010-20 Wyo. Code R. §§ 20-3 - Definitions

(a) To be accepted for filing, an application shall be provided to the Commissioner in physical and electronic form and shall be comprised of the following information:

(i) The signatures of all incorporators, verifying the contents of the application;

(ii) Three (3) signed, original copies of the articles of incorporation of the institution satisfying the requirements of W.S. 13-12-109(b), plus any filing fee required by the Secretary of State;

(iii) The final bylaws or draft bylaws proposed for adoption either by the incorporators simultaneously with incorporation or by the board of directors of the proposed special purpose depository institution at its first meeting, indicating which method will be used to adopt the bylaws;

(iv) Letters of commitment or other evidence satisfactory to the Commissioner that capital equal to or greater than that required under § 2 of this Chapter is available to the special purpose depository institution upon chartering;

(v) Evidence satisfactory to the Commissioner that the proposed special purpose depository institution will be able to obtain private insurance as specified by W.S. W.S. 13-12-119(e) upon chartering, including coverage types, coverage limits and any conditions relating to payment of claims;

(vi) The name, proposed title, physical address and biographical sketch of each individual proposed to serve as an executive officer or director of the institution during the first year of operations, demonstrating sufficient experience, ability and standing to afford reasonable promise of successful operation;

(vii) A detailed business plan, which shall include:

(A) All proposed activities of the special purpose depository institution, including identification of likely customers, a marketing plan, and business projections based on statistical data or other accepted business methods;

(B) A business risk assessment, consistent with subparagraphs (a) and (c) of this paragraph;

(C) A comprehensive estimate of operating expenses for the first three (3) years of operation, consistent with subparagraph (A) of this paragraph;

(D) A complete proposal for compliance with this Chapter, W.S. 13-12-101 through 13-12-126 and all other applicable state and federal laws. Identification of other applicable state and federal laws is the responsibility of the incorporators; and

(E) Other information material to the investigation and report of the Commissioner and the decision of the Board, as determined by the incorporators.

(viii) Evidence satisfactory to the Commissioner regarding the availability of a surety bond under W.S. W.S. 13-12-118(a), or a statement that the special purpose depository institution will irrevocably pledge assets or capital to the Commissioner, as specified by W.S. 13-12-118(b);

(ix) If applicable, the designation of an agent for service of process which is described in Chapter 5, § 7 of the Rules of the Division;

(x) Information relating to corporate partnerships or affiliations, including a description of mutual corporate interests and activities and the most recent audited financial statement of any business entity which has a twenty-five percent (25%) or greater ownership stake in the proposed institution;

(xi) Information relating to all prospective investors in the proposed institution who are not United States citizens, including the name of the natural person making an investment, date of birth, nationality and the mailing and physical address of the primary residence of the natural person;

(xii) Information relating to government agencies or self-regulatory organizations which the proposed special purpose depository institution may be subject to, whether state, federal or foreign, including activities which the agency or organization regulates or supervises, license numbers, license expiration dates and agency contact persons; and

(xiii) Any other information required by law or requested by the Commissioner or Board which is material to the charter application or the operation of a special purpose depository institution.

(b) The incorporators shall provide truthful and complete information in a charter application, all accompanying materials and in communications relating to an application. The incorporators shall supplement the application or communication promptly when information in the application or communication changes materially or if an omission is discovered.

(c) If an application is withdrawn at any time before a hearing of the Board, the filing fee shall be refunded to the applicant, reduced by the amount of all expenses authorized by W.S. W.S. 13-2-208.

(d) If a charter application is rejected by the Board, it shall be treated as if it were withdrawn at 5:00 p.m. Mountain Time on the last day of the thirty (30) day time period described in Chapter 5, § 3(e), Rules of the Division.

(e) An applicant may describe proposed activities or other portions of an application in contemplation of proposed legislative amendments to the laws governing special purpose depository institutions, if the proposed legislative amendments have been adopted by a legislative committee or task force as of the date of the application. If applicable, the incorporators shall attach a copy of the proposed amendments to the application and identify portions of the application which are based on the proposed amendments. The proposed activities or other portions of the application which require legislative amendments shall not be conducted by the special purpose depository institution until the amendments become effective.

Notes

010-20 Wyo. Code R. §§ 20-3

Adopted, Eff. 10/28/2019.