Title 13 · WY

13-10-208(b). If the Wyoming financial institution, officer or

Citation: Wyo. Stat. § 13-10-208

Section: 13-10-208

13-10-208(b). If the Wyoming financial institution, officer or director or the bank holding company does not request a hearing in writing within the prescribed time period, the proposed order of assessment shall become a final order of assessment and the commissioner shall serve the final order of assessment upon the Wyoming financial institution, officer or director or the bank holding company.

(f) The Wyoming financial institution, officer or director or the bank holding company shall pay the civil penalty assessed by a final order in full to the commissioner within thirty (30) days of receipt of the final order of assessment. Any civil penalty received under this section shall be deposited into the county public school fund of the county in which the violation occurred. Notwithstanding any other provision of law, no Wyoming financial institution or bank holding company shall indemnify or insure any officer or director of a Wyoming financial institution against civil penalties assessed under this section.

13-10-208. Procedures for enforcement actions; service of notice; content of orders; contested case proceedings; appeal.

(a) All notices and orders required to be served by the commissioner under this article shall be served by certified mail return receipt requested to the last known address of the Wyoming financial institution, the bank holding company or officer or director who is the subject of the order or shall be served as provided by the Wyoming Rules of Civil Procedure. Notice of a proposed order issued by the commissioner under this article shall include:

(i) A statement of the grounds for issuing the proposed order, including a citation to the statute or rule involved, if any;

(ii) A statement of the facts in support of the allegations;

(iii) A statement informing the Wyoming financial institution, the bank holding company or officer or director subject to the proposed order of the right to a hearing on the order before the state banking board and that failure to timely request a hearing will result in the order becoming final; and

(iv) A copy of the proposed order.

(b) A request for hearing on a proposed order issued by the commissioner under this article shall be in writing and shall be submitted to the commissioner no later than seven (7) days after receipt of the notice of intent from the commissioner. The board shall hold the hearing no later than fifteen (15) days after receipt of the request for hearing, unless the Wyoming financial institution, the bank holding company or officer or director subject to the proposed order requests an extension of time for good cause shown.

(c) A hearing on a proposed order issued under this article shall be a contested case hearing conducted in accordance with the Wyoming Administrative Procedure Act. After the hearing, the board shall issue findings of fact and conclusions of law and a final decision either confirming or dismissing a proposed order. The board shall confirm a proposed order only if the board finds by a preponderance of the evidence that grounds exist under this article for issuing the order. Otherwise, the board shall dismiss the proposed order. In confirming a proposed order imposing a civil penalty, the board may modify the amount of the penalty assessed after considering the factors in W.S. 13-10-207(c). If the board confirms a proposed order it shall become a final order.

(d) The commissioner shall serve a final order under this article upon the Wyoming financial institution, the bank holding company and officer or director who is the subject of the order. The final order shall take effect upon service and shall remain in effect until the commissioner or the court terminates the final order. The Wyoming financial institution, the bank holding company or officer or director who is the subject of the order may appeal the issuance of a final order in accordance with the Wyoming Administrative Procedure Act.

(e) On or after the effective date of a final order under this article, the attorney general, upon request from the commissioner, may apply to the district court of the county in which the Wyoming financial institution or the bank holding company is located for enforcement of the final order. The application for enforcement shall be given precedence over other cases pending in court and shall in every way be expedited.

13-10-209. Prompt corrective action; definition.

In addition to the other administrative enforcement actions authorized in this act, the commissioner shall take prompt corrective action against a Wyoming financial institution as necessary to protect the safety and soundness of the Wyoming financial institution in the event the financial institution becomes critically undercapitalized. For purposes of this section, "Wyoming financial institution" does not include trust companies.

ARTICLE 3 - UNLAWFUL DISCRIMINATION

13-10-301. Definitions.

(a) As used in this article:

(i) "Ammunition" means one (1) or more loaded cartridges consisting of a primed case, propellant and with or without one (1) or more projectiles;

(ii) "Discriminate" means to:

(A) Refuse to engage in the trade of any goods or services;

(B) Refrain from continuing an existing business relationship;

(iii) "Financial institution" means a payment processor, a financial institution as defined in W.S. 13-1- 101(a)(ix) or a national banking association as defined in 12 U.S.C. § 221;

(iv) "Firearm" means a weapon that expels a projectile by the action of an explosive;

(v) "Firearm accessory" means both:

(A) A device that is specifically designed or adapted to enable a person to wear or carry a firearm on the person or to store or mount a firearm in or on a conveyance;

(B) An attachment or device that is specifically designed or adapted to be inserted into or affixed onto a firearm to enable, alter or improve the functioning or capabilities of the firearm.

