Banking division-classification and salary exemptions.

Plain English Breakdown

Checked against official source text during the last sync.

Exempting Banking Division Employees from State Salary Rules

This law allows the state banking commissioner, with the governor's approval, to set salaries and job classifications for employees of the division of banking that are not subject to regular state rules.

What This Bill Does

• Removes the requirement for the Division of Banking employees to follow standard state salary and classification rules.
• Gives the state banking commissioner power to create new personnel classifications and salaries for the division's workers, with approval from the governor.
• Requires these new classifications and salaries to match those of other financial regulators in Wyoming and federal agencies.
• Provides a budget of $700,000 for salary increases within the Division of Banking over two years.
• Necessitates reporting on any changes made to personnel classifications and salaries to the Joint Appropriations Committee.

Who It Names or Affects

• Employees of the Wyoming Division of Banking
• The state banking commissioner
• The governor

Terms To Know

Division of Banking

A part of the government that oversees banks and financial institutions in Wyoming.

State Personnel Classification System

Rules set by the state for job titles, duties, and pay levels for all state employees.

Limits and Unknowns

• The bill does not specify how many employees will be affected.
• It is unclear what specific changes will be made to salaries and classifications without more detailed information from the report required by this act.

Official Summary Text

Bill Summary - 24LSO-0258

Bill No.:

SF0041

Effective:

7/1/2024

LSO No.:

24LSO-0258

Enrolled Act No.:

SEA No. 0065

Chapter No.:

100

Prime Sponsor:

Joint Minerals, Business & Economic Development Interim Committee

Catch Title:

Banking division-classification and salary exemptions.

Has Report:

Yes

Subject:

Banking division employee salaries and classification.

Summary/Major Elements:

This bill exempts employees of the Division of Banking from the Department of Administration and Information classification system.

It allows the Commissioner of Banking, in consultation with and subject to the approval of the Governor, to establish personnel classifications and salaries for Division employees.

It requires the salaries to be commensurate with other state and federal financial regulators.

This bill provides an appropriation for the purposes of any salary increases arising from the new classification and salary system.

Comments:

Requires a report to the Joint Appropriations Committee upon the creation of the new classifications and salaries.

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-0258

ORIGINAL Senate

ENGROSSED
File No
.
SF0041

ENROLLED ACT NO. 65,

SENATE

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

AN ACT relating to banks, banking and finance; generally exempting employees of the division of banking from state personnel classification and compensation provisions; requiring the state banking commissioner with the approval of the governor to establish personnel classifications and salaries for positions within the division of banking as specified; requiring reports; providing an appropriation; and providing for an effective date.

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

Section 1
.

W.S. 13
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1
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603 by creating a new subsection (g) is amended to read:

13
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1
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603.

State banking commissioner; powers and duties.

(g)

Except for the salary of the commissioner as provided by W.S. 13
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1
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602(b), the commissioner shall establish personnel classifications and salaries for the division of banking in consultation with and subject to the approval of the governor and subject to legislative appropriation. Classifications and salaries shall be commensurate with other state and federal financial regulators. The specialized skills required to supervise special purpose depository institutions and financial technology shall be defined by the state banking commissioner. Classifications and salaries established pursuant to this subsection shall not be subject to any classifications or any compensation plan established pursuant to W.S. 9
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2
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3207(a)(i) and (ii), (b) and (c). The provisions of W.S. 9
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2
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3207(a)(viii) shall not apply to personnel of the division of banking. Upon the creation of the classifications and salaries for the division of banking the division shall provide a report on the classifications and salaries to the joint appropriations committee. The report shall include any estimated increase in requested appropriations, the duties of each person for which the classification shall apply, including specific skills required to skillfully and competently fill the position, and any other information requested by the joint appropriations committee. Salary increases requested pursuant to this subsection shall be included in the department's exception budget.

Section 2.

There is appropriated seven hundred thousand dollars ($700,000.00) from the agency's account within the special revenue fund to the department of audit, division of banking for purposes of salary increases within the division of banking authorized by this act for the period beginning July 1, 2024 and ending June 30, 2026. These funds shall not be transferred or expended for any other purpose and any unexpended, unobligated funds remaining from this appropriation shall revert as provided by law on June 30, 2026. It is the intent of the legislature that the division of banking include these salary increases in its standard budget for the immediately succeeding fiscal biennium.

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 Senate.

Chief Clerk

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