reglab/statecodes huggingface dataset:
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 9 - CONTESTED CASES › Section 9-9 - Order of Procedure

Current through July 13, 2024
(a) The hearing
				shall be conducted substantially as follows:
(i) The hearing officer shall call the
				hearing to order and call the case to be heard;
(ii) The hearing officer shall address any
				motions or preliminary matters to be heard, including introduction of exhibits,
				stipulated facts and evidence, and matters to be noticed officially by the
				Commissioner;
(iii) The hearing
				officer shall administer to all witnesses an oath or affirmation in
				substantially the manner prescribed in
				W.S.
				1-12-114;
(iv) Each party may make an opening
				statement, in the same order as evidence is to be presented, as set forth in
				this Section.
(v) The bank or the
				trust company shall present its case.
(vi) All other parties shall present their
				respective cases in the order prescribed by the Commissioner.
(vii) All parties shall be accorded a
				reasonable amount of time to cross-examine witnesses presented by another
				party.
(viii) All parties may
				present rebuttal evidence, if any, in the order and within the time limits
				prescribed by the hearing officer.
(ix) Each party may make a closing statement.
				Closing statements shall be made in the reverse order as cases were presented.
				The hearing officer shall determine the amount of time for each party to make
				its closing statement.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 9 - CONTESTED CASES › Section 9-10 - Nature of Hearing; Presentation of Evidence

Current through July 13, 2024
(a) The
				purpose of the hearing is to obtain a full and true disclosure of all relevant
				and material facts so that the findings, decisions and orders of the hearing
				officer are rendered upon information as complete and trustworthy as is
				practicable. Hearings are not intended to be adversarial in nature.
(b) The taking of evidence shall be governed
				by W.S.
				16-3-108. Documentary and other physical
				evidence submitted for the Commissioners consideration shall be marked as
				exhibits. Upon such marking, such evidence shall become part of the
				record.
(c) The hearing officer
				shall exercise reasonable control over the manner and order of questioning
				witnesses and presenting other evidence so as to:
(i) make more effective the ascertainment of
				the truth and a full and true disclosure of relevant and material
				facts;
(ii) avoid needless
				consumption of time;
(iii) avoid
				presentation of irrelevant, immaterial or unduly repetitious
				evidence;
(iv) avoid the public
				disclosure of protected material;
(v) protect the witness from harassment and
				undue embarrassment; and
(vi)
				maintain an orderly and efficient hearing.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 9 - CONTESTED CASES › Section 9-11 - Reopening of Hearing

Current through July 13, 2024
Upon reasonable notice to all parties, the hearing officer
				  may reopen the hearing at any time prior to the issuance of his findings of
				  fact, his conclusions of law and his decision and/or order relating to the
				  hearing. To the extent possible, a reopened hearing shall be held in the same
				  community and at the same location as the initial hearing.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 9 - CONTESTED CASES › Section 9-12 - Records of Hearing and Executive Sessions

Current through July 13, 2024
(a) The record
				of the hearing shall include:
(i) all formal
				and informal notices, pleadings, motions and intermediate rulings;
(ii) evidence received or considered,
				including matters officially noticed;
(iii) questions and offers of proof,
				objections and rulings on the same; and
(iv) any opinion, findings, conclusions,
				decision or order of the Commissioner.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 9 - CONTESTED CASES › Section 9-13 - Recording of Hearings

Current through July 13, 2024
The hearing shall be recorded verbatim steno graphically, or
				  by court reporter, videotape, audiotape or any other means of verbatim
				  recording as may be determined by the Commissioner.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 9 - CONTESTED CASES › Section 9-14 - Written Comments

Current through July 13, 2024
A person may file written comments on an application with the
				  Commissioner during the comment period. The respondent may respond in writing
				  to any comments at any time before the conclusion of the
				  hearing.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 9 - CONTESTED CASES › Section 9-15 - Briefs

Current through July 13, 2024
Each party may file with the Commissioner a brief on issues
				  relevant to the hearing. Briefs must be filed within five (5) days after the
				  hearing. Each brief shall become a part of the record. A party who files a
				  brief shall serve a copy on all other parties. A party may file only (1) brief
				  in connection with a hearing.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 9 - CONTESTED CASES › Section 9-16 - Findings and Conclusions

