reglab/statecodes huggingface dataset:
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-05 - Enforcement of the Uniform Unclaimed Property Act and the Unknown and Unlocatable Interest Owners Act › Section 112-5-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. For the
				purposes of this rule, the definitions and use of terms contained in W. Va.
				Code §
									36-8-1 et seq., have the same use
				and meaning as prescribed to them by the Code, unless a different meaning is
				clearly required by the context. Additionally, for purposes of this rule, the
				following definitions apply:
2.1.1. "Act"
				means the Uniform Unclaimed Property Act, W. Va. Code §
										36-8-1, et seq., and the rules
				promulgated under the Act.
2.1.2.
				"Dormancy Charge" means any charge deducted by a holder from property subject
				to the Act, which is imposed solely by virtue of the inactivity of that
				property.
2.1.3. "Due Diligence"
				means the notice that a holder must provide to an owner pursuant to §
										36-8-7(e).
2.1.4. "Indication of Interest in Property"
				occurs when the owner takes any action described in §
										36-8-2(c) or (d)
				of the Act which prevents a presumption of abandonment.
2.1.5. "Last Activity Date" means the last
				verifiable date of owner authorized activity or contact with the property being
				remitted to the administrator.
2.1.6. "NCIC" means the National Crime
				Information Center.
2.1.7.
				"Non-freely transferable security" means a security that cannot be delivered to
				the administrator by the Depository Trust Clearing Corporation or similar
				custodian of securities providing post-trade clearing and settlement services
				to financial markets or cannot be delivered because there is no agent to effect
				transfer. The term includes a worthless security.
2.1.8. "Safe Deposit Box" means any safe,
				vault, safekeeping repository, or collateral deposit box held by a financial
				institution.
2.1.9. "Stock or other
				equity interest in a business association or financial organization" for
				purposes of the presumptions of abandonment set forth in W. Va. Code §
										36-8-2(a)(3)
				means any dividends, interest, unmatured bond principal, shares of stock,
				unexchanged stock of successor corporation, other certificates of ownership,
				underlying shares, U.S. government securities, mutual fund shares, matured or
				redeemed bond principal, and dividend reinvestment plans.
2.1.10. "UUIO Act" means the Unknown and
				Unlocatable Interest Owners Act, codified in W. Va. Code §
										37B-2-1, et seq.
2.1.11. "UUIO holder" means a person or
				entity obligated under the UUIO Act to hold reserved interests for the account
				of, or deliver or pay to, an owner.
2.1.12. "UUIO owner" means an unknown or
				unlocatable interest owner as defined in West Virginia Code §
										37B-1-3.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-05 - Enforcement of the Uniform Unclaimed Property Act and the Unknown and Unlocatable Interest Owners Act › Section 112-5-3 - Presumption of Abandonment

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1.
				Activities which do not prevent the presumption of abandonment, include, but
				are not limited to, automatic postings to accounts, computer system conversion
				dates, and non-return of mail, unless otherwise provided in the Act.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-05 - Enforcement of the Uniform Unclaimed Property Act and the Unknown and Unlocatable Interest Owners Act › Section 112-5-4 - Safe Deposit Boxes

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1.
				The contents of safe deposit boxes, or proceeds resulting from the sale of the
				property permitted by law, which are unclaimed for more than five years after
				expiration of the lease or rental period on the boxes are presumed abandoned.
				At least two employees of the holder shall open and inventory the boxes.
				Property held in safe deposit boxes must be reported in accordance with the
				West Virginia State Treasurer's Office safe deposit box, safekeeping, and other
				tangible property guidelines.
4.2.
				The administrator may offer property recovered from safe deposit boxes for
				public sale.
4.3. When there is a
				valid lien or a contract between the holder and owner, within one year after
				the property has been claimed by the owner and the holder can be located, the
				administrator may reimburse the holder from the Unclaimed Property Fund for an
				amount not to exceed $150, inclusive of all charges incurred including opening
				the safe deposit box, unpaid rent, and storage charges.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-05 - Enforcement of the Uniform Unclaimed Property Act and the Unknown and Unlocatable Interest Owners Act › Section 112-5-5 - Dormancy Charges and Other Deductions

