(a) As used in this article:
(i) "Bank holding company" means a bank holding company as defined in W.S. 13-1-101 which owns or controls a Wyoming financial institution;
(ii) "Critically undercapitalized" means the paid-in capital, retained earnings and undivided profits of the Wyoming financial institution are less than two percent (2%) of the total assets of the financial institution;
(iii) "Prompt corrective action" means any action the federal deposit insurance corporation is authorized to take with regard to a state chartered bank under 12 U.S.C. 1831o(d) through (i);
(iv) "Wyoming financial institution" means any bank, savings and loan association, special purpose depository institution or trust company chartered or organized under the laws of Wyoming.
(a) Notwithstanding any other provision of law, the commissioner may enforce the provisions of this act by informal actions such as board resolutions, letter agreements, memoranda of understanding or supervisory agreements.
(b) Notwithstanding any other provision of law, the commissioner may enter into an agreement and take action with the appropriate federal regulatory agency to enforce jointly all federal and state laws applicable to Wyoming financial institutions and bank holding companies.
13-10-203. Cease and desist orders; Wyoming financial
institutions; bank holding companies notice; opportunity for hearing.
(a) After notice and opportunity for hearing, the commissioner shall issue a final cease and desist order to a Wyoming financial institution if the Wyoming financial institution or any officer, director, employee or agent of the institution is violating or is about to violate any state statute or rule relating to financial institutions or is engaging or is about to engage in an unauthorized or unsafe and unsound practice. After notice and opportunity for hearing, the commissioner shall issue a final cease and desist order to a bank holding company if the bank holding company or any officer, director, manager, employee or agent of the bank holding company is violating or is about to violate any state or federal statute or rule relating to bank holding companies or is engaging or is about to engage in an unauthorized or unsafe and unsound practice relating to Wyoming financial institutions owned or controlled by the bank holding company.
(b) Before issuing a final cease and desist order, the commissioner shall serve notice of intent to issue the order upon the Wyoming financial institution or the bank holding company. The notice shall be in writing and shall contain the information required by W.S. 13-10-208(a). The proposed order shall direct the Wyoming financial institution or the bank holding company to discontinue the violations of law or the unsafe and unsound practices and may direct the Wyoming financial institution or the bank holding company to take any action the commissioner deems necessary to correct the alleged violation or wrongful practice.
(c) The Wyoming financial institution or the bank holding company may request a hearing on the proposed order before the board in accordance with W.S. 13-10-208(b). If the Wyoming financial institution or the bank holding company does not request a hearing in writing within the prescribed time period, the proposed order shall become a final cease and desist order and the commissioner shall serve the final order upon the Wyoming financial institution or the bank holding company.
13-10-204. Temporary cease and desist order; Wyoming financial institutions; bank holding companies; service.
(a) If the commissioner believes the actions of a Wyoming financial institution or of any officer, director, employee or agent of the institution pose an immediate threat to the safety and soundness of the financial institution or to the interests of the depositors, creditors or shareholders of the financial institution, he may issue a temporary cease and desist order to the financial institution pending final action on the proposed cease and desist order issued pursuant to W.S. 13-10-203.
(b) If the commissioner believes the actions of a bank holding company or of any officer, director, manager, employee or agent of the bank holding company pose an immediate threat to the safety and soundness of a Wyoming financial institution owned or controlled by the holding company or to the interests of the depositors, creditors or shareholders of the financial institution, the commissioner may issue a temporary cease and desist order to the bank holding company pending final action on the proposed cease and desist order issued pursuant to W.S. 13-10-203.
(c) The temporary order shall be in writing and shall be served upon the Wyoming financial institution or the bank holding company. The temporary order shall take effect upon service and shall remain in effect until the commissioner issues the final cease and desist order or the board dismisses the proposed cease and desist order after hearing.
(d) On or after the effective date of the temporary order, the attorney general, upon request from the commissioner, may apply to the district court for the county in which the Wyoming financial institution is located for enforcement of the temporary order. The application for enforcement shall be given precedence over other cases pending in court and shall in every way be expedited.
13-10-205. Removal of officer or director; notice; opportunity for hearing.
(a) After notice and opportunity for hearing, the commissioner may issue a final order removing an officer or director of a Wyoming financial institution or a bank holding company if the officer or director:
(i) Has violated any state statute or rule relating to financial institutions in performing the duties of his office;
(ii) Has engaged or participated in any unsafe and unsound practice in performing the duties of his office; or
(iii) Has been convicted of or has pleaded guilty or nolo contendere to a crime involving dishonesty or breach of trust.
(b) Before issuing a final removal order, the commissioner shall serve notice of intent to issue the order upon the officer or director. The notice shall be in writing and shall contain the information required by W.S. 13-10-208(a).
(c) The officer or director may request a hearing on the proposed order before the board in accordance with W.S. 13-10-208(b). If the officer or director does not request a hearing in writing within the prescribed time period, the proposed order shall become a final removal order and the commissioner shall serve the final order upon the officer or director.
13-10-206. Temporary suspension order; stay of order; enforcement.
(a) If the commissioner believes the actions of the officer or director pose an immediate threat to the safety and soundness of a Wyoming financial institution or to the interests of the depositors, creditors or shareholders of the financial institution, the commissioner may suspend the officer or director pending final action on the proposed removal order issued pursuant to W.S. 13-10-205. The temporary suspension order shall be in writing and shall be served upon the officer or director together with the notice of intent to issue a removal order as provided in W.S. 13-10-205(b). The temporary order shall take effect upon service. The officer or director may apply to the district court for the county in which the Wyoming financial institution is located for a stay of the temporary suspension order. The application for stay shall be given precedence over other cases pending in court and shall in every way be expedited. The court shall grant the stay only if the officer or director shows he will be irreparably harmed unless the stay issues and there is a substantial likelihood he will prevail on the merits. The temporary suspension order shall remain in effect until the commissioner issues the final removal order, the board dismisses the proposed removal order or the court stays enforcement of the temporary suspension order.
