H. B. 2787
(By Delegates R. M. Thompson, H. White, Perry,
Hrutkay, Carmichael and Canterbury)
March 1, 2005
; referred to the
Committee on Banking and Insurance then the Judiciary.]
A BILL to repeal §31A-2-11 of the Code of West Virginia, 1931, as
amended; and to amend and reenact §31C-1-7 of said code, all
relating to reports of financial institutions to the Division
of Banking; removing the annual deposit and loan reporting
requirement for banking institutions; and modifying the annual
deposit and loan reporting requirement and its submission date
for credit unions.
Be it enacted by the Legislature of West Virginia:
That §31A-2-11 of the Code of West Virginia, 1931, as amended,
be repealed; and that §31C-1-7 of said code be amended and
reenacted, all to read as follows:
ARTICLE 1. SUPERVISION AND REGULATION.
(a) Credit unions shall report to the Commissioner
semiannually during January and July of each calendar year on a date set by the Commissioner for the business periods ending the
thirtieth day of June and the thirty-first day of December
respectively on forms supplied by the Commissioner for that
purpose. Additional reports may also be required.
(b) A charge of one hundred dollars shall be levied for each
day a credit union fails to provide a required report, unless it is
excused for cause by the Commissioner or courts.
(c) The fiscal year of each credit union incorporated under
this chapter shall end on the last day of December.
(d) In addition to other reports that may be required under
this chapter, every credit union with a main office or branch
located in this state shall file with the Commissioner on or before
the first day of September of each year the amount of deposits and
shares held by each office in this state (excluding automated
teller machines) as of the thirtieth day of June of each year.
annual report specifying for its main office and each branch
(excluding automated teller machines) in this state:
(i) The location of each such office, including county and,
where applicable, municipality
(ii) The amount of deposits and shares held by each such
office as of the end of the preceding calendar year; and
(iii) The amount of loans outstanding by each such office at
the end of the preceding calendar year.
The foregoing report shall be based upon the credit union's allocation of its deposit and share base and loan portfolio among
its offices. The report shall by filed with the commissioner on or
before the fifteenth day of February of each year on forms
prescribed by the commissioner.
NOTE: The purpose of this bill is to provide regulatory
relief to banks and credit unions by repealing or amending certain
reporting requirements because most of the information is available
from federal banking agencies.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would