HB0074 – Special purpose depository institutions

Phone: 650.723.2465
Fax: 650.725.0253

Type: Regulation
Date: 02/26/2019
Agency: Wyoming Legislature
Jurisdiction: United States Wyoming
Type of Law: State
Status: Existing
Official URL: External link

According to the summary provided by the Legislative Services Office:
“This act creates “special purpose depository institutions” as a new form of bank.

Requires the institution to maintain one hundred percent of its depository liabilities as liquid assets and prohibits lending.

Provides that the institution may only provide services to bona fide businesses, with a minimum deposit.

Authorizes, but does not require, Federal Deposit Insurance Corporation insurance.

Specifies chartering, supervision and liquidation/conservatorship provisions which are similar to existing financial institutions and also requires compliance with all other applicable federal and state laws.”