Wyoming 2025 Regular Session

Wyoming Senate Bill SF0095 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	ORIGINAL SENATE
2		-	FILE NO. SF0095
3		-	ENROLLED ACT NO. 93, SENATE
4		-	SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
5		-	2025 GENERAL SESSION
	1	+	2025
	2	+	STATE OF WYOMING
	3	+	25LSO-02841SF0095
	4	+	SENATE FILE NO. SF0095
	5	+	Special purpose depository institution-amendments.
	6	+	Sponsored by: Senator(s) Rothfuss, Nethercott and Olsen and
	7	+	Representative(s) Andrew, Filer, Singh and
	8	+	Yin
	9	+	A BILL
	10	+	for
	11	+	1 AN ACT relating to banks, banking and finance; providing
	12	+	2 for the conversion of special purpose depository
	13	+	3 institutions into public trust companies; amending capital
	14	+	4 startup requirements for special purpose depository
	15	+	5 institutions; amending deposit requirements; repealing
	16	+	6 requirements limiting depositors of special purpose
	17	+	7 depository institutions to legal entities and requirements
	18	+	8 of legal entities as specified; repealing a supervision fee
	19	+	9 for banks providing digital asset custodial services;
	20	+	10 providing for unexpended fees; requiring rulemaking; and
	21	+	11 providing for effective dates.
	22	+	12
	23	+	13
	24	+	14
	25	+	15W.S. 13-5-523 is created to read: 2025STATE OF WYOMING25LSO-02842SF0095
6	26		1
7		-	AN ACT relating to banks, banking and finance; providing
8		-	for the conversion of special purpose depository
9		-	institutions into public trust companies; amending capital
10		-	startup requirements for special purpose depository
11		-	institutions; amending deposit requirements; repealing
12		-	requirements limiting depositors of special purpose
13		-	depository institutions to legal entities and requirements
14		-	of legal entities as specified; repealing a supervision fee
15		-	for banks providing digital asset custodial services;
16		-	providing for unexpended fees; requiring rulemaking; and
17		-	providing for effective dates.
18		-	Be It Enacted by the Legislature of the State of Wyoming:
19		-	Section 1. W.S. 13-5-523 is created to read:
20		-	13-5-523. Conversion from special purpose depository
21		-	institutions.
22		-	(a) The commissioner, with approval of the board, may
23		-	convert the charter of a special purpose depository
24		-	institution chartered under W.S. 13-12-115 to a public
25		-	trust company chartered under this article. A conversion
26		-	shall occur as follows:
27		-	(i) A special purpose depository institution
28		-	seeking to convert its charter to a public trust company
29		-	shall file an application to convert that contains a
30		-	comprehensive plan for conversion as required by this
31		-	section and rules promulgated by the commissioner. The
32		-	application shall include a certificate signed by the
33		-	institution's president and a majority of the board of
34		-	directors setting forth the action taken to support the
35		-	proposed conversion in compliance with this section. The
36		-	plan of conversion and a proposed organizational instrument ORIGINAL SENATE
37		-	FILE NO. SF0095
38		-	ENROLLED ACT NO. 93, SENATE
39		-	SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
40		-	2025 GENERAL SESSION
41	27		2
42		-	that includes the information required by W.S. 13-5-501
43		-	shall be approved by the shareholders of the special
44		-	purpose depository institution prior to submitting an
45		-	application for conversion;
46		-	(ii) The application to convert shall include a
47		-	comprehensive plan for conversion setting forth any
48		-	necessary disposition of assets and liabilities in
49		-	reasonable detail to effect the conversion, and any other
50		-	plans required by the commissioner. The application shall
51		-	be accompanied by a fee established by rule and regulation
52		-	of the commissioner. The plan of conversion shall provide
53		-	for the discharge or assumption of all known and unknown
54		-	claims and liabilities of the special purpose depository
55		-	institution. Additionally, the application for conversion
56		-	shall include other evidence, certifications, affidavits,
57		-	documents or information as the commissioner may require,
58		-	including demonstration of how assets and liabilities will
59		-	be disposed, the timetable for effecting disposition or
60		-	transfer of the assets and liabilities and a proposal for
61		-	addressing any claims that are asserted after conversion
62		-	has been completed;
63		-	(iii) The commissioner shall examine the
64		-	application for compliance with this section, W.S. 13-5-510
65		-	through 13-5-520 and applicable rules. The commissioner may
66		-	conduct a special examination of the special purpose
67		-	depository institution, consistent with W.S. 13-12-119(c),
68		-	for purposes of evaluating the application.
