COMMITTEE SUBSTITUTE

FOR

Senate Bill No. 658

(By Senators Helmick, Minard, Unger and Chafin)

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[Originating in the Committee on Finance;

reported March 27, 2009.]

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A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §12-3A-4a, relating to authorizing the Auditor and Treasurer to contract for emergency banking services in the event of financial crisis affecting the current provider.

Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §12-3A-4a, to read as follows:
ARTICLE 3A. FINANCIAL ELECTRONIC COMMERCE.
§12-3A-4a. Authority to contract for emergency banking services.
Notwithstanding any other code provision to the contrary, the State Auditor and State Treasurer are authorized to make emergency alternate vendor selections for any banking services they maintain under contract: Provided, That emergency vendor selections may only occur upon proper notification of termination as provided by the contract and upon a determination by the Auditor or Treasurer that the provider thereof is no longer financially viable or capable of providing the agreed upon services.