WY SF0055

Special purpose depository institutions (SPDIs) must maintain minimum capital stock of $5,000,000 and a surplus fund of at least 20% of authorized capital, with undivided profits reduced from 3 years to 1 year of estimated operating expenses

Charter application requirements simplified to include only 1 year of projected operating expenses instead of 3 years, and institutions now have 1 year (instead of 6 months) to commence business after receiving a certificate of authority

Creates a new Special Purpose Depository Institution Resolution Fund Account funded by a portion of supervisory fees, to be used by the commissioner for involuntary dissolutions of SPDIs

Grants the chancery court jurisdiction to hear appeals of state banking board or commissioner decisions, in addition to district court appeals under the Wyoming Administrative Procedure Act

Effective July 1, 2026, with rulemaking provisions effective immediately upon enactment