This bill amends existing laws related to special purpose depository institutions (SPDIs) in Wyoming, allowing for their conversion into public trust companies. It establishes a process for this conversion, requiring SPDIs to submit a comprehensive application that includes a detailed plan for asset and liability disposition, as well as necessary certifications and evidence as required by the commissioner. The bill also outlines the criteria that must be met for approval of the conversion and mandates that the resulting public trust company will be considered to have existed for the same duration as the original SPDI.

Additionally, the bill modifies capital startup and deposit requirements for SPDIs, lowering the minimum deposit from $5,000 to $1,000, and repeals previous limitations on depositors, allowing individuals to hold accounts. It also repeals a supervision fee for banks providing digital asset custodial services and allows for the expenditure of unexpended fees collected prior to July 1, 2025. 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:
Introduced: 13-12-102, 13-12-104, 13-12-110, 34-29-104