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 outlines the process for such conversions, allowing institutions to bypass the standard formation requirements, including public hearings. The bill specifies that the conversion application must include a comprehensive plan detailing the disposition of assets and liabilities, and it mandates that the application be examined for compliance with existing laws. Additionally, it allows for expedited approval processes under certain conditions.

The bill also makes significant amendments to existing statutes, including the repeal of requirements that limited depositors of special purpose depository institutions to legal entities only. It modifies the initial capital requirements for these institutions, establishing that they must maintain a surplus fund of at least twenty percent of their authorized capital stock and three years of estimated operating expenses. The effective date for the majority of the provisions is set for July 1, 2025, while certain sections will take effect immediately upon the bill's passage.

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