The bill amends Wyoming's loan originator licensing requirements by adding a new exemption for individuals who engage in the business of a mortgage loan originator without compensation or gain. Specifically, it allows individuals 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 under the loan financing provided.

The effective date for this act is set for July 1, 2025. This change aims to facilitate certain individuals' ability to assist in mortgage financing without the burden of licensing, thereby potentially increasing access to residential loans for borrowers.

Statutes affected:
Introduced: 40-23-124