Wyoming § 13-12-103 Special purpose depository institutions created
as corporations; operating authority; powers; prohibition on
lending

Wyoming Statutes

§ 13-12-103 — Special purpose depository institutions created as corporations; operating authority; powers; prohibition on lending

Wyoming § 13-12-103

Title 13Banks, Banking and Finance

Ch. 12SPECIAL PURPOSE DEPOSITORY INSTITUTIONS

This text of Wyoming § 13-12-103 (Special purpose depository institutions created as corporations; operating authority; powers; prohibition on lending) is published on Counsel Stack Legal Research, covering Wyoming primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wyo. Stat. Ann. § 13-12-103 (2026).

Text

(a)Consistent with this chapter, special purpose depository institutions shall be organized as corporations under the Wyoming Business Corporation Act to exercise the powers set forth in subsection (b) of this section.

(b)Each special purpose depository institution may:

(i)Make contracts as a corporation under Wyoming law;

(ii)Sue and be sued;

(iii)Receive notes and buy and sell gold and silver coins and bullion as permitted by federal law;

(iv)Carry on a nonlending banking business for depositors, consistent with subsection (c) of this section;

(v)Provide payment services upon the request of a depositor;

(vi)Make an application to become a member bank of the federal reserve system;

(vii)Engage in any other activity that is usual or incidental to the business of banking, subject t

Free access — add to your briefcase to read the full text and ask questions with AI

(a) Consistent with this chapter, special purpose
depository institutions shall be organized as corporations under
the Wyoming Business Corporation Act to exercise the powers set
forth in subsection (b) of this section.
(b) Each special purpose depository institution may:
(i) Make contracts as a corporation under Wyoming
law;
(ii) Sue and be sued;
(iii) Receive notes and buy and sell gold and silver
coins and bullion as permitted by federal law;
(iv) Carry on a nonlending banking business for
depositors, consistent with subsection (c) of this section;
(v) Provide payment services upon the request of a
depositor;
(vi) Make an application to become a member bank of
the federal reserve system;
(vii) Engage in any other activity that is usual or
incidental to the business of banking, subject to the prior
written approval of the commissioner. The commissioner shall not
approve a request to engage in an incidental activity if he
finds that the requested activity will adversely affect the
solvency or the safety and soundness of the special purpose
depository institution or conflict with any provision of this
chapter. As used in this paragraph, "incidental activity"
includes:
(A) Custody, safekeeping and asset servicing,
including custodial services under W.S. 34-29-104;
(B) Investment adviser, investment company and
broker-dealer activities;
(C) Commodities intermediary activities;
(D) Exercising fiduciary powers similar to those
permitted to national banks;
(E) Receiving deposits relating to activities
under this paragraph;
(F) Other incidental activities authorized by
the commissioner.
(viii) Exercise powers and rights otherwise
authorized by law which are not inconsistent with this chapter.
(c) Except as otherwise provided in this subsection, a
special purpose depository institution shall not make loans,
including the provision of temporary credit relating to
overdrafts. A special purpose depository institution may
purchase debt obligations specified by W.S. 13-12-105(b)(iii).
(d) A special purpose depository institution shall
maintain its principal operating headquarters and the primary
office of its chief executive officer in Wyoming.
(e) As otherwise authorized by this section, the special
purpose depository institution may conduct business with
depositors outside this state.
(f) A special purpose depository institution may open a
branch in another state in the manner set forth in W.S. 13-2-
803. A special purpose depository institution, including any
branch of the institution, may only accept deposits or provide
other services under this chapter to depositors engaged in
activities which are lawful under the laws of Wyoming and
federal law.