69		-	(b) Upon receipt of a complete application, the
70		-	commissioner shall notify the board. The board, in its
71		-	discretion, may allow the commissioner to proceed with
72		-	approval of an application on an expedited basis without
73		-	further oversight or approval by the board or, if deemed ORIGINAL SENATE
74		-	FILE NO. SF0095
75		-	ENROLLED ACT NO. 93, SENATE
76		-	SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
77		-	2025 GENERAL SESSION
78	28		3
79		-	necessary by the board, the board may require a process
80		-	consistent with W.S. 13-5-502 and 13-5-507. Where an
81		-	expedited review is allowed by the board, the commissioner
82		-	shall approve or deny a conversion application under this
83		-	section within ninety (90) days of receipt of a complete
84		-	application.
85		-	(c) The application shall not be approved under this
86		-	section until the board or commissioner, as applicable, has
87		-	ascertained to the board's or commissioner's satisfaction
88		-	that the proposed public trust company satisfies all
89		-	criteria under W.S. 13-5-507(a)(i) through (v), meets all
90		-	applicable requirements of W.S. 13-5-510 through 13-5-520
91		-	and meets any applicable rules to operate in all respects
92		-	as a public trust company.
93		-	(d) A public trust company that results from a
94		-	conversion under this section shall be deemed to have been
95		-	in existence for the same period of time as the special
96		-	purpose depository institution from which it converted and
97		-	shall surrender its certificate of authority under W.S.
98		-	13-12-116. Upon completion of the conversion the company
99		-	shall not use the term "special purpose depository
100		-	institution" or "bank" in its business name or in
101		-	connection with its ongoing business.
102		-	(e) The commissioner shall adopt all rules necessary
103		-	to implement this section.
104		-	Section 2. W.S. 13-12-102(b)(xiv), 13-12-104(a)(iii)
105		-	and 13-12-110(b) are amended to read:
106		-	13-12-102. Applicability of other provisions. ORIGINAL SENATE
107		-	FILE NO. SF0095
108		-	ENROLLED ACT NO. 93, SENATE
109		-	SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
110		-	2025 GENERAL SESSION
111		-	4(b) The following provisions of this title shall not
112		-	apply to this chapter:
113		-	(xiv) W.S. 13-5-101 through 13-8-302, except as
114		-	otherwise provided in W.S. 13-5-523.
115		-	13-12-104. Requirements relating to depositors;
116		-	nature of business.
117		-	(a) Except as otherwise provided by subsection (d) of
118		-	this section, no depositor shall maintain an account with a
119		-	special purpose depository institution or otherwise receive
120		-	any services from the institution unless the depositor
121		-	meets the criteria of this subsection. A depositor shall:
122		-	(iii) Maintain deposits with the institution
123		-	totaling not less than
124		-	one thousand dollars ($1,000.00). A depositor shall not be
125		-	deemed in violation of this paragraph unless the total
126		-	deposit amount is less than one thousand dollars
127		-	($1,000.00) for five (5) or more consecutive business days;
128		-	13-12-110. Required initial capital and surplus;
129		-	additional capital.
