Every contract seller shall post with the insurance
commissioner a surety bond in an amount of not less than five percent (5%) of
all amounts received from all contract buyers or their representatives, whether
deposited or invested, such amount to be determined as of the December 31st of
the year next preceding, or such greater amount which the contract seller may
wish to post, but in no event less than $10,000. The amount of such bond may
not be reduced without the prior written approval of the commissioner. The
State of Wyoming shall be named as the obligee in such bond for the benefit of
the contract buyers, their heirs, legatees or assigns who are damaged by the
loss of any monies paid to the contract seller after their receipt by the
contract seller. This bond may consist of cash, demand deposits, savings
accounts, certificates of deposit or a corporate surety bond or other such
security as the insurance commissioner shall require.
