SF0054

Establishes procedures allowing special purpose depository institutions to convert to state banks and state banks to convert to special purpose depository institutions.

• Allows special purpose depository institutions to convert their charter to a state bank by filing a conversion application with a comprehensive plan approved by shareholders, followed by examination by the commissioner and approval by the board or commissioner. (W.S. 13-2-216(a), W.S. 13-2-216(b), W.S. 13-2-216(c))
• Requires converting special purpose depository institutions to obtain a certificate of authority from the state banking commissioner within 30 days of filing a complete application, with a 20-day issuance timeline upon approval and provisions for resubmission if denied. (W.S. 13-2-216(d))
• Allows the board to approve conversions on an expedited basis with the commissioner making a decision within 90 days of receiving a complete application, or to require a standard approval process. (W.S. 13-2-216(b))
• Allows state banks to convert their charter to a special purpose depository institution by filing a conversion application with a comprehensive plan approved by shareholders, followed by examination by the commissioner and approval by the board or commissioner. (W.S. 13-12-127(a), W.S. 13-12-127(b), W.S. 13-12-127(c))
• Requires converting state banks to obtain a certificate of authority from the state banking commissioner within 30 days of filing a complete application, with a 20-day issuance timeline upon approval and provisions for resubmission if denied. (W.S. 13-12-127(d))
• Provides that converted institutions are deemed to have existed for the same period as the original institution and must surrender their previous certificate of authority and cease using their former institutional designation in their business name. (W.S. 13-2-216(e), W.S. 13-12-127(e))
• Requires the banking commissioner to adopt all rules necessary to implement the conversion procedures on or before July 1, 2026. (Section 3, W.S. 13-2-216(f), W.S. 13-12-127(f))
• Amends the applicability provisions to clarify that state bank provisions do not apply to special purpose depository institutions except as provided in the conversion statute.