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253 sections in this chapter.
W. Va. Code § 31A-2-9 Correction of violations of law, irregularities and unsound practices; disposition of doubtful assets and past-due obligations; stockholders' meetings
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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…
W. Va. Code § 31A-3-1 Board continued; appointment, qualifications, terms, oath, etc., of members; quorum; meetings; when members disqualified from participation; compensation; records; office space; personnel; continuation
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(a) The West Virginia Board of Banking and Financial Institutions is continued and shall consist of six members and the commissioner, who shall be chairman. The six members shall be appointed by the Governor, by and with the advice and consent of the Senate. Three of the members …
W. Va. Code § 31A-3-2 General powers and duties
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(a) In addition to other powers conferred by this chapter, the board has the power to: (1) Regulate its own procedure and practice; (2) Promulgate reasonable rules to implement any provision of this article in accordance with the provisions of article three, chapter twenty-nine-a…
W. Va. Code § 31A-3-3 Hearings and orders; entry of order without notice and hearing
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(a) Subject to the provisions of subsections (e), (f), (g) and (h) of this section and to the provisions of subsection (j), section twelve, article eight of this chapter, notice and hearing shall be provided in advance of the entry of any order by the board. (1) Such notice shall…
W. Va. Code § 31A-3-4 Judicial review; appeals to Supreme Court of Appeals
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(a) Any party to a hearing before the board adversely affected by any order of the board made and entered after a hearing as provided in section three, article three of this chapter shall be entitled to judicial review thereof in the manner provided in section four, article five,…
W. Va. Code § 31A-4A-1 Conversion of bank, thrift or credit union into state bank authorized
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Any bank, thrift or credit union organized under the laws of the United States or any other state may, by a majority vote of its directors or other governing body, convert into a state bank with any name approved by the board of Banking and Financial Institutions in accordance wi…
W. Va. Code § 31A-4-1 General corporation laws applicable; charter applications to be approved by West Virginia Board of Banking and Financial Institutions
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(a) The general corporation laws of the state, including the provisions of chapter thirty-one-d of this code, shall govern banking institutions and the chartering thereof, except as otherwise provided in or where inconsistent with the provisions of this chapter, when the banking …
W. Va. Code § 31A-4-10 List of stockholders
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For the purposes of this section, "bank holding company" means any company which has control over any West Virginia state chartered bank, including financial holding companies as defined by the Bank Holding Company Act, 12 U.S.C. §1841(p). "Control" shall be construed consistentl…
W. Va. Code § 31A-4-10A Stockholder inspection of books and records
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(a) Any stockholder or group of stockholders of a state banking institution, holding of record the number of voting shares of such bank specified below, upon making written demand stating a proper purpose, shall have the right to examine, in person or by agent or attorney, at any…
W. Va. Code § 31A-4-11 Liability of stockholders
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Each stockholder of any state banking institution, in addition to the liability imposed upon him as a stockholder of a corporation under the provisions of article one of chapter thirty- one of this code, shall be liable to the creditors of the banking institution, on obligations …
W. Va. Code § 31A-4-12 Impairment of capital forbidden; remedies; assessments; sale of stock
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The officers and directors of a state banking institution shall not pay out, disburse or withdraw, or permit to be paid out, disbursed or withdrawn, in any manner whatever, any part of the capital of the corporation except in case of merger or consolidation, as hereinafter provid…
W. Va. Code § 31A-4-13 Powers of state banking institutions generally
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(a) Any state-chartered banking institution has and may exercise all of the powers necessary for, or incidental to, the business of banking and, without limiting or restricting such general powers, it shall have the right to buy or discount promissory notes and bonds; negotiate d…
W. Va. Code § 31A-4-14 Trust powers of banking institutions
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(a) Every state banking institution which files the reports required in section fifteen of this article and which is not otherwise prohibited by the commissioner or federal bank regulators from doing so, has and may exercise the following powers: (1) All the powers, rights and pr…
