Wyoming § 13-12-115 Approval or disapproval of application;
criteria for approval; action upon application

Wyoming Statutes

§ 13-12-115 — Approval or disapproval of application; criteria for approval; action upon application

Wyoming § 13-12-115

Title 13Banks, Banking and Finance

Ch. 12SPECIAL PURPOSE DEPOSITORY INSTITUTIONS

This text of Wyoming § 13-12-115 (Approval or disapproval of application; criteria for approval; action upon application) 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. § 13-12-115 (2026).

Text

(a)Within ninety (90) days after receipt of the transcript of the public hearing, the board shall render a decision on the charter application based solely on the following criteria:

(i)Whether the character, reputation, financial standing and ability of the incorporators is sufficient to afford reasonable promise of a successful operation;

(ii)Whether the character, financial responsibility, banking or other financial experience and business qualifications of those proposed as officers and directors is sufficient to afford reasonable promise of a successful operation;

(iii)The adequacy and plausibility of the business plan of the special purpose depository institution;

(iv)Compliance with the capital and surplus requirements of W.S. 13-12-110;

(v)The special purpose depository insti

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

(a) Within ninety (90) days after receipt of the
transcript of the public hearing, the board shall render a
decision on the charter application based solely on the
following criteria:
(i) Whether the character, reputation, financial
standing and ability of the incorporators is sufficient to
afford reasonable promise of a successful operation;
(ii) Whether the character, financial responsibility,
banking or other financial experience and business
qualifications of those proposed as officers and directors is
sufficient to afford reasonable promise of a successful
operation;
(iii) The adequacy and plausibility of the business
plan of the special purpose depository institution;
(iv) Compliance with the capital and surplus
requirements of W.S. 13-12-110;
(v) The special purpose depository institution is
being formed for no other purpose than legitimate objectives
authorized by law;
(vi) That the name of the proposed special purpose
depository institution does not resemble so closely the name of
any other financial institution transacting business in the
state so as to cause confusion; and
(vii) Whether the applicants have complied with all
applicable provisions of state law.
(b) The board shall approve an application upon making
favorable findings on the criteria set forth in subsection (a)
of this section. If necessary, the board may either
conditionally approve an application by specifying conditions
relating to the criteria or may disapprove the application. The
board shall state findings of fact and conclusions of law as
part of its decision. If the board approves the application, the
commissioner shall endorse upon the articles of incorporation
the approval of the board and shall transmit one (1) copy to the
secretary of state, retain one (1) copy and return a copy to the
applicants within twenty (20) days after the date of the
decision of the board approving the application. If the board
conditionally approves an application and upon compliance with
necessary conditions required by the board, the commissioner
shall proceed as provided in the preceding sentence. If the
board disapproves the application, the commissioner shall mail
notice of the disapproval to the applicants within twenty (20)
days of the board's disapproval.