Title 13, Title 13 — Banks, Banking And Finance

Required liquid assets. (a) At all times, a special purpose depository institution shall maintain unencumbered liquid assets valued at not less than one hundred percent (100%) of its depository liabilities. (b) As used in this section, "liquid assets" means: (i) United States cur…

Applicable federal and state laws. A special purpose depository institution shall comply with all applicable federal laws, including those relating to anti-money laundering, customer identification and beneficial ownership.

Required disclosures. (a) A special purpose depository institution shall display on any internet website it maintains, and at each window or place where it accepts deposits, a sign conspicuously stating that deposits are not insured by the federal deposit insurance corporation, i…

Formation; articles of incorporation. (a) Except as otherwise provided by subsection (e) of this section, five (5) or more adult persons may form a special purpose depository institution. The incorporators shall subscribe the articles of incorporation and transmit them to the com…

Required initial capital and surplus; additional capital. (a) The capital stock of each special purpose depository institution chartered under this chapter shall be subscribed for as fully paid stock. No special purpose depository institution shall commence business with capital …

Application for charter; fee; subaccount created. (a) No person shall act as a special purpose depository institution without first obtaining a charter and certificate of authority to operate from the commissioner under this chapter. (b) The incorporators under W.S. 13-12-109(a) …

Procedure upon filing application. (a) Upon receiving an application for a special purpose depository charter, the commissioner shall notify the applicants in writing within thirty (30) calendar days of any deficiency in the required information or that the application has been a…

Procedure for hearings on charter applications. The hearing for a charter application shall be conducted as a contested case under the Wyoming Administrative Procedure Act and shall comply with the requirements of that act.

Investigation and examination by commissioner. (a) Upon receiving the articles of incorporation, the application for a charter and other information required by the commissioner, the commissioner shall make a careful investigation and examination of the following: (i) The charact…

Approval or disapproval of application; criteria for approval; action upon application. (a) Within ninety (90) days after receipt of the transcript of the public hearing, the board shall render a decision on the charter application based solely on the following criteria: (i) Whet…

Certificate of authority to commence business required; application; approval or denial; failure to commence business. (a) If an application is approved and a charter granted by the board under W.S. 13-12-115, the special purpose depository institution shall not commence business…

Decisions by board appealable; grounds. Any decision of the board or commissioner in approving, conditionally approving or disapproving a charter for a special purpose depository institution, the issuance or denial of a certificate of authority to operate, compliance with the req…

Surety bond; pledged investments; investment income; bond or pledge increases; hearings. (a) Except as otherwise provided by subsection (b) of this section, a special purpose depository institution shall, before transacting any business, pledge or furnish a surety bond to the com…

Reports and examinations; supervisory fees; required private insurance or bond. (a) The commissioner may call for reports verified under oath from a special purpose depository institution at any time as necessary to inform the commissioner of the condition of the institution. (b)…

Suspension or revocation of charter. (a) The commissioner may suspend or revoke the charter of a special purpose depository institution if, after notice and opportunity for a hearing, the commissioner determines that: (i) The special purpose depository institution has failed or r…

Continuing jurisdiction. If the charter of a special purpose depository institution is surrendered, suspended or revoked, the institution shall continue to be subject to the provisions of this chapter during any liquidation or conservatorship.

Failure of institution; unsound or unsafe condition; applicability of other insolvency and conservatorship provisions; special purpose depository institution resolution fund account. (a) If the commissioner finds that a special purpose depository institution has failed or is oper…

Voluntary dissolution of special purpose depository institution; liquidation; reorganization; application for dissolution; filing fee; filing with the secretary of state; revocation of charter. (a) A special purpose depository institution may voluntarily dissolve in accordance wi…

Failure to submit required report; fees; rules. If a special purpose depository institution fails to submit any report required by this chapter or by rule within the prescribed period, the commissioner may impose and collect a fee for each day the report is overdue, as establishe…

Willful failure to perform duties imposed by law; removal. (a) Each officer, director, employee or agent of a special purpose depository institution, following written notice from the commissioner, is subject to removal upon order of the commissioner if he knowingly or willfully …

Rules. The commissioner shall adopt all rules necessary to implement this chapter, consistent with W.S. 13-12-107.

Conversion of state bank into special purpose depository institution. (a) The commissioner, with approval of the board, may convert the charter of a state bank chartered under W.S. 13-2- 201 et. seq, to a special purpose depository institution chartered under this article. A conv…