Senate Bill No. 658
(By Senators Helmick, Minard, Unger and Chafin)
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[Introduced March 20, 2009; referred to the Committee on Banking
and Insurance; and then to the Committee on Finance.]
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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 upon a determination that the provider thereof is no
longer financially viable or capable of providing the agreed upon
services.
NOTE: The purpose of this bill is to authorize the Auditor and
Treasurer to contract for emergency banking services in the event
of financial crisis affecting the current provider.
This section is new; therefore, strike-throughs and
underscoring have been omitted.