Special purpose depository institution-amendments.
What changed between versions
New section 13-5-523 establishes a formal conversion process for special purpose depository institutions to become public trust companies, requiring shareholder approval and comprehensive conversion plans.
Capital startup requirements for special purpose depository institutions were amended to include a paid-up surplus fund of at least 20% of authorized capital stock.
Repealed requirements that limited depositors of special purpose depository institutions to legal entities, allowing broader participation.
Eliminated a supervision fee for banks providing digital asset custodial services.
Set a July 1, 2025 deadline for the banking commissioner to adopt rules implementing the new provisions.
Clarified that converted public trust companies are deemed to have existed for the same period as the original special purpose depository institution.
