2009 West Virginia Code
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.

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-2-4c County Clerk to file reports of trustees regarding sales of residential real property pursuant to deeds of trust and forward to the banking commissioner.
• §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• §31A-2-10 Repealed
• §31A-2-11 Repealed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• §31A-2-15 Repealed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 continued; 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.
• §31A-3-5 Continuation of the West Virginia Board of Banking and Financial Institutions.

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;
• §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-4-9 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-4-27 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 bank, thrift or credit union into state bank authorized.
• §31A-4A-3 Effect of conversion into state bank.
• §31A-4A-4 Filing of incorporation or organization.

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-6-5 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 communication terminals permitted.
• §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.