044-2 Wyo. Code R. §§ 2-10 - Seller's Bond
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.
Notes
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