reglab/statecodes huggingface dataset:
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8D. Interstate Branching by Bank Mergers › §31A-8D-10. Notice of Subsequent Merger

An out-of-state state bank that has established and maintains a branch in this state pursuant to this article, shall give at least forty-five days' prior written notice (or, in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law) to the commissioner of any merger, consolidation or other transaction that would cause a change of control with respect to such bank or any bank holding company that controls such bank, with the result that an application would be required to be filed pursuant to the federal Change in Bank Control Act of 1978, as amended, 12 U.S.C. §1817(j), or the federal Bank Holding Company Act of 1956, as amended, 12 U.S.C. §§1841 et seq., or any successor statutes thereto. Notice under this section shall not obviate the need the acquiring entity may have to file with the commissioner or board pursuant to section five of this article, or section three, article eight-a of this chapter.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8E. Interstate Branching by De Novo Entry and Acquisition of Branches › §31A-8E-1. Legislative Purpose

It is the express intent of this article to permit interstate branching under Sections 102 and 103 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law No. 103-328, in accordance with the provisions set forth in this article and thereby permit interstate branch banking through de novo entry or by acquisition of branches in transactions not involving a whole bank merger or acquisition.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8E. Interstate Branching by De Novo Entry and Acquisition of Branches › §31A-8E-3. Interstate Branching by West Virginia State Banks Through De Novo Establishment or Acquisition of Branches in Other States

(a) Beginning on May 31, 1997, and pursuant to the procedures and standards established in either section twelve or section twelve-d, article eight of this chapter, any West Virginia state bank may establish and maintain a de novo branch or acquire a branch in a state other than West Virginia, if the new branch is in conformity with, and would be permitted under the laws of the state where the branch is to be located.
(b) A West Virginia state bank desiring to establish and maintain a branch in another state under this section shall file a notice on a form prescribed by the commissioner and pay the branch notice fee set forth in subsection (a), section twelve-d, article eight of this chapter.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8E. Interstate Branching by De Novo Entry and Acquisition of Branches › §31A-8E-4. Interstate Branching by Out-of-State Banks Through De Novo Entry or Acquisition of Branches in West Virginia

Beginning on May 31, 1997, an out-of-state bank that does not operate a branch in this state and that meets the requirements of this article may establish and maintain a de novo branch in this state, and may also establish and maintain a branch in this state through the acquisition of a branch: Provided, That branches may be so established in West Virginia by out-of-state banks only if the laws of the home state of the out-of-state bank permit West Virginia state banks to establish and maintain de novo branches or to acquire and maintain branches, as applicable, under substantially the same terms and conditions as set forth in this article. If the law of the other state restricts such entry by a West Virginia state bank to that other state, then the board may similarly limit the authority granted by this article for banks having their main office located in that state.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8E. Interstate Branching by De Novo Entry and Acquisition of Branches › §31A-8E-5. Requirement of Notice

An out-of-state bank desiring to establish and maintain a de novo branch or to acquire a branch in this state pursuant to this article shall provide written notice of the proposed transaction to the commissioner not later than the date on which the bank applies to the responsible federal or state bank supervisory agency for approval to establish the branch. The out-of-state bank may comply with this requirement by filing an additional copy of its branch application with its home state regulator and requesting that the home state regulator provide the copy to the commissioner. The commissioner may notify the home state regulator that the out-of-state bank must pay to the West Virginia Division of Banking a fee of up to $250.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8E. Interstate Branching by De Novo Entry and Acquisition of Branches › §31A-8E-6. Conditions for Approval

No branch of an out-of-state bank may be established in this state under this article unless the bank or its home state regulator:
(a) Confirms in writing to the commissioner that as long as it maintains a branch in West Virginia, the out-of-state bank will comply with all applicable laws of this state, including consumer protection laws and any acquisition deposit limitations, as well as maintenance of deposit insurance and capital requirements in the same manner as required for West Virginia state banks.
(b) Provides satisfactory evidence to the commissioner of compliance with the applicable requirements of West Virginia law requiring foreign corporations to qualify to do business in West Virginia.
(c) The commissioner, acting within thirty days after receiving notice of an application under section five of this article, or within seven days after a decision if a hearing is held, certifies to the responsible federal bank supervisory agency that the requirements of this article have been met. Unless preempted by federal law, the commissioner shall have thirty days from receipt of the written notice to object to the proposed transaction and request a hearing before the board on the basis that the transaction is contrary to applicable West Virginia law. The failure to object within thirty days shall be construed as consent by the commissioner or, in his or her discretion, the commissioner may, at any time, consent in writing.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8E. Interstate Branching by De Novo Entry and Acquisition of Branches › §31A-8E-7. Powers; Additional Branches