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1. When dormancy charges, withheld tax or
				other amounts are deducted from an owner's entitlements, the holder shall
				report the value or amount of each item of property prior to deduction and the
				amount of the deduction in the remittance report filed with the
				administrator.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-05 - Enforcement of the Uniform Unclaimed Property Act and the Unknown and Unlocatable Interest Owners Act › Section 112-5-7 - Payment or Delivery

Current through Register Vol. XLI, No. 28, July 12, 2024
7.1.
				Except as otherwise provided, a holder shall deliver all property subject to
				the Act to the administrator at the time of filing the report.
7.2. If the property reported to the
				administrator is virtual currency, pursuant to W. Va. Code §
									36-8-8(e) the
				holder shall liquidate the virtual currency anytime within 30 days of filing
				the report and remit the proceeds to the administrator. The owner shall have no
				recourse against either the holder, provided that the holder has acted in
				accordance with reporting requirements or the administrator for any gain in
				value after liquidation.
7.3. If
				the property reported to the administrator is a security, the holder shall
				transfer ownership of the security to the State of West Virginia or the street
				name of a financial institution or other intermediary designated by the State
				of West Virginia prior to delivery of the security to the
				administrator.
7.4. A holder is not
				required to deliver to the administrator a security identified as a non-freely
				transferable security.
7.5. A
				retirement plan administrator or other responsible fiduciary terminating a
				retirement plan may, following a diligent search for missing participants,
				report and remit any unclaimed benefits contemporaneous with the termination of
				the plan, and is neither required to wait for three years to elapse pursuant to
				W. Va. Code §
									36-8-2(17), nor
				obtain written permission from the administrator for premature reporting under
				W. Va. Code §
									36-8-17(b).
7.6. If the property reported to the
				administrator is subject to the UUIO Act, the property shall be reported, and
				payment remitted separately as designated by the administrator to the UUIO Fund
				established by W.Va. Code §
									37B-2-5.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-05 - Enforcement of the Uniform Unclaimed Property Act and the Unknown and Unlocatable Interest Owners Act › Section 112-5-8 - Advertising

Current through Register Vol. XLI, No. 28, July 12, 2024
8.1. In addition to
				the published notice required in W. Va. Code §
									36-8-9, the administrator may use
				other forms of advertising that, in the judgment of the administrator, would be
				in the best interests of the apparent owners of the unclaimed
				property.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-05 - Enforcement of the Uniform Unclaimed Property Act and the Unknown and Unlocatable Interest Owners Act › Section 112-5-9 - Claims

Current through Register Vol. XLI, No. 28, July 12, 2024
9.1. After property
				has been paid or delivered to the administrator under W. Va. Code §
									36-8-8, another state may recover
				any property subject to W. Va. Code §
									36-8-4.
9.2. A person, excluding another state,
				claiming property paid or delivered to the administrator may file a claim form
				electronically or on a form prescribed and provided by the administrator. In
				addition to the prescribed form, the claimant shall provide any other evidence
				the administrator may require in order to allow claim.
9.3. The administrator may waive the
				requirement to file a claim for property that has a value of less than $5,000.
				This waiver applies only to single owner properties with an owner claim type,
				properties that do not require a W-9, and excludes tangible items. Potential
				owners will be validated through a data match process to obtain reasonable
				assurance that they are the rightful owners.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-05 - Enforcement of the Uniform Unclaimed Property Act and the Unknown and Unlocatable Interest Owners Act › Section 112-5-10 - Periods of Limitation

Current through Register Vol. XLI, No. 28, July 12, 2024
10.1
				The administrator shall commence an action against a holder within ten (10)
				years after the time the property was first reported or specifically placed in
				issue.
10.2. A holder which
				conceals property, willfully or otherwise, does not have the protection of the
				stated limitations period provided in W. Va. Code §
									36-8-19.
10.3. The period of limitation with respect
				to property specifically identified in a report filed by a holder is limited to
				those individual properties specifically identified and reported and does not
				extend to individual properties which are not disclosed by the holder, even if
				the individual properties are of the same type of properties specifically
				identified and reported.
10.4. The
				initiation of an examination by the administrator constitutes an "action" for
				purposes of section 10.1. and tolls the running of any statute of limitations
				for purposes of enforcement.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-05 - Enforcement of the Uniform Unclaimed Property Act and the Unknown and Unlocatable Interest Owners Act › Section 112-5-11 - Requests For Reports and Examination of Records

