Wyoming depository institutions must meet financial rules before opening

Each institution must have fully paid stock of at least $5 million, a paid-up surplus of at least 20% of authorized stock, and undivided profits equal to at least one year of estimated operating expenses before it starts business. These requirements apply to each special purpose depository institution chartered under this chapter. The requirements apply before the institution starts business.

A portion of supervisory fees must be deposited into a state resolution account for the commissioner's work in an involuntary dissolution. The account is for the commissioner's work if a special purpose depository institution is involuntarily dissolved. The commissioner sets the portion of fees by rule. Account money may be spent only to carry out the commissioner's duties in an involuntary dissolution. The account provisions take effect July 1, 2026.

An approved institution must start business in good-faith compliance with the commissioner's requirements within one year after receiving its certificate of authority to operate. This applies to an approved special purpose depository institution after the commissioner issues its certificate of authority to operate. If the institution does not meet the requirements in time, its charter and certificate expire. For good cause, the board may extend the period if the institution applies before it expires. The one-year period begins when the commissioner issues the certificate.

Specified decisions by the banking board or commissioner may be appealed in the county district court or the chancery court. Covered decisions include charter decisions, operating certificates, compliance with start-up requirements, and extensions of the time to start business. Appeals follow the Wyoming Administrative Procedure Act. An appellant may also appeal if the board or commissioner fails to make a required finding or take an action required by law. These appeal provisions take effect July 1, 2026.