(a) An out-of-state state bank which establishes and maintains one or more branches in West Virginia under this article may conduct any activities at such branch or branches that are authorized under the laws of this state for West Virginia state banks.
(b) A West Virginia state bank may conduct any activity at a branch outside West Virginia that is expressly permissible for a bank chartered by the host state where the branch is located. Prior to commencing any such activity, the West Virginia state bank shall give the commissioner forty-five days advance notice of the intention to exercise any such powers which are not permitted to West Virginia state banks in their operations in this state under state law. This notice shall be made together with a filing providing a written summary with details of the proposed action or program, along with legal analysis for the authority to conduct the activities and how the exercise of the authority will not impair the safety and soundness of the bank and will be kept separate from its operations within West Virginia. Unless, within thirty days after receipt of the notice and filing, the commissioner objects or requests a hearing on the matter before the board, the exercise of the powers shall be deemed authorized. In the discretion of the commissioner or the board, authorization of such powers may be given in writing at any time.
(c) An out-of-state bank that has established or acquired a branch in West Virginia under this article may establish or acquire additional branches in West Virginia to the same extent that any West Virginia bank may establish or acquire a branch in West Virginia under applicable federal and state law. To the extent that an out-of-state bank has already established or acquired a branch in West Virginia and proposes to create additional branches by establishing another de novo branch, or by acquisition of another bank's branch in West Virginia, the provisions of this article govern the transaction.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8E. Interstate Branching by De Novo Entry and Acquisition of Branches › §31A-8E-9. Enforcement

If the commissioner determines that a branch maintained by an out-of-state state bank in this state is being operated in violation of any provision of the laws of this state, or that such branch is being operated in an unsafe and unsound manner, the commissioner shall have the authority to take all such enforcement actions as he or she would be empowered to take if the branch were a West Virginia state bank: Provided, That the commissioner shall promptly give notice to the home state regulator of each enforcement action taken against an out-of-state state bank and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving said enforcement action.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8E. Interstate Branching by De Novo Entry and Acquisition of Branches › §31A-8E-11. Notice of Subsequent Merger

An out-of-state state bank that has established and maintains a branch in this state pursuant to this article, shall give at least forty-five days' prior written notice (or, in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law) to the commissioner of any merger, consolidation or other transaction that would cause a change of control with respect to such out-of-state bank or any bank holding company that controls such bank, with the result that an application would be required to be filed pursuant to the federal Change in Bank Control Act of 1978, as amended, 12 U.S.C. §1817(j), or the federal Bank Holding Company Act of 1956, as amended, 12 U.S.C. §§1841 et seq., or any successor statutes thereto.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8E. Interstate Branching by De Novo Entry and Acquisition of Branches › §31A-8E-12. Applicability to Thrift Institutions

This article shall apply to interstate acquisition of branches of any savings bank, savings and loan association or other thrift institution maintaining federal deposit insurance by a bank where the nonthrift bank survives the transaction and maintains the branches.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8F. The West Virginia International Banking Act › §31A-8F-1. Legislative Purpose

(a) This article shall be known and may be cited as the "West Virginia International Banking Act".
(b) This article is intended generally to provide for state regulation of the participation by foreign banks in certain financial markets of this state.
(c) This article is intended:
(1) To authorize banking activities and operations in West Virginia by foreign banks having separately capitalized and domestically chartered banks in the United States through branches of such domestic banks in this state;
(2) To authorize agency and representative offices in this state of foreign banks; and
(3) To ensure that the banking laws and rules of this state otherwise apply to foreign banks, and to West Virginia and out-of-state banks and bank holding companies that are owned or controlled by foreign banks, in a manner consistent with the laws and policies of the United States governing the operations in this country of foreign banks.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8F. The West Virginia International Banking Act › §31A-8F-3. General Regulation Authority; Language; u.s. General Accounting Principles

