(a) If the commissioner finds that a special purpose depository institution has failed or is operating in an unsafe or unsound condition, as defined in this section, that has not been remedied within the time prescribed under W.S. 13-4-203 through 13-4-205 or an order of the commissioner issued pursuant to W.S. 13-10-201 through 13-10-209, the commissioner shall conduct a liquidation or appoint a conservator as provided by W.S. 13-4-301 and 13-4-303 through 13-4-703. (b) As used in this section: (i) "Failed" or "failure" means, consistent with rules adopted by the commissioner, a circumstance when a special purpose depository institution has not: (A) Complied with the requirements of W.S. 13- 12-105; (B) Repealed by Laws 2026, ch. 75, § 2. (C) Paid, in the manner commonly accepted by business practices, its legal obligations to depositors on demand or to discharge any certificates of deposit, promissory notes or other indebtedness when due. (ii) "Unsafe or unsound condition" means, consistent with rules adopted by the commissioner, a circumstance relating to a special purpose depository institution which is likely to: (A) Cause the failure of the institution, as defined in paragraph (i) of this subsection; (B) Cause a substantial dissipation of assets or earnings; (C) Substantially disrupt the services provided by the institution to depositors; (D) Otherwise substantially prejudice the depository interests of depositors. (c) There is created the special purpose depository institution resolution fund account. A portion of each supervisory fee paid pursuant to W.S. 13-12-119(d) shall be deposited in the special purpose depository institution resolution fund account and shall be used by the commissioner in the event of an involuntary dissolution of a special purpose depository institution. The amount deposited in the account shall be established by rule of the commissioner. The portion of fees designated under this subsection shall be remitted to the state treasurer to be credited to the special purpose depository institution resolution fund account. All funds within the account shall be invested by the state treasurer and all investment earnings from the account shall be credited to the account. Notwithstanding W.S. 9-2-1008, 9-2-1012(e) and 9-4-207, unobligated and unexpended funds in the account shall not lapse or revert and shall remain in the account and be available for distribution as provided by this subsection. 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 by the commissioner. Funds from the account shall be expended only to carry out the duties of the commissioner in the involuntary dissolution of a special purpose depository institution.
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