Bill No.:                     HB0061                                 Drafter:  MDO

LSO No.:                   13LSO-0085                         Effective Date:  7/1/2013

Enrolled Act No.:    HEA0009

Chapter No.:                        CH0027

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

Catch Title:              Banking division-nationwide licensing system.

Subject:

· This bill allows the Banking Division of the Department of Audit to utilize a nationwide licensing system (a/k/a NMLS) as a tool in the processing of license applications for licenses issued by the Division under the Wyoming Uniform Consumer Credit Code and the Wyoming Money Transmitters Act.

· This bill authorizes the Division to require criminal and financial background checks for applicants to use in its evaluation for granting a license to applicants after the effective date of the act.

· License applications may be submitted through the NMLS which provides uniform application processing functions for all states and also provides a tracking mechanism for states to share information regarding current and former licensees.

· Once the NMLS has compiled all of the information necessary on a license application, the information is forwarded to the Division for final review and approval or denial.  The Division can also review information contained on the registry about each applicant who previously has been licensed in any state to determine if any agency has ever taken any regulatory action against that person or entity.