H. B. 2252
(By Delegates Williams, Carper, Phillips,
H. White, Rutledge and Harrison)
[Introduced February 23, 1993; referred to the
Committee on Banking and Insurance.]
A BILL to amend and reenact section two, article eight-c, chapter
thirty-one-a of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to financially
related services of banks and bank holding companies; adding
additional products, services and activities to the term
"financially-related"; and providing that certain products
and services of real estate title insurance agency or
brokerage are included in the term.
Be it enacted by the Legislature of West Virginia:
That section two, article eight-c, chapter thirty-one-a of
the code of West Virginia, one thousand nine hundred thirty-one,
as amended, be amended and reenacted to read as follows:
ARTICLE 8C. PROVISION OF FINANCIALLY-RELATED SERVICES BY BANKS
AND BANK HOLDING COMPANIES.
§31A-8C-2. Financially-related defined.
The term "financially-related" includes:
(a) All products, services and activities offered or engagedin by national banks or by any West Virginia state or federally
chartered thrift institution or credit union; except those
excluded by subsection (f) of this section;
(b) Equity investments in real estate development
activities, products and services;
(c) Securities underwriting and brokerage activities,
products and services; except those excluded by subsection (f) of
this section;
(d) Financial consulting activities, products and services;
(e) Any and all other activities, products and services
engaged in or offered by other providers of financial products or
services which may be deemed by the commissioner of banking to be
financially-related; except those excluded by subsections (f) and
(g) of this section.
(f) The term "financially-related" excludes products,
services or activities offered or engaged in by any insurer or by
any underwriter, agent, solicitor or broker of insurance, which
products, services or activities are regulated by the department
of insurance pursuant to chapter thirty-three of the West
Virginia code except for:
(1) such Activities, products and services permitted,
engaged in or offered by a West Virginia state chartered banking
institution prior to the effective date of this article; and
(2) Products, services or activities relating to real estate
title insurance agency or brokerage business.
(g) The term "financially-related" also excludes products,services or activities offered or engaged in by any real estate
agent, agency or broker, which products, services or activities
are regulated by the state real estate commission pursuant to
chapter forty-seven of the West Virginia code except for such
activities, products and services permitted, engaged in or
offered by a West Virginia state chartered banking institution
prior to the effective date of this article or permitted pursuant
to subdivision (b) of this section.
NOTE: The purpose of this bill is to permit state-chartered
banking institutions and bank holding companies engaged in
business in West Virginia to engage real estate title insurance
agency or brokerage business.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.