Section 5-5 - Surety Bond (a) Pursuant to W.S. 40-14-637, any organization employing or contracting with a mortgage loan originator shall obtain an initial surety bond in the amount of twenty five thousand dollars ($25,000.00). Annually thereafter and prior to January 31 of each year, the bond amount shall be adjusted based upon the total volume of residential mortgage loan business under the Code conducted by mortgage loan originators during the previous calendar year according to the following scale: - (i) If the total volume of Wyoming residential mortgage loan business under the Code conducted by mortgage loan originators was equal to or less than three million dollars ($3,000,000.00), the amount of the bond shall be twenty-five thousand dollars ($25,000.00).
- (ii) If the total volume of Wyoming residential mortgage loan business under the Code conducted by mortgage loan originators was greater than three million dollars ($3,000,000.00) but less than ten million dollars ($10,000,000.00) the amount of the bond shall be fifty thousand dollars ($50,000.00).
- (iii) If the total volume of Wyoming residential mortgage loan business under the Code conducted by mortgage loan originators was equal to or greater than ten million dollars ($10,000,000.00) the amount of the bond shall be one hundred thousand dollars ($100,000.00).