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Can you summarize WYST Title 40, Chapter 22?
TRADE AND COMMERCE > WYOMING MONEY TRANSMITTERS ACT
Short Summary
The Wyoming Money Transmitters Act governs the business of money transmission in Wyoming. It defines various terms related to money transmission and regulates the sale or issuance of payment instruments, receipt of money or monetary value for transmission, and the use of monetary value as a medium of exchange. The act establishes permissible investments for licensees, outlines reporting requirements, and provides definitions for various terms including payment instruments, outstanding payment instruments, and virtual currency. The act requires license applicants or approved licensees to provide a security device to the commissioner and maintain permissible investments. It also outlines the application process for obtaining a license, including requirements for corporate and non-corporate applicants. The document mentions the commissioner’s authority to issue cease and desist orders, conduct examinations, and maintain confidentiality of certain information. The act also grants the commissioner the power to suspend or revoke licenses and designations of authorized delegates or subdelegates. The document outlines the requirements for license renewal and annual reporting. It also specifies the liability of licensees for money transmission conducted on behalf of others and the reporting obligations in case of certain events. The document further addresses the change of control requirements, administrative proceedings, and penalties for false statements or unlicensed activities. The commissioner is authorized to issue orders to show cause, consent orders, and civil penalties. The administrative proceedings are conducted in accordance with the Wyoming Administrative Procedure Act.
Whom does it apply to?
Entities engaged in the business of money transmission in Wyoming.
What does it govern?
The Wyoming Money Transmitters Act governs the business of money transmission in Wyoming.
What are exemptions?
The act does not apply to certain entities such as the United States or any of its departments, agencies, or instrumentalities; the United States post office; the state or any political subdivisions thereof; banks, credit unions, and other financial institutions that do not issue or sell payment instruments through non-bank entities; electronic transfer of government benefits by contractors on behalf of federal, state, or county governmental agencies; transactions involving virtual currency; and persons engaged in money transmission that do not meet the definition of a money services business.
What are the Penalties?
The specific penalties for non-compliance are not mentioned in the provided content.
Jurisdiction
Wyoming