(b) On or after the effective date of a temporary suspension order issued pursuant to this section, the attorney general, upon request from the commissioner, may apply to the district court for the county in which the Wyoming financial institution is located for enforcement of the temporary suspension order. The application for enforcement shall be given precedence over other cases pending in court and shall in every way be expedited.
(a) In addition to other administrative or criminal remedies authorized in this act, the commissioner, after notice and opportunity for hearing, may assess a civil penalty against a Wyoming financial institution, an officer or director of a Wyoming financial institution or a bank holding company if the Wyoming financial institution, officer or director or bank holding company:
(i) Is found to have violated any state statute or rule relating to financial institutions or to have engaged in any unsafe and unsound practice, whether willfully or as a result of negligence, incompetence or recklessness; or
(ii) Is found to have violated or failed to comply with any provision of a lawful order issued by the commissioner pursuant to this act.
(b) The civil penalty for violating state statute or rule relating to financial institutions or engaging in an unsafe and unsound practice shall not exceed five thousand dollars ($5,000.00) per violation. The civil penalty for violating or failing to comply with a lawful order of the commissioner shall not exceed five thousand dollars ($5,000.00) per day for each day of the violation or noncompliance.
(c) In determining the amount of the civil penalty to be assessed, the commissioner shall consider:
(i) The seriousness of the violation or the unsafe and unsound practice;
(ii) The good faith of the Wyoming financial institution, officer or director or the bank holding company;
(iii) The history of previous violations or unsafe and unsound practices by the Wyoming financial institution, officer or director or the bank holding company;
(iv) The financial resources of the Wyoming financial institution, officer or director or the bank holding company; and
(v) Any other matters the commissioner deems appropriate.
(d) Before issuing a final order imposing a penalty, the commissioner shall serve notice of intent to issue the order upon the Wyoming financial institution, officer or director or the bank holding company to be assessed. The notice shall be in writing and shall contain the information required by W.S. 13-10-208(a), the amount of the civil penalty for each violation and the total amount of the civil penalty to be assessed.
(e) The Wyoming financial institution, officer or director or the bank holding company may request a hearing on the proposed order before the board in accordance with W.S. 13-10-208(b). If the Wyoming financial institution, officer or director or the bank holding company does not request a hearing in writing within the prescribed time period, the proposed order of assessment shall become a final order of assessment and the commissioner shall serve the final order of assessment upon the Wyoming financial institution, officer or director or the bank holding company.
(f) The Wyoming financial institution, officer or director or the bank holding company shall pay the civil penalty assessed by a final order in full to the commissioner within thirty (30) days of receipt of the final order of assessment. Any civil penalty received under this section shall be deposited into the county public school fund of the county in which the violation occurred. Notwithstanding any other provision of law, no Wyoming financial institution or bank holding company shall indemnify or insure any officer or director of a Wyoming financial institution against civil penalties assessed under this section.
13-10-208. Procedures for enforcement actions; service of
notice; content of orders; contested case proceedings; appeal.
(a) All notices and orders required to be served by the commissioner under this article shall be served by certified mail return receipt requested to the last known address of the Wyoming financial institution, the bank holding company or officer or director who is the subject of the order or shall be served as provided by the Wyoming Rules of Civil Procedure. Notice of a proposed order issued by the commissioner under this article shall include:
(i) A statement of the grounds for issuing the proposed order, including a citation to the statute or rule involved, if any;
(ii) A statement of the facts in support of the allegations;
(iii) A statement informing the Wyoming financial institution, the bank holding company or officer or director subject to the proposed order of the right to a hearing on the order before the state banking board and that failure to timely request a hearing will result in the order becoming final; and
(iv) A copy of the proposed order.
(b) A request for hearing on a proposed order issued by the commissioner under this article shall be in writing and shall be submitted to the commissioner no later than seven (7) days after receipt of the notice of intent from the commissioner. The board shall hold the hearing no later than fifteen (15) days after receipt of the request for hearing, unless the Wyoming financial institution, the bank holding company or officer or director subject to the proposed order requests an extension of time for good cause shown.
(c) A hearing on a proposed order issued under this article shall be a contested case hearing conducted in accordance with the Wyoming Administrative Procedure Act. After the hearing, the board shall issue findings of fact and conclusions of law and a final decision either confirming or dismissing a proposed order. The board shall confirm a proposed order only if the board finds by a preponderance of the evidence that grounds exist under this article for issuing the order. Otherwise, the board shall dismiss the proposed order. In confirming a proposed order imposing a civil penalty, the board may modify the amount of the penalty assessed after considering the factors in W.S. 13-10-207(c). If the board confirms a proposed order it shall become a final order.
(d) The commissioner shall serve a final order under this article upon the Wyoming financial institution, the bank holding company and officer or director who is the subject of the order. The final order shall take effect upon service and shall remain in effect until the commissioner or the court terminates the final order. The Wyoming financial institution, the bank holding company or officer or director who is the subject of the order may appeal the issuance of a final order in accordance with the Wyoming Administrative Procedure Act.
(e) On or after the effective date of a final order under this article, the attorney general, upon request from the commissioner, may apply to the district court of the county in which the Wyoming financial institution or the bank holding company is located for enforcement of the final order. The application for enforcement shall be given precedence over other cases pending in court and shall in every way be expedited.
