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) Be a legal entity other than a natural person;
(ii) Be in good standing with the jurisdiction in which it is incorporated or organized;
(iii) Maintain deposits with the institution totaling not less than five thousand dollars ($5,000.00);
(iv) Be engaged in a lawful, bona fide business, consistent with subsection (c) of this section and W.S. 13-12-103(f); and
(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(b) Repealed by Laws 2020, ch. 27, ยง 2.
(c) Consistent with paragraphs (a)(iv) and (v) of this section and in addition to any requirements specified by federal law, a special purpose depository institution shall require that a potential depositor provide reasonable evidence that the person is engaged in a lawful, bona fide business, or is likely to open a lawful, bona fide business within the next six (6) months. As used in this subsection, "reasonable evidence" includes business entity filings, articles of incorporation or organization, bylaws, operating agreements, business plans, promotional materials, financing agreements or other evidence. This subsection shall not apply to activities conducted under subsection (d) of this section.
(d) A special purpose depository institution may conduct incidental activities under W.S. 13-12-103(b)(vii) with persons who do not meet the criteria of paragraphs (a)(i) through (iv) of this section. The lawful business requirements of W.S. 13-12-103(f) shall remain applicable.
Structure Wyoming Statutes
Title 13 - Banks, Banking and Finance
Chapter 12 - Special Purpose Depository Institutions
Section 13-12-101 - Short Title.
Section 13-12-102 - Applicability of Other Provisions.
Section 13-12-104 - Requirements Relating to Depositors; Nature of Business.
Section 13-12-105 - Required Liquid Assets.
Section 13-12-106 - Required Contingency Account.
Section 13-12-107 - Applicable Federal and State Laws.
Section 13-12-108 - Required Disclosures.
Section 13-12-109 - Formation; Articles of Incorporation.
Section 13-12-110 - Required Initial Capital and Surplus; Additional Capital.
Section 13-12-111 - Application for Charter; Fee; Subaccount Created.
Section 13-12-112 - Procedure Upon Filing Application.
Section 13-12-113 - Procedure for Hearings on Charter Applications.
Section 13-12-114 - Investigation and Examination by Commissioner.
Section 13-12-117 - Decisions by Board Appealable; Grounds.
Section 13-12-119 - Reports and Examinations; Supervisory Fees; Required Private Insurance or Bond.
Section 13-12-120 - Suspension or Revocation of Charter.
Section 13-12-121 - Continuing Jurisdiction.
Section 13-12-124 - Failure to Submit Required Report; Fees; Rules.
Section 13-12-125 - Willful Failure to Perform Duties Imposed by Law; Removal.