FISCAL NOTE
Date Requested: February 03, 2023 Time Requested: 02:01 PM |
Agency: |
Secretary of State |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
3454 |
Introduced |
SB562 |
|
CBD Subject: |
Corporations |
---|
|
FUND(S):
none
Sources of Revenue:
Other Fund none
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This bill, if passed, would have de minimus fiscal impact on WVSOS.
Though we cannot know how many Private Trust Companies may wish to form, WVSOS responsibility here is limited to the registration of the underlying LLC or Corporation, and the registration of those two business types is something our agency already processes at very high volumes. This bill assigns the State Auditors Office primary oversight over Private Trust Companies.
Given that a Private Trust Company under this bill would need to maintain at least $50M in trust assets, we assume that a very low number of Private Trust Companies would be formed.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2023 Increase/Decrease (use"-") |
2024 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
0 |
0 |
0 |
Personal Services |
0 |
0 |
0 |
Current Expenses |
0 |
0 |
0 |
Repairs and Alterations |
0 |
0 |
0 |
Assets |
0 |
0 |
0 |
Other |
0 |
0 |
0 |
2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
This bill, if passed, would have de minimus fiscal impact on WVSOS.
Memorandum
Person submitting Fiscal Note: Chris Alder
Email Address: CALDER@WVSOS.GOV