Current through Register Vol. XLI, No. 28, July 12, 2024
11.1. The administrator may contract with a
				vendor to conduct unclaimed property audits pursuant to W.Va. Code §
									36-8-20. Audits shall be conducted
				offsite virtually through electronic means. However, audits may be conducted
				onsite in-person if technical limitations exist which the audit vendor finds to
				make an offsite examination impracticable.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-05 - Enforcement of the Uniform Unclaimed Property Act and the Unknown and Unlocatable Interest Owners Act › Section 112-5-12 - Disposition/Reporting of Property Held by Law Enforcement Agencies

Current through Register Vol. XLI, No. 28, July 12, 2024
12.1. Stolen property, as defined in W. Va.
				Code §
									36-8A-1 (e) and
				(g), includes only those items that would not
				afterward be subject to W. Va. Code §
									62-1A-1, et seq.
12.1.1. A law enforcement agency shall check
				all unclaimed property subject to W. Va. Code §
										36-8A-1 seq., with any
				distinguishable serial numbers or other verifiable identification through the
				NCIC system prior to delivery of the property to the administrator. The
				administrator shall immediately return any unclaimed property not cleared
				through NCIC to the submitting law enforcement agency.
12.1.2. A law enforcement agency failing to
				clear stolen property through NCIC as required by this rule is responsible and
				liable for any damages or injuries caused by the failure to clear the
				property.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-05 - Enforcement of the Uniform Unclaimed Property Act and the Unknown and Unlocatable Interest Owners Act › Section 112-5-13 - Descent and Distribution

Current through Register Vol. XLI, No. 28, July 12, 2024
13.1. If there is no taker under the
				provisions of W. Va. Code §
									42-1-3c, the intestate estate
				passes to the state. Any personal property passes to the administrator for
				disposition by public sale in accordance with W. Va. Code §
									36-8-12. The administrator shall
				deposit the proceeds of the sale of the personal property to the credit of the
				general revenue fund.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-05 - Enforcement of the Uniform Unclaimed Property Act and the Unknown and Unlocatable Interest Owners Act › Section 112-5-14 - Military Medal or Decoration

Current through Register Vol. XLI, No. 28, July 12, 2024
14.1. The administrator may not sell a medal
				or decoration awarded for military service in the armed forces of the United
				States.
14.2. The administrator
				with the consent of the respective organization may deliver a medal or
				decoration to be held in custody for the owner, to:
14.2.1. a military veterans organization
				qualified under the Internal Revenue Code
				26 U.S.C. Section
				501(c)(19);
14.2.2. The agency that awarded the medal or
				decoration; or
14.2.3. The West
				Virginia Department of Arts, Culture and History or any other government
				entity.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-05 - Enforcement of the Uniform Unclaimed Property Act and the Unknown and Unlocatable Interest Owners Act › Section 112-5-15 - Unknown and Unlocatable Interest Owners Reserved Interests

