WV LEG Bond, Security Exemptions
On Mar. 7, WV LEG passed bill on deposit placement programs.
- WV LEG enrolled bill SB 826 creating exemption from bond or security requirements.
- Bill Provisions
- Amends WV LEG 7-6-2 to create an exemption from bond or security requirements.
- Applicable to banking institutions holding certain funds for county commissions.
- Allows for the redeposit of the funds through a deposit placement program.
- Legislative History
- On Feb. 16, 2024, bill was introduced in Senate; on Feb. 28, 2024, bill passed Senate.
- On Feb. 29, 2024, bill was introduced in House; on Mar. 7, 2024, bill passed House.
- Effectiveness
- Upon approval or veto override SB 826 effective 90 days from passage, Jun. 5, 2024.
- Mar. 26, 2024 WV LEG Governor Approval
- On Mar. 26, 2024, WV LEG reported governor approved SB 826, effective Jun. 5, 2024.
- Document dated Mar. 26, 2024, was received on Apr. 12, 2024, due to a fixed feed.
| Regulators |
WV LEG
|
| Entity Types |
Bank; Depo |
| Reference |
Bill, 3/26/2024; Bill, SB826, 3/7/2024; Citation: WV LEG 7-6-2; |
| Functions |
Compliance; Financial; Legal; Operations; Reporting |
| Countries |
United States of America |
| Category |
|
| State |
|
| Products |
Banking; Custody; Securities |
| Regions |
Am |
| Rule Type |
Final |
| Rule Date |
3/7/2024 |
| Effective Date |
6/5/2024 |
| Rule Id |
203963 |
| Linked to |
N/A
|
| Reg. Last Update |
3/26/2024 |
| Report Section |
US Consumer |
Last substantive update on 04/16/2024