Current through July 13, 2024
In any proceeding before the Commissioner:
(a)The parties have a right to submit
				proposed findings of fact and conclusions of law or a proposal for decision.
				The hearing officer shall set reasonable deadlines for submission of proposed
				findings of fact and conclusions of law.
(b) Proposed findings of fact submitted under
				this section must be supported by concise and explicit statements of underlying
				facts developed from the record with specific reference to where in the record
				the facts appear.
(c) The
				Commissioner may direct the hearing officer to write proposed findings of fact
				and conclusions of law. The Commissioner may also direct the hearing officer to
				write a recommended decision.
(d)
				All parties shall have an opportunity to file objections to proposed findings
				of fact and conclusions of law and orders submitted by any party or by the
				hearing officer.
(e) The hearing
				officer shall establish deadlines for the filing of proposed findings of fact
				and conclusions of law and orders.
(f) After the expiration of time for filing
				objections, the Commissioner shall consider the proposal for decision. The
				Commissioner may:
(i) adopt the proposal for
				decision, in whole or in part;
(ii)
				decline to adopt the proposal for decision, in whole or in part; or
(iii) direct the hearing officer to give
				further consideration to the proceeding with or without reopening the
				hearing.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 9 - CONTESTED CASES › Section 9-17 - Unclaimed Exhibits

Current through July 13, 2024
Within sixty (60) days after the expiration of all periods
				  within which an appeal of a final determination must be filed, the parties
				  shall retrieve all exhibits. After that time, the Commissioner may dispose of
				  any exhibits not so retrieved.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 10 - ORDERS AND PETITIONS › Section 10-1 - Authority; Scope

Current through July 13, 2024
This Chapter provides for matters that apply generally to the
				  Commissioners involvement in petition proceedings before the Board. Because the
				  Commissioner is directly and intrinsically involved such proceedings, this
				  Chapter must be read in the context of Chapter 4 of the Board
				  Regulations.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 10 - ORDERS AND PETITIONS › Section 10-3 - Issuance of Orders

Current through July 13, 2024
(a) The
				Commissioner is empowered to issue orders under the enforcement article. All
				orders shall be in writing.
(b) All
				orders shall be delivered to the ordered person;
(i) by certified mail, addressed to the last
				known address of the ordered person, as shown on the records of the Division,
				or
(ii) in the manner provided for
				service of process under the Wyoming Rules of Civil Procedure.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 10 - ORDERS AND PETITIONS › Section 10-4 - Content of Notices of Intent and Orders

Current through July 13, 2024
(a) A notice of
				intent shall include the following:
(i) The
				name and street mailing address of each ordered person.
(ii) If the ordered person is an officer or
				director of a financial institution or a holding company, the name and street
				mailing address of the financial institution or a holding company with which he
				is affiliated.
(iii) The effective
				date of the order, unless specified in the proposed order.
(iv) If the order includes a penalty order or
				is issued simultaneously with a penalty order, a statement as to the amount of
				the civil penalty for each proscribed activity and the total amount of the
				civil penalty to be assessed (which total may be expressed as a maximum amount
				that will accrue daily for so long as the proscribed activity
				continues).
(v) A statement of the
				grounds for issuing the order, including citation to the statute or rule
				involved, if any.
(vi) A statement
				of the facts in support of the allegations contained in the grounds for issuing
				the order.
(vii) A statement
				informing the ordered person that it has the right to a hearing on the order
				before the Board in accordance with the Board Regulations and these Regulations
				and that failure to request a hearing within the appeal period will result in
				the order becoming final.
(viii) A
				copy of the proposed order.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 10 - ORDERS AND PETITIONS › Section 10-5 - Final Orders

Current through July 13, 2024
(a) A proposed
				order shall become effective upon the later to occur of
(i) the date specified in the
				order;
(ii) the date of the order,
				if no effective date is specified in the order;
(iii) the date on which the order is
				delivered to the ordered person, if no effective date is specified in the order
				and the order is undated; or
(iv)
				the date specified by the Board, if any.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 10 - ORDERS AND PETITIONS › Section 10-6 - Petition Required; Service on Commissioner; Redelivery to Board; Filing Not a Stay

Current through July 13, 2024
(a)To request that
				the Board review and dismiss or modify a proposed order, the petitioner shall
				file with the Commissioner a petition. Each petition shall be in writing and
				include the information set forth in Section
				1 of
				Chapter 4 of the Board Regulations.
(b) The petitioner shall serve the petition
				on the Commissioner by certified mail within seven (7) days after the notice
				date.
(c) Promptly after the
				receipt date, the Commissioner shall deliver a copy of the petition to the
				Chairman and the other members of the Board.
(d) Filing a petition shall not stay or
				otherwise affect the full and immediate legal operation and effect of a
				temporary order.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 10 - ORDERS AND PETITIONS › Section 10-7 - Service of the Final Order after Board Decision on a Petition

Current through July 13, 2024
In the case of a petition regarding an order confirmed by the
				  Board or a penalty order not modified by the Board, the Commissioner shall
				  serve the final order in accordance with
				  W.S.
				  13-10-208.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 11 - ESTABLISHMENT OF INTRASTATE BRANCHES › Section 11-1 - Authority; Scope

