State Codes and Statutes

Statutes > Wyoming > Title13 > Chapter8

CHAPTER 8 - FOREIGN ASSOCIATIONS

 

ARTICLE 1 - LICENSING

 

13-8-101. Entities deemed foreign building and loan associations.

 

(a) An association doing or about to do business in this stateand having for a part of its title the words, "loan and buildingassociation", "building association", "savings and loanassociation" or "building and loan association", if organized orincorporated in any state or territory other than Wyoming, is a foreignbuilding and loan association subject to the provisions of W.S. 13-8-101through 13-8-302.

 

(b) An association whose stock, savings certificates, trustcertificates or bonds are payable by any accumulating fund in regularperiodical installments or which, at the time the application is made for suchsecurities, accepts a note for part payment and an assignment of the securitiesto secure the note and where the note is paid by monthly, quarterly orsemiannual payments, is, if organized or incorporated in any state or territoryother than Wyoming, a foreign building and loan association subject to theprovisions of W.S. 13-8-101 through 13-8-302.

 

(c) Foreign associations or companies doing business bycollecting monthly installments or dues for the accumulation of funds out ofwhich to loan money to any person on real or personal property fall within thedefinitions of this section.

 

13-8-102. Certificate of need required; exceptions.

 

Aforeign association shall not establish any branch, office or agency withinthis state for the purpose of selling, delivering, advertising or offering itsshares, certificates, bonds or other evidence of deposit or for taking depositsor payment for any security it issues without complying with all provisions oflaw, and without first obtaining from the state banking commissioner acertificate that he has determined there is a clear need for the foreignbuilding and loan association and that the banks and savings and loanassociations doing business in the state do not adequately meet that need.However, any foreign building and loan association which had established andwas operating an office, branch or agency within this state prior to February16, 1963 is not required to obtain the certificate. This section shall notprevent any foreign building and loan association from buying notes or bonds,loaning money and taking mortgages upon real or personal property or othersecurity in this state.

 

13-8-103. Certificate of admission.

 

(a) An association shall not conduct any business in the stateexcept upon written statement by the state banking commissioner, which shall befiled and preserved in his office, to the effect that the association issolvent and conducting its affairs compatible with prudent business principles.When a statement is made, the state banking board may issue a certificate ofadmission to the association upon the payment to the state banking commissionerof fifty dollars ($50.00).

 

(b) Any foreign association which conducts business without alicense shall be deemed to be doing business unlawfully.

 

13-8-104. Filing of statement; appointment of agent.

 

(a) A foreign building and loan association before transactingany business in this state, directly or indirectly, shall file with the statebanking commissioner a statement sworn to by the president and secretary of theassociation. The statement shall show the name and locality of the association,when organized and an itemized account of its actual financial conditionshowing assets and liabilities, receipts and disbursements for the past twelve(12) months including an itemized statement of its expense account. Thestatement shall show the amount and number of shares subscribed, the numbercancelled and withdrawn during the past year, the number of shares actually in forceat the date of the statement, the amount of real estate loans in force and thetotal number of shares in force in Wyoming, the amount of money accumulated inWyoming, and all other information as the state banking commissioner mayrequire.

 

(b) Foreign associations doing business in this state shallfile with the state banking commissioner a certified copy of the laws of thestate, territory or government under which it is incorporated, relating to theincorporation of the association and pertaining to the regulation, governmentor control of associations, both foreign and domestic, and of its charter orarticles of incorporation, constitution and bylaws and shall appoint an agentfor service of process as provided by laws of the state of Wyoming relating toforeign corporations.

 

13-8-105. Statement to be renewed annually or as required.

 

(a) The statements required of foreign associations shall berenewed annually by March 1 as of the preceding December 31 and shall be madeat other times as the state banking commissioner may require. Foreignassociations shall pay to the state banking commissioner upon filing eachannual statement a fee of ten dollars ($10.00).

 

(b) If a foreign association fails to file its annual statementby September 1 of each year, the state banking commissioner shall suspend itslicense until the statement is made and it is deemed to be doing businessunlawfully in this state.

