2023 Wyoming Statutes › Title 13 - Banks, Banking and Finance › Chapter 9 - Bank Related Organizations › Article 1 - Bank Service Corporations › Section 13-9-101 - Generally.

13-9-101. Generally.
(a) A bank may invest not more than ten percent (10%) of its paid in and unimpaired capital and surplus in a bank service corporation.
(b) Repealed by Laws 2017, ch. 19, 2.
(c) The bank service corporation shall offer to supply bank services to any bank by either:
(i) Issuing stock to the bank which has applied for services and by furnishing bank services to it on the same basis as to the other banks holding stock in the corporation; or
(ii) By furnishing bank services to the bank applying for them at rates no higher than necessary to reflect fairly the cost of these services including the reasonable cost of the capital provided to the corporation by its stockholders.
(d) The bank service corporation may offer its bank services as provided in subsection (c) of this section at its option unless comparable services at competitive overall costs are available to the applying bank from another source, or unless the furnishing of the services sought by the applying bank would be beyond the practical capacity of the corporation. In any action or proceeding to enforce the duty imposed by this section, or for damages for the breach of this section, the burden shall be upon the bank service corporation to show the availability of comparable service at comparable costs.
(e) A bank service corporation shall not engage in any activity other than the performance of bank services for banks.
(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, 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) Organized to perform bank services authorized by this act; and
(II) All of the capital stock which is owned by one (1) or more insured depository institutions, as defined in W.S. 13-2-802(a)(ix).
(B) A limited liability company:
(I) Organized to perform bank services authorized under this act; and
(II) All of the members of which are one (1) or more insured depository institutions, as defined in W.S. 13-2-802(a)(ix).
(iii) "Invest" includes any advance of funds to a bank service corporation, whether by the purchase of stock, the making of a loan, or otherwise, except a payment for rent earned, goods sold and delivered, or services rendered prior to the making of the payment.
(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 responsibilities under this article or to enforce compliance with the laws of this state.
(j) The state of Wyoming does not waive its sovereign immunity by entering into any agreement pursuant to subsection (h) of this section.