(a) The commissioner is authorized and empowered to issue such rules and orders to perform his or her duties and functions under this article and to administer and carry out the provisions and purposes of this article and to prevent evasions thereof.
(b) It shall be required that all banks, including foreign banks, operating offices in this state use or make available on request the English language version of any customer contract or agreement when the customer is a United States corporation, citizen or resident. Upon demand of the commissioner of banking any bank or financial affiliate in West Virginia under the jurisdiction of the commissioner of banking shall provide at their own expense the translation of any document or record it holds into the English language. Unless otherwise provided for West Virginia licensed domestic banking institutions, all foreign banking offices licensed under the provisions of this article shall abide by U.S. general accounting principles in the maintenance of their financial records.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8F. The West Virginia International Banking Act › §31A-8F-4. Operations in This State of Banks Owned or Controlled by Foreign Banks and Other Foreign Persons

(a) The laws and rules of this state governing the acquisition or ownership of controlling or other interests in West Virginia banks or in out-of-state banks seeking to establish and maintain one or more interstate branches in this state shall not generally prohibit ownership of such institutions by, or otherwise discriminate against, foreign banks or other foreign persons.
(b) Notwithstanding the provisions of subsection (a) of this section, the commissioner is authorized to apply any standards or requirements of the laws and rules of this state governing the ownership, control or operations of West Virginia banks, including residency requirements for directors of West Virginia state-chartered banks, even if applicable specifically or exclusively to foreign banks or other foreign persons, to the extent such standards or requirements are determined by the commissioner to be either:
(1) Substantially equivalent to, or consistent with, the standards or requirements governing the ownership, control or operations of state or national banks in West Virginia by foreign banks or other foreign persons under applicable United States federal laws or regulations; or
(2) Otherwise consistent with the laws and policies of the United States, including its international agreements governing financial services.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8F. The West Virginia International Banking Act › §31A-8F-5. Branches by Domestic Subsidiary Banks Owned by a Foreign Bank

An out-of-state bank which is a domestic subsidiary of, or controlled by a foreign bank, may establish branches in this state through merger, de novo entry or the acquisition of branches on the same terms as any other bank sharing that same home state pursuant to articles eight-d and eight-e of this chapter.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8F. The West Virginia International Banking Act › §31A-8F-6. Authority of Affiliated Bank or Branch to Act as Agent for a Foreign Bank

(a) A West Virginia bank or branch of any out-of-state bank owned or controlled by a foreign bank may at its main or branch offices in West Virginia receive deposits, renew time deposits, close loans, service loans and receive payments on loans and other obligations as an agent for any depository institution affiliate of such foreign bank, including branch, agency and other offices of that same foreign bank located in other states, generally in accordance with the same terms, conditions, procedures and requirements that are applicable under the laws and rules of this state to such agency activities that may be conducted by West Virginia state banks.
(b) Notwithstanding any other provision of the laws or rules of this state no foreign controlled bank, branch or agency office shall be authorized by this article to accept retail deposits on behalf of a foreign bank or branch which is not authorized to take federally insured deposits, nor to act as agent on behalf of any affiliated foreign bank other than its controlling foreign bank or one which has been licensed to transact business in this state pursuant to this article.
(c) A bank or branch of any bank owned or controlled by a foreign bank may not at its main or branch offices in West Virginia:
(1) Conduct any activity as an agent under this section which such office is prohibited from conducting as a principal under any applicable federal or state law, including, but not limited to, the acceptance of impermissible deposits; or
(2) As a principal, have an agent conduct any activity under this section which such office is prohibited from conducting under any applicable federal or state law, including but not limited to the acceptance of impermissible deposits.
(d) Any agency relationship permitted under this section involving a depository institution affiliate or other affiliate of such foreign bank shall in any event be on terms that are consistent with safe and sound banking practices and all applicable rules and orders of the commissioner.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8F. The West Virginia International Banking Act › §31A-8F-7. Direct Agency Offices of Foreign Banks; Necessity of Licensure

(a) A foreign bank may directly transact certain banking business in this state as permitted under this article upon obtaining a license to establish and maintain a West Virginia state agency office.
(b) Subsection (a) of this section does not prohibit:
(1) Any foreign bank which establishes and maintains a federal agency or federal branch in this state from transacting at such federal agency or federal branch such banking business as it may be authorized to transact under applicable federal laws and rules; or
(2) Any foreign bank which does not maintain a branch or agency office in West Virginia from making or enforcing loans in this state including loans secured by liens on real or personal property located in this state, as long as such lending is not conducted from an office in this state, and the loan, if a consumer loan, is governed by West Virginia law.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8F. The West Virginia International Banking Act › §31A-8F-8. Application to Establish and Maintain an Agency Office; Contents