 

13-8-106. Deposit required.

 

(a) Each association coming under the provisions of W.S.13-8-101 relative to foreign associations, shall deposit with the state bankingcommissioner fifty thousand dollars ($50,000.00), either in cash, bonds of theUnited States, any state, county or municipality in this state or mortgagesbeing first liens on improved and productive real estate located within thisstate of which the liens do not exceed sixty-five percent (65%) of the value ofthe property accruing to the lien. The securities shall be approved by thestate banking commissioner.

 

(b) The deposit shall be held as security for all claims ofresidents of this state against the foreign association and liable for alljudgment or decrees on it. Securities shall not be released until all shares ofthe foreign association held by residents of this state have been fullyredeemed and its contracts and obligations to residents of this state have beenfully discharged. Foreign associations may collect and use the interest on anysecurities deposited so long as it fulfills its obligations and complies withthe provisions of this act. It may also exchange them for other securities ofequal value if satisfactory to the state banking commissioner.

 

13-8-107. Licensing of agents, solicitors and salesmen.

 

Eachagent, solicitor or salesman, before transacting or soliciting any business inthis state for any association, shall procure annually from the state bankingcommissioner a license as agent, solicitor or salesman for which a fee of twodollars ($2.00) for each license shall be collected and paid to thecommissioner. A license expires on June 30 of each year and is subject torevocation by the state banking commissioner for improper business or conduct.

 

ARTICLE 2 - EXAMINATION

 

13-8-201. Generally.

 

(a) If the laws of the state, under which any foreignassociation is organized, require annual examinations of the association andare made pursuant to that law, then the foreign association need not beexamined under this section but the foreign association shall annually furnishthe state banking commissioner a certificate of the proper officer of the otherstate that he has made an examination pursuant to the laws of that state andthat the affairs of the association are in accord with the laws of that state.The state banking commissioner may, however, when he deems it advisable, causean examination of the foreign association to be made as is required of domesticassociations.

 

(b) If the state banking commissioner has good reason to doubtthe solvency of any foreign association doing business in this state and if heis not fully satisfied with the certificate of the president and secretary orother officer, he shall proceed to make an examination of the association.

 

(c) If the state banking commissioner finds that the foreignassociation has made fraudulent or untrue statements or that it is conductingits business in an irregular manner, or if he believes that an association inthis state is conducting its business fraudulently or is not in good faithcarrying out its contracts with its members or stockholders in this state, orif the contracts, shares or savings certificates are sold undermisrepresentation or if it appears that the association is otherwise violatingthe provisions of this act, he shall inform the attorney general who shall thencommence proceedings by writ of quo warranto against the association requiringit to show cause why its license to do business in this state should not berevoked.

 

(d) The state banking commissioner shall collect from foreignstate savings and loan associations doing business in this state when examinedin association with the supervisory authorities of the foreign state or federalgovernment, an amount equal to the total cost of making an examination andpreparing a report and the necessary travel and other expenses incident tomaking the examination. The examination fees and expenses shall be deposited bythe state banking commissioner with the state treasurer and credited to thefinancial institutions administration account. Expenditures shall be made fromthe account by warrants drawn by the state auditor, upon vouchers issued andsigned by the director or commissioner. Funds from the account shall beexpended only to carry out the duties of the commissioner or the state bankingboard.

 

13-8-202. Liquidation.

 

Ifit is necessary to liquidate the assets within this state of any foreignassociation under any provisions of the laws of this state or by reason ofreceivership proceedings instituted in another state, the state bankingcommissioner shall be appointed receiver for that purpose, without compensationand with the power to appoint assistants as provided in W.S. 13-4-305.

 

ARTICLE 3 - CONSUMER INFORMATION REQUIRED

 

13-8-301. When time of maturity guaranteed; when not.

