West Virginia CHAPTER 31A. — BANKS AND BANKING
- CHAPTER 31A. — BANKS AND BANKING.
- ARTICLE 1. — GENERAL PROVISIONS AND DEFINITIONS.
- §31A-1-1. — Short title; objects and purposes.
- §31A-1-2. — Definitions.
- §31A-1-3. — Application and construction of chapter.
- §31A-1-4. — Separability; repealer.
- §31A-1-5. — Lending and investing powers and authority of fiduciaries, financial institutions, governmental entities and other persons.
- §31A-1-6. — Deposit insurance required for banking and other depository institutions.
- ARTICLE 2. — DIVISION OF BANKING.
- §31A-2-1. — Department of banking of West Virginia, offices of commissioner and deputy commissioner of banking continued.
- §31A-2-2. — Commissioner's appointment, term, qualifications, salary, oath and bond.
- §31A-2-3. — Deputy commissioner's appointment, tenure, salary, qualifications, oath and bond; exercise of commissioner's powers by deputy.
- §31A-2-4. — Jurisdiction of commissioner; powers, etc., of division transferred to commissioner; powers and duties of commissioner.
- §31A-2-4a. — Orders of the commissioner of banking to be made public.
- §31A-2-4b. — Provision of legal services.
- §31A-2-5. — Certificate or license to engage in business; filing of amendments to charter, bylaws and foreign statutes.
- §31A-2-6. — Commissioner's examinations of financial institution; reports; records; communications from commissioner to institution; examination by federal or out-of-state agency in lieu of commissioner's examination.
- §31A-2-7. — Duties of officers, employees, etc., of financial institution in connection with examination; examination under oath; offenses and penalties.
- §31A-2-8. — Commissioner's assessments and examination fund; assessments, costs and expenses of examinations; collection.
- §31A-2-9. — Correction of violations of law, irregularities and unsound practices; disposition of doubtful assets and past-due obligations; stockholders' meetings.
- §31A-2-10. — Repealed.
- §31A-2-11. — Repealed.
- §31A-2-12. — Commissioner's annual report; contents; affidavit.
- §31A-2-12a. — Establishment of deposit acquisition limitation.
- §31A-2-13. — Enforcement of orders of the commissioner against financial institutions.
- §31A-2-14. — Banking interests of and acceptance of gratuities by officers and employees of department.
- §31A-2-15. — Repealed.
- §31A-2-16. — Effective date.
- ARTICLE 2A. — MAXWELL GOVERNMENTAL ACCESS TO FINANCIAL RECORDS ACT.
- §31A-2A-1. — Definitions.
- §31A-2A-2. — Requirements for government access to records.
- §31A-2A-3. — Written authorization of customer; contents; certification of compliance.
- §31A-2A-4. — Exceptions.
- §31A-2A-5. — Subpoena and notice requirements.
- §31A-2A-6. — Subpoena issued by grand jury.
- §31A-2A-7. — Penalties.
- §31A-2A-8. — Statute of limitations; tolling of statute.
- §31A-2A-9. — Injunctive relief; recovery of attorney fees.
- §31A-2A-10. — Exclusive remedies.
- ARTICLE 3. — BOARD OF BANKING AND FINANCIAL INSTITUTIONS.
- §31A-3-1. — Board created; appointment, qualifications, terms, oath, etc., of members; quorum; meetings; when members disqualified from participation; compensation; records; office space; personnel; continuation.
- §31A-3-2. — General powers and duties.
- §31A-3-3. — Hearings and orders; entry of order without notice and hearing.
- §31A-3-4. — Judicial review; appeals to supreme court of appeals.
- ARTICLE 4. — BANKING INSTITUTIONS AND SERVICES GENERALLY.
- §31A-4-1. — General corporation laws applicable; charter applications to be approved by West Virginia Board of Banking and Financial Institutions.
- §31A-4-2. — Use of terms; unlawfully engaging in banking business; penalties; enforcement.
- §31A-4-3. — Minimum capital stock; classes of stock; par value; capitalization of surplus.
- §31A-4-4. — Majority of stock to be paid in full before engaging in business; sale of additional stock; organizational expense fund; affidavit of incorporators; penalties; stockholder preemptive rights.
- §31A-4-5. — Requirements and procedure for incorporation of state banks.
- §31A-4-6. — Examination and investigation of proposed bank by board.
- §31A-4-7. — Time for completion of investigation; notice and hearing; approval or disapproval of application for incorporation; completion of corporate organization.
- 31A-4-8. — Directors, their qualifications and oaths.