Current through July 13, 2024
(a) This Chapter is
				promulgated in part pursuant to
				W.S.
				13-2-702.
(b) This Chapter applies only to banks. It
				does not apply to the establishment of a de novo interstate branch of a
				national bank or an out-of-state bank, as such topics are governed by article 7
				of chapter 2 of the banking statutes. It also does not apply to intrastate
				branching by a national bank or an out-of-state bank that has its main office
				or any branch in Wyoming, as such topics are governed by federal law or by the
				other state's law. The Commissioner has determined that banks should be
				authorized to purchase Wyoming branch banks from other depository institutions
				by means of purchase and assumption transactions to ensure that banks may
				maintain an equal competitive position with national banks.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 11 - ESTABLISHMENT OF INTRASTATE BRANCHES › Section 11-2 - Special Definitions

Current through July 13, 2024
(a) As used in this
				Chapter:
(i) "Bank" means a "Wyoming state
				bank," as defined in
				W.S.
				13-2-802(a)(xvi).
(ii) "Branch" means a "branch," as defined in
				W.S.
				13-2-702(a)(i), that
				commenced operations prior to July 1, 1991.
(iii) "Initial branch license" means the
				first branch license obtained by the bank for a branch.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 11 - ESTABLISHMENT OF INTRASTATE BRANCHES › Section 11-3 - Application to Establish an Intrastate Branch; Contents; Filing Fee

Current through July 13, 2024
(a) Pursuant to
				W.S.
				13-2-702(a), a bank shall
				not establish or operate a branch at any location in Wyoming unless it shall
				have obtained the prior approval of the Commissioner. Obtaining this approval
				is in addition to the requirement to obtain an initial branch
				license.
(b) A written application
				to establish an intrastate branch shall be filed with the Commissioner in the
				form prescribed by the Commissioner. The Commissioner may combine, into one
				form, the forms for an application to establish an intrastate branch and the
				form for an application for an initial branch license.
(c) Each application to establish an
				intrastate branch shall include the information specified in
				W.S.
				13-2-702(b)  and the
				amendment to the bank's articles of incorporation required under W.S.
				W.S.
				13-2-703.
(d) For purposes of W.S.
				W.S.
				13-2-702(b)(v), the term
				"well capitalized" has the meaning set forth 12 C. F. R. 325.103.
(e) Each application to establish an
				intrastate branch shall be accompanied by the requisite application fee set
				forth in Chapter 3.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 12 - Purchase/Transfer of Existing Concession Operation › Section 12-1 - Authority; Scope

Current through July 13, 2024
(a) This Chapter is
				promulgated in part pursuant to
				W.S.
				13-2-702.
(b) This Chapter applies to banks, as defined
				in this Part. This Chapter does not apply to branches that commenced operations
				prior to July 1, 1991.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 12 - Purchase/Transfer of Existing Concession Operation › Section 12-2 - Special Definitions

Current through July 13, 2024
(a) The original
				Concessionaire must notify the Division no less than ninety (90) days prior to
				the proposed purchase/transfer of the contract. This will allow the Division
				time to assemble all the necessary information, notify the Commission and set
				up a meeting to review the proposed transfer. Upon review, the Division and
				Commission will make a recommendation to the Department Director, who will make
				the final decision in writing.
(b)
				The prospective new Concessionaire will be required to pay to the Division a
				non-refundable administrative fee at time of application to cover processing
				and administrative costs. The prospective new Concessionaire may be required,
				where applicable, to sign a document stating they have received the MA and the
				Reclamation Concession Management Guidelines.
(c) The prospective new Concessionaire may be
				required to furnish the same information as requested in a RFP for a new
				facility. At a minimum, the party purchasing a concession will provide the
				following:
(i) Personal data of all
				principals,
(ii) Management
				background (Resume),
(iii) Personal
				tax returns of all principals for the previous three (3) years,
(iv) Personal financial statement of all
				principals, current (within ninety (90) days),
(v) Operations experience information of all
				principals,
(vi) Sales contract
				and/or purchase agreement,
(vii)
				Construction bid when applicable,
(viii) Current appraisal of the concession,
				at the expense of the buyer or seller,
(ix) Business references,
(x) Current Concessionaire's financial
				statements,
(xi) Projected income
				statements and cash flow statements,
(xii) Five (5) year business plan, if
				appropriate for the concession,
(xiii) Other information as requested by the
				Commission.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 12 - Purchase/Transfer of Existing Concession Operation › Section 12-3 - Application for Initial Branch License; Contents; Filing Fee

