§ 13-12-119 — Reports and examinations; supervisory fees; required private insurance or bond

Wyoming § 13-12-119

• Jurisdiction: Wyoming
• Title 13: Banks, Banking and Finance
• Ch. 12: SPECIAL PURPOSE DEPOSITORY INSTITUTIONS

Text

(a) The commissioner may call for reports verified under
oath from a special purpose depository institution at any time
as necessary to inform the commissioner of the condition of the
institution.
(b) All reports required of special purpose depository
institutions by the commissioner and all materials relating to
examinations of these institutions shall be subject to the
provisions of W.S. 9-1-512.
(c) Every special purpose depository institution is
subject to the examination of the commissioner. The commissioner
or a duly appointed examiner shall visit and examine special
purpose depository institutions on a schedule established by
rule. The commissioner or a duly appointed examiner shall make a
complete and careful examination of the condition and resources
of a special purpose depository institution, the mode of
managing institution affairs and conducting business, the
actions of officers and directors in the investment and
disposition of funds, the safety and prudence of institution
management, compliance with the requirements of this chapter and
such other matters as the commissioner may require. After an
examination, the special purpose depository institution shall
remit to the commissioner an amount equal to the total cost of
the examination. This amount shall be remitted to the state
treasurer and deposited into the special purpose depository
institutions subaccount created by W.S. 13-12-111(d).
(d) Unless the commissioner determines an exemption is
appropriate because of payment of other fees, on or before
January 31 and July 31 of each year, a special purpose
depository institution shall compute and pay supervisory fees to
the commissioner based on the total assets of the special
purpose depository institution as of the preceding December 31
and June 30 respectively. Supervisory fees under this section
shall provide for the operating costs of the office of the
commissioner and the administration of the laws governing
special purpose depository institutions. Such fees shall be
established by rule of the commissioner and shall be adjusted by
the commissioner to assure consistency with the cost of
supervision. Supervisory fees shall be deposited by the
commissioner with the state treasurer and credited to the
special purpose depository institutions subaccount created by
W.S. 13-12-111(d).
(e) A special purpose depository institution shall
maintain appropriate insurance or a bond covering the
operational risks of the institution, which shall include
coverage for directors' and officers' liability, errors and
omissions liability and information technology infrastructure
and activities liability.