SF0096

Bill Summary - 24LSO-0102 Bill No.: SF0096 Effective: 7/1/2024 LSO No.: 24LSO-0102 Enrolled Act No.: SEA No. 0039 Chapter No.: 80 Prime Sponsor: Rothfuss Catch Title: Trusts and bank assets in bankruptcy-clarification. Has Report: No Subject: Trust and bank assets in bankruptcy. Summary/Major Elements: This bill clarifies that custodial or fiduciary accounts under the administration or management of a financial institution are not assets or liabilities of the institution for the purposes of receivership, conservatorship, bankruptcy or similar proceedings. This bill specifies requirements for custodial or fiduciary accounts with respect to the treatment of digital assets held within the account, specifies that a bank may provide custodial services for stable coin reserves and allows a supervised trust company to provide similar services so long as it otherwise complies with law. This bill clarifies when the commissioner of banking shall be discharged from further duties under a receivership of a supervised trust company. 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.