§ 13-9-101 — Generally

Wyoming § 13-9-101

• Jurisdiction: Wyoming
• Title 13: Banks, Banking and Finance
• Ch. 9: BANK RELATED ORGANIZATIONS
• Art. 1: BANK SERVICE CORPORATIONS

Text

(a) A bank may invest not more than ten percent (10%) of
its paid in and unimpaired capital and surplus in a bank service
corporation.
(b) Repealed by Laws 2017, ch. 19, § 2.
(c) The bank service corporation shall offer to supply
bank services to any bank by either:
(i) Issuing stock to the bank which has applied for
services and by furnishing bank services to it on the same basis
as to the other banks holding stock in the corporation; or
(ii) By furnishing bank services to the bank applying
for them at rates no higher than necessary to reflect fairly the
cost of these services including the reasonable cost of the
capital provided to the corporation by its stockholders.
(d) The bank service corporation may offer its bank
services as provided in subsection (c) of this section at its
option unless comparable services at competitive overall costs
are available to the applying bank from another source, or
unless the furnishing of the services sought by the applying
bank would be beyond the practical capacity of the corporation.
In any action or proceeding to enforce the duty imposed by this
section, or for damages for the breach of this section, the
burden shall be upon the bank service corporation to show the
availability of comparable service at comparable costs.
(e) A bank service corporation shall not engage in any
activity other than the performance of bank services for banks.
(f) All bank services authorized under this act which are
performed by contract or otherwise and bank service corporations
shall be subject to regulation and examination by the state
banking commissioner to the same extent as if the services were
being performed by the bank itself on its own premises and
subject to W.S. 9-1-512. Any bank contracting for or receiving
bank services authorized under this act from a bank service
corporation shall notify the commissioner within thirty (30)
days of the earlier of the contract date or receipt of services.
The state banking commissioner may furnish a copy of a bank
service corporation's examination report to a bank serviced by
the bank service corporation.
(g) As used in this section:
(i) "Bank services" means services such as check and
deposit sorting, the posting, computation and posting of mailing
of checks, statements, notices and similar items, clerical,
bookkeeping, accounting, statistical, data processing, mobile
banking, electronic bill payments, system software development
and maintenance, security monitoring or similar functions
performed for a bank;
(ii) "Bank service corporation" means any of the
following:
(A) A corporation:
(I) Organized to perform bank services
authorized by this act; and
(II) All of the capital stock which is
owned by one (1) or more insured depository institutions, as
defined in W.S. 13-2-802(a)(ix).
(B) A limited liability company:
(I) Organized to perform bank services
authorized under this act; and
(II) All of the members of which are one
(1) or more insured depository institutions, as defined in W.S.
13-2-802(a)(ix).
(iii) "Invest" includes any advance of funds to a
bank service corporation, whether by the purchase of stock, the
making of a loan, or otherwise, except a payment for rent
earned, goods sold and delivered, or services rendered prior to
the making of the payment.
(h) To carry out the purposes of this article, the state
banking commissioner may do any of the following:
(i) Enter into cooperative, coordinating or
information sharing agreements with any other bank supervisory
agency or any organization affiliated with or representing one
(1) or more bank supervisory agencies;
(ii) Accept any report of examination or
investigation by another bank supervisory agency having
concurrent jurisdiction over a bank service corporation in lieu
of conducting the state banking commissioner's own examination
or investigation of the bank service corporation;
(iii) Enter into contracts with any bank supervisory
agency having concurrent jurisdiction over a bank service
corporation to engage the services of the agency's examiners as
provided in W.S. 13-2-807(d);
(iv) Enter into joint examinations or joint
enforcement actions with any other bank supervisory agency
having concurrent jurisdiction over a bank service corporation.
The state banking commissioner may take any such action
independently if he determines that the action is necessary to
carry out his responsibilities under this article or to enforce
compliance with the laws of this state.
(j) The state of Wyoming does not waive its sovereign
immunity by entering into any agreement pursuant to subsection
(h) of this section.