(vi) "Firearm entity" means all of the following:

(A) A firearm, firearm accessory or ammunition manufacturer, retailer and distributor;

(B) A shooting range;

(vii) "Trade association" means any person, corporation, unincorporated association, federation, business league or professional or business organization that:

(A) Is not organized or operated for profit and for which no part of its net earning inures to the benefit of any private shareholder or individual;

(B) Is an organization described in section 501(c)(6) of the Internal Revenue Code and is exempt from tax pursuant to section 501(a) of the Internal Revenue Code;

(C) Has two (2) or more members who are firearm, firearm accessory or ammunition manufacturers or sellers. 13-10-302. Unlawful discrimination against a firearm entity; exception.

(a) A financial institution shall not discriminate against a firearm entity because the firearm entity supports or is engaged in the lawful commerce of firearms, firearm accessories or ammunition products.

(b) This section shall not apply to a financial institution that chooses not to provide services to a firearm entity for a business or financial reason or due to a directive by the state banking commissioner or a bank supervisory agency as defined by W.S. 13-2-802(a)(iii). This section shall also not apply to a financial institution that has a written policy prohibiting the institution from discriminating against firearm entities as defined in W.S. 13-10-301. For the purposes of this subsection, "business or financial reason" does not include a policy of refusing to provide financial services or otherwise discriminating when providing financial services to a firearm entity.

13-10-303. Remedies; attorney general notice; statute of limitation.

(a) A person who is injured by a violation of this article may bring a civil action against the financial institution. A court of competent jurisdiction shall award the successful party reasonable attorney fees and costs. The court may award the successful party any of the following:

(i) Actual and compensatory damages;

(ii) Treble damages;

(iii) Punitive or exemplary damages;

(iv) Injunctive relief;

(v) Any other appropriate civil relief.

(b) The attorney general may file a civil action for a violation of this article. The attorney general may request the court to do any of the following:

(i) Issue a declaratory judgment for an act or practice that violates this article; (ii) Enjoin any act or practice that violates this article by issuing a temporary restraining order or preliminary or permanent injunction, without a bond, after providing appropriate notice;

(iii) In the event of repeated discrimination or failure to adhere to the financial institution's own antidiscrimination policy, impose a civil penalty that does not exceed twenty thousand dollars ($20,000.00) per violation of this article.

(c) If the attorney general prevails on an action filed pursuant to subsection (b) of this section, a court's order for relief, in addition to any other remedies, may include any relief sought under subsection (b) of this section and shall include an award to the attorney general for reasonable attorney fees and investigative and litigation costs.

(d) The attorney general shall submit the name of any financial institution that has violated this article to the governor and request that the state terminate any business relationship with the financial institution.

(e) Any civil action shall be commenced within not more than two (2) years after the date that the violation is discovered or should reasonably have been discovered.

(f) The remedies and actions available or required under this section shall not be applicable if a financial institution has a written policy prohibiting the institution from discriminating against firearm entities as defined in W.S. 13- 10-301.

CHAPTER 11 - DEPOSIT OF FUNDS

13-11-101. Deposit of funds.

All fees, costs, compensation and expenses of any type provided for under this title, or any rule promulgated under authority granted under this title, required to be paid to the state banking commissioner and not otherwise designated for deposit shall be deposited by the state banking commissioner with the state treasurer and credited to the financial institutions administration account.

CHAPTER 12 - SPECIAL PURPOSE DEPOSITORY INSTITUTIONS 13-12-101. Short title.

This chapter may be cited as the "Special Purpose Depository Institutions Act."

13-12-102. Applicability of other provisions.

(a) Except as otherwise provided in subsections (b) and (c) of this section, all other provisions of this title shall apply to this chapter.

(b) The following provisions of this title shall not apply to this chapter:

(i) W.S. 13-1-101(a)(vii);

(ii) W.S. 13-1-201;

(iii) W.S. 13-2-101;

(iv) W.S. 13-2-201 through 13-2-214;

(v) W.S. 13-2-301;

(vi) W.S. 13-2-709;

(vii) W.S. 13-3-102;

(viii) W.S. 13-3-203;

(ix) W.S. 13-3-401 through 13-3-405;

(x) W.S. 13-3-701 through 13-3-703;

(xi) W.S. 13-4-201 and 13-4-202(a)(i) through (iii);

(xii) W.S. 13-4-206;

(xiii) W.S. 13-4-302; and

(xiv) W.S. 13-5-101 through 13-8-302, except as otherwise provided in W.S. 13-5-523.

(c) If any provision of law conflicts with this chapter, this chapter shall control. 13-12-103. Special purpose depository institutions created as corporations; operating authority; powers; prohibition on lending.

(a) Consistent with this chapter, special purpose depository institutions shall be organized as corporations under the Wyoming Business Corporation Act to exercise the powers set forth in subsection (b) of this section.

