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Summary of New West Virginia Banking Legislation

By: Sandra M. Murphy
Bowles Rice Banking Alert
April 2016

We are pleased to provide the following summary of new legislation enacted during the 2016 Session of the West Virginia Legislature that will impact West Virginia banks when these bills take effect in May and June.

Each bill included below lists its effective date, a link to the final enrolled bill and a link to a summary of changes and considerations, as prepared by the Bowles Rice Banking Team. Please note that the official enrolled versions of the bills are not marked to show the changes from prior law.

To assist you with your review, we have included references to the specific code sections affected by the new legislation in the summary of the bill.

  SB 613
Defining total capital
Effective:
June 8, 2016
More Information
Button Read enrolled bill
Button Summary of changes
 



  SB 614
Amending portions of the West Virginia Consumer Credit and Protection Act
Effective:
June 8, 2016
More Information
Button Read enrolled bill
Button Summary of changes
 



  SB 468
Accrual of interest on funds committed to rescindable loans
Effective:
June 9, 2016
More Information
Button Read enrolled bill
Button Summary of changes
 



  HB 4448
Amending Computer Crime and Abuse Act to provide exemption under the WVCCPA
Effective:
June 10, 2016
More Information
Button Read enrolled bill
Button Summary of changes
 


In addition to those summarized above, the following bills also may be of interest to West Virginia banks:



  HB 4244
Out-of-State Credit Unions Application process
Effective:
May 19, 2016
More Information
Button Read enrolled bill
Button Summary of changes
 



  HB 4245
Requiring banking institutions to provide shareholders with most recent year-end audited financial statement
Effective:
May 19, 2016
More Information
Button Read enrolled bill
Button Summary of changes
 



  SB 415
Lengthening to five years the maximum term of negotiable certificates of deposit funded by municipalities
Effective:
June 6, 2016
More Information
Button Read enrolled bill
Button Summary of changes
 



  SB 493
Allowing creation of self-settled spendthrift trusts; a/k/a Domestic Asset Protection Trusts
Effective:
June 8, 2016
More Information
Button Read enrolled bill
Button Summary of changes
 



  SB 311
Allowing permanent exception for mortgage modification or refinancing loan under federal Making Home Affordable Program
Effective:
June 10, 2016
More Information
Button Read enrolled bill
Button Summary of changes
 

All of the bills considered by the 2016 legislature can be found here. The West Virginia Legislature will convene its 2017 Regular Session at 12:00 noon on Wednesday, February 8, 2017. If you have questions or would like additional information about any of the bills discussed in this summary, please contact a member of the Bowles Rice Banking and Financial Services Team.