Current through Register Vol. XLI, No. 28, July 12, 2024
15.1. The Act and
				the UUIO Act are to be read in conjunction with each other and not in conflict.
				In the event of a conflict, the administrator shall establish the controlling
				provision. The procedures and requirements of this rule apply to properties,
				holders, and owners subject to the UUIO Act, unless otherwise specified in this
				section.
15.2. Reserved interests
				are presumed abandoned and reportable under the Act when a UUIO holder has not
				paid the UUIO owner and is unable to identify or locate the UUIO
				owner.
15.3. To resolve the
				conflict between the due diligence and reporting requirements of W.Va. Code
				§
									37B-2-4 and W.Va. Code §
									36-8-7(e), the
				administrator hereby establishes that UUIO holders shall follow the due
				diligence and reporting procedures and requirements of section 6 of this rule
				with respect to all properties subject to the UUIO Act. The holder must report
				and remit payment separately from any Unclaimed Property report filed under
				W.Va. Code §
									36-8-7(e).
15.4. A UUIO owner shall file a claim
				according to the procedures and requirements of section 9 of this
				rule.
15.5. The reserved interest
				of an unknown and unlocatable interest owner reportable under the Act will be
				advertised in the same manner required in W.Va. Code §
									36-8-9.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-06 - Selection of State Depositories for Disbursement Accounts Through Competitive Bidding › Section 112-6-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This
				rule implements the provisions of W. Va. Code §
									12-1-2,
				which requires the Treasurer's Office to select depositories for disbursement
				accounts through competitive bidding by financial institutions in this State
				The provisions of this rule do not apply to trust and investment accounts,
				activities and proceeds from the sale of general obligation bonds or bonds
				issued by the School Building Authority, the Parkways Authority, the Housing
				Development Fund, the Economic Development Authority, the Infrastructure and
				Jobs Development Counsel, the Water Development Authority or the Hospital
				Finance Authority.
1.2. Authority.
				- W. Va. Code §
									12-1-2.
1.3. Filing Date. - April 7, 2022
1.4. Effective Date. - April 7,
				2022
1.5 Sunset Provision. - This
				rule shall terminate and have no further force or effect on August 1,
				2027.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-06 - Selection of State Depositories for Disbursement Accounts Through Competitive Bidding › Section 112-6-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
For purposes of this rule, unless a different meaning clearly
				  is required by the context:
2.1.
				"Agency" means and includes any department, board, commission, division, branch
				office or other separate unit of State government, and any officer or employee
				of an agency, who or which collects moneys due the State.
2.2. "Depository" or "State Depository" means
				a financial institution insured by an agency of the federal government which
				has posted any required collaterally secured bond and which is approved by the
				Treasurer.
2.3. "Disbursement
				account" means those accounts from which are paid moneys due from the State of
				West Virginia or any official, department, board, commission, political
				subdivision or agency thereof to any political subdivision, person, firm or
				corporation except moneys paid from investment accounts.
2.4. "Financial institution" means a state or
				national bank or a state or federal savings and loan association.
2.5. "Invitation to bid" means the notice
				sent to potential bidders, either via email or U.S. mail, containing
				information on the goods and services in connection with one or more
				disbursement accounts being bid, bidding deadlines, how to obtain bid
				documents, how to submit bids and any other information the Treasurer considers
				appropriate.
2.6. "Purchasing
				Documents" means the request for quotations or the request for proposals and
				all attachments and other documents related to the bidding of the goods and
				services in connection with bidding for one or more disbursement
				accounts.
2.7. "Treasurer" means
				the West Virginia State Treasurer or his or her designee from the Treasurer's
				office.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-06 - Selection of State Depositories for Disbursement Accounts Through Competitive Bidding › Section 112-6-3 - Procedures for Bidding

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1.
				Eligibility for Bidding - Financial institutions designated as depositories
				prior to award are eligible to bid for a disbursement account.
3.2. Notice to Bidders - The Treasurer shall
				send invitations to bid to every depository in this state at least thirty (30)
				days prior to the date on which bids for a disbursement account are
				due.
3.3. Purchasing Documents -
				The Treasurer shall make the purchasing documents available on the Treasurer's
				website and shall mail the purchasing documents to any person or entity that
				cannot obtain them from the website.
3.4. Submission of Bids - Financial
				Institutions shall submit bids in the format and in the time frame required by
				the Treasurer, as specified in the purchasing documents. The Treasurer shall
				record the receipt of each bid received to ensure timely receipt prior to the
				bid deadline.
3.5. Bid Opening - On
				the date and time set for the bid opening, the Treasurer shall publicly open
				and read aloud the names of the bidders. The Treasurer shall promptly analyze
				the bids and make awards as provided in Section 4 of this rule.
3.6. Conditions of Bidding - All bids are
				subject to the following conditions:
3.6.1.
				Bids received after the date and time stated in the purchasing documents are
				disqualified;
3.6.2. Bids require
				the signature of an authorized officer of the financial institution. For
				purposes of this section, an authorized officer is the president or a
				vice-president;
3.6.3. To withdraw
				a bid, an authorized officer of the bidder shall submit a written request prior
				to the bid opening;
3.6.4. The
				Treasurer may reject any and all bids if the Treasurer considers rejection in
				the best interests of the State; and
3.6.5. The bid shall comply with all
				requirements of the purchasing documents.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-06 - Selection of State Depositories for Disbursement Accounts Through Competitive Bidding › Section 112-6-4 - Award and Compensation

