Senate Bill No. 277
(By Senators Ross, Anderson,
Bowman, Macnaughtan
,
Boley and Buckalew)
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[Introduced January 30, 1998; referred to the
Committee on Banking and Insurance;
and then to the Committee on the Judiciary.]
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A BILL to amend and reenact section one, article seven,
chapter sixty-four of the code of West Virginia,
one thousand nine hundred thirty-one, as amended,
relating to authorizing the division of banking to
promulgate a legislative rule relating to the sale
of insurance products by state-chartered banks.
Be it enacted by the Legislature of West Virginia:
That section one, article seven, chapter sixty-four
of the code of West Virginia, one thousand nine hundred
thirty-one, as amended, be amended and reenacted, to read
as follows:
ARTICLE 7. AUTHORIZATION FOR DEPARTMENT OF TAX AND
REVENUE TO PROMULGATE LEGISLATIVE RULES.
§64-7-1. Division of banking.
(a) The legislative rule filed in the state register
on the twenty-eighth day of August, one thousand nine
hundred ninety-six, authorized under the authority of
section four, article two, chapter thirty-one-a of this
code, modified by the division of banking to meet the
objections of the legislative rule-making review
committee and refiled in the state register on the
twenty-first day of February, one thousand nine
hundred ninety-seven, relating to the division of banking
(regulations pertaining to the West Virginia consumer
credit and protection act and the money and interest
article of chapter forty-seven, 106 CSR 1), is
authorized.
(b) The legislative rule filed in the state register on the twenty-eighth day of August, one thousand nine
hundred ninety-six, authorized under the authority of
section four, article two, chapter thirty-one-a of this
code, modified by the division of banking to meet the
objections of the legislative rule-making review
committee and refiled in the state register on the
twentieth day of December, one thousand nine hundred
ninety-six, relating to the division of banking
(regulations governing the operations of state chartered
financial institutions in West Virginia, 106 CSR 3), is
authorized.
(c) The legislative rule filed in the state register
on the twenty-eighth day of August, one thousand nine
hundred ninety-six, authorized under the authority of
section four, article two, chapter thirty-one-a of this
code, modified by the division of banking to meet the
objections of the legislative rule-making review
committee and refiled in the state register on the
twentieth day of December, one thousand nine hundred
ninety-six, relating to the division of banking (West
Virginia regulated consumer lenders, 106 CSR 4), is
authorized.
(d) The legislative rule filed in the state register
on the twenty-eighth day of August, one thousand nine
hundred ninety-six, authorized under the authority of
section eight, article twenty-four, chapter forty-seven
of this code, modified by the division of banking to meet
the objections of the legislative rule-making review
committee and refiled in the state register on the
twentieth day of December, one thousand nine hundred
ninety-six, relating to the division of banking (reverse
mortgage loans, 106 CSR 19), is authorized.
(e) The legislative rule filed in the state register
on the first day of August, one thousand nine hundred
ninety-seven, authorized under the authority of section
thirteen, article four, chapter thirty-one-a, of this
code, modified by the division of banking to meet the
objections of the legislative rule-making review
committee and refiled in the state register on the third
day of October, one thousand nine hundred ninety-seven,
relating to the division of banking (sale of insurance
products by state-chartered banks, 106 CSR 2), is
authorized.
NOTE: The purpose of this bill is to authorize the
Division of Banking to promulgate a legislative rule
relating to the Sale of Insurance Products By State- Chartered Banks.
Strike-throughs indicate language that would be
stricken from the present law, and underscoring indicates
new language that would be added.