by the
board for the registration required by subsection (a) of this
section; and
(vii) Evidence of a surety bond with one (1) or more
corporate sureties authorized to do business in this state or an
irrevocable letter of credit issued by an insured institution in
the amount of twenty-five thousand dollars ($25,000.00), subject
to the following:
(A) The surety bond or letter of credit required
under this paragraph shall be conditioned that the applicant
pays:
(I) All amounts owing to persons who
perform real estate appraisal services for the appraisal
management company; and
(II) All amounts adjudged against the
appraisal management company by reason of negligent or improper
real estate appraisal services or appraisal management services
or breach of contract in performing real estate appraisal
services or appraisal management services.
(B) The surety bond or letter of credit shall
require the surety company to provide written notice to the
board by registered or certified mail at least thirty (30) days
before the surety company cancels or revokes the bond, and
within thirty (30) days after the surety company pays for a loss
under the bond;
(C) The surety bond or letter of credit required
by this section shall be continuously on file with the board in
the amount of twenty-five thousand dollars ($25,000.00) and is
for the exclusive purpose of payment of the obligations listed
in subparagraph (A) of this section. Upon termination or
cancellation of the bond or reduction of the bond or letter of
credit to less than twenty-five thousand dollars ($25,000.00), a
registered appraisal management company shall:
(I) File a replacement bond or letter of
credit within the time period established by the board by rule;
or
(II) Surrender the company's registration
to the board and cease operating as an appraisal management
company.
(D) Any person damaged by an appraisal
management company's failure to pay an obligation listed in
subparagraph (A) of this section has a right of action against
the bond. An action against the bond shall be commenced in a
court of competent jurisdiction within one (1) year after the
appraisal management company fails to pay the amount owing or
the amount adjudged against the appraisal management company;
(E) Termination or cancellation of the surety
bond or letter of credit required by this section shall not
terminate, cancel or limit the liability of the issuer of the
surety bond or letter of credit for any and all claims against
the surety bond or letter of credit to satisfy a final order of
a court of competent jurisdiction in an action that was
commenced prior to the cancellation of the surety bond or letter
of credit.