Chapter 31A, Chapter 31A

This chapter shall constitute and may be cited as the state banking Code of West Virginia. It is the intention of the Legislature in enacting this chapter to foster and promote sound and dynamic financial institutions and particularly banking institutions in the state in order to…

As used in this chapter, unless the context in which used plainly requires a different meaning: (a) The word "action", in the sense of a judicial proceeding, means any proceeding in a court of competent jurisdiction in which rights are adjudicated and determined and shall embrace…

(a) The provisions of this chapter shall apply to all financial institutions whether formed, organized or created before or after the enactment hereof. All such corporate institutions heretofore formed, organized or created shall amend their certificates of incorporation in all r…

If any provision, clause or phrase of this chapter or the application thereof to any person or situation be held invalid, such invalidity shall not affect other provisions, clauses, phrases or applications of the chapter which can be given effect without the invalid provision, cl…

The state of West Virginia, counties, municipalities, political subdivisions and agencies and instrumentalities of any of them, fiduciaries, building and loan associations, regulated consumer lenders, insurance companies, fraternal benefit societies and other persons lawfully eng…

All credit unions established pursuant to article ten, chapter thirty-one of this code and all banking institutions governed by the provisions of this chapter except banks that do not accept deposits and offer only trust or other nondepository services must qualify for and obtain…

(a) A bank chartered by this state may sell or transfer all, or substantially all, of its assets and liabilities by merger, reorganization, purchase, and assumption or any similar business combination to another bank, banking institution, or entity: Provided, That the buyer or tr…

The Department of Banking of West Virginia, the Office of Commissioner of Banking of West Virginia and the Office of Deputy Commissioner of Banking of West Virginia, heretofore created and existing in the state government, are continued and, after the date of the passage of the a…

This article shall be known and may be cited as the "Second Amendment Financial Privacy Act."

This article may be cited as Banking and Financial Services Provider Protections for Eligible Adults from Financial Exploitation.

As used in this article: (a) "Customer" means any person or his or her duly authorized representative who has transacted business with or has used the services of a financial institution or for whom a financial institution has acted as a fiduciary in relation to an account mainta…

The remedies provided in this article are exclusive for any violations or alleged violations of this article.

(a) Nothing in this article may be construed or applied in a manner that violates or conflicts with superseding federal law. (b) The sections and provisions of this article are severable. If any section or provision of this article is held unconstitutional or invalid, such uncons…

Annually on or before December 1, the commissioner of banking shall prepare and submit to the Governor a careful and complete report, detailing the work, services and functions performed by him during the preceding fiscal year. The report shall show the total resources and liabil…

After a review of the structure of depository institutions in the State of West Virginia, the Legislature hereby determines that: (a) It is in the best interest of this state and its citizens to foster and encourage healthy competition among its domestic depository institutions; …

(a) If any financial institution shall fail or refuse to comply with any order of the commissioner, entered pursuant to the provisions of paragraphs (A) or (B), subdivision (15), subsection (c), section four of this article, the commissioner may apply to any court having jurisdic…

No officer or employee of the department of banking shall be an officer, director, trustee, attorney, owner, shareholder, or partner in or of any financial institution. Nor shall any officer or employee of the department receive, directly or indirectly, any payment or gratuity fr…

The amendments to this article enacted during the first extraordinary session of the Legislature in the year 1996 shall be effective as of June 7, 1996.

(a) The Legislature recognizes that depository institutions have duties imposed by law and by contract to conduct customer-directed transactions in a timely manner, and in accordance with their customers' instructions. (b) The Legislature recognizes that customers are increasingl…

(a) The Legislature finds that: (1) The Second Amendment to the United States Constitution guarantees the people the right to keep and bear arms; (2) Section 22, Article III of the West Virginia Constitution provides that "[a] person has the right to keep and bear arms for the de…

(a) No state entity may have access to or obtain from a financial institution financial records of any customer except as set forth in section four of this article or under the following circumstances: (1) The customer has executed a written authorization pursuant to section thre…

The commissioner of banking shall be appointed by the Governor, by and with the advice and consent of the Senate. He shall serve at the will and pleasure of the Governor for the term for which the Governor was elected and until his successor is appointed and qualified, unless ear…

The deputy commissioner of banking shall be appointed by and be under the supervision and direction of the commissioner of banking. The deputy commissioner's tenure in office shall be at the will and pleasure of the commissioner. The deputy commissioner's salary shall be fixed an…

The terms and phrases used in this article have the following meanings: "Account" means a contract deposit of funds between the depositor and a depository institution that is one of the following: (A) A consumer account owned by an eligible adult, whether individually or with one…

(a) A customer may authorize disclosure under section two of this article by signing and dating a statement in which he or she: (1) Authorizes the disclosure for such period as may be agreed upon; (2) Indicates an understanding of his or her right to revoke such authorization at …

(a) The terms used in this article shall have the same meaning provided in §31A-2A-1 of this code, unless otherwise specified in this section. (b) For the purposes of this article, the following terms have the following meanings: (1) “Ammunition” means ammunition or cartridge cas…

Any depository institution or its employees, or both, who believe that financial exploitation of an eligible adult has occurred, may have been attempted, or is being attempted, shall promptly notify a designated state agency.