Current through July 13, 2024
(a) Pursuant to
				W.S.
				13-2-702(g), before
				operating, engaging in or conducting a banking business at a branch, a bank
				shall obtain from the Commissioner a branch license for such branch if the
				branch
(i) is located in Wyoming and
(ii) began operations on or after July 1,
				1991. The requirement for an initial branch license is in addition to the
				approval required under Chapter 11 and under W.S.
				W.S.
				13-2-702(a).
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 12 - Purchase/Transfer of Existing Concession Operation › Section 12-4 - Application to Renew Branch Licenses; Contents; Filing Fee

Current through July 13, 2024
(a) Pursuant to
				W.S.
				13-2-702(g), every branch
				license must be renewed in order to permit the bank to operate, engage in or
				conduct a banking business at that licensed branch. A written application to
				renew a branch license shall be filed with the Commissioner in the form
				prescribed by the Commissioner.
(b)
				Each application under this Section shall be accompanied by a filing fee of one
				hundred dollars ($100).
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 13 - ACQUISITION OF A WYOMING BRANCH BANK › Section 13-1 - Special Definitions

Current through July 13, 2024
As used in this Chapter:
(a) "Acceptance date" means the date of the
				notice required under Section
				3(e).
(b) "Applicant" means either the buyer or the
				seller, as the context may require. Applicants means, collectively, both the
				seller and the buyer.
(c)
				"Acquisition application" means an application submitted to the Commissioner
				under this Chapter to acquire a Wyoming branch bank.
(d) "Buyer" means the bank proposing to
				acquire by means of a purchase and assumption transaction assets and
				liabilities of a Wyoming branch bank.
(e) "Purchase and assumption transaction"
				means a transaction in which the acquiring bank purchases some, but not all, of
				the assets and assumes some, but not all, of the liabilities of the selling
				bank.
(f) "Seller" means the
				depository institution proposing to transfer a Wyoming branch bank to a buyer
				by means of a purchase and assumption transaction.
(g) "Wyoming branch bank" means a branch
				licensed under Chapter 12.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 13 - ACQUISITION OF A WYOMING BRANCH BANK › Section 13-2 - Acquisition of a Wyoming Branch Bank

Current through July 13, 2024
With the approval of the Commissioner, a bank may acquire, by
				  means of a purchase and assumption transaction, the assets and liabilities of a
				  Wyoming branch bank owned and operated by any depository institution. Upon
				  approval of the acquisition application, the Commissioner shall transfer the
				  branch license from the seller to the buyer.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 13 - ACQUISITION OF A WYOMING BRANCH BANK › Section 13-3 - Application to Acquire a Wyoming Branch Bank

Current through July 13, 2024
(a) The buyer
				and the seller shall jointly submit an acquisition application to the
				Commissioner. The acquisition application shall include:
(i) The name of the seller;
(ii) The name and address of the Wyoming
				branch bank to be sold;
(iii) The
				name of the buyer;
(iv) The address
				where the Wyoming branch bank will be maintained and operated; and
(v) Such additional information regarding the
				assets being sold and the liabilities being assumed as the Commissioner may
				require to determine that the purchase and assumption transaction will not
				adversely affect the public interest or the capital structure, financial
				stability or safety and soundness of the buyer.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 13 - ACQUISITION OF A WYOMING BRANCH BANK › Section 13-4 - Application Fee; No Refunds for Withdrawn Applications

Current through July 13, 2024
The applicants shall pay the total cost incurred for
				  examinations and other costs of processing an acquisition application. A fee of
				  two thousand dollars ($2,000.00) for each license to be transferred shall be
				  paid when the application is filed. If the total cost incurred by the
				  Commissioner exceeds the application fee, the additional cost will be billed to
				  the applicants in equal amounts, which shall be immediately due and payable. No
				  part of the application fee shall be refunded in the case of withdrawn
				  applications nor in any other case.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 13 - ACQUISITION OF A WYOMING BRANCH BANK › Section 13-5 - Notice to Customers

Current through July 13, 2024
(a) Within thirty
				(30) days after the acceptance date, the seller shall provide written notice of
				each proposed purchase and assumption transaction to each customer having an
				account with each Wyoming branch bank to be sold. The notice shall be mailed to
				each customer at the address listed for the account in the sellers
				records.
(b) The seller shall
				certify that the notice required in (a) has been mailed to each customer of the
				Wyoming branch bank to be sold. The certification and a copy of the notice
				shall be filed with the Commissioner within ten (10) days after such notices
				have been mailed.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 13 - ACQUISITION OF A WYOMING BRANCH BANK › Section 13-6 - Public Notice