 

(a) All foreign building and loan associations doing businessin this state that guarantee the time of maturity of their contracts, sharesand stock certificates shall show upon their contracts, shares or stockcertificates and upon their literature and passbooks the following:

 

(i) The time of maturity of their contracts, shares or stockcertificates;

 

(ii) The time in months in which a member may withdraw and thewithdrawal value of each savings certificate, savings contract or share ofstock at the end of the first eighteen (18) months and each six (6) monthsthereafter, printed on the face or back of them;

 

(iii) Whether or not they guarantee a maturity in months anddays, and if so, the time in months and days.

 

(b) An association that does not guarantee the time of maturityshall state the approximate time at which shares or savings certificates willmature, based upon the past and present net earnings distributed to themembers' book accounts. Maturity shall be calculated on the number of paymentsspecified in their contracts.

 

13-8-302. Repayments and withdrawals.

 

(a) Borrowers may repay their loans and holders of stock orsavings certificates may withdraw their accumulated savings under the sameconditions and upon the same terms as are provided for domestic savings andloan associations.

 

(b) Shares may be withdrawn by giving thirty (30) days noticein writing of the intention to withdraw. The withdrawing shareholder shall bepaid in cash, check or bank draft the amount of the withdrawal value of theshares, as shown by the last prior distribution of profits, together with allthe dues paid thereon since distribution. Upon withdrawal of shares pledged tothe association for stock loan, or stock loans, the association shall firstdeduct therefrom the indebtedness due the association. Withdrawals shall bepaid in the order of their filings except as hereinafter provided, and thesecretary or other officer discharging such duties shall enter upon each noticethe order and date of filing. Except as hereinafter provided, not more than fiftypercent (50%) of the receipts of the association in any month shall be appliedto the payment of withdrawals and matured shares without the consent of theboard of directors. Whenever an application for withdrawal has been on file orthe payment of matured shares demanded and either has remained unpaid for six(6) months, all the receipts of the association in any month from dues, loansrepaid, and the proceeds of all other investments shall, after the payment ofexpenses and general indebtedness, be applied toward the payment of withdrawalsand matured stock. The board of directors or the banking commissioner maydirect that withdrawals be paid upon a ratable and proportionate basis. Afterfiling the notice of withdrawal provided herein the withdrawing member isentitled to the dividends credited to the same class of shares, until the finalpayment of his shares is made and membership in the association shall remainunimpaired so long as any accumulation remains to his credit. No officer,director, attorney, clerk or agent of an association and no person in any wayinterested or concerned in the management of its affairs shall discount ordirectly or indirectly purchase a share of any association, whether filed forwithdrawal or not, except by payment therefor of the withdrawal value of theshares as determined herein. The board of directors of any association mayretire all classes of free shares by enforcing withdrawals of the shares. Thebylaws shall clearly state the manner in which withdrawals may be enforced. Theholders of shares to be withdrawn shall be paid the full value of the shares,including, in such case, their proportion of the contingent fund.

 

State Codes and Statutes

Statutes > Wyoming > Title13 > Chapter8

CHAPTER 8 - FOREIGN ASSOCIATIONS

 

ARTICLE 1 - LICENSING

 

13-8-101. Entities deemed foreign building and loan associations.

 

(a) An association doing or about to do business in this stateand having for a part of its title the words, "loan and buildingassociation", "building association", "savings and loanassociation" or "building and loan association", if organized orincorporated in any state or territory other than Wyoming, is a foreignbuilding and loan association subject to the provisions of W.S. 13-8-101through 13-8-302.

 

(b) An association whose stock, savings certificates, trustcertificates or bonds are payable by any accumulating fund in regularperiodical installments or which, at the time the application is made for suchsecurities, accepts a note for part payment and an assignment of the securitiesto secure the note and where the note is paid by monthly, quarterly orsemiannual payments, is, if organized or incorporated in any state or territoryother than Wyoming, a foreign building and loan association subject to theprovisions of W.S. 13-8-101 through 13-8-302.

 

(c) Foreign associations or companies doing business bycollecting monthly installments or dues for the accumulation of funds out ofwhich to loan money to any person on real or personal property fall within thedefinitions of this section.

 

13-8-102. Certificate of need required; exceptions.

