HB4291 H B&I AM 2-10 #1
The committee on banking and insurance moves to amend the bill
on Page 4, Section 4, line 5, by striking subdivision (4) in its
entirety and inserting in lieu thereof the following:
"(4) Require a criminal background investigation, including
fingerprint checks requiring fingerprints for submission to the
Federal Bureau of Investigation or any governmental agency or
entity authorized to receive such information for a state, national
or international criminal history check, of each: (A) Applicant
seeking approval to charter and/or control a state bank, state
credit union, or a foreign bank state agency or representative
office; (B) applicant seeking a license to engage in the business
of money transmission, currency exchange, or other activity
regulated under article two, chapter thirty-two-a of this code; (C)
applicant subject to the commissioner's supervision seeking a
license to engage in the business of regulated consumer lending,
mortgage lending or brokering; and (D) Division of Banking
financial institutions regulatory employee applicant, to be made
through the West Virginia State Police and the Federal Bureau of
Investigation: Provided, That where the applicant is a company or
entity already subject to supervision and regulation by the federal
reserve board or other federal bank, thrift or credit union
regulator, or is a direct or indirect subsidiary of a company or
entity subject to the supervision and regulation, or where the applicant is a company subject to the supervision and regulation of
the federal securities and exchange commission whose stock is
publicly traded on a registered exchange or through the national
association of securities dealers automated quotation system, or
the applicant is a direct or indirect subsidiary of such a company,
the investigation into criminal background is not required. The
provisions of this subdivision are not applicable to applicants
seeking interim bank charters organized solely for the purpose of
facilitating the acquisition of another bank pursuant to section
five, article four of this chapter: Provided, however, That where
a nonexempt applicant under this subdivision is not a natural
person, the principals of the applicant are subject to the
requirements of this subdivision. As used in this subdivision, the
term "principals" means the chief executive officer, regardless of
title, managing partner if a partnership, members of the organizing
group if no chief executive officer has yet been appointed, trustee
or other person controlling the conduct of the affairs of a
licensee. A person controlling ten percent or more of the stock of
any corporate applicant shall be considered to be a principal under
this provision."
Adopted
Rejected