W. Va. Code § 31A-4-14A Transfer of fiduciary accounts or relationships between affiliated subsidiary banks of a bank holding company or affiliated nonbanking entities or entities jointly owned by federally insured depository institutions
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(a) Notwithstanding any other provision of this code and unless the will, deed or other instrument creating a trust or fiduciary account or relationship specifically provides otherwise, any affiliated banking institution, nonbanking subsidiary of a bank, nonbanking subsidiary of …
W. Va. Code § 31A-4-14B Delegation and fiduciary responsibility
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(a) Any bank, nonbanking subsidiary of a bank holding company, nonbanking subsidiary of a banking institution or trust entity jointly owned by federally insured depository institutions located in this state and authorized by the commissioner to operate in this state that acts as …
W. Va. Code § 31A-4-15 Required annual filings before exercising trust powers; penalties; notice of failure to comply
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No banking institution, nonbanking subsidiary of a bank holding company, nonbanking subsidiary of a bank, or entity jointly owned by federally insured depository institutions authorized to conduct banking business in this state shall exercise any of the trust powers mentioned in …
W. Va. Code § 31A-4-16 Trust funds to be kept separate; bookkeeping and management
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Every banking institution, nonbanking subsidiary of a bank holding company, nonbanking subsidiary of a bank or entity jointly owned by federally insured depository institutions authorized to engage in the trust business pursuant to the provisions of section fourteen of this artic…
W. Va. Code § 31A-4-17 Oath as fiduciary
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Whenever any court, or the clerk thereof, shall appoint any banking institution, nonbanking subsidiary of a bank holding company, nonbanking subsidiary of a bank or entity jointly owned by federally insured depository institutions exercising trust powers under section fourteen of…
W. Va. Code § 31A-4-18 Capital as fiduciary security; additional security
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Whenever any banking institution, nonbanking subsidiary of a bank holding company, nonbanking subsidiary of a bank or entity jointly owned by federally insured depository institutions authorized to exercise trust powers pursuant to the provisions of section fourteen of this artic…
W. Va. Code § 31A-4-18A Short-term investments when acting as a fiduciary
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(a) Any individual, bank, trust company or other entity engaged in the business of exercising fiduciary powers for compensation and complying with the provisions of this section is deemed to have satisfied its fiduciary obligations and duties with respect to: (1) The investment o…
W. Va. Code § 31A-4-19 Reports
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Every state banking institution shall make at least four reports each year to the commissioner of banking upon his or her call therefor. The reports shall be called for as nearly as conveniently may be on the dates on which the comptroller of the currency shall call for reports b…
W. Va. Code § 31A-4-2 Use of terms; unlawfully engaging in banking business; penalties; enforcement
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(a) No person doing business in this state, except a banking institution, a person authorized by the commissioner under the terms of this section or an insurer licensed pursuant to article three, chapter thirty-three of this code under a name including the terms set forth herein …
W. Va. Code § 31A-4A-2 Procedure for conversion of national bank into state bank
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(a) A converting institution shall file an application with the division on a form prescribed by the commissioner along with articles of incorporation, bylaws for the proposed state bank and a check for $2,500. The application shall declare that a majority of the converting insti…
W. Va. Code § 31A-4-20 Stockholders’ annual meeting; financial statement; appointment, duties and report of outside auditing firm
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(a) The stockholders of each state banking institution shall meet annually. The banking institution shall prepare and submit to the stockholders a copy of the institution’s most recent fiscal year audited financial statements. The audited financial statement may be consolidated o…
W. Va. Code § 31A-4-21 Federal deposit insurance; membership in federal reserve system
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State banking institutions are authorized to do any act necessary to obtain insurance of their deposits by the United States or any agency or instrumentality thereof including the federal deposit insurance corporation and to acquire and hold membership in the federal reserve syst…
W. Va. Code § 31A-4-22 Reserves required of banking institutions; reports; penalties
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Each state banking institution shall at all times maintain on hand as a reserve in lawful money of the United States of America an amount equal to at least seven percent of the aggregate of all of its deposits which are subject to withdrawal on demand and three percent of its tim…
