Wyoming § 13-12-106 Required contingency account

Wyoming Statutes

§ 13-12-106 — Required contingency account

Wyoming § 13-12-106

Title 13Banks, Banking and Finance

Ch. 12SPECIAL PURPOSE DEPOSITORY INSTITUTIONS

This text of Wyoming § 13-12-106 (Required contingency account) 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. § 13-12-106 (2026).

Text

(a)A special purpose depository institution shall maintain a contingency account to account for unexpected losses and expenses. A special purpose depository institution may require the payment of contributions from depositors to fund a contingency account. Initial capital under W.S. 13-12-110 shall constitute compliance with this subsection for the first three

(3)years a special purpose depository institution is in operation. After the conclusion of the first three (3) years of operation, a special purpose depository institution shall maintain a contingency account totaling not less than two percent (2%) of the depository liabilities of the special purpose depository institution, provided that the contingency account shall be adequate and reasonable in light of current and prospective bu

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(a) A special purpose depository institution shall
maintain a contingency account to account for unexpected losses
and expenses. A special purpose depository institution may
require the payment of contributions from depositors to fund a
contingency account. Initial capital under W.S. 13-12-110 shall
constitute compliance with this subsection for the first three
(3) years a special purpose depository institution is in
operation. After the conclusion of the first three (3) years of
operation, a special purpose depository institution shall
maintain a contingency account totaling not less than two
percent (2%) of the depository liabilities of the special
purpose depository institution, provided that the contingency
account shall be adequate and reasonable in light of current and
prospective business conditions, as determined by the
commissioner.
(b) A depositor shall obtain a refund of any contingency
account contributions made under subsection (a) of this section
after closing an account with the special purpose depository
institution.