In addition to the other administrative enforcement actions authorized in this act, the commissioner shall take prompt corrective action against a Wyoming financial institution as necessary to protect the safety and soundness of the Wyoming financial institution in the event the financial institution becomes critically undercapitalized. For purposes of this section, "Wyoming financial institution" does not include trust companies.
(a) As used in this article:
(i) "Ammunition" means one (1) or more loaded cartridges consisting of a primed case, propellant and with or without one (1) or more projectiles;
(ii) "Discriminate" means to:
(A) Refuse to engage in the trade of any goods or services;
(B) Refrain from continuing an existing business relationship;
(C) Terminate an existing business relationship;
(D) Otherwise unlawfully discriminate against a person.
(iii) "Financial institution" means a payment processor, a financial institution as defined in W.S. 13-1-101(a)(ix) or a national banking association as defined in 12 U.S.C. § 221;
(iv) "Firearm" means a weapon that expels a projectile by the action of an explosive;
(v) "Firearm accessory" means both:
(A) A device that is specifically designed or adapted to enable a person to wear or carry a firearm on the person or to store or mount a firearm in or on a conveyance;
(B) An attachment or device that is specifically designed or adapted to be inserted into or affixed onto a firearm to enable, alter or improve the functioning or capabilities of the firearm.
(vi) "Firearm entity" means all of the following:
(A) A firearm, firearm accessory or ammunition manufacturer, retailer and distributor;
(B) A shooting range;
(C) A trade association.
(vii) "Trade association" means any person, corporation, unincorporated association, federation, business league or professional or business organization that:
(A) Is not organized or operated for profit and for which no part of its net earning inures to the benefit of any private shareholder or individual;
(B) Is an organization described in section 501(c)(6) of the Internal Revenue Code and is exempt from tax pursuant to section 501(a) of the Internal Revenue Code;
(C) Has two (2) or more members who are firearm, firearm accessory or ammunition manufacturers or sellers.
13-10-302. Unlawful discrimination against a firearm entity; exception.
(a) A financial institution shall not discriminate against a firearm entity because the firearm entity supports or is engaged in the lawful commerce of firearms, firearm accessories or ammunition products.
(b) This section shall not apply to a financial institution that chooses not to provide services to a firearm entity for a business or financial reason or due to a directive by the state banking commissioner or a bank supervisory agency as defined by W.S. 13-2-802(a)(iii). This section shall also not apply to a financial institution that has a written policy prohibiting the institution from discriminating against firearm entities as defined in W.S. 13-10-301. For the purposes of this subsection, "business or financial reason" does not include a policy of refusing to provide financial services or otherwise discriminating when providing financial services to a firearm entity.
13-10-303. Remedies; attorney general notice; statute of limitation.
(a) A person who is injured by a violation of this article may bring a civil action against the financial institution. A court of competent jurisdiction shall award the successful party reasonable attorney fees and costs. The court may award the successful party any of the following:
(i) Actual and compensatory damages;
(ii) Treble damages;
(iii) Punitive or exemplary damages;
(iv) Injunctive relief;
(v) Any other appropriate civil relief.
(b) The attorney general may file a civil action for a violation of this article. The attorney general may request the court to do any of the following:
(i) Issue a declaratory judgment for an act or practice that violates this article;
(ii) Enjoin any act or practice that violates this article by issuing a temporary restraining order or preliminary or permanent injunction, without a bond, after providing appropriate notice;
(iii) In the event of repeated discrimination or failure to adhere to the financial institution's own antidiscrimination policy, impose a civil penalty that does not exceed twenty thousand dollars ($20,000.00) per violation of this article.
(c) If the attorney general prevails on an action filed pursuant to subsection (b) of this section, a court's order for relief, in addition to any other remedies, may include any relief sought under subsection (b) of this section and shall include an award to the attorney general for reasonable attorney fees and investigative and litigation costs.
(d) The attorney general shall submit the name of any financial institution that has violated this article to the governor and request that the state terminate any business relationship with the financial institution.
(e) Any civil action shall be commenced within not more than two (2) years after the date that the violation is discovered or should reasonably have been discovered.
(f) The remedies and actions available or required under this section shall not be applicable if a financial institution has a written policy prohibiting the institution from discriminating against firearm entities as defined in W.S. 13-10-301.
All fees, costs, compensation and expenses of any type provided for under this title, or any rule promulgated under authority granted under this title, required to be paid to the state banking commissioner and not otherwise designated for deposit shall be deposited by the state banking commissioner with the state treasurer and credited to the financial institutions administration account.
(a) Except as otherwise provided in subsections (b) and
(c) of this section, all other provisions of this title shall apply to this chapter.
(b) The following provisions of this title shall not apply to this chapter:
(i) W.S. 13-1-101(a)(vii);
(ii) W.S. 13-1-201;
(iii) W.S. 13-2-101;
(iv) W.S. 13-2-201 through 13-2-214 except as otherwise provided in W.S. 13-2-216;
(v) W.S. 13-2-301;
(vi) W.S. 13-2-709;
(vii) W.S. 13-3-102;
(viii) W.S. 13-3-203;
(ix) W.S. 13-3-401 through 13-3-405;
(x) W.S. 13-3-701 through 13-3-703;
(xi) W.S. 13-4-201 and 13-4-202(a)(i) through (iii);
(xii) W.S. 13-4-206;
(xiii) W.S. 13-4-302; and
(xiv) W.S. 13-5-101 through 13-8-302, except as otherwise provided in W.S. 13-5-523.
(c) If any provision of law conflicts with this chapter, this chapter shall control.
13-12-103. Special purpose depository institutions created
as corporations; operating authority; powers; prohibition on lending.
