FISCAL NOTE
Date Requested: March 06, 2025
Time Requested: 03:03 PM |
| Agency: |
Financial Institutions, West Virginia Division of |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3580 |
Introduced |
SB665 |
|
|---|
| CBD Subject: |
Banking and Finance |
|---|
|
FUND(S):
None
Sources of Revenue:
Special Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
It is anticipated that the bill will have no impact on the revenues and expenses of state government.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2025
Increase/Decrease
(use"-") |
2026
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
0 |
0 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
It is anticipated that the bill will have no impact on the revenues and expenses of state government and specifically the Division of Financial Institutions' special revenue fund. The bill does mandate that the commissioner seek relief in the circuit court for a transaction attempted in violation of the terms of the statute. However, the commissioner already possesses the authority to seek various kinds of relief for violations of statute both administratively and in the judicial system, so existing funds would be allocated should the need arise to seek the relief contemplated by the proposed statute.
Memorandum
The purpose of Senate Bill 665 is to ensure that the survivor of a merger, reorganization, purchase, or assumption of liabilities of a bank chartered by the State of West Virginia is insured by the Federal Deposit Insurance Corporation. The bill does not place any additional obligation or authority on the state agency not otherwise found in West Virginia law although it adds an additional reason to seek redress in the judicial system. Therefore, the Division of Financial Institutions anticipates no impact on the revenues or expenses of the State.
Person submitting Fiscal Note: Kathy Lawson
Email Address: klawson@wvdob.org