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Introduced Version House Bill 2035 History

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H. B. 2035

(By Delegate Louisos)

[Introduced February 9, 2005 ; referred to the

Committee on Banking and Insurance then the Judiciary .]

A BILL to amend and reenact §46-4-108 of the code of West Virginia, 1931, as amended, relating to requiring banks to immediately post deposits.

Be it enacted by the Legislature of West Virginia:
That section §46-4-108 of the code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
§46-4-108. Time of receipt of items; immediate posting of deposits

(a) For the purpose of allowing time to process items, prove balances and make the necessary entries on its books to determine its position for the day, except for posting deposits, a bank may fix an afternoon hour of two p.m. or later as a cutoff hour for the handling of money and items and the making of entries on its books.
(b) An item or deposit except a deposit of money received on any day after a cutoff hour so fixed or after the close of the banking day may be treated as being received at the opening of the next banking day. All deposits shall be posted immediately upon completion of the transaction.

NOTE: The purpose of this bill is to require banks to post deposits immediately upon completion of the transaction.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.
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