(a) Consistent with this chapter, special purpose depository institutions shall be organized as corporations under the Wyoming Business Corporation Act to exercise the powers set forth in subsection (b) of this section.
(b) Each special purpose depository institution may:
(i) Make contracts as a corporation under Wyoming law;
(ii) Sue and be sued;
(iii) Receive notes and buy and sell gold and silver coins and bullion as permitted by federal law;
(iv) Carry on a nonlending banking business for depositors, consistent with subsection (c) of this section;
(v) Provide payment services upon the request of a depositor;
(vi) Make an application to become a member bank of the federal reserve system;
(vii) Engage in any other activity that is usual or incidental to the business of banking, subject to the prior written approval of the commissioner. The commissioner shall not approve a request to engage in an incidental activity if he finds that the requested activity will adversely affect the solvency or the safety and soundness of the special purpose depository institution or conflict with any provision of this chapter. As used in this paragraph, "incidental activity" includes:
(A) Custody, safekeeping and asset servicing, including custodial services under W.S. 34-29-104;
(B) Investment adviser, investment company and broker-dealer activities;
(C) Commodities intermediary activities;
(D) Exercising fiduciary powers similar to those permitted to national banks;
(E) Receiving deposits relating to activities under this paragraph;
(F) Other incidental activities authorized by the commissioner.
(viii) Exercise powers and rights otherwise authorized by law which are not inconsistent with this chapter.
(c) Except as otherwise provided in this subsection, a special purpose depository institution shall not make loans, including the provision of temporary credit relating to overdrafts. A special purpose depository institution may purchase debt obligations specified by W.S. 13-12-105(b)(iii).
(d) A special purpose depository institution shall maintain its principal operating headquarters and the primary office of its chief executive officer in Wyoming.
(e) As otherwise authorized by this section, the special purpose depository institution may conduct business with depositors outside this state.
(f) A special purpose depository institution may open a branch in another state in the manner set forth in W.S. 13-2-803. A special purpose depository institution, including any branch of the institution, may only accept deposits or provide other services under this chapter to depositors engaged in activities which are lawful under the laws of Wyoming and federal law.
13-12-104. Requirements relating to depositors; nature of business.
(a) 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:
(i) Repealed by Laws 2025, ch. 150, § 3.
(ii) Repealed by Laws 2025, ch. 150, § 3.
(iii) Maintain deposits with the institution totaling not less than 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;
(iv) Repealed by Laws 2025, ch. 150, § 3.
(v) Make sufficient evidence available to the special purpose depository institution to enable compliance with anti-money laundering, customer identification and beneficial ownership requirements, as determined by the institution.
(b) Repealed by Laws 2020, ch. 27, § 2.
(c) Repealed by Laws 2025, ch. 150, § 3.
(d) Repealed by Laws 2025, ch. 150, § 3.
(a) At all times, a special purpose depository institution shall maintain unencumbered liquid assets valued at not less than one hundred percent (100%) of its depository liabilities.
(b) As used in this section, "liquid assets" means:
(i) United States currency held on the premises of the special purpose depository institution;
(ii) United States currency held for the special purpose depository institution by a federal reserve bank or a federally insured financial institution;
(iii) Investments which are highly liquid, including those specified by W.S. 13-3-202 and obligations of the United States treasury or other federal agency obligations, consistent with rules adopted by the commissioner.
A special purpose depository institution shall comply with all applicable federal laws, including those relating to anti-money laundering, customer identification and beneficial ownership.
(a) A special purpose depository institution shall display on any internet website it maintains, and at each window or place where it accepts deposits, a sign conspicuously stating that deposits are not insured by the federal deposit insurance corporation, if applicable.
(b) Upon opening an account and if applicable, a special purpose depository institution shall require each depositor to execute a statement acknowledging that all deposits at the special purpose depository institution are not insured by the federal deposit insurance corporation. The special purpose depository institution shall permanently retain this acknowledgment.
(c) A special purpose depository institution shall include in all advertising a disclosure that deposits are not insured by the federal deposit insurance corporation, if applicable.
(a) Except as otherwise provided by subsection (e) of this section, five (5) or more adult persons may form a special purpose depository institution. The incorporators shall subscribe the articles of incorporation and transmit them to the commissioner as part of an application for a charter under W.S. 13-12-111.
(b) The articles of incorporation shall include the following information:
(i) The corporate name;
(ii) The object for which the corporation is organized;
(iii) The term of its existence, which may be perpetual;
(iv) The place where its office shall be located and its operations conducted;
(v) The amount of capital stock and the number of shares;
(vi) The name and residence of each shareholder subscribing to more than ten percent (10%) of the stock and the number of shares owned by that shareholder;
(vii) The number of directors and the names of those who shall manage the affairs of the corporation for the first year; and
(viii) A statement that the articles of incorporation are made to enable the incorporators to avail themselves of the advantages of the laws of the state.
(c) Copies of all amended articles of incorporation shall be filed in the same manner as the original articles of incorporation.
(d) The incorporators shall solicit capital prior to filing an application for a charter with the commissioner, consistent with W.S. 13-12-110. In the event an application for a charter is not filed or is denied by the board, all capital shall be promptly returned without loss.
(e) Subject to applicable federal and state law, a bank holding company may apply to hold a special purpose depository institution.
13-12-110. Required initial capital and surplus; additional capital.
(a) The capital stock of each special purpose depository institution chartered under this chapter shall be subscribed for as fully paid stock. No special purpose depository institution shall commence business with capital stock of less than five million dollars ($5,000,000.00).
(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 shall commence business 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 one (1) year of estimated operating expenses in the amount disclosed pursuant to W.S. 13-12-111(b) or in another amount required by the commissioner.
