Residential Mortgages Practices Act.

08LSO-0049.C1

FISCAL NOTE

No significant fiscal or personnel impact.

Assumptions:

The Division of Banking currently administers the Wyoming Residential Mortgage Practices Act and conducts periodic examinations of licensees to ensure compliance with the Act.  This bill alters and clarifies some of the requirements of licensees, but the examination function will not change and the revenue generated from these examinations will not change.

This bill allows the Division of Banking to participate in the nationwide mortgage licensing system and database.  Current license application fees are sufficient to cover the use of this system and application fees will not change

Prepared by:   Kelley Shepp, LSO  Phone: 777-7881

(Information provided by Jeffrey Vogel, Division of Banking  Phone:777-6998)