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