(c) A special purpose depository institution may acquire additional capital prior to the granting of a charter and may report this capital in its charter application.
13-12-111. Application for charter; fee; subaccount created.
(a) No person shall act as a special purpose depository institution without first obtaining a charter and certificate of authority to operate from the commissioner under this chapter.
(b) The incorporators under W.S. 13-12-109(a) shall apply to the commissioner for a charter. The application shall contain the special purpose depository institution's articles of incorporation, a detailed business plan, a comprehensive estimate of operating expenses for the first year of operation, a complete proposal for compliance with the provisions of this chapter and a plan to raise the capital required under W.S. 13-12-110. The commissioner may prescribe the form of application by rule.
(c) Each application for a charter shall be accompanied by an application fee established by the commissioner pursuant to rule, which shall be no greater than the costs incurred by the commissioner in reviewing the application. The application fee shall be credited to the special purpose depository institutions subaccount created by subsection (d) of this section.
(d) The special purpose depository institutions subaccount within the financial institutions administration account is created. Funds in the subaccount are continuously appropriated to the department of audit and shall only be expended by the commissioner to supervise special purpose depository institutions and to otherwise carry out the duties specified by this chapter. Funds in the subaccount shall not lapse at the end of any fiscal period. For purposes of accounting and investing only, the special purpose depository institutions subaccount shall be treated as a separate account from the financial institutions administration account.
(a) Upon receiving an application for a special purpose depository charter, the commissioner shall notify the applicants in writing within thirty (30) calendar days of any deficiency in the required information or that the application has been accepted for filing. When the commissioner is satisfied that all required information has been furnished, he shall notify the chairman of the board who shall establish a time and place for a public hearing which shall be conducted not less than sixty (60) days, nor more than one hundred fifty (150) days, after notice from the commissioner to the applicants that the application is in order.
(b) Within thirty (30) days after receipt of notice of the time and place of the public hearing, the applicants shall cause notice of filing of the application and the hearing to be published at the applicants' expense in a newspaper of general circulation within the county where the proposed special purpose depository institution is to be located. Publication shall be made at least once a week for three (3) consecutive weeks before the hearing, stating the proposed location of the special purpose depository institution, the names of the applicants for a charter, the nature of the activities to be conducted by the proposed institution and other information required by rule. The applicants shall furnish proof of publication to the commissioner not more than ten (10) days prior to the hearing. The commissioner shall send notice of the hearing to state and national banks, federal savings and loan associations and other financial institutions in the state and federal agencies who have requested notice from the commissioner.
13-12-113. Procedure for hearings on charter applications.
The hearing for a charter application shall be conducted as a contested case under the Wyoming Administrative Procedure Act and shall comply with the requirements of that act.
13-12-114. Investigation and examination by commissioner.
(a) Upon receiving the articles of incorporation, the application for a charter and other information required by the commissioner, the commissioner shall make a careful investigation and examination of the following:
(i) The character, reputation, financial standing and ability of the incorporators;
(ii) The character, financial responsibility, banking or other financial experience and business qualifications of those proposed as officers and directors; and
(iii) The application for a charter, including the adequacy and plausibility of the business plan of the special purpose depository institution and whether the institution has offered a complete proposal for compliance with the provisions of this chapter.
(b) The commissioner shall submit the results of his investigation and examination at the public hearing on the charter application and shall be subject to cross examination by any interested party. No relevant information shall be excluded by the board as hearsay.
13-12-115. Approval or disapproval of application; criteria for approval; action upon application.
(a) Within ninety (90) days after receipt of the transcript of the public hearing, the board shall render a decision on the charter application based solely on the following criteria:
(i) Whether the character, reputation, financial standing and ability of the incorporators is sufficient to afford reasonable promise of a successful operation;
(ii) Whether the character, financial responsibility, banking or other financial experience and business qualifications of those proposed as officers and directors is sufficient to afford reasonable promise of a successful operation;
(iii) The adequacy and plausibility of the business plan of the special purpose depository institution;
(iv) Compliance with the capital and surplus requirements of W.S. 13-12-110;
(v) The special purpose depository institution is being formed for no other purpose than legitimate objectives authorized by law;
(vi) That the name of the proposed special purpose depository institution does not resemble so closely the name of any other financial institution transacting business in the state so as to cause confusion; and
(vii) Whether the applicants have complied with all applicable provisions of state law.
(b) The board shall approve an application upon making favorable findings on the criteria set forth in subsection (a) of this section. If necessary, the board may either conditionally approve an application by specifying conditions relating to the criteria or may disapprove the application. The board shall state findings of fact and conclusions of law as part of its decision. If the board approves the application, the commissioner shall endorse upon the articles of incorporation the approval of the board and shall transmit one (1) copy to the secretary of state, retain one (1) copy and return a copy to the applicants within twenty (20) days after the date of the decision of the board approving the application. If the board conditionally approves an application and upon compliance with necessary conditions required by the board, the commissioner shall proceed as provided in the preceding sentence. If the board disapproves the application, the commissioner shall mail notice of the disapproval to the applicants within twenty (20) days of the board's disapproval.
13-12-116. Certificate of authority to commence business
required; application; approval or denial; failure to commence business.
