13-12-104. Requirements relating to depositors; nature of business.
(a) Except as otherwise provided by subsection (d) of this section, no depositor shall maintain an account with a special purpose depository institution or otherwise receive any services from the institution unless the depositor meets the criteria of this subsection. A depositor shall:
(i) Be a legal entity other than a natural person;
(ii) Be in good standing with the jurisdiction in which it is incorporated or organized;
(iii) Maintain deposits with the institution totaling not less than five thousand dollars ($5,000.00);
(iv) Be engaged in a lawful, bona fide business, consistent with subsection (c) of this section and W.S. 13-12-103(f); and
(v) Make sufficient evidence available to the special purpose depository institution to enable compliance with anti-money laundering, customer identification and beneficial ownership requirements, as determined by the institution.
(b) Repealed by Laws 2020, ch. 27, § 2.
(c) Consistent with paragraphs (a)(iv) and (v) of this section and in addition to any requirements specified by federal law, a special purpose depository institution shall require that a potential depositor provide reasonable evidence that the person is engaged in a lawful, bona fide business, or is likely to open a lawful, bona fide business within the next six (6) months. As used in this subsection, "reasonable evidence" includes business entity filings, articles of incorporation or organization, bylaws, operating agreements, business plans, promotional materials, financing agreements or other evidence. This subsection shall not apply to activities conducted under subsection (d) of this section.
(d) A special purpose depository institution may conduct incidental activities under W.S. 13-12-103(b)(vii) with persons who do not meet the criteria of paragraphs (a)(i) through (iv) of this section. The lawful business requirements of W.S. 13-12-103(f) shall remain applicable.