 

Aforeign association shall not establish any branch, office or agency withinthis state for the purpose of selling, delivering, advertising or offering itsshares, certificates, bonds or other evidence of deposit or for taking depositsor payment for any security it issues without complying with all provisions oflaw, and without first obtaining from the state banking commissioner acertificate that he has determined there is a clear need for the foreignbuilding and loan association and that the banks and savings and loanassociations doing business in the state do not adequately meet that need.However, any foreign building and loan association which had established andwas operating an office, branch or agency within this state prior to February16, 1963 is not required to obtain the certificate. This section shall notprevent any foreign building and loan association from buying notes or bonds,loaning money and taking mortgages upon real or personal property or othersecurity in this state.

 

13-8-103. Certificate of admission.

 

(a) An association shall not conduct any business in the stateexcept upon written statement by the state banking commissioner, which shall befiled and preserved in his office, to the effect that the association issolvent and conducting its affairs compatible with prudent business principles.When a statement is made, the state banking board may issue a certificate ofadmission to the association upon the payment to the state banking commissionerof fifty dollars ($50.00).

 

(b) Any foreign association which conducts business without alicense shall be deemed to be doing business unlawfully.

 

13-8-104. Filing of statement; appointment of agent.

 

(a) A foreign building and loan association before transactingany business in this state, directly or indirectly, shall file with the statebanking commissioner a statement sworn to by the president and secretary of theassociation. The statement shall show the name and locality of the association,when organized and an itemized account of its actual financial conditionshowing assets and liabilities, receipts and disbursements for the past twelve(12) months including an itemized statement of its expense account. Thestatement shall show the amount and number of shares subscribed, the numbercancelled and withdrawn during the past year, the number of shares actually in forceat the date of the statement, the amount of real estate loans in force and thetotal number of shares in force in Wyoming, the amount of money accumulated inWyoming, and all other information as the state banking commissioner mayrequire.

 

(b) Foreign associations doing business in this state shallfile with the state banking commissioner a certified copy of the laws of thestate, territory or government under which it is incorporated, relating to theincorporation of the association and pertaining to the regulation, governmentor control of associations, both foreign and domestic, and of its charter orarticles of incorporation, constitution and bylaws and shall appoint an agentfor service of process as provided by laws of the state of Wyoming relating toforeign corporations.

 

13-8-105. Statement to be renewed annually or as required.

 

(a) The statements required of foreign associations shall berenewed annually by March 1 as of the preceding December 31 and shall be madeat other times as the state banking commissioner may require. Foreignassociations shall pay to the state banking commissioner upon filing eachannual statement a fee of ten dollars ($10.00).

 

(b) If a foreign association fails to file its annual statementby September 1 of each year, the state banking commissioner shall suspend itslicense until the statement is made and it is deemed to be doing businessunlawfully in this state.

 

13-8-106. Deposit required.

 

(a) Each association coming under the provisions of W.S.13-8-101 relative to foreign associations, shall deposit with the state bankingcommissioner fifty thousand dollars ($50,000.00), either in cash, bonds of theUnited States, any state, county or municipality in this state or mortgagesbeing first liens on improved and productive real estate located within thisstate of which the liens do not exceed sixty-five percent (65%) of the value ofthe property accruing to the lien. The securities shall be approved by thestate banking commissioner.

 

(b) The deposit shall be held as security for all claims ofresidents of this state against the foreign association and liable for alljudgment or decrees on it. Securities shall not be released until all shares ofthe foreign association held by residents of this state have been fullyredeemed and its contracts and obligations to residents of this state have beenfully discharged. Foreign associations may collect and use the interest on anysecurities deposited so long as it fulfills its obligations and complies withthe provisions of this act. It may also exchange them for other securities ofequal value if satisfactory to the state banking commissioner.

 

13-8-107. Licensing of agents, solicitors and salesmen.

 

Eachagent, solicitor or salesman, before transacting or soliciting any business inthis state for any association, shall procure annually from the state bankingcommissioner a license as agent, solicitor or salesman for which a fee of twodollars ($2.00) for each license shall be collected and paid to thecommissioner. A license expires on June 30 of each year and is subject torevocation by the state banking commissioner for improper business or conduct.

