26-23-318. Title agents; issuance of license; expiration; renewal.

(a) The commissioner shall issue a license to act as a title agent to any person if:

(i) The prospective licensee files an application pursuant to W.S. 26-23-317;

(ii) The prospective licensee meets the requirements of W.S. 26-23-316; and

(iii) The prospective licensee provides the commissioner with evidence of financial responsibility in the form and in a minimum amount the commissioner requires by regulation.

(b) Each individual title agent's license expires on the last day of the month of the licensee's birthday in the second year following the issuance or renewal of the license, and may be renewed if prior to the expiration of his license a written request for continuation of the license is made to the commissioner on forms prescribed by the commissioner, the continuation fee set forth in W.S. 26-4-101 is paid, continuing education requirements are met by the due date and the licensee remains in compliance with all other applicable provisions of this code. An individual title agent who allows the license to lapse may, within twelve (12) months from the due date of the continuation fee, reinstate the same license without the necessity of passing a written examination, however, a penalty equal to the amount of the continuation fee shall be required in addition to the continuation fee for any continuation request received after the due date.

(c) Each title agent license issued to a business entity expires on the last day of the month in which the license was effective in the second year following the issuance or renewal of the license and may be renewed if prior to the expiration of the license, a written request for continuation of the license is made to the commissioner on forms prescribed by the commissioner, the continuation fee set forth in W.S. 26-4-101 is paid and the licensee remains in compliance with all other provisions of this code. A business entity title agent that allows the license to lapse may, within twelve (12) months from the due date of the continuation fee, reinstate the same license, however, a penalty equal to the amount of the continuation fee shall be required in addition to the continuation fee for any continuation request received after the due date.