WY SF0054

Creates a legal framework allowing special purpose depository institutions (SPDIs) to convert their charters to state bank charters, and vice versa, with commissioner and board approval

Requires converting institutions to submit comprehensive conversion plans detailing disposition of assets and liabilities, with shareholder approval required before filing

Establishes a 90-day expedited review timeline for conversion applications when authorized by the board, with certificate of authority decisions due within 30 days

Converted institutions retain their original existence period for continuity purposes but must surrender previous certificates and remove former charter-type terminology from business names

Banking commissioner must adopt implementing rules by July 1, 2026, with the act taking effect on that date