H. B. 4151
(By Delegates Hunt, Linch, Compton, Jenkins,
Faircloth and Riggs)
[Introduced January 30, 1998; referred to the
Committee on Banking and Insurance then the Judiciary.]
A BILL to amend and reenact section one, article seven,
chapter sixty-four of the code of West Virginia, one
thousand nine hundred thirty-one, as amended, relating
to authorizing the division of banking to promulgate
a legislative rule relating to the sale of insurance
products by state-chartered banks.
Be it enacted by the Legislature of West Virginia:
That section one, article seven, chapter sixty-four of
the code of West Virginia, one thousand nine hundred
thirty-one, as amended, be amended and reenacted, to read
as follows:
ARTICLE 7. AUTHORIZATION FOR DEPARTMENT OF TAX AND REVENUE
TO PROMULGATE LEGISLATIVE RULES.
§64-7-1. Division of banking.
(a) The legislative rule filed in the state register
on the twenty-eighth day of August, one thousand nine
hundred ninety-six, authorized under the authority of
section four, article two, chapter thirty-one-a of this
code, modified by the division of banking to meet the
objections of the legislative rule-making review committee
and refiled in the state register on the twenty-first
day of February, one thousand nine hundred ninety- seven, relating to the division of banking (regulations
pertaining to the West Virginia consumer credit and
protection act and the money and interest article of
chapter forty-seven, 106 CSR 1), is authorized.
(b) The legislative rule filed in the state register
on the twenty-eighth day of August, one thousand nine
hundred ninety-six, authorized under the authority of
section four, article two, chapter thirty-one-a of this
code, modified by the division of banking to meet the
objections of the legislative rule-making review committee
and refiled in the state register on the twentieth day of
December, one thousand nine hundred ninety-six, relating to
the division of banking (regulations governing the operations of state chartered financial institutions in
West Virginia, 106 CSR 3), is authorized.
(c) The legislative rule filed in the state register
on the twenty-eighth day of August, one thousand nine
hundred ninety-six, authorized under the authority of
section four, article two, chapter thirty-one-a of this
code, modified by the division of banking to meet the
objections of the legislative rule-making review committee
and refiled in the state register on the twentieth day of
December, one thousand nine hundred ninety-six, relating to
the division of banking (West Virginia regulated consumer
lenders, 106 CSR 4), is authorized.
(d) The legislative rule filed in the state register
on the twenty-eighth day of August, one thousand nine
hundred ninety-six, authorized under the authority of
section eight, article twenty-four, chapter forty-seven of
this code, modified by the division of banking to meet the
objections of the legislative rule-making review committee
and refiled in the state register on the twentieth day of
December, one thousand nine hundred ninety-six, relating
to the division of banking (reverse mortgage loans, 106 CSR
19), is authorized.
(e) The legislative rule filed in the state register
on the first day of August, one thousand nine hundred
ninety-seven, authorized under the authority of section
thirteen, article four, chapter thirty-one-a, of this code,
modified by the division of banking to meet the objections
of the legislative rule-making review committee and refiled
in the state register on the third day of October, one
thousand nine hundred ninety-seven, relating to the
division of banking (sale of insurance products by state- chartered banks, 106 CSR 2), is authorized.
NOTE: The purpose of this bill is to authorize the
Division of Banking to promulgate a legislative rule
relating to the Sale of Insurance Products By State- Chartered Banks.
Strike-throughs indicate language that would be
stricken from the present law, and underscoring indicates
new language that would be added.
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