Current through July 13, 2024
(a) Within fifteen
				(1 5) days after the acceptance date, the applicants shall cause notice of the
				proposed license transfer to be published in a newspaper of general circulation
				in the home county of the Wyoming branch bank to be sold. The notice shall be
				published at least once each week for three (3) consecutive weeks in
				substantially the same manner as provided for relocations under Section
				5 of
				Chapter 6.
(b) The notice shall
				state:
(i) The name and location of the
				Wyoming branch bank to be sold;
(ii) The name and main office location of the
				seller;
(iii) The name and main
				office location of the buyer;
(iv)
				The general purpose of the purchase and assumption transaction; and
(v) That any person wishing to comment on the
				proposed purchase and assumption transaction may submit written comments to the
				Commissioner within forty-five (45) days after the acceptance date.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 13 - ACQUISITION OF A WYOMING BRANCH BANK › Section 13-7 - Approval of Transfer

Current through July 13, 2024
(a) The
				Commissioner shall approve an acquisition application if he finds:
(i) After consummation of the purchase and
				assumption transaction, the buyer will maintain an adequate capital structure,
				including surplus, in relation to the assets acquired and the deposits and
				other liabilities assumed, and in relation to the banking activities to be
				assumed or expanded;
(ii) The
				customers of the Wyoming branch bank being sold are protected against cost or
				adverse impact from the purchase and assumption transaction;
(iii) The purchase and assumption transaction
				is not contrary to the public interest; and
(iv) The applicants have complied with this
				Chapter.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 13 - ACQUISITION OF A WYOMING BRANCH BANK › Section 13-8 - Extensions of Time

Current through July 13, 2024
Except for comment period provided for in Section
				  6(b)(v), the Commissioner
				  may extend any time period set forth in this Chapter upon the request of either
				  applicant or if he determines the same to be in the public interest. The
				  Commissioner shall notify the applicants in writing of any such
				  extension.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 14 - BANK SALES OF SECURITIES, INSURANCE AND ANNUITIES › Section 14-1 - Authority; Scope

Current through July 13, 2024
(a) This Chapter is
				promulgated in part pursuant to
				W.S.
				13-2-101(a)(xi) (sell
				insurance or annuities) and (xiii) (authorized bank activities).
(b) This Chapter applies only to banks. It
				authorizes banks to engage in activities in which national banks may engage,
				that being to provide brokerage services, act as agent for any insurance
				company, and to sell annuities. The Commissioner has determined that banks
				should be authorized to engage in such activities to ensure that banks may
				maintain an equal competitive position with national banks. This Chapter
				provides minimum requirements for banks providing brokerage services, acting as
				agents for an insurance company, or in selling annuities. Brokerage activities,
				sales of insurance, and sales of annuities must be conducted in such a manner
				as to avoid misleading or confusing customers and must be consistent with safe
				and sound banking practices.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 14 - BANK SALES OF SECURITIES, INSURANCE AND ANNUITIES › Section 14-3 - Authorization to Provide Brokerage Services, Sell Insurance, or Sell Annuities

Current through July 13, 2024
(a) A bank is authorized to provide brokerage
				services to its customers, on bank premises, subject to full compliance with
				all state and federal laws, rules, regulations and regulatory conditions
				applicable to the bank-related sale of securities.
(b) Brokerage services may be provided
				directly by the bank through the employees of the bank or under a contract for
				services with a broker.
(c) A bank
				is authorized to act as an agent for any fire, life or other insurance company,
				subject to full compliance with all state and federal laws, rules and
				regulations applicable to a bank-related sale of insurance.
(d) A bank is authorized to sell annuities,
				subject to full compliance with all state and federal law, rules and
				regulations applicable to a bank-related sale of insurance.
(e) A bank may make bank-related sales of
				insurance but only through the services of a covered agent.
(f) All bank-related sales of insurance and
				annuities shall be in accordance with the insurance laws applicable to
				bank-related sales of insurance.
(g) Before engaging in bank-related sales of
				insurance, a bank must file with the Commissioner a notice that
(i) states the banks intent to engage in such
				services,
(ii) indicates whether
				such services will be provided by the bank serving as an insurance agent, by a
				bank insurance agent, by a shared employee or by a contract agent,
				and
(iii) provides such additional
				information as the Commissioner may request.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 14 - BANK SALES OF SECURITIES, INSURANCE AND ANNUITIES › Section 14-4 - Tying Prohibited

Current through July 13, 2024
(a) A covered agent
				shall not engage in any practice that would lead a customer to believe that the
				purchase of insurance or annuities offered by the covered agent was:
(i) a prerequisite to obtaining
				credit,
(ii) a prerequisite to
				offering a banking product or service, or
(iii) offering a banking product or service
				on different terms or conditions because the customer agrees to obtain
				insurance or annuities from the covered agent or any particular
				insurer.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 14 - BANK SALES OF SECURITIES, INSURANCE AND ANNUITIES › Section 14-5 - Brokerage Services by Bank and Sale of Insurance or Annuities by Bank Employees; Responsibility of Directors; Written Procedures