 

ARTICLE 2 - EXAMINATION

 

13-8-201. Generally.

 

(a) If the laws of the state, under which any foreignassociation is organized, require annual examinations of the association andare made pursuant to that law, then the foreign association need not beexamined under this section but the foreign association shall annually furnishthe state banking commissioner a certificate of the proper officer of the otherstate that he has made an examination pursuant to the laws of that state andthat the affairs of the association are in accord with the laws of that state.The state banking commissioner may, however, when he deems it advisable, causean examination of the foreign association to be made as is required of domesticassociations.

 

(b) If the state banking commissioner has good reason to doubtthe solvency of any foreign association doing business in this state and if heis not fully satisfied with the certificate of the president and secretary orother officer, he shall proceed to make an examination of the association.

 

(c) If the state banking commissioner finds that the foreignassociation has made fraudulent or untrue statements or that it is conductingits business in an irregular manner, or if he believes that an association inthis state is conducting its business fraudulently or is not in good faithcarrying out its contracts with its members or stockholders in this state, orif the contracts, shares or savings certificates are sold undermisrepresentation or if it appears that the association is otherwise violatingthe provisions of this act, he shall inform the attorney general who shall thencommence proceedings by writ of quo warranto against the association requiringit to show cause why its license to do business in this state should not berevoked.

 

(d) The state banking commissioner shall collect from foreignstate savings and loan associations doing business in this state when examinedin association with the supervisory authorities of the foreign state or federalgovernment, an amount equal to the total cost of making an examination andpreparing a report and the necessary travel and other expenses incident tomaking the examination. The examination fees and expenses shall be deposited bythe state banking commissioner with the state treasurer and credited to thefinancial institutions administration account. Expenditures shall be made fromthe account by warrants drawn by the state auditor, upon vouchers issued andsigned by the director or commissioner. Funds from the account shall beexpended only to carry out the duties of the commissioner or the state bankingboard.

 

13-8-202. Liquidation.

 

Ifit is necessary to liquidate the assets within this state of any foreignassociation under any provisions of the laws of this state or by reason ofreceivership proceedings instituted in another state, the state bankingcommissioner shall be appointed receiver for that purpose, without compensationand with the power to appoint assistants as provided in W.S. 13-4-305.

 

ARTICLE 3 - CONSUMER INFORMATION REQUIRED

 

13-8-301. When time of maturity guaranteed; when not.

 

(a) All foreign building and loan associations doing businessin this state that guarantee the time of maturity of their contracts, sharesand stock certificates shall show upon their contracts, shares or stockcertificates and upon their literature and passbooks the following:

 

(i) The time of maturity of their contracts, shares or stockcertificates;

 

(ii) The time in months in which a member may withdraw and thewithdrawal value of each savings certificate, savings contract or share ofstock at the end of the first eighteen (18) months and each six (6) monthsthereafter, printed on the face or back of them;

 

(iii) Whether or not they guarantee a maturity in months anddays, and if so, the time in months and days.

 

(b) An association that does not guarantee the time of maturityshall state the approximate time at which shares or savings certificates willmature, based upon the past and present net earnings distributed to themembers' book accounts. Maturity shall be calculated on the number of paymentsspecified in their contracts.

 

13-8-302. Repayments and withdrawals.

 

(a) Borrowers may repay their loans and holders of stock orsavings certificates may withdraw their accumulated savings under the sameconditions and upon the same terms as are provided for domestic savings andloan associations.

