All Roll Calls
Yes: 142 • No: 22
WyomingSF 952025 General SessionSenateWALLET
AN ACT relating to banks, banking and finance; providing for the conversion of special purpose depository institutions into public trust companies; amending capital startup requirements for special purpose depository institutions; amending deposit requirements; repealing requirements limiting depositors of special purpose depository institutions to legal entities and requirements of legal entities as specified; repealing a supervision fee for banks providing digital asset custodial services; providing for unexpended fees; requiring rulemaking; and providing for effective dates.
Sponsored By: Chris Rothfuss (Democratic)
Signed by Governor
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Bill Overview
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
Lower SPDI deposits and open access
Beginning July 1, 2025, the minimum total deposit you must keep at a special purpose depository institution drops from $5,000 to $1,000. You are only out of compliance if your deposits stay under $1,000 for five or more business days. The law also removes past rules that limited who could be an SPDI depositor, opening access to more people and entities.
Higher startup capital for SPDIs
A new SPDI cannot start business until its full authorized capital is subscribed and paid. It must hold a paid‑up surplus of at least 20% of its capital. It must also maintain undivided profits at least equal to three years of estimated operating costs, unless the commissioner requires a different amount. This raises startup funding needs for new SPDIs. These requirements apply beginning July 1, 2025.
Digital-asset custody fee repealed
The law repeals the state supervision fee on banks that provide digital‑asset custody. Money already collected before July 1, 2025 can be used for any allowed purpose of the financial institutions administration account and must be reported. The repeal takes effect July 1, 2025.
Path to convert SPDIs to trust companies
The law lets the banking commissioner, with the state banking board, convert an SPDI into a public trust company. The SPDI must file a full plan, get shareholder approval, pay a fee, and address all known and unknown claims. The commissioner can examine the SPDI and may allow expedited review with a decision in about 90 days. After conversion, the entity keeps its corporate life, must surrender its SPDI charter, and cannot use “bank” or “special purpose depository institution” in its name. Most general banking laws do not apply to SPDIs unless the new conversion statute says so. Rules must be adopted by July 1, 2025, and most changes start July 1, 2025; the rulemaking and effective‑date sections take effect immediately.
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Sponsors & Cosponsors
Sponsor
Chris Rothfuss
Democratic • Senate
Cosponsors
Ocean Andrew
Republican • House
Lee Filer
Republican • House
Daniel Singh
Republican • House
Mike Yin
Democratic • House
Tara Nethercott
Republican • Senate
Jared Olsen
Republican • Senate
Roll Call Votes
House vote • 3/4/2025
H 3rd Reading:Passed 60-0-2-0-0
Yes: 60 • No: 0
House vote • 3/3/2025
Amendment adopted 40-19-3-0-0
Yes: 40 • No: 19
House vote • 2/27/2025
H07 - Corporations:Recommend Do Pass 9-0-0-0-0
Yes: 9 • No: 0
Senate vote • 1/27/2025
S 3rd Reading:Passed 28-3-0-0-0
Yes: 28 • No: 3
Senate vote • 1/22/2025
S09 - Minerals:Recommend Do Pass 5-0-0-0-0
Yes: 5 • No: 0
Actions Timeline
Governor Signed SEA No. 0093
3/17/2025GovernorAssigned Chapter Number 150
3/17/2025Assigned Number SEA No. 0093
3/5/2025S President Signed SEA No. 0093
3/5/2025SenateH Speaker Signed SEA No. 0093
3/5/2025HouseH 3rd Reading:Passed 60-0-2-0-0
3/4/2025HouseH 2nd Reading:Passed
3/3/2025HouseH COW:Passed
2/28/2025HouseH07 - Corporations:Recommend Do Pass 9-0-0-0-0
2/27/2025HouseH Placed on General File
2/27/2025HouseH Introduced and Referred to H07 - Corporations
2/18/2025HouseS 3rd Reading:Passed 28-3-0-0-0
1/27/2025SenateH Received for Introduction
1/27/2025HouseS 2nd Reading:Passed
1/24/2025SenateS COW:Passed
1/23/2025SenateS09 - Minerals:Recommend Do Pass 5-0-0-0-0
1/22/2025SenateS Placed on General File
1/22/2025Senate:Refer to S09 - Minerals
1/21/2025SenateS Introduced and Referred to S08 - Transportation
1/17/2025SenateS Received for Introduction
1/10/2025SenateBill Number Assigned
1/7/2025
Bill Text
Enrolled
Introduced
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