WyomingWyoming banks may switch between two charter types with approval
Wyoming banks may switch between state bank and special purpose depository institution charters if shareholders and banking regulators approve.
What it does
A special purpose depository institution may convert to a state bank if shareholders approve its plan and banking regulators approve the application and operating certificate.
A state bank may convert to a special purpose depository institution if shareholders approve its plan and banking regulators approve the application and operating certificate.
Argument forA bank could change charter types while keeping its institution’s history, since the converted institution is treated as having existed for the same length of time.
Argument againstPreparing for a charter switch could take extra staff time because each bank must plan how to handle assets, debts, and later claims.
More detail
The banking commissioner, with board approval, may convert a special purpose depository institution’s charter into a state bank charter. This applies to special purpose depository institutions chartered under Wyoming law. Shareholders must approve the conversion plan and proposed organizational document before the institution applies. The application must explain how assets, debts, and claims will be handled. Regulators must find that the institution meets state bank requirements, including capital rules. After charter approval, the institution must receive a certificate of authority before it can operate as a state bank. The main provisions take effect July 1, 2026. If the board allows expedited review, the commissioner must approve or deny a complete conversion application within 90 days.
The banking commissioner, with board approval, may convert a state bank’s charter into a special purpose depository institution charter. This applies to state banks chartered under Wyoming law. Shareholders must approve the conversion plan and proposed organizational document before the bank applies. The application must explain how assets, debts, and claims will be handled. Regulators must find that the proposed institution meets special purpose depository institution requirements. After charter approval, the institution must receive a certificate of authority before it can operate under the new charter. The main provisions take effect July 1, 2026. If the board allows expedited review, the commissioner must approve or deny a complete conversion application within 90 days.
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Where it stands
- Introduced
- Passed 1st Chamber
- Passed 2nd Chamber
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Mar 8Assigned Chapter Number 74Latest
- Mar 8Governor Mark Gordon Signed SEA No. 0053Became Law
- Mar 6H Speaker Signed SEA No. 0053
- Mar 5S President Signed SEA No. 0053
- Vote recorded H 3rd Reading:Passed 37-24-1-0-0. Result: pass.Lower
- Mar 5Assigned Number SEA No. 0053
- Mar 5H 3rd Reading:Passed 37-24-1-0-0Passed 2nd Chamber
- Mar 4H 2nd Reading:PassedMinor
- Mar 4H COW:PassedMinor
- Mar 2H Placed on General File
- Vote recorded H09 - Minerals:Recommend Do Pass 8-0-1-0-0. Result: pass.Lower
- Mar 2H09 - Minerals:Recommend Do Pass 8-0-1-0-0Minor
- Feb 26H Introduced and Referred to H09 - MineralsMinor
- Feb 23H Received for IntroductionMinor
- Vote recorded S 3rd Reading:Passed 27-4-0-0-0. Result: pass.Upper
- Feb 23S 3rd Reading:Passed 27-4-0-0-0Passed 1st Chamber
- Feb 20S 2nd Reading:PassedMinor
- Feb 20S COW:PassedMinor
- Feb 18S Placed on General File
- Vote recorded S09 - Minerals:Recommend Do Pass 4-0-1-0-0. Result: pass.Upper
- Feb 18S09 - Minerals:Recommend Do Pass 4-0-1-0-0Minor
- Feb 10S Introduced and Referred to S09 - Minerals 26-4-1-0-0Minor
- Vote recorded S Introduced and Referred to S09 - Minerals 26-4-1-0-0. Result: pass.Upper
- Jan 29S Received for IntroductionMinor
- Jan 27Bill Number AssignedIntroduced