 

(b) Shares may be withdrawn by giving thirty (30) days noticein writing of the intention to withdraw. The withdrawing shareholder shall bepaid in cash, check or bank draft the amount of the withdrawal value of theshares, as shown by the last prior distribution of profits, together with allthe dues paid thereon since distribution. Upon withdrawal of shares pledged tothe association for stock loan, or stock loans, the association shall firstdeduct therefrom the indebtedness due the association. Withdrawals shall bepaid in the order of their filings except as hereinafter provided, and thesecretary or other officer discharging such duties shall enter upon each noticethe order and date of filing. Except as hereinafter provided, not more than fiftypercent (50%) of the receipts of the association in any month shall be appliedto the payment of withdrawals and matured shares without the consent of theboard of directors. Whenever an application for withdrawal has been on file orthe payment of matured shares demanded and either has remained unpaid for six(6) months, all the receipts of the association in any month from dues, loansrepaid, and the proceeds of all other investments shall, after the payment ofexpenses and general indebtedness, be applied toward the payment of withdrawalsand matured stock. The board of directors or the banking commissioner maydirect that withdrawals be paid upon a ratable and proportionate basis. Afterfiling the notice of withdrawal provided herein the withdrawing member isentitled to the dividends credited to the same class of shares, until the finalpayment of his shares is made and membership in the association shall remainunimpaired so long as any accumulation remains to his credit. No officer,director, attorney, clerk or agent of an association and no person in any wayinterested or concerned in the management of its affairs shall discount ordirectly or indirectly purchase a share of any association, whether filed forwithdrawal or not, except by payment therefor of the withdrawal value of theshares as determined herein. The board of directors of any association mayretire all classes of free shares by enforcing withdrawals of the shares. Thebylaws shall clearly state the manner in which withdrawals may be enforced. Theholders of shares to be withdrawn shall be paid the full value of the shares,including, in such case, their proportion of the contingent fund.

 


State Codes and Statutes

State Codes and Statutes

Statutes > Wyoming > Title13 > Chapter8

CHAPTER 8 - FOREIGN ASSOCIATIONS

 

ARTICLE 1 - LICENSING

 

13-8-101. Entities deemed foreign building and loan associations.

 

(a) An association doing or about to do business in this stateand having for a part of its title the words, "loan and buildingassociation", "building association", "savings and loanassociation" or "building and loan association", if organized orincorporated in any state or territory other than Wyoming, is a foreignbuilding and loan association subject to the provisions of W.S. 13-8-101through 13-8-302.

 

(b) An association whose stock, savings certificates, trustcertificates or bonds are payable by any accumulating fund in regularperiodical installments or which, at the time the application is made for suchsecurities, accepts a note for part payment and an assignment of the securitiesto secure the note and where the note is paid by monthly, quarterly orsemiannual payments, is, if organized or incorporated in any state or territoryother than Wyoming, a foreign building and loan association subject to theprovisions of W.S. 13-8-101 through 13-8-302.

 

(c) Foreign associations or companies doing business bycollecting monthly installments or dues for the accumulation of funds out ofwhich to loan money to any person on real or personal property fall within thedefinitions of this section.

 

13-8-102. Certificate of need required; exceptions.

 

Aforeign association shall not establish any branch, office or agency withinthis state for the purpose of selling, delivering, advertising or offering itsshares, certificates, bonds or other evidence of deposit or for taking depositsor payment for any security it issues without complying with all provisions oflaw, and without first obtaining from the state banking commissioner acertificate that he has determined there is a clear need for the foreignbuilding and loan association and that the banks and savings and loanassociations doing business in the state do not adequately meet that need.However, any foreign building and loan association which had established andwas operating an office, branch or agency within this state prior to February16, 1963 is not required to obtain the certificate. This section shall notprevent any foreign building and loan association from buying notes or bonds,loaning money and taking mortgages upon real or personal property or othersecurity in this state.

 

13-8-103. Certificate of admission.

 

(a) An association shall not conduct any business in the stateexcept upon written statement by the state banking commissioner, which shall befiled and preserved in his office, to the effect that the association issolvent and conducting its affairs compatible with prudent business principles.When a statement is made, the state banking board may issue a certificate ofadmission to the association upon the payment to the state banking commissionerof fifty dollars ($50.00).

 

(b) Any foreign association which conducts business without alicense shall be deemed to be doing business unlawfully.

 

13-8-104. Filing of statement; appointment of agent.

