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Financial Services Law Insights and Observations

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  • Wyoming passes consumer lending act

    Earlier this year, the Wyoming governor signed HB 8 to authorize sales-finance activities for some licensees and establish procedures and calculations for refunding certain credit-insurance products upon prepayment. Among other things, this act exempts certain supervised financial institutions from certain notice and fee requirements in the Wyoming Uniform Consumer Credit Code (the Code) and generally restructures the Code to repeal statutes for consumer-related and supervised loans, consolidating the provisions for those loans into existing laws for consumer loans. Regarding the MLA, the act authorizes that “the administrator may seek an appropriate remedy, penalty, action or license revocation or suspension.” This act is effective July 1.

    Licensing State Issues State Legislation MLA Consumer Lending Wyoming

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  • Wyoming executive order instructing cooperation with federal agencies to implement Emergency Rental Assistance Program

    State Issues

    On February 8, the governor of Wyoming issued Executive Order 2021-02, which instructs the Wyoming Department of Family Services (WDFS) to prepare for the implementation of the federal Emergency Rental Assistance Program (ERAP.)  Section (b) specifically charges WDFS to enter into “formal or informal” cooperative agreements with any necessary federal agency, including the Department of Housing and Urban Development, for “information-sharing, planning, and technical assistance” related to rolling out ERAP.

    State Issues Covid-19 Wyoming Mortgages

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  • Wyoming secretary of state announces temporary remote notarization

    State Issues

    On March 24, Wyoming’s secretary of state issued guidance on temporary remote notarization as a result of Covid-19. The guidance encourages Wyoming-based notaries that intend to perform remote online notarial acts to undergo training from remote notarization providers approved by contiguous states, and use that provider’s technology standards and security features. Approved contiguous providers include: CSC Global, Figure Technologies, Nexsys, NotaryCam, SafeDocs, Simplifile (for IPEN only), DocVerify, Jetexas Information Technovation, Notarize, Pavaso, SIGNiX, and World Wide Notary.

    State Issues Covid-19 Wyoming Notary Fintech

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