SF0055

Amends Wyoming's special purpose depository institution regulations to reduce capital requirements, shorten timelines for commencing business, modify appeal procedures, and establish a resolution fund account.

• Reduces the minimum initial capital stock requirement for special purpose depository institutions from an unspecified amount to five million dollars. (W.S. 13-12-110(a))
• Reduces the required surplus fund from three years of estimated operating expenses to one year of estimated operating expenses. (W.S. 13-12-110(b))
• Modifies charter application requirements to include a comprehensive estimate of operating expenses for the first year instead of three years. (W.S. 13-12-111(b))
• Extends the timeline for an approved special purpose depository institution to commence business from six months to one year after issuance of a certificate of authority. (W.S. 13-12-116(c))
• Grants the commissioner authority to determine requirements by rule that must be met for an approved institution to commence business. (W.S. 13-12-116(b))
• Expands appeal rights to include decisions regarding compliance with requirements to commence business and extensions to commence business, and allows appeals to either district court or chancery court. (W.S. 13-12-117, W.S. 5-13-115(g))
• Creates the special purpose depository institution resolution fund account, funded by a portion of supervisory fees, to be used by the commissioner for involuntary dissolution of institutions. Funds in the account do not lapse or revert and investment earnings are credited to the account. (W.S. 13-12-122(c), W.S. 13-12-119(d))
• Repeals the requirement that special purpose depository institutions maintain a contingency account. (W.S. 13-12-106, Section 2)
• Requires the banking commissioner to promulgate rules as necessary to implement the act. (Section 3)

Effective: July 1, 2026

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