13-12-111. Application for charter; fee; subaccount created.
(a) No person shall act as a special purpose depository institution without first obtaining a charter and certificate of authority to operate from the commissioner under this chapter.
(b) The incorporators under W.S. 13-12-109(a) shall apply to the commissioner for a charter. The application shall contain the special purpose depository institution's articles of incorporation, a detailed business plan, a comprehensive estimate of operating expenses for the first three (3) years of operation, a complete proposal for compliance with the provisions of this chapter and evidence of the capital required under W.S. 13-12-110. The commissioner may prescribe the form of application by rule.
(c) Each application for a charter shall be accompanied by an application fee established by the commissioner pursuant to rule, which shall be no greater than the costs incurred by the commissioner in reviewing the application. The application fee shall be credited to the special purpose depository institutions subaccount created by subsection (d) of this section.
(d) The special purpose depository institutions subaccount within the financial institutions administration account is created. Funds in the subaccount are continuously appropriated to the department of audit and shall only be expended by the commissioner to supervise special purpose depository institutions and to otherwise carry out the duties specified by this chapter. Funds in the subaccount shall not lapse at the end of any fiscal period. For purposes of accounting and investing only, the special purpose depository institutions subaccount shall be treated as a separate account from the financial institutions administration account.
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.