SB224 HB&I ABST B&I

HOUSE COMMITTEE ON BANKING AND INSURANCE

COUNSEL: John Reed

ABSTRACT

SENATE BILL NO. 224

BY: Senators Minard and Klempa

SHORT TITLE: Renaming Division of Banking as Division of Financial Institutions.

DATE INTRODUCED: January 17, 2012

CODE REFERENCE: Amend and reenact §31A-2-1

PROPOSED LAW PRESENTED TO THE COMMITTEE:

The bill changes the name of the Division of Banking to the Division of Financial Institutions and the titles of Commissioner of Banking and Deputy Commissioner of Banking to Commissioner of Financial Institutions and Deputy Commissioner of Financial Institutions, respectively. The bill specifies that all references in the West Virginia Code to the Department of Banking or the Division of Banking shall be read, construed and understood to mean and to have reference to the Division of Financial Institutions. Likewise, all references in the West Virginia Code to the Commissioner of Banking and the Deputy Commissioner of Banking, shall be read, construed and understood to mean and have reference, respectively, to the Commissioner of Financial Institutions and the Deputy Commissioner of Financial Institutions.

TITLE: OK

FISCAL NOTE: Attached

GOVERNMENT AGENCIES AFFECTED: Banking

EFFECTIVE DATE: The Division would like the bill effective from passage.

OTHER COMMITTEE REFERENCE AND/OR ACTION: Judiciary

COMMENTS: