The bill amends Wyoming Statute 40-23-105(a) to introduce a new exemption from mortgage loan licensing requirements. Specifically, it allows individuals to engage in the business of a mortgage lender without needing a license, provided they do so without compensation or gain. This exemption applies to those who provide loan financing for up to five residential mortgage loans within a twelve-month period. Notably, the definition of "compensation or gain" excludes any interest paid on the loans provided.

The effective date for this legislation is set for July 1, 2025. This change aims to facilitate certain individuals' ability to assist others with mortgage financing without the burden of licensing, thereby promoting more accessible lending options in the state.

Statutes affected:
Introduced: 40-23-124
Engrossed: 40-23-105