A foreign bank seeking to establish and maintain a West Virginia state agency office shall submit an application to the West Virginia board of banking and financial institutions. Such application shall contain:
(a) The same information as required by the board of Governors of the federal reserve system for an application to establish an agency in the United States;
(b) An instrument irrevocably appointing the West Virginia Secretary of State or his or her successors in office to be such foreign bank's agent, representative and attorney to receive service of any lawful judicial and administrative process; and
(c) Such additional information as the board or commissioner may require.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8F. The West Virginia International Banking Act › §31A-8F-10. No Concurrent Maintenance of Federal Branches or Agencies

(a) No foreign bank which is licensed under this article to establish and maintain a West Virginia state agency shall concurrently maintain a federal branch or federal agency office in this state.
(b) No foreign bank which maintains a federal branch or federal agency office in this state shall concurrently be licensed under this article to maintain a West Virginia state agency office.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8F. The West Virginia International Banking Act › §31A-8F-11. Powers of a Foreign Bank Agency Office

(a) A West Virginia state agency office of a foreign bank established under this article may engage in the business of making loans and guaranteeing obligations for the financing of the international movement of goods and services and for all operational needs including working capital and short-term operating needs and for the acquisition of fixed assets. In addition, such agency may also:
(1) Borrow funds from banks and other financial institutions;
(2) Buy and sell foreign exchange;
(3) Receive checks, bills, drafts, acceptances, notes, bonds, coupons and other securities for collection abroad and collect such instruments in the United States for customers abroad;
(4) Hold securities for safekeeping for, or buy and sell securities upon the order and for the risk of, customers abroad;
(5) Act as paying agent for securities issued by foreign governments or other organizations organized under foreign law and not qualified under the laws of the United States, or any state or the District of Columbia to do business in the United States;
(6) In order to prevent the loss on debts previously contracted, an agency may acquire shares in a corporation: Provided, That the shares are disposed of as soon as practicable, but in no event later than two years from the date of acquisition;
(7) Issue letters of credit and create acceptances; and
(8) Conduct activities which are necessary and incidental to the above-enumerated power: Provided, That the commissioner maintains the authority to determine whether the power or activity sought or undertaken is necessary and incidental.
(b) No West Virginia state agency office may take deposits on behalf of any affiliated bank or other depository institution.
(c) Any loan limitation or restriction based on the capital stock and surplus of a bank shall be deemed to refer, as applied to a West Virginia state agency, to the United States dollar equivalent of the capital and stock surplus of the parent foreign bank, and not to the capital equivalency deposit in section twenty-eight of this article.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8F. The West Virginia International Banking Act › §31A-8F-12. Representative Office of Foreign Banks; Necessity of Licensure

(a) No foreign bank shall establish or maintain a West Virginia state representative office unless the foreign bank is licensed by the commissioner to maintain a West Virginia representative office.
(b) Nothing in subsection (a) of this section shall be deemed to prohibit a foreign bank which maintains a federal agency or federal branch in this state from establishing or maintaining one or more West Virginia representative offices.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8F. The West Virginia International Banking Act › §31A-8F-13. Representative Office; Application

(a) The application for a license to establish and maintain a West Virginia representative office shall be in writing under oath and shall be in such form and contain such information as the commissioner may require by regulation or order. The application shall be accompanied by a fee of $250.
(b) Each application to establish and maintain a West Virginia representative office shall include an instrument irrevocably appointing the West Virginia Secretary of State or his or her successors in office to be such foreign bank's agent, representative and attorney to receive service of any lawful judicial and administrative process.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8F. The West Virginia International Banking Act › §31A-8F-14. Representative Office; Factors for Approval of Application

