Section 13-12-102 – Applicability of Other Provisions.
13-12-102. Applicability of other provisions. (a) Except as otherwise provided in subsections (b) and (c) of this section, all other provisions of this title shall apply to this chapter. (b) The following provisions of this title shall not apply to this chapter: (i) W.S. 13-1-101(a)(vii); (ii) W.S. 13-1-201; (iii) W.S. 13-2-101; (iv) W.S. 13-2-201 through […]
Section 13-12-103 – Special Purpose Depository Institutions Created as Corporations; Operating Authority; Powers; Prohibition on Lending.
13-12-103. Special purpose depository institutions created as corporations; operating authority; powers; prohibition on lending. (a) Consistent with this chapter, special purpose depository institutions shall be organized as corporations under the Wyoming Business Corporation Act to exercise the powers set forth in subsection (b) of this section. (b) Each special purpose depository institution may: (i) Make […]
Section 13-12-104 – Requirements Relating to Depositors; Nature of Business.
13-12-104. Requirements relating to depositors; nature of business. (a) Except as otherwise provided by subsection (d) of this section, no depositor shall maintain an account with a special purpose depository institution or otherwise receive any services from the institution unless the depositor meets the criteria of this subsection. A depositor shall: (i) Be a legal […]
Section 13-12-105 – Required Liquid Assets.
13-12-105. 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 currency held on the premises of the special purpose depository institution; (ii) […]
Section 13-12-106 – Required Contingency Account.
13-12-106. Required contingency account. (a) A special purpose depository institution shall maintain a contingency account to account for unexpected losses and expenses. A special purpose depository institution may require the payment of contributions from depositors to fund a contingency account. Initial capital under W.S. 13-12-110 shall constitute compliance with this subsection for the first three […]
Section 13-10-205 – Removal of Officer or Director; Notice; Opportunity for Hearing.
13-10-205. Removal of officer or director; notice; opportunity for hearing. (a) After notice and opportunity for hearing, the commissioner may issue a final order removing an officer or director of a Wyoming financial institution or a bank holding company if the officer or director: (i) Has violated any state statute or rule relating to financial […]
Section 13-10-206 – Temporary Suspension Order; Stay of Order; Enforcement.
13-10-206. Temporary suspension order; stay of order; enforcement. (a) If the commissioner believes the actions of the officer or director pose an immediate threat to the safety and soundness of a Wyoming financial institution or to the interests of the depositors, creditors or shareholders of the financial institution, the commissioner may suspend the officer or […]
Section 13-10-207 – Civil Penalties; Amount; Factors; Notice; Payment.
13-10-207. Civil penalties; amount; factors; notice; payment. (a) In addition to other administrative or criminal remedies authorized in this act, the commissioner, after notice and opportunity for hearing, may assess a civil penalty against a Wyoming financial institution, an officer or director of a Wyoming financial institution or a bank holding company if the Wyoming […]
Section 13-10-208 – Procedures for Enforcement Actions; Service of Notice; Content of Orders; Contested Case Proceedings; Appeal.
13-10-208. Procedures for enforcement actions; service of notice; content of orders; contested case proceedings; appeal. (a) All notices and orders required to be served by the commissioner under this article shall be served by certified mail return receipt requested to the last known address of the Wyoming financial institution, the bank holding company or officer […]
Section 13-10-209 – Prompt Corrective Action; Definition.
13-10-209. Prompt corrective action; definition. In addition to the other administrative enforcement actions authorized in this act, the commissioner shall take prompt corrective action against a Wyoming financial institution as necessary to protect the safety and soundness of the Wyoming financial institution in the event the financial institution becomes critically undercapitalized. For purposes of this […]