W. Va. Code § 31A-4-23 Borrowing by banking institutions; records thereof; penalties
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Any state banking institution may borrow money, rediscount any of its notes, or borrow bonds for the use of the bank in order to meet any emergency that may arise. The books and accounts of such banking institutions shall at all times show the amount of such borrowed money, bonds…
W. Va. Code § 31A-4-24 Capital notes and debentures; retirement; not subject to assessment
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With the written approval of the commissioner of banking and with the approval of its board of directors and stockholders, any banking institution may at any time issue and sell either its nonconvertible capital notes or nonconvertible debentures or both its nonconvertible capita…
W. Va. Code § 31A-4-25 Dividends; limitations; penal provisions
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(a) The directors of any state-chartered banking institution may, quarterly, semiannually or annually, declare a dividend of so much of the net profits of that banking institution as they shall judge expedient, except that until the surplus fund of such banking institution shall …
W. Va. Code § 31A-4-26 Limitation on loans and extensions of credit; limitation on investments; loans to executive officers and directors of banks and employees of the banking department; exceptions; valuation of securities
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(a) (1) The total loans and extensions of credit made by a state-chartered banking institution to any one person or common enterprise and not fully secured, as determined in a manner consistent with subdivision (2) of this subsection, may not exceed 15 percent of the unimpaired c…
W. Va. Code § 31A-4-27 Loans eligible for federal insurance or guaranty
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Banking institutions are authorized: (a) To make such loans and advances of credit and purchases of obligations representing loans and advances of credit as are eligible for insurance or guaranty by the federal housing commissioner or United States administrator of veterans' affa…
W. Va. Code § 31A-4-28 Investments in obligations secured by mortgages or deeds of trust insured or guaranteed by United States; securities of federal agencies; use of such obligations and securities as collateral, etc
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It shall be lawful for banking institutions to invest their funds and the moneys in their custody or possession eligible for investment, in notes, bonds or other obligations secured by mortgages or deeds of trust insured or guaranteed by the federal housing commissioner or United…
W. Va. Code § 31A-4-29 Application of other laws to loans and investments under §§31A-4-27 and 31A-4-28
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No law of this state prescribing the security upon which loans or investments may be made or the nature, amount, or form of such security, or prescribing or limiting the period for which loans or investments may be made shall be deemed to apply to loans or investments made pursua…
W. Va. Code § 31A-4-3 Minimum capital stock; classes of stock; par value; capitalization of surplus
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(a) No banking institution may hereafter be incorporated unless it shall have bona fide subscribed capital stock and capital surplus equal to at least $4 million. The West Virginia Board of Banking and Financial Institutions shall require capital in excess of $4 million if, in it…
W. Va. Code § 31A-4A-3 Effect of conversion into state bank
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(a) When the board of Banking and Financial Institutions has provided the converting institution an order that this article has been complied with, the converting institution and all its stockholders or members, officers and employees shall have the same powers and privileges and…
W. Va. Code § 31A-4-30 Charges and interest allowed in certain cases; negotiability of installment notes
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In addition to the interest rate provided in article six, chapter forty-seven of this code and elsewhere by law, a banking institution may charge interest together with other finance charges at a rate of eighteen percent per annum or less calculated according to the actuarial met…
W. Va. Code § 31A-4-30A Alternative maximum interest rate on loans by banks chartered under state law
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(a) The Legislature hereby finds and declares that: (1) Under federal banking laws, national banking associations are permitted to charge interest on loans at a rate not exceeding one percent in excess of the discount rate on ninety-day commercial paper in effect at the federal r…
W. Va. Code § 31A-4-31 Uniform and continuing depository bonds authorized; review of such bonds; correction of inadequacy; security for federally insured deposits not required
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Notwithstanding any provision of any law, ordinance, order, rule, regulation or resolution requiring depository bonds of banking institutions covering state, county and municipal deposits or the deposits of any state, county, municipality or other political subdivision agency, bu…
