This bill establishes a framework for the conversion of special purpose depository institutions into state banks in Wyoming. It introduces a new section, W.S. 13-2-216, which outlines the process for conversion, including the requirement for a comprehensive application that must be approved by the institution's board and shareholders. The application must detail the disposition of assets and liabilities, and the commissioner will review it for compliance with existing banking regulations. The bill also stipulates that a converted institution cannot commence business as a state bank until it receives a certificate of authority from the state banking commissioner.

Additionally, the bill amends W.S. 13-12-102(b)(iv) to clarify that certain provisions do not apply to the new conversion process, except as specified in the new section. The banking commissioner is tasked with adopting necessary rules to implement the act by July 1, 2026, with the act itself becoming effective on the same date, except for certain sections that take effect immediately upon the bill's passage.

Statutes affected:
26LSO-0013 v0.4: 13-12-102