HB 3440
Relating generally to removing and repealing obsolete provisions under the purview of the State Treasurer’s Office
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill aims to remove and repeal outdated and obsolete sections of West Virginia’s code related to the State Treasurer’s Office. Specifically, it targets provisions concerning collateral requirements for state deposits and the acceptance of surety bonds or certificates of deposit. The bill also removes language regarding the acceptance of these types of collateral and repeals sections related to a small business linked deposit program.
Key provisions
- Removes and repeals obsolete sections of the West Virginia Code related to the State Treasurer’s Office.
- Eliminates the requirement for depository bonds when deposits exceed federal insurance limits.
- Allows deposits to be placed in certificates of deposit insured by the Federal Deposit Insurance Corporation.
- Removes language regarding the acceptance of surety bonds and certificates of deposit as collateral.
- Repeals sections of the code pertaining to the West Virginia Small Business Linked Deposit Program.
Who is affected
- State Treasurer’s Office
- Financial Institutions
- State of West Virginia (Treasury)
- Depositors of State Funds
Notable changes
- The bill eliminates the requirement for collateral, such as bonds, to be held by state depositories.
- It allows for deposits to be made in certificates of deposit insured by the FDIC, potentially reducing the need for collateral.
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