(a) A foreign bank making an application for a license to establish and maintain a West Virginia representative office shall deliver to the commissioner two (or more as the commissioner may require in writing) duplicate originals of the foreign bank's application.
(b) The commissioner may issue a license to a foreign bank to establish and maintain a West Virginia representative office if he or she finds:
(1) That the foreign bank is of sound financial standing;
(2) That the management of the foreign bank and the proposed management of the West Virginia representative office are adequate and are of good reputation and character;
(3) That the proposed office is not being formed for other than legitimate motives and purposes; and
(4) That the convenience and needs of persons to be served by the proposed West Virginia representative office will be promoted.
(c) If the commissioner determines to issue a license to a foreign bank to establish and maintain a West Virginia representative office, he or she shall, when all fees have been paid as required under this article:
(1) Endorse on each duplicate original of the application the word "Filed", and the date of the filing thereof and return to the foreign bank one such duplicate original so endorsed;
(2) File in his or her office one of such duplicate originals of the application; and
(3) Issue a license to establish and maintain a West Virginia representative office to such foreign bank.
(d) Each license issued to a foreign bank to establish and maintain a West Virginia representative office shall state fully the name of the foreign bank to which such license is issued, the address or addresses at which the West Virginia representative office is to be located and all other information as the commissioner may require.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8F. The West Virginia International Banking Act › §31A-8F-15. Representative Office; Permissible Activities

(a) A foreign bank which is licensed to establish and maintain a West Virginia representative office may, subject to such rules as the commissioner may prescribe, engage in the following activities:
(1) Solicitation for loans and in connection therewith the assembling of credit information, making of property inspections and appraisals, securing of title information, preparing of applications for loans including making recommendations with respect to action thereon, soliciting of investors to purchase loans from the foreign bank and searching for such investors to contract with the foreign bank for servicing of such loans;
(2) The solicitation of new business;
(3) The conduct of research; and
(4) Back office administrative functions as may be more specifically defined in rules issued by the commissioner.
(b) Any other activity which the foreign bank seeks to conduct at such office shall be subject to the prior written approval of the commissioner upon finding that the character of such other business is such that the granting of the authority would not facilitate evasions of this article or chapter or the rules or orders lawfully made hereunder.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8F. The West Virginia International Banking Act › §31A-8F-18. Amended License to Establish and Maintain a Direct Agency Office or Representative Office

(a) A foreign bank which is licensed to establish and maintain a West Virginia state agency or West Virginia representative office must secure an amended license if it changes its corporate name, changes corporate control, changes the duration of its corporate existence or desires to pursue in this state other or additional purposes than those set forth in its prior application under this article for a license, by making application therefor to the commissioner.
(b) The requirements with respect to the form and contents of an application under subsection (a) of this section, the manner of its execution, the filing of duplicate originals thereof with the commissioner, the issuance of an amended license and the effect thereof shall be the same as in the case of an initial application for a license to establish and maintain a West Virginia state agency or West Virginia representative office, except as may be provided by the commissioner in the case of a change of control which results merely from a corporate reorganization.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8F. The West Virginia International Banking Act › §31A-8F-19. Change of Control of Foreign Bank

A foreign bank which is licensed to establish and maintain a West Virginia state agency or West Virginia representative office shall file with the commissioner a written notice and request an amended license under section eighteen of this article no later than fourteen calendar days after the foreign bank becomes aware of any acquisition of control of the foreign bank or the bank merges with another foreign or domestic bank.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8F. The West Virginia International Banking Act › §31A-8F-21. Examination; Payment of Fees

(a) A West Virginia state agency or West Virginia representative office shall be subject to examination by the commissioner at intervals and in a manner as he or she shall establish by rule or order. Unless otherwise provided by rule or order the examinations may be conducted annually.
(b) In conducting an examination pursuant to this section, the commissioner shall:
(1) Have full access to the offices, books, accounts and records of each office located in this state as well as all of the books, accounts and records maintained in this state of any office not located in this state of such foreign bank; and
(2) Have authority to require the attendance of and to examine under oath all persons whose testimony may be required relative to the activities of such office.
(c) A foreign bank which is licensed to establish and maintain a West Virginia state agency or West Virginia representative office shall be assessed a reasonable fee for the expenses incurred by the commissioner in making an examination of the office.
(d) A foreign bank which is licensed to establish and maintain a West Virginia state agency or West Virginia representative office shall be subject to all reasonable fees and expenses in such amounts as the commissioner may require by rule or order.
(e) The commissioner may require a West Virginia state agency or West Virginia representative office to be audited by an independent accountant licensed to practice by the State of West Virginia. The accountant must have knowledge and experience with respect to auditing books of international corporations. The audit must be based on generally accepted accounting standards without limitation on its scope. The cost of the audits must be paid by the foreign bank.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8F. The West Virginia International Banking Act › §31A-8F-22. Supervision and Enforcement

