SB 338
Division of Financial Institutions rule relating to notice and treatment of joint accounts
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
Senate Bill 338 authorizes the West Virginia Division of Financial Institutions to create a rule regarding how financial institutions should handle joint accounts. This rule will outline the specific notices that must be provided to account holders and how the accounts should be treated under certain circumstances. The goal is to standardize practices and ensure transparency and fairness in the management of joint accounts within the state. This legislation focuses on clarifying regulatory procedures.
Key provisions
- Authorizes the Division of Financial Institutions to develop a rule.
- The rule will address notice requirements for joint accounts.
- The rule will specify how joint accounts should be treated.
- The rule is based on existing authority within West Virginia Code.
Who is affected
- Financial Institutions
- Customers with joint accounts
- West Virginia residents with joint accounts
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