W. Va. Code § 31A-4-32 Adverse claims to deposits and property held in safe deposit
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(a) A banking institution shall not be required, in the absence of a court order or indemnity required by this section, to recognize any claim to, or any claim of authority to exercise control over, a deposit account or property held in safe deposit (whether by the institution or…
W. Va. Code § 31A-4-33 Deposits in trust; deposits in more than one name; limitation on liability of institutions making payments from certain accounts; notice requirements; pledges or garnishment of joint accounts; financial institutions duties; multiple-fiduciary accounts; payment of multiple-fiduciary accounts
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(a) If any deposit in any banking institution be made by any person describing him or herself in making such deposit as trustee for another, and no other or further notice of the existence and terms of a legal and valid trust than such description shall be given in writing to the…
W. Va. Code § 31A-4-33A Establishment of payable on death accounts; rights of account owners; change of beneficiary to be in writing; rights of beneficiaries; limitation on liability of institutions making payments from such accounts
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(a) Any person may enter into a written contract with any banking institution located in this state to establish a payable on death bank account, which may be abbreviated as a "p.o.d." account. A payable on death account contract shall provide that upon the death of the account o…
W. Va. Code § 31A-4-34 Payment of deposits to minors
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Whenever any minor shall make, or have credit for, a deposit in any banking institution, in his or her name, the money so deposited may be paid out on the check or order of such depositor the same as in case of a depositor of legal age, and such payment shall be in all respects v…
W. Va. Code § 31A-4-35 Reproduction of checks and other records; admissibility of copies in evidence; disposition of originals; record production generally
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(a) Any bank may cause to be copied or reproduced, by any photographic, photostatic, microphotographic or by similar miniature photographic process or by nonerasable optical image disks (commonly referred to as compact disks) or by other records retention technology approved by r…
W. Va. Code § 31A-4-36 Statement of account to customers; duties of customers; limitations
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When a banking institution makes a statement of account available to its customer in the manner provided in section four hundred six, article four, chapter forty-six of this code, such customer shall, with respect to errors in said account, have the same duties and shall be bound…
W. Va. Code § 31A-4-37 Sale of machine operations and services
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Any state banking institution or institutions, or institution or institutions jointly with a national banking association or associations, owning, leasing or renting, directly or through a subsidiary corporation wholly owned by it or them, computer, bookkeeping, or other like or …
W. Va. Code § 31A-4-38 Direct leasing of personal property
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Banking institutions may, subject to rules and regulations promulgated by the commissioner of banking, acquire and lease personal property pursuant to a binding arrangement for the leasing of such property to any person upon terms requiring payment to the institution, during the …
W. Va. Code § 31A-4-39 Transactions on legal holidays and Sundays
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No act or transaction of any banking institution shall be void or voidable because done on a legal holiday or a Sunday. But this section shall not be construed to require of any such institution the doing of any act on a legal holiday or a Sunday.
W. Va. Code § 31A-4A-4 Filing of incorporation or organization
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After the board of Banking and Financial Institutions issues an order granting a state charter to the converting institution, the bank shall file in the office of the Secretary of State a certificate of incorporation in compliance with chapter thirty-one-d of this code or article…
W. Va. Code § 31A-4-4 Majority of stock to be paid in full before engaging in business; sale of additional stock; organizational expense fund; affidavit of incorporators; penalties; stockholder preemptive rights
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(a) The majority of the capital stock of every banking institution, chartered under the laws of this state, shall be paid in full in cash and issued to the ultimate subscribers, not an agent or broker acting on behalf of the organizers, before it shall be authorized to engage in …
W. Va. Code § 31A-4-40 Permissive closing on fixed weekday or portions of weekdays; notice of closings; emergency closings; procedures
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(a) Any banking institution may elect to operate branches that are open for business on the days and for the hours as determined appropriate by that banking institution. Prior to changing the days or hours a branch or main office will be open for business, the banking institution…
