Chapter 3 - Surety Companies
CHAPTER 3 - Surety Companies
38-3-101. Execution of bonds.
Wheneverany bond, undertaking, recognizance or other obligation is by law, or thecharter, ordinances, rules or regulations of any municipality, board, body,organization, court or public officer, required or permitted to be made, given,tendered or filed, with surety or sureties, and whenever the performance of anyact, duty or obligation, or the refraining from any act, is required orpermitted to be guaranteed, such bond, undertaking, obligation, recognizance orguarantee may be executed by a surety company qualified to act as surety orguarantor as hereinafter provided, and such execution by such company of suchbond, undertaking, obligation, recognizance or guarantee shall be in all respectsa full and complete compliance with every requirement of law, charter,ordinance, rule or regulation, that such bond, undertaking, obligation,recognizance or guarantee shall be executed by one (1) surety or by one (1) ormore sureties or that such sureties shall be residents or householders, orfreeholders or either, or both, or possess any other qualification; and allcourts, judges, heads of departments, boards, bodies, municipalities and publicofficers of every character, shall accept and treat accordingly such bond,undertaking, obligation, recognizance or guarantee when so executed by suchcompany, as conforming to and fully and completely complying with every suchrequirement of every such law, charter, ordinance, rule or regulation.
38-3-102. Requiring bond with company unauthorized to transactbusiness.
Itshall hereafter be unlawful for any person, association or corporation, foreignor domestic, to require any person in his or its employ to make or execute, orto procure to be made or executed, any bond or undertaking for the faithfuldischarge of his duties, or upon any other consideration, with any corporationnot organized under the laws of the state of Wyoming, as surety thereon, unlesssaid corporation shall first have complied with the laws of the state ofWyoming, authorizing it to transact business therein.
38-3-103. Requiring bond with company unauthorized to transactbusiness; bonds with such surety void.
Allbonds and undertakings entered into by any citizen or resident of the state ofWyoming, with any such organization as surety, touching or affecting anyservices to be rendered or acts to be performed in the state of Wyoming, inwhole or in part, unless such corporation shall first have complied with thelaws of the state of Wyoming, shall be void.
38-3-104. Execution of bonds; penalty.
Anyperson, association or corporation which shall exact or require of any person,or make it a condition of employment, or the retention of employment, that hemake or execute any bond or undertaking with any such corporation, having sofailed to comply with the laws of the state of Wyoming, entitling it totransact business therein, as surety thereof, shall be deemed guilty of amisdemeanor, and upon conviction thereof, shall be punished by a fine of notless than one hundred dollars ($100.00), and not more than one thousand dollars($1,000.00).