The bill amends Wyoming's mortgage loan licensing requirements by introducing a new exemption for individuals who engage in the business of a mortgage lender without compensation or gain. Specifically, it allows a person to provide loan financing for up to five residential mortgage loans within a twelve-month period without needing a license. The bill clarifies that "compensation or gain" does not include any interest paid on the loans provided under this exemption.

The effective date for this new provision is set for July 1, 2025. This change aims to facilitate certain lending activities by individuals who do not operate as professional mortgage lenders, thereby reducing regulatory burdens for those who assist a limited number of borrowers.

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