Wyoming SF 55 — Special purpose depository institution-amendments.

Wyoming, 2026. SF 55: Special purpose depository institution-amendments.

Plural source record ↗

Official legislative source ↗

Latest action

March 8, 2026 — Assigned Chapter Number 75

Summary

This act amends the initial capital stock requirements for special purpose depository institutions (SPDIs) by requiring SPDIs to have capital stock and a paid-up surplus fund to commence business rather than to be chartered, changes the amount of estimated operating expenses required for SPDIs to commence business from three (3) years to one (1) year, and repeals the requirement for a SPDI to maintain a contingency account. This act amends the application for a SPDI to be chartered by requiring a comprehensive estimate of operating expenses for the first year of operation instead of three (3) years and requires a plan to raise capital instead of providing evidence of the required capital. This act authorizes the Wyoming Banking Commissioner (Commissioner) to establish requirements that must be met for an approved SPDI to commence business and provides that if a SPDI fails to commence business in compliance with these requirements within one (1) year after the issuance of a certificate of authority to operate, then the charter and certificate of authority shall expire. This act adds the decisions of the Wyoming State Banking Board or the Commissioner regarding the requirements for an approved SPDI to commence business and the issuance or denial of an extension to commence business as decisions that are appealable to the district court or the chancery court. This act creates a SPDI resolution fund account that requires a portion of each supervisory fee paid by SPDIs to be deposited into the account to be used by the Commissioner in the event of an involuntary dissolution of a SPDI.

AN ACT relating to banks, banking and finance; amending special purpose depository institution initial capital stock requirements; amending requirements for special purpose depository institutions to commence business as specified; amending requirements for the application to charter special purpose depository institutions as specified; amending the timeline special purpose depository institutions must commence business; authorizing appeals of decisions of the commissioner; amending the appealable court for decisions relating to special purpose depository institutions; creating a special purpose depository institution resolution fund account; specifying authorized expenditures and the investment of funds in the account; requiring a portion of supervisory fees to be paid to the account; repealing the requirement that special purpose depository institutions maintain a contingency account; making conforming amendments; requiring rulemaking; and providing for effective dates.

Sponsors

• Filer
• Singh
• Yin
• Crago
• Nethercott
• Olsen
• Rothfuss — primary sponsor

Bill text

Introduced Read version ↗

Enrolled Read version ↗

Recorded votes

Legislative history

1. January 27, 2026Bill Number Assigned
2. January 29, 2026S Received for Introduction
3. February 10, 2026S Introduced and Referred to S09 - Minerals 22-8-1-0-0
4. February 18, 2026S09 - Minerals:Recommend Do Pass 5-0-0-0-0
5. February 18, 2026S Placed on General File
6. February 20, 2026S COW:Passed
7. February 20, 2026S 2nd Reading:Passed
8. February 23, 2026S 3rd Reading:Passed 26-5-0-0-0
9. February 23, 2026H Received for Introduction
10. February 26, 2026H Introduced and Referred to H09 - Minerals
11. March 2, 2026H09 - Minerals:Recommend Do Pass 7-1-1-0-0
12. March 2, 2026H Placed on General File
13. March 4, 2026H COW:Passed
14. March 4, 2026H 2nd Reading:Passed
15. March 5, 2026H 3rd Reading:Passed 36-25-1-0-0
16. March 5, 2026Assigned Number SEA No. 0054
17. March 5, 2026S President Signed SEA No. 0054
18. March 6, 2026H Speaker Signed SEA No. 0054
19. March 8, 2026Governor Signed SEA No. 0054
20. March 8, 2026Assigned Chapter Number 75

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