AN ACT relating to banks, banking and finance; modifying requirements for approval of applications for proposed financial institutions with similar names to existing financial institutions; and providing for an effective date.
Enacted
This bill passed the Legislature and reached final enactment based on the latest official action.
Sponsor
Senator Driskill
Last action
2023-02-21
Official status
enrolled
Effective date
7/1/2023
Plain English Breakdown
The official summary does not provide specific details on how closely the names need to differ, leaving room for interpretation in implementation.
Financial Institutions - Similar Names
This law changes how financial institutions and public trust companies get approved, requiring their names to be distinct from existing ones.
What This Bill Does
Modifies the requirements for approving applications of proposed financial institutions and public trust companies.
Requires that the name of a proposed institution does not resemble closely enough as to cause confusion with any other financial institution already operating in Wyoming.
Who It Names or Affects
Financial institutions applying for approval in Wyoming.
Public trust companies seeking new charters or changes.
The board reviewing these applications.
Terms To Know
financial institution
A company that deals with money and financial services, like banks.
public trust company
A type of financial institution that manages assets for the public or individuals in a trustworthy way.
Limits and Unknowns
The law only applies to institutions transacting business within Wyoming.
It does not specify how closely names must match before they are considered too similar.
Effective date is July 1, 2023.
Amendments
These notes stay tied to the official amendment files and metadata from the legislature.
Standing Committee • Senate Travel, Recreation, Wildlife and Cultural R
Adopted
Plain English: The amendment changes a requirement for approving applications from new financial institutions by adding criteria related to avoiding names that are too similar to existing financial institutions.
Adds a new section (13-5-507(a)(iv)) requiring the board to ensure that the name of a proposed public trust company does not closely resemble any other financial institution's name in the state, which could cause confusion.
The amendment text is technical and only provides part of the change; it doesn't explain how existing requirements will be modified or what happens if an application is denied due to a similar name issue.
Bill History
2023-02-21LSO
Assigned Chapter Number 57
2023-02-21Governor
Governor Signed SEA No. 0031
2023-02-16House
H Speaker Signed SEA No. 0031
2023-02-16Senate
S President Signed SEA No. 0031
2023-02-16LSO
Assigned Number SEA No. 0031
2023-02-16House
H 3rd Reading:Passed 62-0-0-0-0
2023-02-15House
H 2nd Reading:Passed
2023-02-14House
H COW:Passed
2023-02-13House
H Placed on General File
2023-02-13House
H09 - Minerals:Recommend Do Pass 9-0-0-0-0
2023-02-08House
H Introduced and Referred to H09 - Minerals
2023-02-02House
H Received for Introduction
2023-02-02Senate
S 3rd Reading:Passed 31-0-0-0-0
2023-02-01Senate
S 2nd Reading:Passed
2023-01-31Senate
S COW:Passed
2023-01-31Senate
S Placed on General File
2023-01-31Senate
S06 - Travel:Recommend Amend and Do Pass 5-0-0-0-0
2023-01-26Senate
:Refer to S06 - Travel
2023-01-24Senate
S Introduced and Referred to S07 - Corporations
2023-01-24Senate
S Received for Introduction
2023-01-24LSO
Bill Number Assigned
Official Summary Text
Bill Summary - 23LSO-0530
Bill No.:
SF0173
Effective:
7/1/2023
LSO No.:
23LSO-0530
Enrolled Act No.:
SEA No. 0031
Chapter No.:
57
Prime Sponsor:
Driskill
Catch Title:
Financial institutions-similar names.
Subject:
Similar names for financial institutions and public trust companies
Summary/Major Elements:
This act modifies the requirements for approval of applications for proposed financial institutions and public trust companies by stating the name of the proposed financial institution and public trust company cannot resemble similar names of existing financial institutions transacting business in the state.
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
Read the full stored bill text
23LSO-0530
ORIGINAL Senate
File No
.
SF0173
ENROLLED ACT NO. 31,
SENATE
SIXTY-SEVENTH LEGISLATURE OF THE STATE OF WYOMING
2023 General Session
AN ACT relating to banks, banking and finance; modifying requirements for approval of applications for proposed financial institutions with similar names to existing financial institutions; and providing for an effective date.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1
.
W.S. 13
‑
2
‑
212(a)(vi) and 13
‑
5
‑
507(a)(iv) are amended to read:
13
‑
2
‑
212.
Approval or disapproval of application; criteria for approval; action upon application; interim bank charter; fee.
(a)
Within ninety (90) days after receipt of the transcript of the public hearing, the board shall in its discretion approve, conditionally approve or disapprove the application, but it shall not approve the application until it has ascertained to its satisfaction:
(vi)
The name of the proposed financial institution does not resemble so closely as to cause confusion the name of any other financial institution transacting business in the
county
state
; and
13
‑
5
‑
507.
Approval or disapproval of application; criteria for approval; action upon application; interim charter; fee.
(a)
Within ninety (90) days after receipt of the transcript of the public meeting or hearing, the board shall in its discretion approve, conditionally approve or disapprove the application, but it shall not approve the application until it has ascertained to its satisfaction:
(iv)
The name of the proposed public trust company does not resemble so closely as to cause confusion the name of any other financial institution transacting business in the
county
state
; and
Section 2
.
This act is effective July 1, 2023
.
(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