This bill establishes a framework for the conversion of state banks into special purpose depository institutions in Wyoming. It introduces a new section, W.S. 13-12-127, which outlines the process for such conversions, including the requirement for state banks to submit a comprehensive application that details their conversion plan, asset and liability management, and compliance with existing banking regulations. The application must be approved by the bank's shareholders and includes a fee as specified in W.S. 13-12-111. The commissioner of banking, with board approval, will review the application and can expedite the approval process, ensuring that decisions are made within specified timeframes.

Additionally, the bill mandates that the banking commissioner adopt necessary rules to implement these provisions by July 1, 2026, while the act itself will take effect on the same date, except for certain sections that will be effective immediately upon the bill's passage. The converted institutions will retain the operational history of the original state bank but must refrain from using the term "state bank" in their business name post-conversion.