2025 SF 95 (SEA 93, Ch. 150) — SPDI amendments (conversion to public trust company)
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ORIGINAL SENATE
FILE NO. SF0095
ENROLLED ACT NO. 93, SENATE
SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2025 GENERAL SESSION
AN ACT relating to banks, banking and finance; providing
for the conversion of special purpose depository
institutions into public trust companies; amending capital
startup requirements for special purpose depository
institutions; amending deposit requirements; repealing
requirements limiting depositors of special purpose
depository institutions to legal entities and requirements
of legal entities as specified; repealing a supervision fee
for banks providing digital asset custodial services;
providing for unexpended fees; requiring rulemaking; and
providing for effective dates.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1. W.S. 13-5-523 is created to read:
13-5-523. Conversion from special purpose depository
institutions.
(a) The commissioner, with approval of the board, may
convert the charter of a special purpose depository
institution chartered under W.S. 13-12-115 to a public
trust company chartered under this article. A conversion
shall occur as follows:
(i) A special purpose depository institution
seeking to convert its charter to a public trust company
shall file an application to convert that contains a
comprehensive plan for conversion as required by this
section and rules promulgated by the commissioner. The
application shall include a certificate signed by the
institution's president and a majority of the board of
directors setting forth the action taken to support the
proposed conversion in compliance with this section. The
plan of conversion and a proposed organizational instrument
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ORIGINAL SENATE
FILE NO. SF0095
ENROLLED ACT NO. 93, SENATE
SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2025 GENERAL SESSION
that includes the information required by W.S. 13-5-501
shall be approved by the shareholders of the special
purpose depository institution prior to submitting an
application for conversion;
(ii) The application to convert shall include a
comprehensive plan for conversion setting forth any
necessary disposition of assets and liabilities in
reasonable detail to effect the conversion, and any other
plans required by the commissioner. The application shall
be accompanied by a fee established by rule and regulation
of the commissioner. The plan of conversion shall provide
for the discharge or assumption of all known and unknown
claims and liabilities of the special purpose depository
institution. Additionally, the application for conversion
shall include other evidence, certifications, affidavits,
documents or information as the commissioner may require,
including demonstration of how assets and liabilities will
be disposed, the timetable for effecting disposition or
transfer of the assets and liabilities and a proposal for
addressing any claims that are asserted after conversion
has been completed;
(iii) The commissioner shall examine the
application for compliance with this section, W.S. 13-5-510
through 13-5-520 and applicable rules. The commissioner may
conduct a special examination of the special purpose
depository institution, consistent with W.S. 13-12-119(c),
for purposes of evaluating the application.
(b) Upon receipt of a complete application, the
commissioner shall notify the board. The board, in its
discretion, may allow the commissioner to proceed with
approval of an application on an expedited basis without
further oversight or approval by the board or, if deemed
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ORIGINAL SENATE
FILE NO. SF0095
ENROLLED ACT NO. 93, SENATE
SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2025 GENERAL SESSION
necessary by the board, the board may require a process
consistent with W.S. 13-5-502 and 13-5-507. Where an
expedited review is allowed by the board, the commissioner
shall approve or deny a conversion application under this
section within ninety (90) days of receipt of a complete
application.
(c) The application shall not be approved under this
section until the board or commissioner, as applicable, has
ascertained to the board's or commissioner's satisfaction
that the proposed public trust company satisfies all
criteria under W.S. 13-5-507(a)(i) through (v), meets all
applicable requirements of W.S. 13-5-510 through 13-5-520
and meets any applicable rules to operate in all respects
as a public trust company.
(d) A public trust company that results from a
conversion under this section shall be deemed to have been
in existence for the same period of time as the special
purpose depository institution from which it converted and
shall surrender its certificate of authority under W.S.
13-12-116. Upon completion of the conversion the company
shall not use the term "special purpose depository
institution" or "bank" in its business name or in
connection with its ongoing business.
(e) The commissioner shall adopt all rules necessary
to implement this section.
Section 2. W.S. 13-12-102(b)(xiv), 13-12-104(a)(iii)
and 13-12-110(b) are amended to read:
13-12-102. Applicability of other provisions.
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ORIGINAL SENATE
FILE NO. SF0095
ENROLLED ACT NO. 93, SENATE
SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2025 GENERAL SESSION
(b) The following provisions of this title shall not
apply to this chapter:
(xiv) W.S. 13-5-101 through 13-8-302, except as
otherwise provided in W.S. 13-5-523.
13-12-104. Requirements relating to depositors;
nature of business.
(a) Except as otherwise provided by subsection (d) of
this section, no depositor shall maintain an account with a
special purpose depository institution or otherwise receive
any services from the institution unless the depositor
meets the criteria of this subsection. A depositor shall:
(iii) Maintain deposits with the institution
totaling not less than five thousand dollars ($5,000.00)
one thousand dollars ($1,000.00). A depositor shall not be
deemed in violation of this paragraph unless the total
deposit amount is less than one thousand dollars
($1,000.00) for five (5) or more consecutive business days;
13-12-110. Required initial capital and surplus;
additional capital.
(b) No special purpose depository institution shall
commence business until the full amount of its authorized
capital is subscribed and all capital stock is fully paid
in. No special purpose depository institution may be
chartered without a paid up surplus fund of not less than
twenty percent (20%) of its legally authorized capital
stock and undivided profits in an amount not less than
three (3) years of estimated operating expenses in the
amount disclosed pursuant to W.S. 13-12-111(b) or in
another amount required by the commissioner.
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ORIGINAL SENATE
FILE NO. SF0095
ENROLLED ACT NO. 93, SENATE
SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2025 GENERAL SESSION
Section 3. W.S. 13-12-104(a)(i), (ii), (iv), (c) and
(d) and 34-29-104(n) are repealed.
Section 4. Fees collected pursuant to W.S.
34-29-104(n) prior to July 1, 2025 remaining in the
financial institutions administration account on and after
July 1, 2025 may be expended for any purpose authorized for
that account and shall be reported as required by W.S.
13-1-603(e).
Section 5. The banking commissioner shall adopt all
rules necessary to implement this act on or before July 1,
2025.
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ORIGINAL SENATE
FILE NO. SF0095
ENROLLED ACT NO. 93, SENATE
SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2025 GENERAL SESSION
Section 6.
(a) Except as otherwise provided by subsection (b) of
this section, this act is effective July 1, 2025.
(b) Sections 5 and 6 of this act are effective
immediately upon completion of all acts necessary for a
bill to become law as provided by Article 4, Section 8 of
the Wyoming Constitution.
(END)
Speaker of the House President of the Senate
Governor
TIME APPROVED: _________
DATE APPROVED: _________
I hereby certify that this act originated in the Senate.
Chief Clerk
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