130		-	(b) No special purpose depository institution shall
131		-	commence business until the full amount of its authorized
132		-	capital is subscribed and all capital stock is fully paid
133		-	in. No special purpose depository institution may be
134		-	chartered without a paid up surplus fund of
135		-	twenty percent (20%) of its legally authorized capital
136		-	stock and undivided profits in an amount not less than
137		-	three (3) years of estimated operating expenses in the
138		-	amount disclosed pursuant to W.S. 13-12-111(b) or in
139		-	another amount required by the commissioner. ORIGINAL SENATE
140		-	FILE NO. SF0095
141		-	ENROLLED ACT NO. 93, SENATE
142		-	SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
143		-	2025 GENERAL SESSION
	29	+	4
	30	+	5 (a) The commissioner, with approval of the board, may
	31	+	6 convert the charter of a special purpose depository
	32	+	7 institution chartered under W.S. 13-12-115 to a public
	33	+	8 trust company chartered under this article. A conversion
	34	+	9 shall occur as follows:
	35	+	10
	36	+	11 (i) A special purpose depository institution
	37	+	12 seeking to convert its charter to a public trust company
	38	+	13 shall file an application to convert that contains a
	39	+	14 comprehensive plan for conversion as required by this
	40	+	15 section and rules promulgated by the commissioner. The
	41	+	16 application shall include a certificate signed by the
	42	+	17 institution's president and a majority of the board of
	43	+	18 directors setting forth the action taken to support the
	44	+	19 proposed conversion in compliance with this section. The
	45	+	20 plan of conversion and a proposed organizational instrument
	46	+	21 that includes the information required by W.S. 13-5-501
	47	+	22 shall be approved by the shareholders of the special 2025STATE OF WYOMING25LSO-02843SF0095
	48	+	1 purpose depository institution prior to submitting an
	49	+	2 application for conversion;
	50	+	3
	51	+	4 (ii) The application to convert shall include a
	52	+	5 comprehensive plan for conversion setting forth any
	53	+	6 necessary disposition of assets and liabilities in
	54	+	7 reasonable detail to effect the conversion, and any other
	55	+	8 plans required by the commissioner. The application shall
	56	+	9 be accompanied by a fee established by rule and regulation
	57	+	10 of the commissioner. The plan of conversion shall provide
	58	+	11 for the discharge or assumption of all known and unknown
	59	+	12 claims and liabilities of the special purpose depository
	60	+	13 institution. Additionally, the application for conversion
	61	+	14 shall include other evidence, certifications, affidavits,
	62	+	15 documents or information as the commissioner may require,
	63	+	16 including demonstration of how assets and liabilities will
	64	+	17 be disposed, the timetable for effecting disposition or
	65	+	18 transfer of the assets and liabilities and a proposal for
	66	+	19 addressing any claims that are asserted after conversion
	67	+	20 has been completed;
	68	+	21
	69	+	22 (iii) The commissioner shall examine the
	70	+	23 application for compliance with this section, W.S. 13-5-510 2025STATE OF WYOMING25LSO-02844SF0095
	71	+	1 through 13-5-520 and applicable rules. The commissioner may
	72	+	2 conduct a special examination of the special purpose
	73	+	3 depository institution, consistent with W.S. 13-12-119(c),
	74	+	4 for purposes of evaluating the application.
144	75		5
145		-	Section 3. W.S. 13-12-104(a)(i), (ii), (iv), (c) and
146		-	(d) and 34-29-104(n) are repealed.
147		-	Section 4. Fees collected pursuant to W.S.
148		-	34-29-104(n) prior to July 1, 2025 remaining in the
149		-	financial institutions administration account on and after
150		-	July 1, 2025 may be expended for any purpose authorized for
151		-	that account and shall be reported as required by W.S.
152		-	13-1-603(e).
153		-	Section 5. The banking commissioner shall adopt all
154		-	rules necessary to implement this act on or before July 1,
155		-	2025. ORIGINAL SENATE
156		-	FILE NO. SF0095
157		-	ENROLLED ACT NO. 93, SENATE
158		-	SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
159		-	2025 GENERAL SESSION
160		-	6Section 6.
161		-	(a) Except as otherwise provided by subsection (b) of
162		-	this section, this act is effective July 1, 2025.
163		-	(b) Sections 5 and 6 of this act are effective
164		-	immediately upon completion of all acts necessary for a
165		-	bill to become law as provided by Article 4, Section 8 of
166		-	the Wyoming Constitution.
167		-	(END)
168		-	Speaker of the HousePresident of the SenateGovernorTIME APPROVED: _________DATE APPROVED: _________
169		-	I hereby certify that this act originated in the Senate.
170		-	Chief Clerk
	76	+	6 (b) Upon receipt of a complete application, the
	77	+	7 commissioner shall notify the board. The board, in its
	78	+	8 discretion, may allow the commissioner to proceed with
	79	+	9 approval of an application on an expedited basis without
	80	+	10 further oversight or approval by the board or, if deemed
	81	+	11 necessary by the board, the board may require a process
	82	+	12 consistent with W.S. 13-5-502 and 13-5-507. Where an
	83	+	13 expedited review is allowed by the board, the commissioner
	84	+	14 shall approve or deny a conversion application under this
	85	+	15 section within ninety (90) days of receipt of a complete
	86	+	16 application.
