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Can you summarize WYST Title 13, Chapter 3?
BANKS, BANKING AND FINANCE > BANKING OPERATIONS
Short Summary
The provided legal document content covers various aspects of banking operations in Wyoming. It governs the inspection of banks, associated fees, retention of business records, limitations on individual indebtedness, accounting practices, acquisition of real estate, investment of assets, borrowing activities, establishment and operation of operating subsidiaries, fidelity bond requirements, loaning funds to executive officers and directors, and preference to depositors or creditors. The documents apply to all banks operating in Wyoming. The inspection of banks includes assessing the condition and resources of the bank, management of bank affairs, investment and disposition of bank funds, and compliance with applicable laws. Banks are required to pay additional fees if examined more than twice in a calendar year. Supervisory fees based on total asset base contribute to the general administration and operating costs of the office of the state banking commissioner. Other fees may be assessed for administrative services caused by specific applications or activities. The state banking commissioner may accept examinations or reports from the federal deposit insurance corporation or federal reserve system in lieu of examinations or reports required by this act. Banks are required to retain business records for specified periods, with certain records to be permanently retained. The state banking commissioner is responsible for issuing rules classifying bank records and prescribing their retention periods. The document sets limitations on individual indebtedness for banks, prohibiting excessive indebtedness to a bank at origination. Accounting practices include charging losses to surplus funds and limitations on dividends. The document governs the acquisition of real estate, investment of assets, borrowing activities, and establishment and operation of operating subsidiaries by banks. Banks are required to obtain fidelity bonds for officers and employees, and restrictions are placed on loaning funds to certain individuals. Preference to depositors or creditors is generally prohibited, except in specific cases. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
All banks operating in Wyoming
What does it govern?
Inspection of banks, associated fees, retention of business records, limitations on individual indebtedness, accounting practices, acquisition of real estate, investment of assets, borrowing activities, establishment and operation of operating subsidiaries, fidelity bond requirements, loaning funds to executive officers and directors, preference to depositors or creditors
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties for non-compliance are mentioned in these documents.
Jurisdiction
Wyoming