Wyo. Stat. § 40-22-102
Current through the 2023 Legislative Session
(a) As used in this act:
(i) “Applicant” means a person filing an application for a license;
(ii) “Authorized delegate” means an entity designated by the licensee to engage in the business of money transmission on behalf of a licensee;
(iii) “Commissioner” means the state banking commissioner;
(iv) “Control” means the power to vote or ownership of twenty-five percent (25%) or more of the outstanding voting securities of a licensee or controlling person. To determine the percentage of a licensee controlled by any person, there shall be aggregated with the person’s interest the interest of any other person controlled by such person or by any spouse, parent or child of the person;
(v) “Controlling person” means any person in control of a licensee;
(vi) “Division” means the division of banking;
(vii) Repealed by Laws 2021, ch. 61, § 2.
(viii) “Executive officer” means the licensee’s president, chairman of the executive committee, senior officer responsible for the licensee’s business, chief financial officer and any other person who performs similar functions;
(ix) “Key shareholder” means any person, or group of persons acting in concert, who is the owner of twenty-five percent (25%) or more of any voting class of an applicant’s stock;
(x) “Licensee” means a person licensed under this act;
(xi) “Material litigation” means any litigation that according to generally accepted accounting principles, is deemed significant to an applicant’s or licensee’s financial health and is referenced in the applicant’s or licensee’s annual audited financial statements, report to shareholders or similar documents;
(xii) “Monetary value” means a medium of exchange whether or not redeemable in money;
(xiii) “Money transmission” means to engage in business to sell or issue payment instruments or receive money or monetary value for transmission to a location within or outside the United States by any and all means, including but not limited to wire, facsimile or electronic transfer;
(xiv) “Outstanding payment instrument” means any payment instrument issued by the licensee which has been sold in the United States directly by the licensee or any payment instrument issued by the licensee which has been sold by an authorized delegate or subdelegate of the licensee in the United States, which has been reported to the licensee as having been sold and which has not yet been paid by or for the licensee;
(xv) “Payment instrument” means any electronic or written check, draft, money order, travelers check or other electronic or written instrument or order for the transmission or payment of money, sold or issued to one (1) or more persons, whether or not the instrument is negotiable. “Payment instrument” shall include prepaid access as defined in 31 C.F.R. 1010.100(ww). For purposes of this act, stored value shall be deemed equivalent to prepaid access. The term “payment instrument” does not include any credit card voucher, any letter of credit or any instrument which is redeemable by the issuer in goods or services;
(xvi) “Permissible investments” means:
(A) Cash;
(B) Certificates of deposit or other debt obligations of a financial institution, either domestic or foreign;
(C) Bills of exchange or time drafts drawn on and accepted by a commercial bank, otherwise known as bankers’ acceptances, which are eligible for purchase by member banks of the federal reserve system;
(D) Any investment securities bearing a rating of one (1) of the four (4) highest grades as defined by a nationally recognized organization that rates securities;
(E) Investment securities that are obligations of the United States, its agencies or instrumentalities, or obligations that are guaranteed fully as to principal and interest of the United States, or any obligations of any state, municipality or any political subdivision thereof;
(F) Shares in a money market mutual fund, interest bearing bills, notes or bonds, debentures or stock traded on any national securities exchange or on a national over the counter market, or mutual funds primarily composed of such securities or a fund composed of one (1) or more permissible investments as set forth in this paragraph;
(G) Any demand borrowing agreement made to a corporation or a subsidiary of a corporation whose capital stock is listed on a national exchange;
(H) Receivables which are due to a licensee from its authorized delegates or subdelegates which are not past due or doubtful of collection; or
(J) Any other investments or security device approved by the commissioner.
(xvii) “Remit” means either to make direct payment of the funds to the licensee or its representatives authorized to receive those funds, or to deposit the funds in a bank, credit union or savings and loan association or other similar financial institution in an account specified by the licensee;
(xviii) Repealed by Laws 2021, ch. 61, § 2.
(xix) “Channeling agent” means the third party licensing system that gathers the application information and distributes it to Wyoming for review for the approval or denial decision;
(xx) “Registry” means the nationwide licensing system and registry maintained by the State Regulatory Registry, LLC;
(xxi) “Subdelegate” means an entity designated by an authorized delegate by written contract to engage in the business of money transmission on behalf of a licensee;
(xxii) “Virtual currency” means any type of digital representation of value that:
(A) Is used as a medium of exchange, unit of account or store of value; and
(B) Is not recognized as legal tender by the United States government.
Amended by Laws 2021 , ch. 61, §§ 1 and 2, eff. 7/1/2021.
Relevant Summary
The Wyoming Money Transmitters Act defines several key terms essential for understanding and administering the Act. These definitions establish clear criteria and roles within the regulatory framework of money transmission in the state. Key definitions include:
- Applicant: A person applying for a license to engage in money transmission.
- Authorized Delegate: An entity authorized by a licensee to conduct money transmission on its behalf.
- Commissioner: The state banking commissioner, responsible for overseeing the administration of the Act.
- Control: The authority to direct or influence the management or policies of a licensee, typically through ownership of a significant portion of voting securities.
- Key Shareholder: An individual or group owning a substantial share of an applicant’s stock, usually quantified as 25% or more of any voting class.
- Licensee: An entity granted permission under the Act to engage in money transmission.
- Material Litigation: Legal proceedings that significantly impact an applicant’s or licensee’s financial stability.
- Monetary Value: The representation of value used as a medium of exchange, not necessarily redeemable in currency.
- Money Transmission: The process of handling payment instruments or transferring money or monetary value, either domestically or internationally.
- Outstanding Payment Instrument: A payment instrument issued by the licensee that is still in circulation and not yet redeemed.
- Payment Instrument: Various forms of electronic or written instruments, such as checks, drafts, money orders, used for the transmission or payment of money.
- Permissible Investments: Approved investment vehicles for a licensee’s funds.
- Remit: The act of transferring funds to the licensee or its agents, or depositing them into a financial institution.
- Subdelegate: An entity appointed by an authorized delegate to carry out money transmission services.
- Virtual Currency: Digital representations of value functioning as a medium of exchange, a unit of account, or a store of value, not recognized as legal tender by the U.S. government.
These definitions provide clarity and consistency in the application of the Act, ensuring that all parties involved in money transmission understand their roles, responsibilities, and the regulatory requirements.
Relevant Cases:
In our comprehensive analysis using various research tools, we found that direct references to Wyo. Stat. § 40-22-102 in legal cases are not readily available. However, the case of State Farm v. Wyoming Ins. Dept offers some insight into the broader context of regulatory authority in Wyoming, which could be tangentially relevant to understanding Wyo. Stat. § 40-22-102.
In State Farm v. Wyoming Ins. Dept, the court examined the Wyoming Insurance Commissioner’s authority to create regulations under Wyo. Stat. § 26-13-102. This case is significant because it discusses the scope and limits of a regulatory body’s rulemaking power in Wyoming. The decision in this case upheld the commissioner’s regulation as a valid exercise of authority, providing a precedent for understanding how similar statutory powers might be interpreted and applied.
Although this case does not specifically mention Wyo. Stat. § 40-22-102, it serves as a useful reference point for understanding the general framework of regulatory authority in Wyoming.