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1.
				Criteria for Award - The purchasing documents shall contain the criteria for
				award.
4.2. Method of Compensation
				- The financial institution receiving the purchase order awarded pursuant to
				the purchasing documents shall submit monthly invoices detailing the goods and
				services provided at the rates specified in the purchase order. The Treasurer
				shall review the invoice and if found in order shall make payment in arrears
				directly to the financial institution.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-07 - Selection of State Depositories for Receipt Accounts › Section 112-7-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This
				legislative rule establishes the West Virginia State Treasurer's requirements
				for the selection of depositories for receipt accounts. This rule does not
				apply to proceeds from the sale of general obligation bonds or bonds issued by
				the School Building Authority, the Parkways, Economic Development and Tourism
				Authority, the Housing Development Fund, the Economic Development Authority,
				the Infrastructure and Jobs Development Council, the Water Development
				Authority or the Hospital Finance Authority.
1.2. Authority. - W. Va. Code §
									12-1-2.
1.3. Filing Date. - April 7, 2022
1.4. Effective Date. - April 7,
				2022
1.5 Sunset Provision. - This
				rule shall terminate and have no further force or effect on August 1,
				2027.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-07 - Selection of State Depositories for Receipt Accounts › Section 112-7-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
For purposes of this rule, unless a different meaning clearly
				  is required by the context:
2.1.
				"Account Analysis" means a system of determining compensation by which the
				Treasurer and depository enter into a contract that provides for monthly
				invoices to the Treasurer with detailed account activities billed at the
				contracted rate, less any earnings, allowances or credits.
2.2. "Agency" means and includes any
				department, board, commission, division, branch office or other separate unit
				of state government, and any officer or employee who or which collect moneys
				due the state.
2.3. "Collaterally
				Secured Bond" means a continuous bond payable to the state of West Virginia,
				conditioned upon the prompt payment, whenever lawfully required, of any moneys
				of an agency. In accordance with W. Va. Code §
									31A-4-31,
				the West Virginia Commissioner of Financial Institutions and the Attorney
				General must approve the form of the collaterally secured bond. The Treasurer
				may require increases or decreases in the amount of the bond or replacement by
				a new bond. Collateral for the bond shall consist of bonds of the United
				States, bonds or letters of credit of the federal land banks, of the federal
				home loan banks, or bonds of the state of West Virginia or any county, district
				or municipality of the State, or other bonds, letters of credit or securities
				approved by the Treasurer.
2.4.
				"Compensating Balance" means the cash balance which the Treasurer maintains
				with a depository to compensate the depository for its services.
2.5. "Deposit Guaranty Bond" means a bond,
				underwritten by an insurance company authorized to do business in this state,
				providing coverage for deposits of state funds that are in excess of the
				amounts insured by an agency of the federal government.
2.6. "Depository" or "State Depository" means
				a financial institution insured by an agency of the federal government which
				has posted any required collaterally secured bond and which is approved by the
				Treasurer.
2.7. "Financial
				institution" means a state or national bank or a state or federal savings and
				loan association.
2.8. "Receipt
				Accounts" means those accounts in which state funds are deposited.
2.9. "State Funds" means any moneys belonging
				to or received by the state of West Virginia or any of its agencies or any
				moneys for which the state of West Virginia is responsible.
2.10. "Treasurer" means the West Virginia
				State Treasurer or his or her designee from the Treasurer's office.
2.11. "Valid Bankers' Surety Company" means a
				bankers' surety company that meets the criteria established by this rule and
				which the Treasurer has approved as acceptable for insuring a depository
				through the issuance of a deposit guaranty bond.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-07 - Selection of State Depositories for Receipt Accounts › Section 112-7-3 - Qualification of Depositories for Receipt Accounts

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. In order to qualify as a depository, a
				depository shall:
3.1.1. Be a financial
				institution registered, operating and doing business in the State of West
				Virginia;
3.1.2. Be insured by an
				agency of the federal government;
3.1.3. For deposits of state funds in excess
				of any amount insured by an agency of the federal government, be insured by:
3.1.3.a. A deposit guaranty bond issued by a
				valid bankers' surety company acceptable to the Treasurer; and/or
3.1.3.b. A collaterally secured bond, first
				approved by the Treasurer, in an amount of not less than Ten Thousand Dollars
				($10,000.00);
3.1.4.
				Provide collateral of at least one hundred two percent (102%) of the amount of
				state funds on deposit with that financial institution in excess of the amount
				insured by an agency of the federal government. The Treasurer shall determine
				the value of the collateral; and
3.1.5. Meet all other requirements and
				provisions of the W. Va. Code.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-07 - Selection of State Depositories for Receipt Accounts › Section 112-7-4 - Valid Bankers' Surety Companies Issuing Deposit Guaranty Bonds

