This bill amends various provisions related to special purpose depository institutions in Wyoming, focusing on their initial capital stock requirements, application processes, and operational timelines. Key changes include raising the minimum capital stock requirement to five million dollars and requiring a paid-up surplus fund of at least 20% of the authorized capital stock. The bill also modifies the timeline for these institutions to commence business from six months to one year after receiving a certificate of authority. Additionally, it introduces a new subsection granting the chancery court jurisdiction to hear appeals regarding decisions made by the state banking board or commissioner.

Furthermore, the bill establishes a special purpose depository institution resolution fund account, which will be funded by a portion of supervisory fees collected from these institutions. This account is intended to support the commissioner in the event of an involuntary dissolution of a special purpose depository institution. The bill repeals the requirement for these institutions to maintain a contingency account and mandates the banking commissioner to create necessary rules for implementation. The act is set to take effect on July 1, 2026, with certain provisions becoming effective immediately upon the bill's passage.

Statutes affected:
Introduced: 5-13-115, 13-12-110, 13-12-111, 13-12-116, 13-12-117, 13-12-119, 13-12-122, 13-12-106