Bill No.: HB0169 Drafter:
LSO No.: 09LSO-0299 Effective Date: 7/1/2009
Enrolled Act No.: HEA0095
Chapter No.: 184
Prime Sponsor: Joint Minerals, Business and Economic
Development Interim Committee
Catch Title: Mortgage
Subject: Mortgage loan
- These changes to the Wyoming Residential Mortgage Practices Act and
the Uniform Consumer Credit Code are necessary to comply with new federal
requirements enacted in 2008.
- Provides for surety bonds under both acts.
- Requires coordination with and regular reporting to the nationwide
mortgage licensing system and registry.
- Requires licensing for mortgage loan originators or persons who
for compensation take a residential mortgage loan application or offer or
negotiate the terms of a residential mortgage loan and provides for some
exceptions from the licensing.
- Requires the registration of mortgage loan and loan originators.
- Provides for processing mortgage loan and loan originator
- Provides for confidentiality of applications.
- Requires testing of mortgage loan & loan originators prior to
- Provides for pre-licensing education and continuing education.
- Provides for standards for license renewal.
- Provides for enforcement of these provisions.
- Provides for rulemaking authority to cover unique identifiers for
the mortgage loan and loan originators.
- Provides conforming changes to existing statues.
- Requires fees for licensing.
- Repeals a license exemption for persons employed by or under contract
with a licensee on a full-time basis or persons who are employed by or
under contract with not more than 1 licensee on a part-time basis provided
that any fees paid by borrowers are paid to the licensee or exempt entity
and not to any employee or person under contract.
· Amends major program – Amends the Wyoming Residential Mortgage Practices Act and the
Uniform Consumer Credit Code.
Final action on this bill was not
taken at the time this summary was prepared. Should changes be made to the
bill upon final passage, an updated summary will be transmitted to all