SB 581
Eliminating requirement that commissioner approve joint account forms used by banking institutions
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill eliminates the requirement that the West Virginia banking commissioner approve joint account forms used by banking institutions. Currently, banks needed commissioner approval for forms used when multiple people held an account together. This change simplifies the process for banks to offer these types of accounts, allowing them to use standard forms without seeking prior approval from the commissioner.
Key provisions
- Removes the requirement for commissioner approval of joint account forms.
- Allows banks to use standard forms for joint deposit accounts.
- Clarifies procedures for paying joint accounts to creditors or claimants.
- Addresses the liability of banks when making payments from joint accounts.
- Establishes rules for multiple-fiduciary accounts, allowing payments to multiple fiduciaries.
Who is affected
- Banking Institutions
- Customers of banking institutions
- Banking Commissioner's Office
Notable changes
- Eliminates a prior requirement for commissioner approval of joint account forms.
- Simplifies the process for banks to offer joint accounts.
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yours