Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 20 - SPECIAL PURPOSE DEPOSITORY INSTITUTIONS › Section 20-3 - Application Requirements

Current through July 13, 2024
(a) To be accepted
				for filing, a special purpose depository institution charter application shall
				be comprised of the following information:
(i) The signatures of all incorporators,
				verifying the contents of the application;
(ii) The articles of incorporation of the
				institution plus any filing fee required by the Secretary of State, or existing
				incorporation documents as required by the Commissioner;
(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) The
				capital plan of the institution;
(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.
				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 the institution a reasonable promise
				of successful operation, to the extent reasonably possible;
(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. 13-12101 through
				
												13-12-126 and
				all other applicable state and federal laws; and
(E) Other information material to the
				investigation and report of the Commissioner and the decision of the
				Board.
(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
				to the Commissioner, as specified by W.S.
				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
				corporate interests and activities and the most recent financial statement of a
				person with a proposed controlling interest in the special purpose depository
				institution, as defined in § 5(a) of this Chapter;
(xi) Identification of all prospective
				investors in the proposed institution, and other information as the
				Commissioner may require, including information regarding non-United States
				citizens;
(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, as well as license numbers, license
				expiration dates and agency contact persons;
(xiii) Information sufficient to conduct a
				background investigation on proposed directors, officers and shareholders who
				control ten percent (10%) or more of the voting securities of the institution,
				in the manner required by the Commissioner; and
(xiv) Any other information required by law
				or requested by the Commissioner or Board which is material to the charter
				application or the future operation of the institution.