(a) The commissioner shall have all of the powers granted to him or her by the laws of this state to the extent appropriate to enable him or her to supervise each West Virginia state agency or West Virginia representative office.
(b) If, after notice and a hearing, the commissioner finds that any person has violated any provision of this article or any regulation or order issued under this article, he or she may, in addition to any other remedy or action available to the commissioner under the laws of this state, seek a civil penalty in an amount in accordance with this chapter and rules thereunder.
(c) In order to carry out the purposes under this article, the commissioner may:
(1) Enter into cooperative, coordinating or information-sharing agreements with any other bank supervisory agency or any organization affiliated or representing one or more bank supervisory agencies;
(2) With respect to periodic examination or other supervision of a foreign bank that maintains a West Virginia state agency or West Virginia representative office, accept reports of examinations performed by, and reports submitted to, other bank supervisory agencies in lieu of conducting examinations, or of receiving reports, as might otherwise be required under this article;
(3) Enter into joint examinations or joint enforcement actions with any other bank supervisory agency having concurrent jurisdiction over any foreign bank: Provided, That the commissioner may at any time take any actions independently if the commissioner determines that the actions are necessary or appropriate to carry out his or her responsibilities under this article and to ensure compliance with the laws of this state;
(4) Enter into contracts with any bank supervisory agency having concurrent regulatory or supervisory jurisdiction over a foreign bank maintaining a West Virginia state agency or West Virginia representative office, to engage the services of such agency's examiners at a reasonable rate of compensation or provide the services of the commissioner's examiners at a reasonable rate of compensation: Provided, That any such contract shall be deemed excluded from the requirements of article three, chapter five-a of this code; and
(5) Assess supervisory and examination fees that shall be payable by foreign banks maintaining a West Virginia state agency or West Virginia representative office in connection with the commissioner's performance of his or her duties under this article and in accordance with rules adopted by the commissioner.
(d) Supervisory or examination fees assessed by the commissioner in accordance with the provisions of this article may be shared with other bank supervisory agencies or any organizations affiliated with or representing one or more bank supervisory agencies in accordance with agreements between the commissioner and such agencies or organizations.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8F. The West Virginia International Banking Act › §31A-8F-23. Reports

(a) Each foreign bank which is licensed to establish and maintain a West Virginia state agency or West Virginia representative office shall file with the commissioner such reports as and when the commissioner may require.
(b) Each report filed with the commissioner under this article or any rule or order issued under this article shall be in such form and contain such information, shall be signed in such manner, and shall be verified in such manner, as the commissioner may reasonably require.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8F. The West Virginia International Banking Act › §31A-8F-24. Confidentiality of Examination Reports

All reports of examinations and other records relating to the financial condition of any foreign bank, branch, agency office or representative office shall be confidential and subject to subpoena in the same manner as those examinations and records of other financial institutions pursuant to section four, article two of this chapter.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8F. The West Virginia International Banking Act › §31A-8F-25. Books, Accounts and Records

Each foreign bank which is licensed to establish and maintain a West Virginia state agency or West Virginia representative office shall maintain or make available at any such office appropriate books, accounts and records in the English language reflecting: (i) All transactions effected by or on behalf of such office; and (ii) all actions taken in this state by employees of the foreign banking corporation located in this state to effect transactions on behalf of any office of the foreign bank located outside this state.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8F. The West Virginia International Banking Act › §31A-8F-26. Separate Assets

(a) Each foreign bank which is licensed to establish and maintain a West Virginia state agency in this state shall keep the assets of its business in this state separate and apart from the assets of its business outside this state as though the West Virginia office was conducted as a separate and distinct entity.
(b) The creditors of a foreign bank arising out of transactions with, and recorded on the books of, its West Virginia state agency shall be entitled to absolute preference and priority over the creditors of the foreign bank's offices located outside this state with respect to the assets of the foreign bank in this state.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8F. The West Virginia International Banking Act › §31A-8F-29. Voluntary Closure of Agency or Representative Office; Application

