FISCAL NOTE
Date Requested: January 15, 2026
Time Requested: 04:02 PM |
| Agency: |
Financial Institutions, West Virginia Division of |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1766 |
Introduced |
HB4009 |
|
|---|
| CBD Subject: |
Banking and Finance |
|---|
|
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.
It is anticipated that the bill will have no impact on the revenues of state government and a negligible impact on expenses. It is unknown at this time how many entities may seek to be named as a provider, as defined in the bill, to trigger review by the Commissioner of Financial Institutions.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2026
Increase/Decrease
(use"-") |
2027
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):
The bill gives the agency the responsibility to review additional persons who may wish to be qualified as a portable benefit account provider in addition to those entities specifically defined in the bill. The criteria given for the review is that the requestor will administer the portable benefit account consistent with the account requirements in the law.
There is no mechanism for revenue in the bill. If the agency receives a request for a review, existing staff members will be assigned to complete the task.
Memorandum
The bill provides a framework for the creation of portable benefit accounts to allow independent contractors or other independent workers to purchase certain benefit plans not tied to a particular place of work or entity. The account would travel with the worker from job to job and could be funded by multiple companies but controlled by the worker. The bill lists certain entities that are included as permissible administrators of portable benefit accounts and creates a mechanism for inclusion of other persons or entities after review by the Commissioner of Financial Institutions.
Person submitting Fiscal Note: Kathy Lawson
Email Address: klawson@wvdob.org