- §31A-4-9. — Fidelity bonds and insurance.
- §31A-4-10. — List of stockholders.
- §31A-4-10a. — Stockholder inspection of books and records.
- §31A-4-11. — Liability of stockholders.
- §31A-4-12. — Impairment of capital forbidden; remedies; assessments; sale of stock.
- §31A-4-13. — Powers of state banking institutions generally.
- §31A-4-14. — Trust powers of banking institutions.
- §31A-4-14a. — Transfer of fiduciary accounts or relationships between affiliated subsidiary banks of a bank holding company or affiliated nonbanking entities or entities jointly owned by federally insured depository institutions.
- §31A-4-14b. — Delegation and fiduciary responsibility.
- §31A-4-15. — Required annual filings before exercising trust powers; penalties; notice of failure to comply.
- §31A-4-16. — Trust funds to be kept separate; bookkeeping and management.
- §31A-4-17. — Oath as fiduciary.
- §31A-4-18. — Capital as fiduciary security; additional security.
- §31A-4-18a. — Short-term investments when acting as a fiduciary.
- §31A-4-19. — Reports.
- §31A-4-20. — Stockholders' annual meeting; financial statement; appointment, duties and report of examining committee; employment of accountants; examiners may require presence of executive or examining committee.
- §31A-4-21. — Federal deposit insurance; membership in federal reserve system.
- §31A-4-22. — Reserves required of banking institutions; reports; penalties.
- §31A-4-23. — Borrowing by banking institutions; records thereof; penalties.
- §31A-4-24. — Capital notes and debentures; retirement; not subject to assessment.
- §31A-4-25. — Dividends; limitations; penal provisions.
- §31A-4-26. — Limitation on loans and extensions of credit; limitation on investments; loans to executive officers and directors of banks and employees of the banking department; exceptions; valuation of securities.
- §31A-4-27. — Loans eligible for federal insurance or guaranty.
- §31A-4-28. — Investments in obligations secured by mortgages or deeds of trust insured or guaranteed by United States; securities of federal agencies; use of such obligations and securities as collateral, etc.
- §31A-4-29. — Application of other laws to loans and investments under §§31A-4-27 and 31A-4-28.
- §31A-4-30. — Charges and interest allowed in certain cases; negotiability of installment notes.
- §31A-4-30a. — Alternative maximum interest rate on loans by banks chartered under state law.
- §31A-4-31. — Uniform and continuing depository bonds authorized; review of such bonds; correction of inadequacy; security for federally insured deposits not required.
- §31A-4-32. — Adverse claims to deposits and property held in safe deposit.
- §31A-4-33. — Deposits in trust; deposits in more than one name; limitation on liability of institutions making payments from certain accounts; notice requirements; pledges or garnishment of joint accounts.
- §31A-4-33a. — Establishment of payable on death accounts; rights of account owners; change of beneficiary to be in writing; rights of beneficiaries; limitation on liability of institutions making payments from such accounts.
- §31A-4-34. — Payment of deposits to minors.
- §31A-4-35. — Reproduction of checks and other records; admissibility of copies in evidence; disposition of originals; record production generally.
- §31A-4-36. — Statement of account to customers; duties of customers; limitations.
- §31A-4-37. — Sale of machine operations and services.
- §31A-4-38. — Direct leasing of personal property.
- §31A-4-39. — Transactions on legal holidays and Sundays.
- §31A-4-40. — Permissive closing on fixed weekday or portions of weekdays; notice of closings; emergency closings; procedures.
- §31A-4-41. — Additional authority of board as to limited operations and cessation of business by state banks.
- §31A-4-42. — Unlawful for persons other than banking institutions to engage in the banking business; penalties.
- §31A-4-43. — Negotiable order of withdrawal accounts allowed.
- §31A-4-44. — Employment information.
- §31A-4-45. — Refusal of banking institutions to open checking accounts for certain individuals convicted of worthless check violations; authorizing criminal background investigation by banking institutions; civil immunity; and confidentiality.
- ARTICLE 4A. — CONVERSION OF NATIONAL BANKS TO STATE-CHARTERED BANKS.
- §31A-4A-1. — Conversion of national bank into state bank authorized.
- 31A-4A-2. — Procedure for conversion of national bank into state bank.
- §31A-4A-3. — Effect of conversion of national bank into state bank.
- §31A-4A-4. — Filing of incorporation.
- ARTICLE 5. — BANK SERVICE CORPORATIONS AND BANK SERVICES.
- §31A-5-1. — Definitions.
- §31A-5-2. — Authority of state banks to invest in bank service corporations.
