The Wyoming Surety Bond for Mortgage Lenders and Brokers Bond ensures that the principle will abide by all Wyoming state laws and regulations along with the provisions outlined in Wyoming Residential Mortgage Practices Act (W.S. 40-23-101 through 40-23-133). In case of noncompliance, the bond also ensures that the principal will pay for all costs and damages.
The required bond amount is $25,000 plus $10,000 for each branch location.
The price for the bond also known as the bond premium is only a small fraction of the bond amount. The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.
Valid: Continuous – Renewable
This bond is continuous only until it is released by the Commissioner of Banking. If the bond is not terminated by the Commissioner, but it has been revoked, expired with license, or surrendered, it must remain in effect 2 years after that date.
All licensing fees are required by the obligee, not the surety company.