WVC 31 A- 4 - 42
§31A-4-42. Unlawful for persons other than banking institutions to
engage in the banking business; penalties.
No person, except banking institutions chartered under the
laws of this state, or authorized to conduct a banking business in
this state under the laws of the United States of America or those
chartered under the laws of another state or the United States of
America with branch offices in this state under the provisions of
articles eight-d and eight-e of this chapter, may engage in the
business of banking or the trust business in the state of West
Virginia, or shall receive or accept deposits of money, or borrow
money by receiving and giving credits for deposits, or by issuing
certificates of deposits or certificates of indebtedness, or by
making and negotiating any writing purporting to be a bond,
contract or other obligation, the performance of which requires the
holder or other party to make deposits of money with the issuer or
receive or accept deposits by means of any other plan, pretext,
scheme, shift or device: Provided,
That a nonbanking subsidiary of
a bank holding company, a nonbanking subsidiary of a banking
institution or an entity jointly owned by federally insured
depository institutions may provide trust services pursuant to
subsection (d), section fourteen of this article.
Nothing contained in this section may affect the rights,
privileges, objects or purposes delegated to other corporations by
the general corporation law or other laws of this state.
Any corporation or individual who violates any of the provisions of this section is guilty of a misdemeanor and, upon
conviction thereof, shall be fined not more than five thousand
dollars and, in addition to penalty, every corporation so offending
shall forfeit its corporate franchise and every individual so
offending is subject to a further penalty by confinement in the
county or regional jail for not more than one year.
Note: WV Code updated with legislation passed through the 2012 1st Special Session