Current through July 13, 2024
(a) If the bank provides brokerage services
				directly, the Directors shall adopt written policies and procedures for
				evaluating comparative risks posed by offered securities and for ensuring that
				the investment offered and the attendant risks are suitable for the customer.
				Before a bank insurance agent or shared employee makes any bank-related sales
				of insurance, the Directors shall adopt written policies and procedures for
				evaluating comparative risks posed by offered insurance or annuities and for
				ensuring that the insurance and annuities offered are suitable for the bank
				customer.
(b) The bank procedures
				shall require that any bank employee who performs brokerage service activities
				or executes brokerage transactions shall obtain sufficient information to make
				a reasoned judgment about the suitability of investment products for each
				customer. Also, policies and procedures shall require that any bank insurance
				agent or shared employee shall obtain sufficient information to make a reasoned
				judgment about the suitability of insurance and annuities for each customer. At
				a minimum, before making recommendations, and consistent with the Rules of Fair
				Practice, inquiries shall be made and responses documented concerning the
				customers financial status, investment objectives and specific investment
				instructions, or coverage objectives and instructions.
(c) Bank procedures shall include a system
				for monitoring compliance with investment risk evaluations and suitability for
				customer investment goals and instructions. The bank may sell a security to a
				customer at the customers request, even if the investment is inconsistent with
				the banks recommendation, but the bank shall document its recommendation. Bank
				policies and procedures shall include a system for monitoring compliance with
				customer coverage objectives and instructions. A bank insurance agent or a
				shared employee may make a bank-related sale of insurance to a bank customer at
				the customers request, even if the insurance or annuity is inconsistent with
				the bank insurance agents or shared employees recommendation, but the bank
				insurance agent or shared employee shall document the recommendation.
(d) If a bank insurance agent or shared
				employee makes a bank-related sale of insurance, the bank insurance agent or
				shared employee shall forward any customer complaints arising from any
				bank-related sale of insurance to the Insurance Commissioner, the Commissioner,
				and the bank.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 14 - BANK SALES OF SECURITIES, INSURANCE AND ANNUITIES › Section 14-6 - Brokerage Services by Contract with Broker or Sale of Insurance or Annuities by Contract with Agent; Contents of Contract

Current through July 13, 2024
(a) The
				bank may lease a portion of the bank premises to a broker to provide brokerage
				services to bank customers. The brokerage services may be provided exclusively
				by employees of the broker or by dual employees.
(b) Bank-related sales of insurance may be
				made exclusively by the contract agent or by a shared employee. No such
				contract shall be effective unless and until approved by the banks board of
				directors.
(c) If brokerage
				services are provided on or from bank premises by contract with a broker, the
				contract shall be in writing and, at a minimum, shall provide:
(i) A description of the duties and
				responsibilities of the bank and the broker;
(ii) A description of permissible activities
				by the broker on the banks premises, and the terms and conditions of use of the
				banks space, personnel and equipment;
(iii) That all representatives of the broker
				engaged in providing brokerage services on the bank premises, including any
				dual employees, shall be properly licensed and qualified as required by all
				applicable laws and regulations;
(iv) That the broker shall exercise exclusive
				supervisory and management control over dual employees when engaged in
				providing brokerage services and shall determine precisely the standardized
				investment advice to be provided to bank customers;
(v) That the broker shall recommend and the
				banks board of directors shall adopt, distribute and enforce written policies
				and procedures stating prohibited and permissible activities for the banks
				employees that are not dual employees;
(vi) That dual employees shall have written
				contracts, which shall not become effective unless and until approved by the
				bank;
(vii) That the bank shall pay
				the salaries of dual employees;
(viii) That the bank may monitor and
				periodically review the activities and transactions of the broker and its sales
				representatives to ensure compliance with the agreement;
(ix) That the bank and the appropriate
				banking regulatory authority shall have access to such records of the broker as
				are necessary or appropriate to evaluate compliance with the agreement;
				and
(x) That the broker shall
				indemnify the bank and save it harmless from any liability, cost or damages
				resulting from actions and omissions of the broker in providing brokerage
				services.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 14 - BANK SALES OF SECURITIES, INSURANCE AND ANNUITIES › Section 14-7 - Compensation for Leased Premises

