Bill > SF0095

This bill amends Wyoming's banking laws to provide a pathway for special purpose depository institutions (SPDIs) to convert to public trust companies, while also making several changes to SPDI regulations. The bill establishes a comprehensive conversion process that requires institutions to file an application with the banking commissioner, including a detailed plan for transferring assets and liabilities, and obtaining shareholder approval. Key changes include lowering the minimum deposit requirement from $5,000 to $1,000, modifying initial capital requirements by mandating that institutions have a paid-up surplus fund of at least 20% of their authorized capital stock, and removing certain restrictions on depositors. The bill also repeals some existing limitations on SPDIs, such as previous depositor eligibility requirements, and eliminates a specific supervision fee for digital asset custodial services. The conversion process allows an SPDI to maintain its original establishment date after converting to a public trust company, and prohibits the converted institution from using the terms "special purpose depository institution" or "bank" in its name. The banking commissioner is required to adopt implementing rules by July 1, 2025, with most provisions becoming effective on that date, creating a structured transition for these financial institutions.

Government Affairs, Transportation and Infrastructure

https://www.wyoleg.gov/Legislation/2025/SF0095