Section 13-12-101 – Short Title.
13-12-101. Short title. This chapter may be cited as the “Special Purpose Depository Institutions Act.”
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 13-12-107 – 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 13-12-112 – Procedure Upon Filing Application.
13-12-112. 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 accepted for filing. When the commissioner is satisfied that all required information has […]
Section 13-12-113 – Procedure for Hearings on Charter Applications.
13-12-113. 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.
Section 13-12-114 – Investigation and Examination by Commissioner.
13-12-114. 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 character, reputation, financial standing and ability of the incorporators; (ii) The character, financial responsibility, banking or […]
Section 13-12-115 – Approval or Disapproval of Application; Criteria for Approval; Action Upon Application.
13-12-115. 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) Whether the character, reputation, financial standing and ability of the incorporators is […]
Section 13-12-116 – Certificate of Authority to Commence Business Required; Application; Approval or Denial; Failure to Commence Business.
13-12-116. 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 before receiving a certificate of authority to operate from the commissioner. The application for […]
Section 13-12-117 – Decisions by Board Appealable; Grounds.
13-12-117. 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 or the issuance or denial of a certificate of authority to operate is appealable to the district court of the county in which the institution is to be […]
Section 13-12-118 – Surety Bond; Pledged Investments; Investment Income; Bond or Pledge Increases; Hearings.
13-12-118. 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 commissioner to cover costs likely to be incurred by the commissioner in a liquidation […]
Section 13-12-119 – Reports and Examinations; Supervisory Fees; Required Private Insurance or Bond.
13-12-119. 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) All reports required of special purpose depository institutions by the commissioner and […]
Section 13-12-120 – Suspension or Revocation of Charter.
13-12-120. 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 refused to comply with an order issued under W.S. 13-10-201 through 13-10-209; (ii) […]