Current through July 13, 2024
(a) If the bank
				leases a portion of the banks premises to a broker, the bank may negotiate
				whatever terms are usual and customary in the leasing of commercial office
				space. The bank may be compensated by a percentage share of commissions or
				revenue earned from the brokerage transactions conducted at the leased
				premises, provided the compensation is for services performed or for rent of
				space and equipment provided.
(b) A
				bank may contract to lease a portion of bank premises to a covered agent to
				make bank-related sales of insurance to bank customers. If the bank leases a
				portion of bank premises to a covered agent, the bank may negotiate whatever
				terms are usual and customary in the leasing of commercial office space. The
				bank may be compensated from revenue earned from insurance or annuities sales
				made at or from the leased premises (including sales that are not bank-related
				sales of insurance), provided the compensation is for services performed or for
				rent of space and equipment provided and is not commission-sharing in violation
				of W.S.
				26-9-132.
(c) The method of compensation must not
				result in a partnership or joint venture relationship between the bank and the
				broker, or make the bank a guarantor of or
				liable for operating costs, losses or
				debts of the covered agent. If the compensation agreement provides for a
				percentage of revenues after deduction of losses resulting from failure of bank
				customers to perform their obligations, the loss deductions may not exceed the
				amount of revenues accruing to the banks credit after the losses are
				incurred.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 14 - BANK SALES OF SECURITIES, INSURANCE AND ANNUITIES › Section 14-8 - Segregation of Securities, Insurance, and Annuities Sales

Current through July 13, 2024
The place where the bank or a broker provides brokerage
				  services to bank customers, or where bank-related sales of insurance are made,
				  shall be located in an area of the bank clearly distinguishable from the areas
				  in which banking business is conducted.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 14 - BANK SALES OF SECURITIES, INSURANCE AND ANNUITIES › Section 14-9 - Disclosure Required for Brokerage Services and for Insurance and Annuities Sales

Current through July 13, 2024
(a) Either the bank
				or the broker on bank premises must provide a complete and accurate disclosure
				when selling, advertising or marketing any security. A covered agent who makes
				bank-related sales of insurance must provide a complete and accurate disclosure
				when selling, advertising or marketing any insurance or annuities. The
				disclosure shall be designed to ensure that customers of either the bank, the
				broker, or the covered agent are advised that the security, insurance or
				annuity:
(i) Is not insured by the
				FDIC;
(ii) Is not an obligation of
				the bank;
(iii) Is not guaranteed
				by the bank; and
(iv) May involve
				investment risks, including the possible loss of capital or
				principal.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 14 - BANK SALES OF SECURITIES, INSURANCE AND ANNUITIES › Section 14-10 - Bank Employee Education and Training Program

Current through July 13, 2024
(a) A bank
				which provides brokerage services directly shall provide for a continuing
				education program to ensure that all bank personnel who provide brokerage
				services or who execute brokerage transactions are properly qualified to
				represent the interests of the customers. The program shall include training in
				the nature of mutual funds, debt and equity securities and any security
				marketed on or from bank premises, their differences, their comparative risks,
				and how they may be used to serve the different needs of the customer, as well
				as training and education in proper sales practices.
(b) A bank shall provide to all bank
				insurance agents and shared employees a continuing education program pursuant
				to the insurance laws.
(c) Any bank
				employee who performs brokerage services shall be licensed and qualified as
				required by applicable law or regulation.
(d) All bank insurance agents and shared
				employees shall be insurance agents.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 14 - BANK SALES OF SECURITIES, INSURANCE AND ANNUITIES › Section 14-11 - Conflict of Interest Prohibited; Use of Fiduciary and Discretionary Funds Restricted

Current through July 13, 2024
(a) A bank shall
				comply with all applicable state and federal restrictions to prevent a conflict
				of interest in
(i) transactions involving the
				purchase of securities with funds held by the bank in a trust, fiduciary or
				discretionary account by the use of brokerage services provided by the bank or
				by a broker which compensates the bank
				or
(ii) bank-related sales of
				insurance.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 14 - BANK SALES OF SECURITIES, INSURANCE AND ANNUITIES › Section 14-12 - Examination; Unsound and Unauthorized Practice; Remedy

Current through July 13, 2024
(a) The brokerage activities of a bank and
				the banks relationship with a broker on bank premises are subject to
				examination by the Commissioner. Violation of any state or federal law, or
				violation of a regulation of the Commissioner or any state or federal agency
				with jurisdiction over the sale of securities, or a regulation of the FRB or
				the FDIC governing the sale of securities by member or nonmember state banks,
				or any act or omission in the performance of brokerage services which places
				the bank at risk of liability for losses, penalties or damages, may constitute
				an unsound and unauthorized practice. The Commissioner may invoke such remedies
				as provided by law for any such violation.
(b) The transactions of a bank and its
				relationship with a covered agent is subject to examination by the Commissioner
				for compliance with all state and federal laws applicable to depository
				institutions.
(c) Transactions
				involving bank-related sales of insurance are subject to examination by the
				Insurance Commissioner for compliance with the insurance laws.
(d) Violation of any state or federal laws or
				regulations applicable to bank-related sales of insurance, or any act or
				omission in the performance of bank-related sales of insurance which places the
				bank at risk of liability for losses, penalties or damages, may constitute an
				unsafe, unsound and unauthorized practice. For any violation found, the
				Commissioner may invoke such remedies under the Banking Statutes or these
				Regulations, and the Insurance Commissioner may invoke such remedies under the
				insurance laws.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 15 - COMMUNITY DEVELOPMENT INVESTMENTS › Section 15-1 - Authority; Scope

