Operating a business in any state involves certain licensing requirements. This includes submitting a surety bond to your regulatory authority. The state of Wyoming has a number of surety bond requirements for different industries.
Contractor’s license bonds are regulated at the local level, so the amount and cost will vary depending on where you operate. However, other common bonds are regulated by the state.
NNA Surety Bonds carries five of the most popular surety bonds in Wyoming. With over 60 years of industry experience, our specialists can help you select the bond you need to keep your business in compliance with licensing requirements.
Appraisal management companies need to abide by the Wyoming Appraisal Management Company Registration and Regulation Act. A surety bond helps guarantee to your clients and the state that you will follow these regulations. The required bond amount is $25,000 with a $250 annual premium.
To operate a collection agency in the state, you must file a $10,000 bond for each licensed location with the Wyoming Collection Agency Board. This bond assures clients that you are following all state requirements and take your legal obligations seriously. The annual premium for this type of bond is $100.
If you work as an independent contractor or operate a construction business, you will need a contractor license bond. This includes electrical contractors, plumbers, residential builders and more. Note that bond amounts are determined at the local level (city or county), so you should check with the jurisdiction where you’ll be operating.
Wyoming mortgage brokers must obtain a surety bond in the amount of $25,000, for an annual premium of $188. The Department of Audit’s Division of Banking requires this bond to ensure that all brokers abide by the Wyoming Residential Mortgage Practices Act.
Every motor vehicle dealer needs to submit a $25,000 bond to the Wyoming Department of Transportation each year. This protects your clients and assures them that you will follow all laws and regulations. The cost for this bond is $250 per year.
|Bond Name||Coverage Amount||Cost
|Appraisal Management Company Bond||$25,000||$250||Wyoming Certified Real Estate Appraiser Board|
|Collection Agency Bond||$10,000||$100||Wyoming Collection Agency Board|
|Contractor's License Bond||Varies||Varies*||Cities and municipalities|
|Mortgage Broker Bond||$25,000||$188||Wyoming Department of Audit - Division of Banking|
|Motor Vehicle Dealer Bond||$25,000||$25,000||Wyoming Department of Transportation|
* Cost can vary depending on the bond amount required and your credit rating
NNA Surety Bonds can provide fast, accurate quotes for professionals in the state of Wyoming. Let us guide you through the bonding process and help you determine what coverage your business requires. Contact our specialists to get started.