Requirements relating to depositors-amendments.

Plain English Breakdown

The official summary does not provide details on how existing depositors will be affected before July 1, 2021.

Changes to Requirements for Depositors in Special Purpose Banks

This law changes the requirement for depositors in special purpose banks, allowing them to be incorporated in any U.S. state or foreign country.

What This Bill Does

• Removes an existing rule that required depositors in special purpose depository institutions to be in good standing with a jurisdiction 'in the United States' where they are incorporated.
• Adds a new requirement for depositors to be in good standing in the place where they are incorporated, whether it is inside or outside of the U.S.
• Sets July 1, 2021 as the date when this change takes effect.

Who It Names or Affects

• Special purpose depository institutions
• Depositors of special purpose banks

Terms To Know

depositor

A person or organization that keeps money in a bank account.

special purpose depository institution

A type of financial institution that serves specific purposes, such as holding funds for certain activities.

Limits and Unknowns

• The law does not specify what happens if a depositor is no longer in good standing with their incorporation jurisdiction.
• It's unclear how this change will affect existing depositors before the effective date.

Official Summary Text

Bill Summary - 21LSO-0665
Bill No.:

SF0148

Effective:

7/1/2021 12:00:00 AM

LSO No.:

21LSO-0665

Enrolled Act No.:

SEA No. 0034

Chapter No.:

102

Prime Sponsor:

Rothfuss

Catch Title:

Requirements relating to depositors-amendments.

Subject:

Special Purpose Depository Institutions depositor requirements.

Summary/Major Elements:

This bill removes an existing requirement that a special purpose depository institution depositor be in good standing with the jurisdiction "in the United States" in which it is incorporated.

The bill adopts a new standard requiring that the depositor be in good standing in the jurisdiction where it is incorporated.
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.

Current Bill Text

21LSO-0665

ORIGINAL Senate

File No
.
SF0148

ENROLLED ACT NO. 34,

SENATE

SIXTY-SIXTH LEGISLATURE OF THE STATE OF WYOMING
2021 General Session

AN ACT relating to special purpose depository institutions; allowing a depositor in a special purpose depository institution to be a legal entity incorporated in the United States or a foreign jurisdiction; and providing for an effective date.

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

Section 1
.

W.S. 13
‑
12
‑
104(a)(ii) is amended to read:

13
‑
12
‑
104.

Requirements relating to depositors; nature of business.

(a)

Except as otherwise provided by subsection (d) of this section, no depositor shall maintain an account with a special purpose depository institution or otherwise receive any services from the institution unless the depositor meets the criteria of this subsection. A depositor shall:

(ii)

Be in good standing with the jurisdiction
in the United States
in which it is incorporated or organized;

Section 2
.

This act is effective July 1, 2021
.

(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