 

(a) A foreign building and loan association before transactingany business in this state, directly or indirectly, shall file with the statebanking commissioner a statement sworn to by the president and secretary of theassociation. The statement shall show the name and locality of the association,when organized and an itemized account of its actual financial conditionshowing assets and liabilities, receipts and disbursements for the past twelve(12) months including an itemized statement of its expense account. Thestatement shall show the amount and number of shares subscribed, the numbercancelled and withdrawn during the past year, the number of shares actually in forceat the date of the statement, the amount of real estate loans in force and thetotal number of shares in force in Wyoming, the amount of money accumulated inWyoming, and all other information as the state banking commissioner mayrequire.

 

(b) Foreign associations doing business in this state shallfile with the state banking commissioner a certified copy of the laws of thestate, territory or government under which it is incorporated, relating to theincorporation of the association and pertaining to the regulation, governmentor control of associations, both foreign and domestic, and of its charter orarticles of incorporation, constitution and bylaws and shall appoint an agentfor service of process as provided by laws of the state of Wyoming relating toforeign corporations.

 

13-8-105. Statement to be renewed annually or as required.

 

(a) The statements required of foreign associations shall berenewed annually by March 1 as of the preceding December 31 and shall be madeat other times as the state banking commissioner may require. Foreignassociations shall pay to the state banking commissioner upon filing eachannual statement a fee of ten dollars ($10.00).

 

(b) If a foreign association fails to file its annual statementby September 1 of each year, the state banking commissioner shall suspend itslicense until the statement is made and it is deemed to be doing businessunlawfully in this state.

 

13-8-106. Deposit required.

 

(a) Each association coming under the provisions of W.S.13-8-101 relative to foreign associations, shall deposit with the state bankingcommissioner fifty thousand dollars ($50,000.00), either in cash, bonds of theUnited States, any state, county or municipality in this state or mortgagesbeing first liens on improved and productive real estate located within thisstate of which the liens do not exceed sixty-five percent (65%) of the value ofthe property accruing to the lien. The securities shall be approved by thestate banking commissioner.

 

(b) The deposit shall be held as security for all claims ofresidents of this state against the foreign association and liable for alljudgment or decrees on it. Securities shall not be released until all shares ofthe foreign association held by residents of this state have been fullyredeemed and its contracts and obligations to residents of this state have beenfully discharged. Foreign associations may collect and use the interest on anysecurities deposited so long as it fulfills its obligations and complies withthe provisions of this act. It may also exchange them for other securities ofequal value if satisfactory to the state banking commissioner.

 

13-8-107. Licensing of agents, solicitors and salesmen.

 

Eachagent, solicitor or salesman, before transacting or soliciting any business inthis state for any association, shall procure annually from the state bankingcommissioner a license as agent, solicitor or salesman for which a fee of twodollars ($2.00) for each license shall be collected and paid to thecommissioner. A license expires on June 30 of each year and is subject torevocation by the state banking commissioner for improper business or conduct.

 

ARTICLE 2 - EXAMINATION

 

13-8-201. Generally.

 

(a) If the laws of the state, under which any foreignassociation is organized, require annual examinations of the association andare made pursuant to that law, then the foreign association need not beexamined under this section but the foreign association shall annually furnishthe state banking commissioner a certificate of the proper officer of the otherstate that he has made an examination pursuant to the laws of that state andthat the affairs of the association are in accord with the laws of that state.The state banking commissioner may, however, when he deems it advisable, causean examination of the foreign association to be made as is required of domesticassociations.

 

(b) If the state banking commissioner has good reason to doubtthe solvency of any foreign association doing business in this state and if heis not fully satisfied with the certificate of the president and secretary orother officer, he shall proceed to make an examination of the association.

 

(c) If the state banking commissioner finds that the foreignassociation has made fraudulent or untrue statements or that it is conductingits business in an irregular manner, or if he believes that an association inthis state is conducting its business fraudulently or is not in good faithcarrying out its contracts with its members or stockholders in this state, orif the contracts, shares or savings certificates are sold undermisrepresentation or if it appears that the association is otherwise violatingthe provisions of this act, he shall inform the attorney general who shall thencommence proceedings by writ of quo warranto against the association requiringit to show cause why its license to do business in this state should not berevoked.