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1. The Treasurer
				may approve a bankers' surety company as acceptable after receipt and review of
				a request for approval, receipt of evidence that the surety company has met all
				of the requirements of this rule, a review of information obtained through an
				independent investigation of the surety company by the Treasurer, and
				consideration of any other information the Treasurer considers
				appropriate.
4.2. Before a state
				depository may be insured through a deposit guaranty bond, the depository shall
				first determine that the surety company issuing the bond is a valid bankers'
				surety company approved by the Treasurer. Any depository insured through a
				deposit guaranty bond issued by a bankers' surety company that is not approved
				by the Treasurer shall not receive or hold for deposit any state
				funds.
4.3. Any bankers' surety
				company that wishes to provide a deposit guaranty bond to a state depository to
				insure state funds shall first submit to the Treasurer a written request for
				approval as a valid bankers' surety company. A surety company shall not issue a
				deposit guaranty bond to insure state funds on deposit with any state
				depository without receiving prior written approval from the
				Treasurer.
4.4. In order to qualify
				as a valid bankers' surety company, the surety company shall provide to the
				Treasurer:
4.4.1. Evidence that it is
				registered to do business in the State of West Virginia and is in good standing
				with the West Virginia Insurance Commissioner and the West Virginia
				Commissioner of Financial Institutions;
4.4.2. Evidence that it has at least one
				current superior rating by a nationally recognized statistical rating service,
				such as A.M. Best or Moody's;
4.4.3. A statement that it agrees to abide by
				all applicable laws, rules and requirements of the United States of America and
				the state of West Virginia, including, but not limited to, those of the West
				Virginia Insurance Commissioner, the West Virginia Commissioner of Financial
				Institutions and the West Virginia State Treasurer; and
4.4.4. Its most recent annual
				report.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-07 - Selection of State Depositories for Receipt Accounts › Section 112-7-5 - Collaterally Secured Bonds

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1.
				The Treasurer may deposit money with a depository in excess of the amount
				insured by an agency of the federal government or through a deposit guaranty
				bond issued by a valid banker's surety company, if the depository provides a
				collaterally secured bond in the amount of not less than Ten Thousand Dollars
				($10,000).
5.2. A depository shall
				provide collateral of at least one hundred two percent (102%) of the amount of
				state funds on deposit with that financial institution in excess of the amount
				insured by an agency of the federal government or the amount insured by a
				deposit guaranty bond issued by a valid bankers' surety company.
5.3. The value of the collateral used by a
				depository shall be determined by the Treasurer.
5.4. If a state depository insured through a
				collaterally secured bond or through letters of credit becomes insolvent or in
				any way breaches its contract with the Treasurer and fails to cure the
				insolvency or breach within five (5) business days, the holder of the
				collateral or the obligor for the letters of credit for the depository shall,
				within three (3) business days, upon written demand, remit to the Treasurer the
				collateral securing state funds on deposit with the state depository.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-07 - Selection of State Depositories for Receipt Accounts › Section 112-7-6 - Certificates of Deposit

Current through Register Vol. XLI, No. 28, July 12, 2024
6.1. A
				state depository is not required to provide a bond or security in lieu of bond
				if the deposits accepted are placed in certificates of deposit meeting the
				following requirements:
6.1.1. The funds are
				invested through a designated state depository selected by the
				Treasurer;
6.1.2. The selected
				depository arranges for the deposit of the funds in certificates of deposit in
				one or more financial institutions wherever located in the United States, for
				the account of the state;
6.1.3.
				The full amount of principal and accrued interest of each certificate of
				deposit is insured by the Federal Deposit Insurance Corporation;
6.1.4. The selected depository acts as
				custodian for the state's account; and
6.1.5. At the same time that the state funds
				are deposited and the certificates of deposit are issued, the selected
				depository receives an amount of deposits from customers of other financial
				institutions wherever located in the United States equal to or greater than the
				amount of the funds invested by the state through the selected
				depository.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-07 - Selection of State Depositories for Receipt Accounts › Section 112-7-7 - Selection Procedures

