010-20 Wyo. Code R. §§ 20-2 - Purpose

(a) Consistent with W.S. 13-12-110(b), a special purpose depository institution shall have initial capital, subscribed for as fully paid stock, which is commensurate with the risk profile and proposed activities of the institution, including incidental activities, as determined by the Commissioner on a case-by-case basis. A special purpose depository institution shall also maintain a capital plan analyzing potential capital needs based on growth and the availability of capital from identified sources, which may include a moratorium on the payment of dividends during a specified future period. The initial capital required by this subsection shall be subscribed and fully paid in at the time the institution applies for a certificate of authority under W.S. 13-12-116, but prior to this time, as part of the charter application of the institution, the incorporators shall present letters of commitment or other evidence to the Commissioner that the required capital will be available if a charter application is approved.

(b) After a special purpose depository institution has commenced operations, the Commissioner may require the institution to modify its capital levels based on the risk profile or activities of the institution within sixty (60) days of a request by the Commissioner, consistent with W.S. 13-4-203. In making a request for modification of an institution's capital levels, the Commissioner shall take into account the capital plan of the institution under subsection (a) of this section.

(c) A special purpose depository institution shall have a paid-up surplus fund of not less than three (3) years of operating expenses prior to applying for a certificate of authority under W.S. 13-12-116.

Notes

010-20 Wyo. Code R. §§ 20-2

Adopted, Eff. 10/28/2019.