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Introduced Version Senate Bill 229 History

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sb229 intr
Senate Bill No. 229

(By Senators Minard, Jenkins and Sharpe)

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[Introduced February 18, 2005; referred to the Committee

on Banking and Insurance.]

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A BILL 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That §31A-2-11 of the Code of West Virginia, 1931, as amended, be repealed; and that §31C-1-7 of said code be amended and reenacted to read as follows:
ARTICLE 1. SUPERVISION AND REGULATION.
§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 thirtieth day of June of each year.an annual report specifying for its main office and each branch (excluding automated teller machines) in this state:
(i) The location of each such office, including county and, where applicable, municipality
(ii) The amount of deposits and shares held by each such office as of the end of the preceding calendar year; and
(iii) The amount of loans outstanding by each such office at the end of the preceding calendar year.
The foregoing report shall be based upon the credit union's allocation of its deposit and share base and loan portfolio among its offices. The report shall by filed with the commissioner on or before the fifteenth day of February of each year on forms prescribed by the commissioner.

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(NOTE: The purpose of this bill is to provide regulatory relief to banks and credit unions by repealing or amending certain reporting requirements because most of the information is available from federal banking agencies.


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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BANKING AND INSURANCE COMMITTEE AMENDMENTS


On page two, section seven, line fifteen, after the word "the" by inserting the words "immediately preceding";
And,
On page two, section seven, line fifteen, by striking out the words "of each year".
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