(b) Each special purpose depository institution may:

(i) Make contracts as a corporation under Wyoming law;

(ii) Sue and be sued;

(iii) Receive notes and buy and sell gold and silver coins and bullion as permitted by federal law;

(iv) Carry on a nonlending banking business for depositors, consistent with subsection (c) of this section;

(v) Provide payment services upon the request of a depositor;

(vi) Make an application to become a member bank of the federal reserve system;

(vii) Engage in any other activity that is usual or incidental to the business of banking, subject to the prior written approval of the commissioner. The commissioner shall not approve a request to engage in an incidental activity if he finds that the requested activity will adversely affect the solvency or the safety and soundness of the special purpose depository institution or conflict with any provision of this chapter. As used in this paragraph, "incidental activity" includes:

(A) Custody, safekeeping and asset servicing, including custodial services under W.S. 34-29-104;

(B) Investment adviser, investment company and broker-dealer activities;

(E) Receiving deposits relating to activities under this paragraph;

(F) Other incidental activities authorized by the commissioner.

(viii) Exercise powers and rights otherwise authorized by law which are not inconsistent with this chapter.

(c) Except as otherwise provided in this subsection, a special purpose depository institution shall not make loans, including the provision of temporary credit relating to overdrafts. A special purpose depository institution may purchase debt obligations specified by W.S. 13-12-105(b)(iii).

(d) A special purpose depository institution shall maintain its principal operating headquarters and the primary office of its chief executive officer in Wyoming.

(e) As otherwise authorized by this section, the special purpose depository institution may conduct business with depositors outside this state.

(f) A special purpose depository institution may open a branch in another state in the manner set forth in W.S. 13-2- 803. A special purpose depository institution, including any branch of the institution, may only accept deposits or provide other services under this chapter to depositors engaged in activities which are lawful under the laws of Wyoming and federal law.

13-12-104. Requirements relating to depositors; nature of business.

(a) Except as otherwise provided by subsection (d) of this section, no depositor shall maintain an account with a special purpose depository institution or otherwise receive any services from the institution unless the depositor meets the criteria of this subsection. A depositor shall:

(i) Repealed by Laws 2025, ch. 150, § 3.

(ii) Repealed by Laws 2025, ch. 150, § 3. (iii) Maintain deposits with the institution totaling not less than one thousand dollars ($1,000.00). A depositor shall not be deemed in violation of this paragraph unless the total deposit amount is less than one thousand dollars ($1,000.00) for five (5) or more consecutive business days;

(iv) Repealed by Laws 2025, ch. 150, § 3.

(v) Make sufficient evidence available to the special purpose depository institution to enable compliance with anti- money laundering, customer identification and beneficial ownership requirements, as determined by the institution.

(b) Repealed by Laws 2020, ch. 27, § 2.

(d) Repealed by Laws 2025, ch. 150, § 3.

13-12-105. Required liquid assets.

(a) At all times, a special purpose depository institution shall maintain unencumbered liquid assets valued at not less than one hundred percent (100%) of its depository liabilities.

(b) As used in this section, "liquid assets" means:

(i) United States currency held on the premises of the special purpose depository institution;

(ii) United States currency held for the special purpose depository institution by a federal reserve bank or a federally insured financial institution;

(iii) Investments which are highly liquid, including those specified by W.S. 13-3-202 and obligations of the United States treasury or other federal agency obligations, consistent with rules adopted by the commissioner.

13-12-106. Required contingency account.

(a) A special purpose depository institution shall maintain a contingency account to account for unexpected losses and expenses. A special purpose depository institution may require the payment of contributions from depositors to fund a contingency account. Initial capital under W.S. 13-12-110 shall constitute compliance with this subsection for the first three (3) years a special purpose depository institution is in operation. After the conclusion of the first three (3) years of operation, a special purpose depository institution shall maintain a contingency account totaling not less than two percent (2%) of the depository liabilities of the special purpose depository institution, provided that the contingency account shall be adequate and reasonable in light of current and prospective business conditions, as determined by the commissioner.

(b) A depositor shall obtain a refund of any contingency account contributions made under subsection (a) of this section after closing an account with the special purpose depository institution.

13-12-107. Applicable federal and state laws.

A special purpose depository institution shall comply with all applicable federal laws, including those relating to anti-money laundering, customer identification and beneficial ownership.

13-12-108. Required disclosures.

(a) A special purpose depository institution shall display on any internet website it maintains, and at each window or place where it accepts deposits, a sign conspicuously stating that deposits are not insured by the federal deposit insurance corporation, if applicable.

(b) Upon opening an account and if applicable, a special purpose depository institution shall require each depositor to execute a statement acknowledging that all deposits at the special purpose depository institution are not insured by the federal deposit insurance corporation. The special purpose depository institution shall permanently retain this acknowledgment.

(c) A special purpose depository institution shall include in all advertising a disclosure that deposits are not insured by the federal deposit insurance corporation, if applicable.

13-12-109. Formation; articles of incorporation.

(a) Except as otherwise provided by subsection (e) of this section, five (5) or more adult persons may form a special purpose depository institution. The incorporators shall subscribe the articles of incorporation and transmit them to the commissioner as part of an application for a charter under W.S.