SF0095

Amends Wyoming banking law to allow special purpose depository institutions to convert to public trust companies, reduces capital and deposit requirements for special purpose depository institutions, and repeals restrictions on depositor eligibility.

• Creates a conversion process allowing special purpose depository institutions to convert their charter to public trust companies, requiring a comprehensive conversion plan, shareholder approval, and commissioner approval within 90 days if expedited review is authorized. (W.S. 13-5-523, Sec. 1)
• Reduces the minimum deposit requirement for special purpose depository institution depositors from five thousand dollars to one thousand dollars. (W.S. 13-12-104(a)(iii), Sec. 2)
• Repeals requirements limiting depositors of special purpose depository institutions to legal entities and repeals requirements specifying which legal entities may be depositors. (W.S. 13-12-104(a)(i), (ii), (iv), Sec. 3)
• Repeals the supervision fee for banks providing digital asset custodial services. (W.S. 34-29-104(n), Sec. 3)
• Authorizes the use of fees collected prior to July 1, 2025 under the repealed digital asset custodial services supervision fee for any purpose authorized by the financial institutions administration account. (Sec. 4)
• Requires the banking commissioner to adopt all rules necessary to implement the act on or before July 1, 2025. (Sec. 5)

Effective: July 1, 2025

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