SB 251 Text

Introduced Version Senate Bill 251 History

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sb251 intr Senate Bill No. 251
(By Senators Minard, Jenkins and Sharpe)

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[Introduced February 22, 2005; referred to the Committee

on Banking and Insurance; and then to the Committee on Finance.]

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A BILL to amend and reenact §31A-8A-8 of the Code of West Virginia, 1931, as amended, relating to the assessment date for bank holding companies.

Be it enacted by the Legislature of West Virginia:
That §31A-8A-8 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
ARTICLE 8A. ACQUISITION OF BANKS BY BANK HOLDING COMPANIES.
§31A-8A-8. Authority to issue rules; cooperative agreements; fees.
In order to carry out the purposes of this article, the Commissioner may:
(a) Adopt rules and issue orders;

(b) Enter into cooperative, coordinating or information- sharing agreements with any other bank supervisory agency or any organization affiliated with or representing one or more bank supervisory agencies;

(c) Accept any report of examination or investigation by another bank supervisory agency having concurrent jurisdiction over a West Virginia state bank or a bank holding company that controls a West Virginia state bank in lieu of conducting the Commissioner's own examination or investigation of such bank holding company or bank;
(d) Enter into contracts with any bank supervisory agency having concurrent jurisdiction over a West Virginia state bank or a bank holding company that controls a West Virginia state bank to engage the services of such agency's examiners at a reasonable rate of compensation, or to provide the services of the Commissioner's examiners to such agency at a reasonable rate of compensation: Provided, That any such contract shall be deemed excluded from the requirements of article three, chapter five-a of this code;
(e) Enter into joint examinations or joint enforcement actions with any other bank supervisory agency having concurrent jurisdiction over any West Virginia state bank or any bank holding company that controls a West Virginia state bank: Provided, That the Commissioner may take any such action independently if the Commissioner determines that such action is necessary to carry out his or her responsibilities under this article or to enforce compliance with the laws of this state: Provided, however, That in the case of an out-of-state bank holding company, the Commissioner shall recognize the authority of the home state regulator over corporate governance matters and the primary responsibility of the home state regulator with respect to safety and soundness matters; and
(f) Assess supervisory and examination fees that shall be payable by any bank holding company operating a bank or bank branch in West Virginia in connection with the Commissioner's performance of his or her duties under this article. The Commissioner shall charge and collect from each bank holding company and pay into a special revenue account in the State Treasury for the Department of Banking an annual assessment payable on the fifteenth day of ~~February~~ January computed upon the total deposits in this state of the bank holding company as of the ~~last business day in December~~ thirtieth day of June of the previous year as is set out in section eight, article two of this chapter. The payment of such registration fee shall be accompanied by the report prescribed by the Commissioner under subsection (a), section seven of this article. Examination fees may be shared with other bank supervisory agencies or any organizations affiliated with or representing one or more bank supervisory agencies in accordance with agreements between them and the Commissioner.

NOTE: The purpose of this bill is to amend the assessment date for bank holding companies so it coincides with a date on which banks are also assessed.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.