H. B. 3188


(By Delegate Louisos)
[Introduced March 30, 2001; referred to the
Committee on Banking and Insurance then the Judiciary.]




A BILL to amend and reenact section one hundred eight, article four, chapter forty-six of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to requiring banks to immediately post deposits.

Be it enacted by the Legislature of West Virginia:
That section one hundred eight, article four, chapter forty-six of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended and reenacted to read as follows:
ARTICLE 4. BANK DEPOSITS AND COLLECTIONS.
§46-4-108. Time of receipt of items; immediate posting of deposits
required.
(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.