The bill authorizes the deposit of public funds in credit unions, expanding the current law that only allows deposits in banks. It amends several sections of the Wyoming statutes to include credit unions alongside banks as eligible depositories for state funds. Key provisions include the requirement for credit unions to apply for designation as state depositories, similar to banks, and the stipulation that they must maintain security for deposits, which can include federal insurance. The bill also outlines the responsibilities of the state treasurer regarding the management of these deposits and the conditions under which funds can be withdrawn.

In addition to the inclusion of credit unions, the bill makes conforming amendments throughout the relevant statutes, ensuring that references to banks are updated to reflect the new eligibility of credit unions. The effective date for this legislation is set for July 1, 2025. Overall, this bill aims to enhance the options for public fund deposits in Wyoming, promoting greater financial inclusivity and potentially increasing the interest earned on state funds.

Statutes affected:
Introduced: 9-4-801, 9-4-802, 9-4-803, 9-4-805, 9-4-806, 9-4-807, 9-4-809, 9-4-810, 9-4-811, 9-4-812, 9-4-817, 9-4-818