(a) If an application is approved and a charter granted by the board under W.S. 13-12-115, the special purpose depository institution shall not commence business before receiving a certificate of authority to operate from the commissioner. The application for a certificate of authority shall be made to the commissioner and shall certify the address at which the special purpose depository institution will operate and that all adopted bylaws of the institution have been attached as an exhibit to the application. The application shall state the identities and contact information of officers and directors. The commissioner shall approve or deny an application for a certificate of authority to operate within thirty (30) days after a complete application has been filed. The authority of the commissioner to disapprove any application shall be restricted solely to noncompliance with this section, provided that if the commissioner approves the application, he shall issue a certificate of authority to the applicants within twenty (20) days. If the commissioner denies the application, he shall mail a notice of denial to the applicants within twenty (20) days, stating the reasons for denying the application, and grant to the applicants a period of ninety (90) days to resubmit the application with the necessary corrections. If the applicants fail to comply with requirements of the notice of denial within ninety (90) days from the receipt of the notice, the charter of the special purpose depository institution shall be revoked by the commissioner. The failure of the commissioner to act upon an application for a certificate of authority within thirty (30) days shall be deemed an approval.
(b) The commissioner shall have the authority to determine the requirements by rule in accordance with this act that shall be met for an approved special purpose depository institution to commence business.
(c) If an approved special purpose depository institution fails to commence business in compliance with the requirements imposed by the commissioner under subsection (b) of this section, within one (1) year after the issuance of a certificate of authority to operate by the commissioner, the charter and certificate of authority shall expire. The board, for good cause and upon an application filed prior to the expiration of the one (1) year period, may extend the time within which the special purpose depository institution may open for business.
13-12-117. Decisions by board appealable; grounds.
Any decision of the board or commissioner in approving, conditionally approving or disapproving a charter for a special purpose depository institution, the issuance or denial of a certificate of authority to operate, compliance with the requirements for an approved special purpose depository institution to commence business under W.S. 13-12-116(b) or the issuance or denial of an extension to commence business under W.S. 13-12-116(c) is appealable to the district court of the county in which the institution is to be located, in accordance with the provisions of the Wyoming Administrative Procedure Act or, notwithstanding W.S. 16-3-114(a), to the chancery court. In addition to the grounds for appeal contained in the Wyoming Administrative Procedure Act, an appellant may appeal if the board or the commissioner fails to make any of the required findings or otherwise take an action required by law.
13-12-118. Surety bond; pledged investments; investment income; bond or pledge increases; hearings.
(a) Except as otherwise provided by subsection (b) of this section, a special purpose depository institution shall, before transacting any business, pledge or furnish a surety bond to the commissioner to cover costs likely to be incurred by the commissioner in a liquidation or conservatorship of the special purpose depository institution. The amount of the surety bond or pledge of assets under subsection (b) of this section shall be determined by the commissioner in an amount sufficient to defray the costs of a liquidation or conservatorship.
(b) In lieu of a bond, a special purpose depository institution may irrevocably pledge specified assets equivalent to a bond under subsection (a) of this section. All costs associated with pledging and holding the assets are the responsibility of the special purpose depository institution. Pledged assets shall be unencumbered and shall not serve as collateral for any other purpose.
(c) Assets pledged to the commissioner shall be of the same nature and quality as those required for state financial institutions under W.S. 9-4-805.
(d) Surety bonds shall run to the state of Wyoming, and shall be approved under the terms and conditions required under W.S. 9-4-804(b) and (c).
(e) The commissioner may adopt rules to establish additional investment guidelines or investment options for purposes of the pledge or surety bond required by this section.
(f) In the event of a liquidation or conservatorship of a special purpose depository institution pursuant to W.S. 13-12-122, the commissioner may, without regard to priorities, preferences or adverse claims, reduce the surety bond or assets pledged under this section to cash as soon as practicable and utilize the cash to defray the costs associated with the liquidation or conservatorship.
(g) Income from assets pledged under subsection (b) of this section shall be paid to the special purpose depository institution, unless a liquidation or conservatorship takes place.
(h) Upon evidence that the current surety bond or pledged assets are insufficient, the commissioner may require a special purpose depository institution to increase its surety bond or pledged assets by providing not less than thirty (30) days written notice to the institution. The special purpose depository institution may request a hearing before the board not more than thirty (30) days after receiving written notice from the commissioner under this subsection. Any hearing before the board shall be held pursuant to the Wyoming Administrative Procedure Act.
13-12-119. Reports and examinations; supervisory fees; required private insurance or bond.
(a) The commissioner may call for reports verified under oath from a special purpose depository institution at any time as necessary to inform the commissioner of the condition of the institution.
(b) All reports required of special purpose depository institutions by the commissioner and all materials relating to examinations of these institutions shall be subject to the provisions of W.S. 9-1-512.
(c) Every special purpose depository institution is subject to the examination of the commissioner. The commissioner or a duly appointed examiner shall visit and examine special purpose depository institutions on a schedule established by rule. The commissioner or a duly appointed examiner shall make a complete and careful examination of the condition and resources of a special purpose depository institution, the mode of managing institution affairs and conducting business, the actions of officers and directors in the investment and disposition of funds, the safety and prudence of institution management, compliance with the requirements of this chapter and such other matters as the commissioner may require. After an examination, the special purpose depository institution shall remit to the commissioner an amount equal to the total cost of the examination. This amount shall be remitted to the state treasurer and deposited into the special purpose depository institutions subaccount created by W.S. 13-12-111(d).
(d) Unless the commissioner determines an exemption is appropriate because of payment of other fees, on or before January 31 and July 31 of each year, a special purpose depository institution shall compute and pay supervisory fees to the commissioner based on the total assets of the special purpose depository institution as of the preceding December 31 and June 30 respectively. Except as provided in W.S. 13-12-122(c), supervisory fees under this section shall provide for the operating costs of the office of the commissioner and the administration of the laws governing special purpose depository institutions. Supervisory fees shall be established by rule of the commissioner and shall be adjusted by the commissioner to assure consistency with the cost of supervision. Except as provided in W.S. 13-12-122(c), supervisory fees shall be deposited by the commissioner with the state treasurer and credited to the special purpose depository institutions subaccount created by W.S. 13-12-111(d).
