Open banking-amendments.

Plain English Breakdown

Checked against official source text during the last sync.

Amendments to Open Banking Laws

This law changes Wyoming's open banking rules by defining who is a customer and limiting how much data banks can share with third parties.

What This Bill Does

• Defines a 'customer' as someone who uses the bank or their agent, trustee, or representative acting on behalf of them.
• Requires banks to get written permission from customers before sharing any information.
• Limits the customer data shared by banks to only what is necessary for third-party financial services.
• Makes these changes effective starting July 1, 2024.

Who It Names or Affects

• Customers of Wyoming banks
• Banks in Wyoming that participate in open banking

Terms To Know

Customer

A person who uses a bank or someone acting on their behalf.

Open Banking

When banks share customer data with third-party financial service providers upon request of the customer to receive a product or service from the third party.

Limits and Unknowns

• The bill does not specify what happens if a bank fails to comply with the new rules.
• It is unclear how these changes will affect existing open banking practices before July 1, 2024.

Official Summary Text

Bill Summary - 24LSO-0257

Bill No.:

HB0145

Effective:

7/1/2024

LSO No.:

24LSO-0257

Enrolled Act No.:

HEA No. 0033

Chapter No.:

63

Prime Sponsor:

Western

Catch Title:

Open banking-amendments.

Has Report:

No

Subject:

Open banking.

Summary/Major Elements:

Open banking allows a bank to provide customer data to third party financial service providers upon request of the customer in order to receive a product or service from the third party.

This bill amends existing open banking laws to clarify that a customer is a natural person or an agent, trustee or representative acting on behalf of a natural person. The bill further clarifies that a bank participating in open banking shall limit the customer data it makes available to third parties to data that is necessary to receive the third party product or service.

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

24LSO-0257

ORIGINAL House

Bill No
.
HB0145

ENROLLED ACT NO. 33,

HOUSE OF REPRESENTATIVES

SIXTY-SEVENTH LEGISLATURE OF THE STATE OF WYOMING
2024 Budget Session

AN ACT relating to banking; defining who is a customer for purposes of open banking; limiting the release of customer data through open banking as specified; and providing for an effective date.

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

Section 1
.

W.S. 13
‑
1
‑
801(a) by creating a new paragraph (iv) is amended to read:

13
‑
1
‑
801.

Definitions.

(a)

For purposes of this article:

(iv)

"Customer" means a natural person or an agent, trustee or representative acting on behalf of a natural person.

Section 2.

W.S. 13-1-802(b) as created by 2023 Wyoming Session laws Chapter 87, Section 1 and effective July 1, 2024 is amended to read:

13
‑
1
‑
802.

Open banking authorized; regulation.

(b)

A bank participating in and providing for open banking shall comply with all applicable state and federal laws and regulations including laws and regulations related to the protection and use of customer data. Prior to providing access to any customer data under this section the participating bank shall obtain a customer's express written consent.
The participating bank shall limit the accessible customer data to that which is necessary for the customer to receive a product or service from the third
‑
party financial service provider.

Section 3
.

This act is effective July 1, 2024
.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the House.

Chief Clerk

1