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 submission of a comprehensive plan, approval from the institution's shareholders, and compliance with various regulatory requirements. Additionally, the bill outlines the responsibilities of the commissioner in reviewing and approving conversion applications, including the need for a detailed plan for asset and liability management.

The bill also makes significant amendments to existing statutes, including the repeal of certain requirements that limited depositors of special purpose depository institutions to legal entities only. It modifies the initial capital requirements for these institutions, specifying that they must maintain a surplus fund of at least 20% of their authorized capital stock and cover three years of estimated operating expenses. The effective date for the majority of the provisions is set for July 1, 2025, while the rules necessary for implementation must be adopted by the banking commissioner by that date.

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