§ 13-5-410 — Powers of the commissioner

Wyoming § 13-5-410

• Jurisdiction: Wyoming
• Title 13: Banks, Banking and Finance
• Ch. 5: TRUST COMPANIES
• Art. 4: SUPERVISED TRUST COMPANIES

Text

(a) In addition to other powers conferred by this chapter,
the commissioner shall:
(i) Supervise and examine all supervised trust
companies organized under the provisions of this chapter and all
supervised trust companies shall be subject to the laws of this
state governing banks and other financial institutions in all
cases where the laws do not conflict with the provisions of this
chapter. The commissioner or a duly appointed examiner shall
visit and examine each supervised trust company pursuant to the
provisions of this chapter. All supervised trust companies shall
file with the commissioner an annual report of the supervised
trust company's assets in a form prescribed by the commissioner
and other reports as required by the commissioner;
(ii) In the exercise of the power to make orders and
regulations to implement the provisions of this chapter, the
commissioner shall act in the interests of promoting and
maintaining a sound trust company system, the security of assets
and trust accounts, and the protection of other customers;
(iii) Collect from each supervised trust company an
amount equal to the total cost of examinations conducted under
the authority of this section. The fees and expenses collected
shall be remitted to the state treasurer and deposited as
provided in subsection (b) of this section and may be expended
as provided in that subsection;
(iv) On or before January 31 of each year, each
supervised trust company shall compute and pay supervisory fees
to the commissioner as set forth in the rules and regulations of
the commissioner. Except as provided in subsection (b) of this
section, the supervisory fees shall provide for the general
administration of the laws and regulations governing the
supervised trust company industry. The fees shall be established
by regulation of the commissioner and shall be adjusted by
regulations issued by the commissioner to assure consistency
with the cost of supervision. Other fees assessed for
administrative services related to activities attributable to a
specific supervised trust company shall be used to pay the costs
of special services rendered by or at the direction of the
commissioner and shall be recovered from the supervised trust
company which required the special services.
(b) A trust company resolution fund account is
established. A portion of each supervisory fee paid pursuant to
paragraph (a)(iv) of this section shall be paid to the
resolution fund account and shall be used by the commissioner in
the event of an involuntary dissolution of a supervised trust
company. The amount paid to the resolution fund account shall be
established by regulation of the commissioner. All amounts paid
shall be remitted to the state treasurer and deposited and
credited to the trust company resolution fund account.
Expenditures from the account shall be made using warrants drawn
by the state auditor, upon vouchers issued and signed by the
director of the department of audit or commissioner. Funds from
the account shall be expended only to carry out the duties of
the commissioner in the involuntary dissolution of a supervised
trust company.