Bulletin: WY2019001

Date:
June 27, 2019
To:
All Wyoming Issuing Offices
RE:
LEGISLATIVE UPDATE - Wyoming Legislative Update

Dear Associates:

The following are summaries of some Bills passed during the 2019 Wyoming legislative session, which are of interest to the title insurance industry. All Bills became effective as of July 1, 2019, unless otherwise noted.

HB0004 - Recordation of Judgments and Orders: This Bill removed the requirement for Court Clerks to keep a separate Court Journal of judgments in addition to the publicly available index. The requirements regarding recording of judgments in the real property records were not changed.

HB0017 - Insurance Producer and Title Agent Licensing: This Bill provides for the expiration of individual title agent licenses and business title licenses after two years and creates provisions for the renewal of such licenses.

HB0057 - Financial Technology Sandbox: This Bill creates the Wyoming Financial Technology Sandbox to encourage development of innovative financial technology within the State of Wyoming. The Bill allows for innovators to apply for waivers of certain statutes and regulations related to the development of technology. The Bill is effective as of January 1, 2020.

HB0070 - Commercial Filing System: This Bill allows, but does not require, the Wyoming Secretary of State to take steps on or before December 31, 2021, to develop and implement a blockchain filing system for all required filings (e.g. UCC documents, entity documents, etc.). This Bill is effective as of February 26, 2019.

HB0074 - Special Purpose Depository Institutions: This Bill provides for the creation of Special Purpose Depository Institutions within the State of Wyoming that are capable of taking and holding deposits of virtual currency or other digital assets. This Bill is effective as of October 1, 2019.

HB0086 - Summary Probate Procedures: This Bill modifies Wyoming’s summary probate procedures and allows for distributions to heirs and beneficiaries whose claims to the decedent’s property arise through intervening estates. This Bill is effective as of February 26, 2019.

HB0290 - Property Redemption: This Bill modifies Wyoming’s property redemption statutes to require the Sheriff or other officer conducting a foreclosure sale to issue a Certificate of Redemption upon the post-sale redemption of real property. The Bill also creates a limited right of entry so that purchasers of vacant property may take steps to prevent the deterioration of the property during the redemption period.

SF0017 - County Clerk Records: This Bill expressly authorizes County Clerks to create and maintain electronic indices of the records kept by the clerks. 

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

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THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None