This bill introduces provisions for the conversion of special purpose depository institutions into public trust companies in Wyoming. It establishes a new section, W.S. 13-5-523, which outlines the process for conversion, including the requirement for a comprehensive plan and approval from the institution's board and shareholders. The bill also allows for an expedited review process by the commissioner, who must ensure that the proposed public trust company meets all necessary criteria. Additionally, the bill amends existing statutes to clarify that certain provisions do not apply to the new conversion process, while also updating capital startup requirements for special purpose depository institutions.

Significant changes include the repeal of previous requirements that limited depositors of special purpose depository institutions to legal entities, thereby broadening the scope of potential depositors. The bill specifies that a special purpose depository institution must have a paid-up surplus fund of at least twenty percent of its authorized capital stock and sufficient undivided profits to cover three years of estimated operating expenses. The act is set to take effect on July 1, 2025, with provisions for the banking commissioner to adopt necessary rules by that date.

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