This bill amends existing banking laws in Wyoming to facilitate the conversion of special purpose depository institutions into public trust companies. It introduces a new section, W.S. 13-5-523, which allows these institutions to convert their charters without undergoing the standard formation process, including public hearings. The conversion process requires the institution to submit a comprehensive plan, including details on asset and liability management, and must be approved by the institution's shareholders. The bill also stipulates that the converted public trust company will be considered to have existed for the same duration as the original special purpose depository institution.

Additionally, the bill modifies capital startup requirements for special purpose depository institutions by amending W.S. 13-12-110(b) to require a paid-up surplus fund of not less than twenty percent of its authorized capital stock and three years of estimated operating expenses. It repeals previous requirements that limited depositors to legal entities and other specific criteria, thereby broadening the scope of potential depositors. The banking commissioner is tasked with adopting necessary rules to implement these changes by July 1, 2025, with certain sections of the act taking effect immediately upon the bill's passage.

Statutes affected:
25LSO-0028 v0.4: 13-12-102, 13-12-110, 13-12-104