- §31A-5-3. — Extension of bank services to competing banking institutions and associations.
- §31A-5-4. — Bank service corporation activities limited.
- §31A-5-5. — Regulation and examination of performance of bank services.
- ARTICLE 6. — NOMINEE REGISTRATION OF FIDUCIARY SECURITIES.
- §31A-6-1. — Procedures for nominee registration of securities.
- §31A-6-2. — Duties of trust institutions making use of nominee registration.
- §31A-6-3. — Civil liabilities and criminal penalties.
- §31A-6-4. — Limitations on liability in transfers and changes of registration.
- §31A-6-5. — Registration of property to evade taxes prohibited.
- ARTICLE 7. — REGULATION OF FAILING FINANCIAL INSTITUTIONS.
- §31A-7-1. — Purpose; construction.
- §31A-7-2. — Definitions.
- §31A-7-3. — Conservatorship; reorganization.
- §31A-7-4. — Receivership.
- §31A-7-5. — Provisions applicable to federal deposit insurance corporation only.
- §31A-7-6. — Borrowing powers of receiver.
- §31A-7-7. — Reorganization, purchase, merger or consolidation of and by financial institutions; conversion of national bank to state bank; obligations remain effective.
- §31A-7-8. — Voluntary liquidation by financial institution.
- §31A-7-9. — Involuntary liquidation of financial institution after revocation of certificate of authority, permit or license.
- §31A-7-10. — Executory contracts and leases; assumption or rejection; court approval for assignments.
- §31A-7-11. — General subrogation rights of Federal Deposit Insurance Corporation.
- §31A-7-12. — Payment of expenses and debts; order of priority; rights of secured creditors.
- §31A-7-13. — Claims procedure.
- §31A-7-14. — Hearings; judicial review.
- §31A-7-15. — Exclusivity of powers and procedures of article.
- ARTICLE 8. — HEARINGS; ADMINISTRATIVE PROCEDURES; JUDICIAL REVIEW; UNLAWFUL ACTS; PENALTIES.
- §31A-8-1. — Hearings before commissioner or hearing examiner; procedure, etc.
- §31A-8-2. — Judicial review; appeals to supreme court of appeals.
- §31A-8-3. — Certain practices by affiliates, officers, etc., of corporate financial institutions forbidden; penalties.
- §31A-8-4. — Change in control of banking institution; loans on bank stocks; required procedures; prohibitions; penalties.
- §31A-8-5. — Dealing in own stock; stock purchases; limitations; exceptions.
- §31A-8-6. — Receiving deposits or issuing choses in action during insolvency.
- §31A-8-7. — Certifying checks falsely.
- §31A-8-8. — False statements concerning banking institutions.
- §31A-8-8a. — Unauthorized disclosure of information from a financial institution examination report.
- §31A-8-9. — Misapplication of funds; fraud by officers or employees; false entries in books; false statements; penalties.
- §31A-8-10. — Unlawful activity by bank personnel.
- §31A-8-11. — Failure to make, publish or distribute reports; penalty.
- §31A-8-12. — Procedure for authorization of branch banks; temporary offices at colleges and universities; limitations and restrictions; examinations and hearings; standards of review; penalties for violation of section.
- §31A-8-12a. — Banking from mobile units; limitation of messenger services.
- §31A-8-12b. — Installation and operation of customer bank
- §31A-8-12c. — Loan origination offices permitted.
- §31A-8-12d. — Expedited procedure for authorization of de novo branch banks.
- §31A-8-13. — Banking institution not to be surety; hypothecation and other dealings with securities and assets limited.
- §31A-8-14. — Repealed.
- §31A-8-15. — General penalties.
- §31A-8-16. — Misdemeanors and felonies.
- §31A-8-17. — Legal representation of commissioner and board.
- §31A-8-18. — References to code provisions.
- ARTICLE 8A. — ACQUISITIONS OF BANKS BY BANK HOLDING COMPANIES.
- §31A-8A-1. — Definitions.
- §31A-8A-2. — Scope and statement of legislative intent.
- §31A-8A-3. — Permitted acquisitions.
- §31A-8A-4. — Required application.
- §31A-8A-5. — Standards for approval.
- §31A-8A-6. — Procedures relating to applications.
- §31A-8A-7. — Reports; examinations.
- §31A-8A-8. — Authority to issue rules; cooperative agreements; fees.
- §31A-8A-9. — Authority to conduct banking business; credit card processing.
- §31A-8A-10. — Penalties.
- ARTICLE 8B. — COMMUNITY REINVESTMENT ACT.
