Wyoming Administrative Code › Agency 010 - Agriculture, Dept. of › Sub-Agency 0005 - General Agency, Board or Commission Rules › Chapter 20 - SPECIAL PURPOSE DEPOSITORY INSTITUTIONS › Section 20-3 - Definitions

Current through July 13, 2024
(a) To be accepted for filing, an application
				shall be provided to the Commissioner in physical and electronic form and shall
				be comprised of the following information:
(i) The signatures of all incorporators,
				verifying the contents of the application;
(ii) Three (3) signed, original copies of the
				articles of incorporation of the institution satisfying the requirements of
				W.S.
				13-12-109(b), plus any
				filing fee required by the Secretary of State;
(iii) The final bylaws or draft bylaws
				proposed for adoption either by the incorporators simultaneously with
				incorporation or by the board of directors of the proposed special purpose
				depository institution at its first meeting, indicating which method will be
				used to adopt the bylaws;
(iv)
				Letters of commitment or other evidence satisfactory to the Commissioner that
				capital equal to or greater than that required under § 2 of this Chapter
				is available to the special purpose depository institution upon
				chartering;
(v) Evidence
				satisfactory to the Commissioner that the proposed special purpose depository
				institution will be able to obtain private insurance as specified by W.S.
				W.S.
				13-12-119(e) upon
				chartering, including coverage types, coverage limits and any conditions
				relating to payment of claims;
(vi)
				The name, proposed title, physical address and biographical sketch of each
				individual proposed to serve as an executive officer or director of the
				institution during the first year of operations, demonstrating sufficient
				experience, ability and standing to afford reasonable promise of successful
				operation;
(vii) A detailed
				business plan, which shall include:
(A) All
				proposed activities of the special purpose depository institution, including
				identification of likely customers, a marketing plan, and business projections
				based on statistical data or other accepted business methods;
(B) A business risk assessment, consistent
				with subparagraphs (a) and (c) of this paragraph;
(C) A comprehensive estimate of operating
				expenses for the first three (3) years of operation, consistent with
				subparagraph (A) of this paragraph;
(D) A complete proposal for compliance with
				this Chapter,
				W.S.
				13-12-101 through
				13-12-126
				and all other applicable state and federal laws. Identification of other
				applicable state and federal laws is the responsibility of the incorporators;
				and
(E) Other information material
				to the investigation and report of the Commissioner and the decision of the
				Board, as determined by the incorporators.
(viii) Evidence satisfactory to the
				Commissioner regarding the availability of a surety bond under W.S.
				W.S.
				13-12-118(a), or a statement
				that the special purpose depository institution will irrevocably pledge assets
				or capital to the Commissioner, as specified by
				W.S.
				13-12-118(b);
(ix) If applicable, the designation of an
				agent for service of process which is described in Chapter 5, § 7 of the
				Rules of the Division;
(x)
				Information relating to corporate partnerships or affiliations, including a
				description of mutual corporate interests and activities and the most recent
				audited financial statement of any business entity which has a twenty-five
				percent (25%) or greater ownership stake in the proposed institution;
(xi) Information relating to all prospective
				investors in the proposed institution who are not United States citizens,
				including the name of the natural person making an investment, date of birth,
				nationality and the mailing and physical address of the primary residence of
				the natural person;
(xii)
				Information relating to government agencies or self-regulatory organizations
				which the proposed special purpose depository institution may be subject to,
				whether state, federal or foreign, including activities which the agency or
				organization regulates or supervises, license numbers, license expiration dates
				and agency contact persons; and
(xiii) Any other information required by law
				or requested by the Commissioner or Board which is material to the charter
				application or the operation of a special purpose depository
				institution.