HB0060

Official summary

Summary for LSO115 Bill No.: HB0060 Effective Date: 7/1/2015 LSO No.: 15LSO-0094 Enrolled Act No.: HEA 22 Chapter No.: 22 Prime Sponsor: Joint Minerals, Business & Economic Development Interim Committee Catch Title: Trust company amendments. Subject: Procedures for the dissolution or rehabilitation of a trust company. Summary/Major Elements of the Act : Provide s procedures for the judicial dissolution or rehabilitation of a trust company; Provid e s for the appointment of the B anking C ommissioner as a receiver of an insolvent or unsafe trust company; Provide s powers of the B anking C ommissioner when acting as a receiver; Provide s conditions to determine when a trust company is insolvent or operating in an unsafe manner; Require s trust companies to post surety bonds and other collateral with the B anking C ommissioner in the event of the company entering receivership; Provide s for the voluntary dissolution or reorganization of a trust company; Authoriz e s trust companies to form as limited liability companies (currently trust companies can form only as corporations). The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.