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: 3 benefits, 1 costs, 0 mixed.
Easier access to Wyoming special-purpose banks
Beginning July 1, 2025, individuals are no longer barred from Wyoming special-purpose banks by the legal-entity-only rule. The law also removes related requirements for entity depositors. The minimum deposit falls from $5,000 to $1,000. Depositors violate this rule only when their total deposit stays below $1,000 for five or more consecutive business days. Other account requirements still apply, and banks do not have to accept every customer.
Digital asset banks lose supervision fee
Beginning July 1, 2025, banks providing digital asset custody no longer owe the repealed supervision fee. The law does not require banks to pass savings to customers. Fees collected before that date and still unspent in the Financial Institutions Administration Account remain there rather than being refunded. On or after July 1, 2025, those funds can support any purpose authorized for that account. Required reporting on the account's balance and use continues; the law does not state the amount available.
Special-purpose banks gain trust-company conversion option
Beginning July 1, 2025, Wyoming special-purpose banks can seek conversion to public trust companies. Conversion requires banking commissioner and banking board approval. Shareholders must approve the conversion plan and proposed governing document before the bank applies. The complete application must include a timetable, required supporting evidence, and plans for assets, debts, and known and unknown claims. The commissioner can order special examinations and must act within 90 days of a complete application if the bank's board requests expedited review. Converted companies must meet public trust company formation, conversion, and operating requirements and surrender their former banking certificate. They retain their prior operating history but cannot use “special purpose depository institution” or “bank” in their name or business. The rulemaking requirement took effect upon enactment and requires implementing rules by July 1, 2025.
Stricter capital rules for special-purpose banks
Beginning July 1, 2025, Wyoming special-purpose banks must have all authorized capital stock committed to buyers and fully paid before opening. They must maintain a paid-up surplus fund of at least 20% of legally authorized capital stock. They must also maintain undivided profits—earnings kept in the bank—equal to at least three years of estimated operating expenses. Those estimates come from the application, unless the banking commissioner requires another amount.
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
Assigned Chapter Number 150
3/17/2025Governor Signed SEA No. 0093
3/17/2025GovernorH Speaker Signed SEA No. 0093
3/5/2025HouseS President Signed SEA No. 0093
3/5/2025SenateAssigned Number SEA No. 0093
3/5/2025H 3rd Reading:Passed 60-0-2-0-0
3/4/2025HouseH 2nd Reading:Passed
3/3/2025HouseH COW:Passed
2/28/2025HouseH Placed on General File
2/27/2025HouseH07 - Corporations:Recommend Do Pass 9-0-0-0-0
2/27/2025HouseH Introduced and Referred to H07 - Corporations
2/18/2025HouseH Received for Introduction
1/27/2025HouseS 3rd Reading:Passed 28-3-0-0-0
1/27/2025SenateS 2nd Reading:Passed
1/24/2025SenateS COW:Passed
1/23/2025SenateS Placed on General File
1/22/2025SenateS09 - Minerals:Recommend Do Pass 5-0-0-0-0
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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