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Enrolled Version - Final Version Senate Bill 229 History

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Senate Bill No. 229

(By Senators Minard, Jenkins and Sharpe)


[Passed March 23, 2005; in effect ninety days from passage.]


AN ACT to repeal §31A-2-11 of the Code of West Virginia, 1931, as amended; and to amend and reenact §31C-1-7 of said code, relating to reports of financial institutions to the Division of Banking; removing the annual deposit and loan reporting requirement for banking institutions; and modifying the annual deposit and loan reporting requirement and its submission date for credit unions.

Be it enacted by the Legislature of West Virginia:
That §31A-2-11 of the Code of West Virginia, 1931, as amended, be repealed; and that §31C-1-7 of said code be amended and reenacted to read as follows:
§31C-1-7. Reports.
(a) Credit unions shall report to the Commissioner semiannually during January and July of each calendar year on a date set by the Commissioner for the business periods ending the thirtieth day of June and the thirty-first day of December respectively on forms supplied by the Commissioner for that purpose. Additional reports may also be required.
(b) A charge of one hundred dollars shall be levied for each day a credit union fails to provide a required report unless it is excused for cause by the Commissioner or courts.
(c) The fiscal year of each credit union incorporated under this chapter shall end on the last day of December.
(d) In addition to other reports that may be required under this chapter, every credit union with a main office or branch located in this state shall file with the Commissioner on or before the first day of September of each year the amount of deposits and shares held by each office in this state (excluding automated teller machines) as of the immediately preceding thirtieth day of June.
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