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Can you summarize WYST 13-12-104?
SPECIAL PURPOSE DEPOSITORY INSTITUTIONS > Requirements relating to depositors; nature of business
Short Summary
This legal document sets forth the requirements for depositors and the nature of business for special purpose depository institutions. Depositors must meet certain criteria, including being a legal entity other than a natural person, being in good standing with the jurisdiction of incorporation or organization, maintaining deposits of at least $5,000 with the institution, and being engaged in a lawful, bona fide business. Depositors must also provide sufficient evidence to comply with anti-money laundering, customer identification, and beneficial ownership requirements. Additionally, a special purpose depository institution may conduct incidental activities with persons who do not meet the criteria mentioned. The document also specifies that reasonable evidence of engagement in a lawful, bona fide business must be provided by potential depositors. This evidence may include business entity filings, articles of incorporation or organization, bylaws, operating agreements, business plans, promotional materials, financing agreements, or other evidence. However, this requirement does not apply to activities conducted under a different subsection. The lawful business requirements of W.S. 13-12-103(f) remain applicable.
Whom does it apply to?
Depositors of special purpose depository institutions
What does it govern?
Requirements relating to depositors and the nature of business for special purpose depository institutions
What are exemptions?
None mentioned
What are the Penalties?
Not specified
Jurisdiction
Wyoming