On Feb. 27, WY LEG enacted bill related to public funds, CU deposits.
WY LEG approved Bill SF 143 related to public monies and deposits in credit unions.
Amends Wyoming statutesWY FIN 9-4, to authorize deposit of monies in credit unions.
Credit Union Deposits
Authorizes the deposit of public funds in credit unions and provides the requirements for and conditions under which CU may be designated as a depository for public funds.
Designates banks or credit unions within Wyoming to be eligible as state depositories.
A bank or credit union applying to be a state depository to file a written application with the secretary of the board of deposits, along with statement of financial condition.
Once collateral officer is designated, state treasurer will provide a written order to the bank or credit union declaring it state depository until authority revoked by the board.
Money may also be deposited into state treasurer's account or approved depository.
Interest paid by banks or credit unions on public funds on time deposit, open account will be paid to the state treasurer on a quarterly basis, and at a minimum interest rate.
Legislative History
On Jan. 24, 2025, bill introduced in Senate; on Feb. 5, 2025, bill passed in Senate.
On Feb. 5, 2025, bill delivered to House; on Feb. 24, 2025, bill was passed in House.
On Feb. 27, 2025, bill (Act 28) was approved by governor and assigned Chapter 58.
Effectiveness
Act 28, Chapter 58 becomes effective as of Jul. 1, 2025
Regulators
WY LEG
Entity Types
Bank; CNSM; CU
Reference
Act 28, Ch. 58, Bill SF0143, 2/27/2025; Citation: WY FIN 9-4;
