Wyo. Stat. § 40-22-104

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Wyo. Stat. § 40-22-104 (current through 2023-2024)

Short Summary

Wyo. Stat. § 40-22-104 exempts certain entities from a Wyoming act: U.S. government and its agencies, state and political subdivisions, financial institutions (under conditions), contractors handling government benefit transfers, virtual currency-related transactions, and entities not classified as money services businesses under federal regulations. The Financial Technology Sandbox Act also applies to this statute. Updated through 2023-2024 with several amendments. Please go below to the end of the bill text for analysis. Actual Bill below:

(a) This act shall not apply to:

(i) The United States or any department, agency, or instrumentality thereof;

(ii) The United States post office;

(iii) The state or any political subdivisions thereof;

(iv) Banks, bank holding companies, credit unions, building and loan associations, savings and loan associations, savings banks or mutual banks organized under the laws of any state or the United States provided that they do not issue or sell payment instruments through authorized delegates or subdelegates who are not banks, bank holding companies, credit unions, building and loan associations, savings and loan associations, savings banks or mutual banks;

(v) Electronic transfer of government benefits for any federal, state or county governmental agency as defined in Federal Reserve Board Regulation E by a contractor for and on behalf of the United States or any department, agency or instrumentality thereof, or any state or any political subdivisions thereof;

(vi) Buying, selling, issuing, or taking custody of payment instruments in the form of virtual currency or receiving virtual currency for transmission to a location within or outside the United States by any means;

(vii) Repealed by Laws 2019, ch. 170, § 4.

(viii) A person engaged in the business of money transmission under this act that does not meet the definition of a money services business under 31 C.F.R. 1010.100(ff), as amended as of January 1, 2020.

(b) The Financial Technology Sandbox Act shall apply to this act.

W.S. 40-22-104

Amended by Laws 2021 , ch. 61, § 1, eff. 7/1/2021.
Amended by Laws 2020 , ch. 52, § 1, eff. 3/10/2020.
Amended by Laws 2019 , ch. 61, § 3, eff. 1/1/2020.
Amended by Laws 2018 , ch. 44, § 2, eff. 3/10/2018.
Amended by Laws 2018 , ch. 3, § 1, eff. 3/7/2018.
Amended by Laws 2013 , ch. 26, § 1, eff. 7/1/2013.

Wyo. Stat. § 40-22-104 Summary

Wyo. Stat. § 40-22-104, updated through 2023-2024, outlines specific exemptions from a particular act in Wyoming. Key exemptions include:

  1. Government Entities: The United States and its agencies, the United States post office, the state of Wyoming, and its political subdivisions are exempt.
  2. Financial Institutions: Banks, credit unions, and similar financial entities organized under state or U.S. laws are exempt, provided they don’t issue or sell payment instruments through non-exempt entities.
  3. Government Benefit Transfers: Contractors handling electronic transfers of government benefits (as defined in Federal Reserve Board Regulation E) for federal, state, or county agencies are exempt.
  4. Virtual Currency Transactions: Activities involving the buying, selling, issuing, or custody of virtual currency, or transmitting virtual currency within or outside the U.S. are exempt.
  5. Non-Money Services Businesses: Entities engaged in money transmission that do not qualify as money services businesses under certain federal regulations (31 C.F.R. 1010.100(ff)) are exempt.
  6. Application of Financial Technology Sandbox Act: This act applies to the specified statute.

These exemptions have been updated through a series of amendments from 2013 to 2021, reflecting the evolving legal and regulatory landscape in Wyoming, particularly in relation to virtual currency and financial technology.

Legal Disclaimer

The information provided in this article is for general informational purposes only and should not be construed as legal or tax advice. The content presented is not intended to be a substitute for professional legal, tax, or financial advice, nor should it be relied upon as such. Readers are encouraged to consult with their own attorney, CPA, and tax advisors to obtain specific guidance and advice tailored to their individual circumstances. No responsibility is assumed for any inaccuracies or errors in the information contained herein, and John Montague and Montague Law expressly disclaim any liability for any actions taken or not taken based on the information provided in this article.

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