(e) A special purpose depository institution shall maintain appropriate insurance or a bond covering the operational risks of the institution, which shall include coverage for directors' and officers' liability, errors and omissions liability and information technology infrastructure and activities liability.
(a) The commissioner may suspend or revoke the charter of a special purpose depository institution if, after notice and opportunity for a hearing, the commissioner determines that:
(i) The special purpose depository institution has failed or refused to comply with an order issued under W.S. 13-10-201 through 13-10-209;
(ii) The application for a charter contained a false statement or material misrepresentation or material omission; or
(iii) An officer, director or agent of the special purpose depository institution, in connection with an application for a charter, examination, report or other document filed with the commissioner, knowingly made a false statement, material misrepresentation or material omission to the board, the commissioner or the duly authorized agent of the board or commissioner.
If the charter of a special purpose depository institution is surrendered, suspended or revoked, the institution shall continue to be subject to the provisions of this chapter during any liquidation or conservatorship.
13-12-122. Failure of institution; unsound or unsafe
condition; applicability of other insolvency and conservatorship provisions; special purpose depository institution resolution fund account.
(a) If the commissioner finds that a special purpose depository institution has failed or is operating in an unsafe or unsound condition, as defined in this section, that has not been remedied within the time prescribed under W.S. 13-4-203 through 13-4-205 or an order of the commissioner issued pursuant to W.S. 13-10-201 through 13-10-209, the commissioner shall conduct a liquidation or appoint a conservator as provided by W.S. 13-4-301 and 13-4-303 through 13-4-703.
(b) As used in this section:
(i) "Failed" or "failure" means, consistent with rules adopted by the commissioner, a circumstance when a special purpose depository institution has not:
(A) Complied with the requirements of W.S. 13-12-105;
(B) Repealed by Laws 2026, ch. 75, § 2.
(C) Paid, in the manner commonly accepted by business practices, its legal obligations to depositors on demand or to discharge any certificates of deposit, promissory notes or other indebtedness when due.
(ii) "Unsafe or unsound condition" means, consistent with rules adopted by the commissioner, a circumstance relating to a special purpose depository institution which is likely to:
(A) Cause the failure of the institution, as defined in paragraph (i) of this subsection;
(B) Cause a substantial dissipation of assets or earnings;
(C) Substantially disrupt the services provided by the institution to depositors;
(D) Otherwise substantially prejudice the depository interests of depositors.
(c) There is created the special purpose depository institution resolution fund account. A portion of each supervisory fee paid pursuant to W.S. 13-12-119(d) shall be deposited in the special purpose depository institution resolution fund account and shall be used by the commissioner in the event of an involuntary dissolution of a special purpose depository institution. The amount deposited in the account shall be established by rule of the commissioner. The portion of fees designated under this subsection shall be remitted to the state treasurer to be credited to the special purpose depository institution resolution fund account. All funds within the account shall be invested by the state treasurer and all investment earnings from the account shall be credited to the account. Notwithstanding W.S. 9-2-1008, 9-2-1012(e) and 9-4-207, unobligated and unexpended funds in the account shall not lapse or revert and shall remain in the account and be available for distribution as provided by this subsection. Expenditures from the account shall be made using warrants drawn by the state auditor, upon vouchers issued and signed by the director of the department of audit or by the commissioner. Funds from the account shall be expended only to carry out the duties of the commissioner in the involuntary dissolution of a special purpose depository institution.
13-12-123. Voluntary dissolution of special purpose
depository institution; liquidation; reorganization; application for dissolution; filing fee; filing with the secretary of state; revocation of charter.
(a) A special purpose depository institution may voluntarily dissolve in accordance with the provisions of this section. Voluntary dissolution shall be accomplished by either liquidating the special purpose depository institution or reorganizing the institution into an appropriate business entity that does not engage in any activity authorized only for a special purpose depository institution. Upon complete liquidation or completion of the reorganization, the commissioner shall revoke the charter of the special purpose depository institution and afterward, the company shall not use the word "special purpose depository institution" or "bank" in its business name or in connection with its ongoing business.
(b) The special purpose depository institution may dissolve its charter either by liquidation or reorganization. The board of directors shall file an application for dissolution with the commissioner, accompanied by a filing fee established by rule of the commissioner. The application shall include a comprehensive plan for dissolution setting forth the proposed disposition of all assets and liabilities, in reasonable detail to effect a liquidation or reorganization, and any other plans required by the commissioner. The plan of dissolution shall provide for the discharge or assumption of all of the known and unknown claims and liabilities of the special purpose depository institution. Additionally, the application for dissolution 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 of the assets and liabilities and a proposal of the special purpose depository institution for addressing any claims that are asserted after dissolution has been completed. The commissioner shall examine the application for compliance with this section, the business entity laws applicable to the required type of dissolution 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.
(c) If the commissioner finds that the application is incomplete, the commissioner shall return it for completion not later than sixty (60) days after it is filed. If the application is found to be complete by the commissioner, the commissioner shall approve or disapprove the application not later than thirty (30) days after it is filed. If the commissioner approves the application, the special purpose depository institution may proceed with the dissolution pursuant to the plan outlined in the application, subject to any further conditions the commissioner may prescribe. If the special purpose depository institution subsequently determines that the plan of dissolution needs to be amended to complete the dissolution, it shall file an amended plan with the commissioner and obtain approval to proceed under the amended plan. If the commissioner does not approve the application or amended plan, the special purpose depository institution may appeal the decision to the board pursuant to the Wyoming Administrative Procedure Act.