Current through July 13, 2024
(a) This Chapter is
				promulgated in part pursuant to
				W.S.
				13-2-101(a)(xiii) 
				(authorized bank activities) and W.S. W.S.
				W.S.
				13-3-404(a)(ii).
(b) This Chapter applies only to banks. It
				authorizes banks to engage in an activity in which national banks may engage,
				that being to promote the public welfare through investments in community
				development projects for low- or moderate-income families. The Commissioner has
				determined that banks should be authorized to engage in such activities to
				ensure that banks may maintain an equal competitive position with national
				banks. This Chapter does so while ensuring that such investments do not
				endanger the safety and soundness of the bank and are consistent with all
				requirements of law.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 15 - COMMUNITY DEVELOPMENT INVESTMENTS › Section 15-2 - Definitions

Current through July 13, 2024
As used in this Chapter:
(a) "Area in which the housing project is
				located" means the smallest geographical subdivision surrounding the site of
				the qualified housing project for which state income statistics are available.
				The "area" may be the city or town, county or the state if income statistics
				for a smaller area adjacent to the qualified housing project are not
				available.
(b) "Lower income" means
				income that is less than or equal to the median income in the area in which the
				qualified housing project is located.
(c) "Qualified housing project" means
				residential real estate intended to primarily benefit lower income persons
				throughout the period of the banks investment, including:
(i) A project eligible for the low income
				housing tax credit under section 42 of the Internal Revenue Code of 1986, as
				amended from time to time; or
(ii)
				A residential real estate project in which fifty percent (50%) or more of the
				housing units are occupied or to be occupied by lower income persons.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 15 - COMMUNITY DEVELOPMENT INVESTMENTS › Section 15-4 - Investment Restrictions

Current through July 13, 2024
(a) The real estate
				limited partnership in which a bank invests as a limited partner shall meet the
				following criteria:
(i) The limited
				partnership must operate in the assessment areas delineated by the bank in
				compliance with
				12 C.F.R.
				228.41 or
				12 C.F.R.
				345.41;
(ii) The limited partnership must be
				structured to limit the bank's liability to an amount not exceeding the bank's
				capital investment and any specific contingent liabilities, to avoid bank
				participation in the control of the business of the partnership, and to reflect
				steps taken by the bank to strictly limit its activities within the
				partnership, consistent with state law, so that the bank clearly maintains its
				limited partner status;
(iii) The
				activities of the limited partnership must be restricted to acquiring,
				developing, rehabilitating, managing and selling or renting qualified housing
				projects.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 15 - COMMUNITY DEVELOPMENT INVESTMENTS › Section 15-5 - Investment Limitation

Current through July 13, 2024
The investment in a real estate limited partnership may not
				  exceed five percent (5%) of the banks available capital and reserves, and the
				  banks aggregate investment in all such partnerships may not exceed ten percent
				  (10%) of its available capital and reserves. Legally binding commitments shall
				  be included as part of the banks investment.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 15 - COMMUNITY DEVELOPMENT INVESTMENTS › Section 15-6 - Examination

Current through July 13, 2024
The community development investments of a bank are subject
				  to examination by the Commissioner. All reports, agreements and documentation
				  necessary to ensure compliance with state and federal laws and regulations
				  shall be provided upon request as provided by
				  W.S.
				  13-3-701(d).
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 15 - COMMUNITY DEVELOPMENT INVESTMENTS › Section 15-7 - Remedial Action

Current through July 13, 2024
A community development investment which violates any state
				  or federal law or regulation, or which is inconsistent with safe and sound
				  operation of the bank, or which poses a significant risk of impairment of the
				  banks available capital, is an unsafe, unsound and unauthorized
				  practice.
Wyoming Administrative Code › Agency 021 - Audit, Dept. of › Sub-Agency 0002 - Banking Division › Chapter 16 - CERTAIN OBLIGATIONS EXEMPT FROM BANK DEBT LIMITATIONS › Section 16-1 - Authority

Current through July 13, 2024
This Chapter is promulgated in part pursuant to
				  W.S.
				  13-2-101(a)(xiii) 
				  (authorized bank activities) and W.S. W.S.
				  W.S.
				  13-3-404(a)(ii) 
				  (indebtedness limitations).