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WBK Industry News - State Regulatory Developments

Wyoming Adopts Provisions Regarding UCCC Licensing Fees

The Wyoming Department of Audit, Division of Banking recently adopted provisions regarding licensing fees under the Wyoming Uniform Consumer Credit Code (UCCC) in order to cover the cost of processing UCCC licensing applications through the NMLS. The provisions became effective on February 22, 2017.

For supervised lenders, as well as pawnbrokers, post-dated check cashers and sales finance companies, the new provisions increase the processing fee for the first license (principal license) from $150 to $300; require an additional processing fee of $150 for each additional license (branch license); require a $50 initial license fee for each license obtained; increase the license modification fee assessed when a licensee moves an office to another location from $25 to $50; and increase the annual license renewal fee from $25 to $50, plus any fees assessed by the NMLS. The new provisions also amend both the mortgage loan originator license fee and mortgage loan originator license renewal fee from $150 fees to fees of $120, plus any fees assessed by the NMLS. Finally, the new provisions remove language that is no longer necessary relating to the adoption of the Federal Consumer Protection Act and Regulation Z as of a specific date (as UCCC statutory language now provides for immediate adoption of such changes), and update certain definitions and other antiquated language.

A copy of the new provisions can be viewed here: http://wyomingbankingdivision.wyo.gov/home/areas-of-regulation/uniform-consumer-credit-code/proposed-rules.