(d) Upon completion of all actions required under the plan of dissolution and satisfaction of all conditions prescribed by the commissioner, the special purpose depository institution shall submit a written report of its actions to the commissioner. The report shall contain a certification made under oath that the report is true and correct. Following receipt of the report, the commissioner, no later than sixty (60) days after the filing of the report, shall examine the special purpose depository institution to determine whether the commissioner is satisfied that all required actions have been taken in accordance with the plan of dissolution and any conditions prescribed by the commissioner. If all requirements and conditions have been met, the commissioner shall, within thirty (30) days of the examination, notify the special purpose depository institution in writing that the dissolution has been completed and issue a certificate of dissolution.
(e) Upon receiving a certificate of dissolution, the special purpose depository institution shall surrender its charter to the commissioner. The special purpose depository institution shall then file articles of dissolution and other documents required by W.S. 17-16-1401 through 17-16-1440 for a corporation with the secretary of state. In the case of reorganization, the special purpose depository institution shall file the documents required by the secretary of state to finalize the reorganization.
(f) If the commissioner determines that all required actions under the plan for dissolution, or as otherwise required by the commissioner, have not been completed, the commissioner shall notify the special purpose depository institution, not later than thirty (30) days after this determination, in writing what additional actions shall be taken in order for the institution to be eligible for a certificate of dissolution. The commissioner shall establish a reasonable deadline for the submission of evidence that additional actions have been taken and the commissioner may extend any deadline upon good cause. If the special purpose depository institution fails to file a supplemental report showing that the additional actions have been taken before the deadline, or submits a report that is found not to be satisfactory by the commissioner, the commissioner shall notify the special purpose depository institution in writing that its voluntary dissolution is not approved, and the institution may appeal the decision to the board pursuant to the Wyoming Administrative Procedure Act.
13-12-124. Failure to submit required report; fees; rules.
If a special purpose depository institution fails to submit any report required by this chapter or by rule within the prescribed period, the commissioner may impose and collect a fee for each day the report is overdue, as established by rule.
13-12-125. Willful failure to perform duties imposed by law; removal.
(a) Each officer, director, employee or agent of a special purpose depository institution, following written notice from the commissioner, is subject to removal upon order of the commissioner if he knowingly or willfully fails to:
(i) Perform any duty required by this act or other applicable law; or
(ii) Conform to any rule or order of the commissioner.
13-12-127. Conversion of state bank into special purpose depository institution.
(a) The commissioner, with approval of the board, may convert the charter of a state bank chartered under W.S. 13-2-201 et. seq, to a special purpose depository institution chartered under this article. A conversion shall occur as follows:
(i) A state bank seeking to convert its charter to a special purpose depository institution 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 that includes the information required by W.S. 13-12-109 shall be approved by the shareholders of the state bank 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 consistent with W.S. 13-12-111. The plan of conversion shall provide for the discharge or assumption of all known and unknown claims and liabilities of the state bank. 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, the requirements of W.S. 13-12-102 through 13-12-116 and 13-12-118 that are not inconsistent with this section and applicable rules.
(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 necessary by the board, the board may require a process consistent with W.S. 13-12-112 through 13-12-115. Where an expedited review is allowed by the board, the commissioner shall approve or deny a conversion application under this section not more than ninety (90) days after 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 special purpose depository institution satisfies all criteria under W.S. 13-12-115(a) and meets all applicable requirements and any applicable rules to operate as a special purpose depository institution. If the application is to be approved by the board, the board shall take action consistent with W.S. 13-12-115(b).
(d) If the application is approved and a charter is granted by the board or commissioner, the converting state bank shall not commence business as a special purpose depository institution before receiving a certificate of authority to operate as a special purpose depository institution from the state banking commissioner. Upon approval of an application, the converting state bank shall apply for a certificate of authority to the state banking commissioner and shall certify that the capital and surplus have been paid in, the address at which the converting state bank will operate as a special purpose depository institution and that all of the bylaws adopted have been attached as an exhibit to the application for a certificate of authority. The application for a certificate of authority shall state who the officers, directors and stockholders are at that time and attach evidence that appropriate federal insurance of deposits has been obtained, where applicable. The state banking commissioner shall approve or deny an application for a certificate of authority not more than thirty (30) days after a complete application has been filed. If the state banking commissioner approves the application, he shall issue a certificate of authority to the converted special purpose depository institution not later than twenty (20) days after approval of the application. If the state banking commissioner denies the application, he shall mail a notice of denial to the converted special purpose depository institution not later than twenty (20) days after denial of the application, stating the reasons for denying the application, and grant to the converted special purpose depository institution not more than ninety (90) days to resubmit the application with the necessary corrections. If the converted special purpose depository institution fails to comply with requirements of the notice of denial within ninety (90) days from the receipt of the notice, the approval of the application and articles of incorporation previously issued to the converted special purpose depository institution shall be revoked by the state banking commissioner. The failure of the state banking commissioner to act upon receipt of a complete application for a certificate of authority within thirty (30) days shall be deemed an approval. If a converted special purpose depository institution fails to commence business in good faith within one (1) year after the issuance of a certificate of authority by the state banking commissioner or any required federal approval, whichever is later, the charter and certificate of authority shall expire.
(e) A special purpose depository institution that results from a conversion under this section shall be deemed to have been in existence for the same period of time as the state bank from which it converted and shall surrender its certificate of authority under W.S. 13-2-213. Upon completion of the conversion the special purpose depository institution shall not use the term "state bank" in its business name or in connection with its ongoing business.
(f) The commissioner shall adopt all rules necessary to implement this section.