031-2 Wyo. Code R. §§ 2-4 - Trust Accounts, Exceptions

(a) Except as provided in subsection (b), each licensee shall maintain, at all times, a trust account for the benefit of its clients which shall contain, at all times, sufficient funds to pay all sums due or owed to clients. The trust account shall be maintained at a bank, savings and loan association, savings bank or credit union which is insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration, until disbursed to the creditor. Such account shall be clearly designated as a trust account and shall be used only for such purposes and not as an operating account. A deposit of all funds received to a trust account followed by a transfer of the agency share of the collection to an operating account is not a violation of this section.

(b) A license whose sole activity is to operate as a debt buyer as defined in W.S. 33-11-101(a)(xv) is exempt from the requirement to maintain a trust account on the following conditions:

(i) Verify at the time of initial application, on a form prescribed by the board, that the licensee's sole activity is a debt buyer defined in W.S. 33-11-101(a)(xv);

(ii) Verify annually at the time of renewal, on a form prescribed by the board, that the licensee's sole activity is a debt buyer as defined in W.S. 33-11-101(a)(xv).

Notes

031-2 Wyo. Code R. §§ 2-4

Amended, Eff. 10/25/2018. Amended, Eff. 10/24/2022. Amended, Eff. 11/1/2023.