Bill No.: SF0044                  Drafter:  MRW

LSO No.:  08LSO-0049              Effective Date:  7/1/2008

Enrolled Act No.:  SEA0047

Chapter No.:       <chptnum>

Prime Sponsor:     Joint Minerals, Business and Economic Development Interim Committee

Catch Title:       Residential Mortgages Practices Act.

Subject:  Residential Mortgages Practices Act.

Summary/Major Elements:

The Wyoming Residential Mortgages Practices Act was enacted in 2005.  This bill refines that act and addresses issues that have arisen since that date.

This act:

· Provides amendments to the Residential Mortgages Practices Act.

· Provides for restitution to the borrower for undisclosed or incorrectly disclosed fees.

· Requires background checks as determined necessary by the banking commissioner.

· Provides for fees for utilizing a nationwide database processing system.

· Modifies license expiration and renewal dates.

· Modifies bond requirements to cover any violation on the bond.

· Modifies disclosure requirements.

· Limits collection of certain fees and requires a redisclosure if the fee is increased by more than $1,000, unless the fees as a percentage of the mortgage loan amount does not change.

· Expands conditions to suspend or revoke a license.

· Repeals certain application and disclosure requirements.