FISCAL NOTE
Date Requested: April 02, 2025
Time Requested: 10:21 AM |
| Agency: |
Auditor, State of WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3318 |
Comm. Sub2 |
HB2889 |
|
|---|
| CBD Subject: |
Finance and Administration |
|---|
|
FUND(S):
State Funds
Sources of Revenue:
Special Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of proposed House Bill 2889 is to authorize the Commissioner of Securities of the West Virginia State Auditor’s Office, or his or her designee, to conduct fairness hearings for transactions involving the exchange of a security for one or more outstanding securities, claims or property interests or partly for cash, to determine whether the terms and conditions of the exchange are fair to the security holders participating in the exchange, which would allow the parties in the exchange to seek to qualify the exchange as exempt from registration under Section 3(a)(1) of the Securities Act, 15 U.S.C §77c(a)(10).
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2025
Increase/Decrease
(use"-") |
2026
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):
While we are unable at this time to make any reasonable projections of the likely financial impacts of the proposed legislation, we believe based on the experience of other jurisdictions within the United States of America where similar legislation currently exists, any such financial impacts would be minimal. Accordingly, we believe there is a high likelihood the West Virginia State Auditor’s Office could implement the provisions of the proposed Bill within the constraints of existing staff and resources. In addition, we understand the proposed legislation does authorize the State Auditor to charge fees in connection with the conduct of any fairness hearings as a means of recovering the costs associated with the hearing.
Memorandum
We have no additional comments regarding this proposed legislation.
Person submitting Fiscal Note: Michael E. Sizemore, CPA
Email Address: Mike.Sizemore@wvsao.gov