The bill amends existing banking laws in Wyoming to define who qualifies as a "customer" in the context of open banking. It introduces a new definition stating that a "customer" can be a natural person or an agent, trustee, or representative acting on behalf of a natural person. This clarification aims to ensure that the rights and protections afforded to customers are clearly understood within the framework of open banking.

Additionally, the bill establishes limitations on the release of customer data by banks participating in open banking. It mandates that banks must obtain express written consent from customers before sharing their data and specifies that the data shared with third-party financial service providers must be restricted to what is necessary for the customer to receive a product or service from those providers. The act is set to take effect on July 1, 2024.

Statutes affected:
24LSO-0257 v0.3: 13-1-801, 13-1-802