	87	+	17
	88	+	18 (c) The application shall not be approved under this
	89	+	19 section until the board or commissioner, as applicable, has
	90	+	20 ascertained to the board's or commissioner's satisfaction
	91	+	21 that the proposed public trust company satisfies all
	92	+	22 criteria under W.S. 13-5-507(a)(i) through (v), meets all
	93	+	23 applicable requirements of W.S. 13-5-510 through 13-5-520 2025STATE OF WYOMING25LSO-02845SF0095
	94	+	1 and meets any applicable rules to operate in all respects
	95	+	2 as a public trust company.
	96	+	3
	97	+	4 (d) A public trust company that results from a
	98	+	5 conversion under this section shall be deemed to have been
	99	+	6 in existence for the same period of time as the special
	100	+	7 purpose depository institution from which it converted and
	101	+	8 shall surrender its certificate of authority under W.S.
	102	+	9 13-12-116. Upon completion of the conversion the company
	103	+	10 shall not use the term "special purpose depository
	104	+	11 institution" or "bank" in its business name or in
	105	+	12 connection with its ongoing business.
	106	+	13
	107	+	14 (e) The commissioner shall adopt all rules necessary
	108	+	15 to implement this section.
	109	+	16
	110	+	17
	111	+	18 and 13-12-110(b) are amended to read:
	112	+	19
	113	+	20
	114	+	21
	115	+	22 (b) The following provisions of this title shall not
	116	+	23 apply to this chapter: 2025STATE OF WYOMING25LSO-02846SF0095
	117	+	1
	118	+	2 (xiv) W.S. 13-5-101 through 13-8-302, except as
	119	+	3.
	120	+	4
	121	+	5
	122	+	6
	123	+	7
	124	+	8 (a) Except as otherwise provided by subsection (d) of
	125	+	9 this section, no depositor shall maintain an account with a
	126	+	10 special purpose depository institution or otherwise receive
	127	+	11 any services from the institution unless the depositor
	128	+	12 meets the criteria of this subsection. A depositor shall:
	129	+	13
	130	+	14 (iii) Maintain deposits with the institution
	131	+	15 totaling not less than
	132	+	16
	133	+	17
	134	+	18
	135	+	19;
	136	+	20
	137	+	21
	138	+	22
	139	+	23 2025STATE OF WYOMING25LSO-02847SF00951 (b) No special purpose depository institution shall
	140	+	2 commence business until the full amount of its authorized
	141	+	3 capital is subscribed and all capital stock is fully paid
	142	+	4 in. No special purpose depository institution may be
	143	+	5 chartered without a paid up surplus fund of
	144	+	6
	145	+	7 not less than
	146	+	8 three (3) years of estimated operating expenses in the
	147	+	9 amount disclosed pursuant to W.S. 13-12-111(b) or in
	148	+	10 another amount required by the commissioner.
	149	+	11
	150	+	12. W.S. 13-12-104(a)(i), (ii), (iv), (c) and
	151	+	13 (d) and 34-29-104(n) are repealed.
	152	+	14
	153	+	15Fees collected pursuant to W.S.
	154	+	16 34-29-104(n) prior to July 1, 2025 remaining in the
	155	+	17 financial institutions administration account on and after
	156	+	18 July 1, 2025 may be expended for any purpose authorized for
	157	+	19 that account and shall be reported as required by W.S.
	158	+	20 13-1-603(e).
	159	+	21 2025STATE OF WYOMING25LSO-02848SF00951The banking commissioner shall adopt all
	160	+	2 rules necessary to implement this act on or before July 1,
	161	+	3 2025.
	162	+	4
	163	+	5.
	164	+	6
	165	+	7 (a) Except as otherwise provided by subsection (b) of
	166	+	8 this section, this act is effective July 1, 2025.
	167	+	9
	168	+	10 (b) Sections 5 and 6 of this act are effective
	169	+	11 immediately upon completion of all acts necessary for a
	170	+	12 bill to become law as provided by Article 4, Section 8 of
	171	+	13 the Wyoming Constitution.
	172	+	14
	173	+	15 (END)