 

(d) The state banking commissioner shall collect from foreignstate savings and loan associations doing business in this state when examinedin association with the supervisory authorities of the foreign state or federalgovernment, an amount equal to the total cost of making an examination andpreparing a report and the necessary travel and other expenses incident tomaking the examination. The examination fees and expenses shall be deposited bythe state banking commissioner with the state treasurer and credited to thefinancial institutions administration account. Expenditures shall be made fromthe account by warrants drawn by the state auditor, upon vouchers issued andsigned by the director or commissioner. Funds from the account shall beexpended only to carry out the duties of the commissioner or the state bankingboard.

 

13-8-202. Liquidation.

 

Ifit is necessary to liquidate the assets within this state of any foreignassociation under any provisions of the laws of this state or by reason ofreceivership proceedings instituted in another state, the state bankingcommissioner shall be appointed receiver for that purpose, without compensationand with the power to appoint assistants as provided in W.S. 13-4-305.

 

ARTICLE 3 - CONSUMER INFORMATION REQUIRED

 

13-8-301. When time of maturity guaranteed; when not.

 

(a) All foreign building and loan associations doing businessin this state that guarantee the time of maturity of their contracts, sharesand stock certificates shall show upon their contracts, shares or stockcertificates and upon their literature and passbooks the following:

 

(i) The time of maturity of their contracts, shares or stockcertificates;

 

(ii) The time in months in which a member may withdraw and thewithdrawal value of each savings certificate, savings contract or share ofstock at the end of the first eighteen (18) months and each six (6) monthsthereafter, printed on the face or back of them;

 

(iii) Whether or not they guarantee a maturity in months anddays, and if so, the time in months and days.

 

(b) An association that does not guarantee the time of maturityshall state the approximate time at which shares or savings certificates willmature, based upon the past and present net earnings distributed to themembers' book accounts. Maturity shall be calculated on the number of paymentsspecified in their contracts.

 

13-8-302. Repayments and withdrawals.

 

(a) Borrowers may repay their loans and holders of stock orsavings certificates may withdraw their accumulated savings under the sameconditions and upon the same terms as are provided for domestic savings andloan associations.

 

(b) Shares may be withdrawn by giving thirty (30) days noticein writing of the intention to withdraw. The withdrawing shareholder shall bepaid in cash, check or bank draft the amount of the withdrawal value of theshares, as shown by the last prior distribution of profits, together with allthe dues paid thereon since distribution. Upon withdrawal of shares pledged tothe association for stock loan, or stock loans, the association shall firstdeduct therefrom the indebtedness due the association. Withdrawals shall bepaid in the order of their filings except as hereinafter provided, and thesecretary or other officer discharging such duties shall enter upon each noticethe order and date of filing. Except as hereinafter provided, not more than fiftypercent (50%) of the receipts of the association in any month shall be appliedto the payment of withdrawals and matured shares without the consent of theboard of directors. Whenever an application for withdrawal has been on file orthe payment of matured shares demanded and either has remained unpaid for six(6) months, all the receipts of the association in any month from dues, loansrepaid, and the proceeds of all other investments shall, after the payment ofexpenses and general indebtedness, be applied toward the payment of withdrawalsand matured stock. The board of directors or the banking commissioner maydirect that withdrawals be paid upon a ratable and proportionate basis. Afterfiling the notice of withdrawal provided herein the withdrawing member isentitled to the dividends credited to the same class of shares, until the finalpayment of his shares is made and membership in the association shall remainunimpaired so long as any accumulation remains to his credit. No officer,director, attorney, clerk or agent of an association and no person in any wayinterested or concerned in the management of its affairs shall discount ordirectly or indirectly purchase a share of any association, whether filed forwithdrawal or not, except by payment therefor of the withdrawal value of theshares as determined herein. The board of directors of any association mayretire all classes of free shares by enforcing withdrawals of the shares. Thebylaws shall clearly state the manner in which withdrawals may be enforced. Theholders of shares to be withdrawn shall be paid the full value of the shares,including, in such case, their proportion of the contingent fund.

 

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