(a) No foreign bank which is licensed to establish and maintain a West Virginia state agency or West Virginia representative office shall close the office without filing an application with, and obtaining the prior approval of, the commissioner. The failure of an agency or representative office to remain open to the public for business at least six hours per day four days per week (excluding legal holidays) shall, unless previous approval for lesser hours has been granted by the commissioner, constitute a closing, and may result in a suspension or revocation of license.
(b) If the commissioner finds, with respect to an application by a foreign bank under this section, that the closing of the office will not be substantially detrimental to the public convenience and advantage, the commissioner shall approve the application. If the commissioner finds otherwise, he or she shall deny the application.
(c) Whenever an application by a foreign bank under this section has been approved and all conditions precedent to the closing have been fulfilled, such foreign bank may close the office and shall promptly thereafter surrender to the commissioner the license which authorized the foreign bank to maintain the office.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8G. The West Virginia Fintech Regulatory Sandbox Program › §31A-8G-2. Definitions

As used in this article:
"Applicable agency" means a department or agency of the state that by law regulates certain types of business activity in the state and persons engaged in such business activity, including the issuance of licenses or other types of authorization, which the department determines would otherwise regulate a regulatory sandbox participant.
"Applicant" means an individual or entity that is applying to participate in the regulatory sandbox program.
"Consumer" means a person that purchases or otherwise enters into a transaction or agreement to receive an innovative product or service that is being tested by a regulatory sandbox participant.
"Distributed ledger" means the use of a digital database containing records of financial transactions, including blockchain technology, which can be simultaneously used and shared within a decentralized, publicly accessible network and can record transactions between two parties in a verifiable and permanent way.
"Division of Financial Institutions" and "division" mean the West Virginia Division of Financial Institutions.
"Financial product or service" means:
(A) A financial product or financial service that requires state licensure or registration; or
(B) A financial product or financial service that includes a business model, delivery mechanism, or element that may require a license or other authorization to act as a financial institution, enterprise, or other entity that is regulated by the West Virginia Division of Financial Institutions under chapters 31, 31A, and 31C of this code, 32A-2-1
et seq.
of this code, or other related provisions.
"Innovation" means the use or incorporation of a new or emerging technology or a new use of existing technology, including distributed ledger, to address a problem, provide a benefit, or otherwise offer a product, service, business model, or delivery mechanism that is not known by the Division of Financial Institutions to have a comparable widespread offering in the state.
"Innovative product or service" means a financial product or service that includes an innovation.
"Regulatory sandbox participant" means a person whose application to participate in the regulatory sandbox program is approved in accordance with the provisions of this article.
"Regulatory sandbox program" means the West Virginia FinTech Regulatory Sandbox Program created by this article, which allows a person to temporarily test an innovative product or service on a limited basis without otherwise being licensed or authorized to act under the laws of the state.
"Regulatory sandbox testing period" means a 24-month period beginning on the date an applicant is admitted to the regulatory sandbox program.
"Test" means to provide an innovative product or service in accordance with the provisions of this chapter.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8G. The West Virginia Fintech Regulatory Sandbox Program › §31A-8G-5. Additional Consumer Protections; Disclosures

(a) Before providing an innovative product or service to a consumer, a regulatory sandbox participant shall disclose the following to the consumer:
(1) The name and contact information of the regulatory sandbox participant;
(2) That the innovative product or service is authorized pursuant to the regulatory sandbox program and, if applicable, that the regulatory sandbox participant does not have a license or other authorization to provide a product or service under state laws that regulate products or services outside the regulatory sandbox program;
(3) That the innovative product or service is undergoing testing, may not function as intended, and may expose the consumer to financial risk;
(4) That the provider of the innovative product or service is not immune from civil liability for any losses or damages caused by the innovative product or service;
(5) That the state does not endorse or recommend the innovative product or service;
(6) That the innovative product or service is a temporary test that may be discontinued at the conclusion of the regulatory sandbox testing period;
(7) The expected end date of the regulatory sandbox testing period; and
(8) That a consumer may contact the Division of Financial Institutions to file a complaint regarding the innovative product or service being tested and provide the Division of Financial Institutions telephone number and website address where a complaint may be filed.
(b) The disclosures required by subsection (a) of this section shall be provided to a consumer in a clear and conspicuous form and, for an internet or application-based innovative product or service, a consumer shall acknowledge receipt of the disclosure before a transaction may be completed.
(c) The Division of Financial Institutions may investigate all consumer complaints made against a regulatory sandbox participant pursuant to subsection (a) of this section:
Provided
, That the consumer making the complaint was directly provided the innovative product or service by the regulatory sandbox participant, and the innovative product or service was provided in the course of participation in the regulatory sandbox program.
(d) The Division of Financial Institutions may require that a regulatory sandbox participant make additional disclosures to a consumer.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8G. The West Virginia Fintech Regulatory Sandbox Program › §31A-8G-6. Exiting Requirements; Extensions

