13-12-116. Certificate of authority to commence business required; application; approval or denial; failure to commence business.
(a) If an application is approved and a charter granted by the board under W.S. 13-12-115, the special purpose depository institution shall not commence business before receiving a certificate of authority to operate from the commissioner. The application for a certificate of authority shall be made to the commissioner and shall certify the address at which the special purpose depository institution will operate and that all adopted bylaws of the institution have been attached as an exhibit to the application. The application shall state the identities and contact information of officers and directors. The commissioner shall approve or deny an application for a certificate of authority to operate within thirty (30) days after a complete application has been filed. The authority of the commissioner to disapprove any application shall be restricted solely to noncompliance with this section, provided that if the commissioner approves the application, he shall issue a certificate of authority to the applicants within twenty (20) days. If the commissioner denies the application, he shall mail a notice of denial to the applicants within twenty (20) days, stating the reasons for denying the application, and grant to the applicants a period of ninety (90) days to resubmit the application with the necessary corrections. If the applicants fail to comply with requirements of the notice of denial within ninety (90) days from the receipt of the notice, the charter of the special purpose depository institution shall be revoked by the commissioner. The failure of the commissioner to act upon an application for a certificate of authority within thirty (30) days shall be deemed an approval.
(b) If an approved special purpose depository institution fails to commence business in good faith within six (6) months after the issuance of a certificate of authority to operate by the commissioner, the charter and certificate of authority shall expire. The board, for good cause and upon an application filed prior to the expiration of the six (6) month period, may extend the time within which the special purpose depository institution may open for business.
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.