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The following questions have been asked
regarding licensing mortgage lenders and brokers:
Question:
When do I have to obtain a license?
Answer:
Any person or entity engaged in mortgage lending or
brokering activities in
Wyoming
will need to obtain a license prior to
engaging in business governed by the Wyoming Residential
Mortgage Practices Act (the Act).
Question:
When do I have to start complying with the requirements
of the Act?
Answer:
Compliance with all of the provisions of the Act is
mandatory beginning
July 1, 2005
.
Question:
Do I need to obtain a new license if I already hold a
Supervised Lender license?
Answer:
Yes. The
Supervised Lender license only authorizes a lender to make
loans under the Wyoming Uniform Consumer Credit Code, which
governs all consumer loans except first lien mortgage
transactions. First
lien mortgage lenders and brokers now have to be licensed
under the Residential Mortgage Practices Act.
Any person or entity engaged in activities under both
laws must hold both licenses.
The Wyoming Residential Mortgage
Practices Act governs only first real estate mortgage
transactions. Second mortgage (or any junior lien)
transactions are governed under the Wyoming Uniform Consumer
Credit Code and a Supervised Lender license may be needed for
lenders engaged in this type of lending. Please contact
our office if you have any questions.
Question:
Am I required to have a physical location in
Wyoming in order to transact
business?
Answer: No. Out-of-state
lenders can do business with Wyoming consumers but must be
properly licensed.
Question: Do I need
to obtain a license if I operate via the Internet?
Answer: Yes. Other
than the specific exemptions listed under W.S. 40-23-105, the
act applies to persons engaged in first lien mortgage lending
and brokering activities with Wyoming residents through any
medium.
Printable version of the questions
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