- §31A-8B-1. — Short title.
- §31A-8B-2. — Legislative findings and purpose.
- §31A-8B-3. — Application for a deposit facility; definition.
- §31A-8B-4. — Assessment of the institution's reinvestment in the community.
- §31A-8B-5. — Rules and regulations.
- ARTICLE 8C. — PROVISION OF FINANCIALLY-RELATED SERVICES BY BANKS AND BANK HOLDING COMPANIES.
- §31A-8C-1. — Financially related defined.
- §31A-8C-2. — Banks and bank holding companies permitted to offer financially related services.
- §31A-8C-3. — Limitation on permitted investment in entities offering financially related services.
- §31A-8C-4. — Promulgation of rules.
- §31A-8C-5. — Construction, conflicting provisions.
- ARTICLE 8D. — INTERSTATE BRANCHING BY BANK MERGERS.
- §31A-8D-1. — Legislative purpose.
- §31A-8D-2. — Definitions.
- §31A-8D-3. — Authority of West Virginia state banks to establish interstate branches by merger.
- §31A-8D-4. — Interstate merger transactions and branching involving out-of-state banks permitted.
- §31A-8D-5. — Notice and filing requirements.
- §31A-8D-6. — Powers; additional branches.
- §31A-8D-7. — Examinations; periodic reports; cooperative agreements; assessment of fees.
- §31A-8D-8. — Enforcement.
- §31A-8D-9. — Rules and orders.
- §31A-8D-10. — Notice of subsequent merger.
- §31A-8D-11. — Applicability to thrift institutions.
- ARTICLE 8E. — INTERSTATE BRANCHING BY DE NOVO ENTRY AND ACQUISITION OF BRANCHES.
- §31A-8E-1. — Legislative purpose.
- §31A-8E-2. — Definitions.
- §31A-8E-3. — Interstate branching by West Virginia state banks through de novo establishment or acquisition of branches in other states.
- §31A-8E-4. — Interstate branching by out-of-state banks through de novo entry or acquisition of branches in West Virginia.
- §31A-8E-5. — Requirement of notice.
- §31A-8E-6. — Conditions for approval.
- §31A-8E-7. — Powers; additional branches.
- §31A-8E-8. — Examinations; periodic reports; cooperative agreements; assessment of fees.
- §31A-8E-9. — Enforcement.
- §31A-8E-10. — Rules and orders.
- §31A-8E-11. — Notice of subsequent merger.
- §31A-8E-12. — Applicability to thrift institutions.
- ARTICLE 8F. — THE WEST VIRGINIA INTERNATIONAL BANKING ACT.
- §31A-8F-1. — Legislative purpose.
- §31A-8F-2. — Definitions.
- §31A-8F-3. — General regulation authority; language; U.S. general accounting principles.
- §31A-8F-4. — Operations in this state of banks owned or controlled by foreign banks and other foreign persons.
- §31A-8F-5. — Branches by domestic subsidiary banks owned by a foreign bank.
- §31A-8F-6. — Authority of affiliated bank or branch to act as agent for a foreign bank.
- §31A-8F-7. — Direct agency offices of foreign banks; necessity of licensure.
- §31A-8F-8. — Application to establish and maintain an agency office; contents.
- §31A-8F-9. — Application to establish and maintain an agency office; manner of filing and determination.
- §31A-8F-10. — No concurrent maintenance of federal branches or agencies.
- §31A-8F-11. — Powers of a foreign bank agency office.
- §31A-8F-12. — Representative office of foreign banks; necessity of licensure.
- §31A-8F-13. — Representative office; application.
- §31A-8F-14. — Representative office; factors for approval of application.
- §31A-8F-15. — Representative office; permissible activities.
- §31A-8F-16. — Posting of license.
- §31A-8F-17. — Licenses not transferable.
- §31A-8F-18. — Amended license to establish and maintain a direct agency office or representative office.
- §31A-8F-19. — Change of control of foreign bank.
- §31A-8F-20. — Relocation of office; written notice necessary.
- §31A-8F-21. — Examination; payment of fees.
- §31A-8F-22. — Supervision and enforcement.
- §31A-8F-23. — Reports.
- §31A-8F-24. — Confidentiality of examination reports.
- §31A-8F-25. — Books, accounts and records.
- §31A-8F-26. — Separate assets.
- §31A-8F-27. — Disclosure of lack of federal deposit insurance.
- §31A-8F-28. — Capital equivalency deposit.
- §31A-8F-29. — Voluntary closure of agency or representative office; application.