(a) At least 30 days before the conclusion of the regulatory sandbox testing period, a regulatory sandbox participant shall:
(1) Notify the Division of Financial Institutions that the regulatory sandbox participant will exit the regulatory sandbox program, discontinue the regulatory sandbox participants test, and stop offering any innovative product or service in the regulatory sandbox program within 60 days after the day on which the regulatory sandbox testing period ends; or
(2) Seek an extension in accordance with 31A-8G-7 of this code.
(b) Subject to subsection (c) of this section, if the Division of Financial Institutions does not receive notification as required by subsection (a) of this section, the regulatory sandbox participant shall immediately stop offering each innovative product or service being tested at the conclusion of the regulatory sandbox testing period.
(c) If a test includes offering an innovative product or service that requires ongoing duties, such as servicing a loan, the regulatory sandbox participant shall continue to fulfill those duties or arrange for another person to fulfill those duties after the date on which the regulatory sandbox participant exits the regulatory sandbox program, and not less than 30 days before the conclusion of the regulatory sandbox testing period, notify, in writing, any consumer of the innovative product or service of the plan related to continuation or discontinuation of duties with respect to the innovative product or service.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8G. The West Virginia Fintech Regulatory Sandbox Program › §31A-8G-7. Testing Period Extensions

(a) Thirty days prior to the conclusion of the regulatory sandbox testing period, a regulatory sandbox participant may request an extension of the regulatory sandbox testing period for the purpose of obtaining a license or other authorization required by law.
(b) The Division of Financial Institutions shall grant or deny a request for an extension in accordance with subsection (a) of this section by the conclusion of the regulatory sandbox testing period.
(c) The Division of Financial Institutions may grant an extension in accordance with this section for not more than 12 months after the conclusion of the regulatory sandbox testing period.
(d) A regulatory sandbox participant that obtains an extension in accordance with this section shall provide the Division of Financial Institutions with a written report every three months that provides an update on efforts to obtain a license or other authorization required by law, including any submitted applications for licensure or other authorization, rejected applications, or issued licenses or other authorization.
2023 West Virginia Code › Chapter 31A. Banks and Banking › Article 8G. The West Virginia Fintech Regulatory Sandbox Program › §31A-8G-8. Recordkeeping and Reporting Requirements; Participant Removal

(a) A regulatory sandbox participant shall retain records, documents, and data produced in the ordinary course of business regarding an innovative product or service tested in the regulatory sandbox program, and shall maintain comprehensive records for not less than five years after the conclusion of the regulatory sandbox testing period.
(b) If an innovative product or service fails before the conclusion of a regulatory sandbox testing period, the regulatory sandbox participant shall notify the Division of Financial Institutions and report on actions taken by the regulatory sandbox participant to ensure consumers have not been harmed as a result of the failure.
(c) The Division of Financial Institutions will collaborate with a regulatory sandbox participant to establish periodic and reasonable reporting requirements for the regulatory sandbox participant.
(d) The Division of Financial Institutions may request records, documents, and data from a regulatory sandbox participant, and, upon the divisions request, a regulatory sandbox participant shall make such records, documents, and data available for inspection by the division.
(e) If the Division of Financial Institutions determines that a regulatory sandbox participant has engaged in, is engaging in, or is about to engage in any practice or transaction that is in violation of this chapter or that constitutes a violation of a state or federal criminal law, the Division of Financial Institutions may remove a regulatory sandbox participant from the regulatory sandbox program and may refer suspected violations of law relating to this act to appropriate state or federal agencies for investigation, prosecution, civil penalties, and other appropriate enforcement actions.
(f) On or before December 1 of each year, the Division of Financial Institutions shall provide an annual written report to the Joint Committee on Government and Finance that provides information regarding each regulatory sandbox participant and that provides recommendations regarding the effectiveness of the regulatory sandbox program. This report shall be made publicly available on the divisions website.