Bank service corporations.

ORIGINAL
Senate
File No
.
SF0007

ENROLLED ACT NO. 2,

SENATE

SIXTY-FOURTH LEGISLATURE OF THE STATE OF WYOMING
2017 General Session

AN ACT relating to banks, banking and finance; modifying provisions related to bank service corporations; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1
.

W.S.
13
‑
9
‑
101(
a), (f), (g)(i), (ii)
,
by creating new subsection
s
(h)
an
d (j)
is
amended to read:

13
‑
9
‑
101
.

Generally.

(a)

Two (2) or more banks

A
bank

may invest not more than ten percent (10%) of
their individual

its

paid in and unimpaired capital and surplus in a bank service corporation.

(f)

All bank services
authorized under this act which are performed by contract or otherwise
and bank service corporations shall be subject to regulation and examination by the state banking commissioner to the same extent as if the services were being performed by the bank itself on its own premises

and
subject to W.S. 9
‑
1
‑
512
. Any bank contracting for or receiving bank services
authorized under this act

from a bank service corporation shall notify the commissioner within thirty (30) days of the earlier of the contract date or receipt of services.

The state banking commissioner may furnish a copy of a bank service corporation's examination report to a
bank
serviced by the bank service corporation.

(g)

As used in this section:

(i)

"Bank services" means services such as check and deposit sorting, the posting, computation and posting of mailing of checks, statements, notices and similar
items,
or any other
clerical, bookkeeping, accounting, statistical
, data processing, mobile banking, electronic bill payments, system software development and maintenance, security monitoring
or similar functions performed for a bank;

(ii)

"Bank
service corporation
" means
any of the following:

(A)

A
corporation
:

(I)

O
rganized to perform bank services
for two (2) or more banks, each of which owns part
authorized by this act
;
and

(II)

A
ll
of the capital stock
of the corporation
;
and

which is owned by one (1) or more insured depository institution
s, as defined in W.S. 13
‑
2
‑
802(
a)(ix)
.

(B)

A limited liability company
:

(I)

Or
ganized to perform bank services authorized under this act
; and

(II)

A
ll of the members of which are one (1) or more insured depository institutions
, as defined in W.S. 13
‑
2
‑
802(
a)(ix)
.

(h)

To carry out the purposes of this article, the state banking commissioner may
do any of the following
:

(i)

Enter into cooperative, coordinating or information sharing agreements with any other bank
supervisory agency or any organization affiliated with or representing one (1) or more bank supervisory agencies;

(ii)

Accept any report of examination or investigation by another bank supervisory agency having concurrent jurisdiction over a bank service
corporation
in lieu of conducting the state banking commissioner's own examination or investigation of the bank service
corporation
;

(iii)

Enter into contracts with any bank supervisory agency having concurrent jurisdiction over a bank service
corporation
to engage the services of the agency's examiners as provided in W.S. 13
‑
2
‑
807(d);

(iv)

Enter
into joint examinations or joint enforcement actions with any other bank supervisory agency having
concurrent jurisdiction over
a bank service
corporation
. The state banking commissioner may take any such action independently if he determines that the action is necessary to carry out his r
esponsibilities under this article
or to enforce complia
nce with the laws of this state.

(j
)

T
he state of Wyoming does not waive its sovereign immunity
by entering into any agreement pursuant to subsection (h) of this section
.

Section 2
.

W.S. 13
‑
9
‑
101(
b) is repealed.

Section
3
.

This act is effective July 1, 2017
.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED:
_________

DATE APPROVED: _________

I hereby certify that this act originated in the
Senate
.

Chief Clerk

1