(a) Nothing in this article is intended to, or shall prohibit, apply to, or interfere with: (1) The lawful authority or ability of the commissioner of banking or any other state or federal regulatory agency of a bank, savings and loan association, trust company, or credit union t…

A financial institution is prohibited from disclosing a customer’s protected financial information to a government entity and a government entity is prohibited from accessing or obtaining said information unless: (1) Disclosure is expressly permitted by §31A-2A-4 of this code and…

(a) Subject to the powers vested in the board by §31A-3-1 et seq. of this code, the commissioner has supervision and jurisdiction over state banks, regulated consumer lenders, residential mortgage lenders, and brokers licensed pursuant to §31-17-1 et seq. of this code, credit uni…

Any order entered by the commissioner of banking against any person: (1) To cease violating any provision or provisions of this chapter or other applicable law or rule and regulation promulgated or order issued thereunder; (2) To cease engaging in any unsound practice or procedur…

(a) The commissioner of banking has plenary power and authority to acquire those legal services the commissioner deems necessary to carry out the functions and duties of the Division of Banking or the office of commissioner of banking, including, but not limited to, representatio…

(a) In addition to the jurisdiction, powers, and duties set out in section four of this article, the banking commissioner is vested with the jurisdiction, powers and duties to receive and compile the data into an electronic database and make available the raw data that is require…

(a) No person shall engage or continue in the business of a financial institution in this state without a license or certificate to do so issued in accordance with this section, or other applicable law, which license or certificate remains unsuspended, unexpired and unrevoked exc…

(a) When, based on personal observation or information received from a governmental agency or law-enforcement agency, a depository institution or its employees believe that financial exploitation of an eligible adult may have occurred, has been attempted, is occurring, or is bein…

(a) A financial institution may disclose or produce financial records to a state entity in compliance with a subpoena served upon it if the subpoena contains a certification that: (1) A copy of the subpoena has been served on the customer whose records are sought by the state ent…

(a) Notwithstanding §31A-2B-4 of this code, a financial institution may disclose a customer’s protected financial information to a government entity if the customer provides the financial institution with written authorization for said disclosure. The written authorization descri…

(a) A depository institution or its employees may notify an associated third party, if any, if the depository institution or its employees believe that the financial exploitation of the eligible adult is occurring, has or may have occurred, is being attempted, or has been or may …

(a) Notwithstanding the provisions of section five of this article, a financial institution may disclose or produce financial records upon being served with a subpoena issued under authority of a grand jury without notice or service upon the customer. (b) Financial records obtain…

A subpoena issued by a government entity that specifically requires disclosure of protected financial information must meet the following requirements, in addition to the requirements of §31A-2A-5 of this code: (1) The subpoena must state that protected financial information is b…

(a) The commissioner shall make a thorough examination of all the books, accounts, records and papers of every depository financial institution using the same frequency of examination schedule as the financial institution's primary federal regulator. He or she shall carefully exa…

(a) Any state, county or local government official or employee who knowingly and willfully discloses financial records with intent to violate this article, or who knowingly and willfully induces or attempts to induce an officer, employee, agent or director of a financial institut…

If the determinations and actions of a depository institution or an employee of a depository institution are made in good faith and in accordance with the provisions of this article, then the depository institution or employee shall be immune from criminal, civil, or administrati…

A financial institution may not use a firearms code to engage in the following discriminatory conduct: (1) Declining a lawful payment card transaction based on the assignment of a firearms code to the merchant or transaction; (2) Limiting or declining to do business with a custom…

All officers, directors, employees and other persons connected with any financial institution, upon request of the commissioner of banking, or his or her duly authorized representative, shall furnish and give full access to all of the books, papers, notes, bills and other evidenc…

(a) An action to enforce any provision of this article may be brought in any circuit court of competent jurisdiction in this state within three years from the date on which the violation occurs or the date of discovery of such violation, whichever is later. (b) If any customer fi…

(a) All moneys collected by the commissioner from financial institutions and bank holding companies for assessments, examination fees, investigation fees or other necessary expenses incurred by the commissioner in administering such duties shall be paid to the commissioner and pa…

(a) Subject to subsection (c) of this section, a customer may bring a civil action for damages, injunctive relief, or both damages and injunctive relief against any financial institution or government entity that causes the customer’s protected financial information to be disclos…

In addition to any other remedy contained in this article, injunctive relief shall be available to require compliance with any procedure established in this article. Any customer awarded injunctive relief pursuant to this section may recover costs and reasonable attorney's fees a…

Whenever it appears that any law, rule and regulation or order applicable to any financial institution is being violated, or that any irregularities exist or unsound practices or procedures are being engaged in, it shall be the duty of the commissioner of banking to promptly call…