COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 658
(By Senators Helmick, Minard, Unger and Chafin)
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[Originating in the Committee on Finance;
reported March 27, 2009.]
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A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §12-3A-4a, relating
to authorizing the Auditor and Treasurer to contract for
emergency banking services in the event of financial crisis
affecting the current provider.
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended
by adding thereto a new section, designated §12-3A-4a, to read as
follows:
ARTICLE 3A. FINANCIAL ELECTRONIC COMMERCE.
§12-3A-4a. Authority to contract for emergency banking services.
Notwithstanding any other code provision to the contrary, the
State Auditor and State Treasurer are authorized to make emergency
alternate vendor selections for any banking services they maintain
under contract:
Provided, That emergency vendor selections may only occur upon proper notification of termination as provided by
the contract and upon a determination by the Auditor or Treasurer
that the provider thereof is no longer financially viable or
capable of providing the agreed upon services.