SB262 H B&I AMT #1 2-16

 

The Committee on Banking & Insurance moved to amend the bill by striking out the title and substituting therefor a new title, to read as follows:

S.B. 262 A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated 12‑1C‑1, 12‑1C‑2, 12‑1C‑3, 12‑1C‑4, 12‑1C‑5, 12‑1C‑6, and 12‑1C‑7, all relating generally to financial institutions engaged in boycotts of energy companies; defining terms; authorizing the State Treasurer to publish a list of financial institutions engaged in boycotts of energy companies; requiring the Treasurer to publicly post the list and submit the list to certain public officials; requiring the list to contain certain information; requiring the Treasurer to send written notice to a financial institution prior to its inclusion on the list; establishing required content of said written notice; requiring the Treasurer to remove a financial institution from the list if it presents information demonstrating that it is not engaged in a boycott of energy companies; preventing financial institutions from being compelled to produce certain information; setting forth sources of information on which the Treasurer may rely in preparing the list; authorizing the Treasurer to exclude financial institutions on the list from the selection process for state banking contracts; authorizing the Treasurer to refuse to enter into a banking contract with a financial institution on the list; authorizing the Treasurer to require, as a term of a banking contract, an agreement by the financial institution not to engage in a boycott of energy companies; limiting liability for actions taken in compliance with the new article; and exempting the Investment Management Board from the new article.