This bill establishes provisions for the conversion of special purpose depository institutions into state banks and vice versa in Wyoming. It introduces new sections, specifically W.S. 13-2-216 and 13-12-127, detailing the application process for such conversions, which includes submitting a comprehensive plan, obtaining necessary approvals from the board and shareholders, and ensuring compliance with capital requirements. The bill mandates that the banking commissioner adopt rules to implement these processes and sets a timeline for the approval or denial of conversion applications.

Additionally, the bill amends W.S. 13-12-102(b)(iv) to clarify that certain provisions do not apply to the new conversion processes, except as specified in the newly created sections. The effective date for the majority of the act is set for July 1, 2026, while provisions related to rule adoption are effective immediately upon the bill's passage. This legislation aims to provide a clear framework for financial institutions in Wyoming to transition between different types of banking charters.

Statutes affected:
Introduced: 13-12-102