Section 13-12-107 – Applicable Federal and State Laws.
13-12-107. 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.
Section 13-12-108 – Required Disclosures.
13-12-108. 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, if applicable. (b) Upon opening an account and if applicable, a special purpose […]
Section 13-12-109 – Formation; Articles of Incorporation.
13-12-109. 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 commissioner as part of an application for a charter under W.S. 13-12-111. (b) […]
Section 13-12-110 – Required Initial Capital and Surplus; Additional Capital.
13-12-110. 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 be chartered with capital stock less than five million dollars ($5,000,000.00). (b) No special purpose depository institution shall commence […]
Section 13-12-111 – Application for Charter; Fee; Subaccount Created.
13-12-111. 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) shall apply to the commissioner for a charter. The application shall contain the special […]
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 […]