Current through Register Vol. XLI, No. 28, July 12, 2024
7.1. Each
				agency collecting moneys for deposit in the state treasury shall notify the
				Treasurer of its anticipated collections and deposits, including the extent of
				the activity in its accounts, size of its accounts, frequency of deposits,
				special services that may be needed, and any other information requested by the
				Treasurer. The agency may submit its preferred choice or a list of preferred
				choices of state depositories for receipt accounts to the Treasurer. If the
				agency submits a preferred choice or list, it shall also submit a statement of
				the reasons for its preference. However, the Treasurer is not required to
				select a state depository preferred by an agency.
7.2. The Treasurer shall review the
				information submitted and consider:
7.2.1. The
				activity of the various accounts;
7.2.2. The reasonable value of the banking
				services to be rendered;
7.2.3. The
				value and importance of the deposits to the economy of the communities and the
				various areas of the state affected; and
7.2.4. The proposed fee schedule of the
				recommended depository, as required by Subsection 8.1 of this rule.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-07 - Selection of State Depositories for Receipt Accounts › Section 112-7-8 - Compensation

Current through Register Vol. XLI, No. 28, July 12, 2024
8.1. Method of
				Compensation - A depository for receipt accounts shall enter into an agreement
				for services with the Treasurer. The agreement shall provide that the
				depository may be compensated for its services by either of the following
				methods:
8.1.1. Compensating Balance: The
				compensating balance shall be negotiated by the Treasurer and the depository
				and shall be based, in part, on the anticipated activity expected at the
				depository. The compensating balance left in the Treasurer's accounts shall
				offset fees. The compensating balance agreement is subject to periodic review
				by the Treasurer and re-negotiation or adjustment, as the Treasurer determines
				necessary; or
8.1.2. Account
				Analysis: The depository shall submit to the Treasurer a monthly invoice. The
				invoice shall reflect the total amount of actual activity for the period billed
				at the rates established in its agreement with the Treasurer, less any
				earnings, allowances or credits to which the Treasurer may be entitled, and any
				other information required by the Treasurer. Additional information may
				include, without limitation, current monthly average balances, service
				descriptions, earnings allowance rates, and a summary of balances and charges.
				The Treasurer shall pay the invoices with a state check or through an
				electronic funds transaction.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-08 - Procedures for Processing Payments from the State Treasury › Section 112-8-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This
				rule implements the provisions of W. Va. Code §
									12-3-1
				et seq., which require the Treasurer's Office to develop procedures for
				processing payments from the State Treasury.
1.2. Authority. - W. Va. Code §
									12-3-1.
1.3. Filing Date. - April 7, 2022
1.4. Effective Date. - April 7,
				2022
1.5 Sunset Provision. - This
				rule shall terminate and have no further force or effect on August 1,
				2027.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-08 - Procedures for Processing Payments from the State Treasury › Section 112-8-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
For purposes of this rule, unless a different meaning clearly
				  is required by the context:
2.1.
				"Auditor" means the State Auditor of West Virginia.
2.2. "Bank" means the disbursement bank
				selected by the Treasurer to process all checks issued by the State of West
				Virginia.
2.3. "Check" means a
				warrant issued by the Auditor and endorsed by the Treasurer directing the
				Treasurer's disbursement bank to pay money as instructed.
2.4. "Treasurer" means the West Virginia
				State Treasurer or his or her designee from the Treasurer's office.
2.5. "Warrant" means an authorization by the
				State Auditor authorizing the Treasurer to pay an obligation of the
				State.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-08 - Procedures for Processing Payments from the State Treasury › Section 112-8-3 - Procedures for Processing State Warrants and Checks

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1. Check Processing by the Treasurer - Upon
				receipt by the Treasurer of a warrant issued by the Auditor, the Treasurer
				shall ascertain whether there are sufficient funds in the treasury to pay that
				warrant. If the Treasurer finds there are sufficient funds in the treasury to
				pay the warrant, he or she shall endorse the warrant. If this requirement is
				met, the Treasurer shall endorse the warrant directing the Treasurer's
				disbursement bank to pay the money as instructed. The Auditor shall provide the
				Treasurer a daily listing of all warrants issued. This listing shall be in
				paper form, electronic media, or any other form as determined by the
				Treasurer.
3.2. Check Processing by
				the Disbursement Bank - The disbursement bank shall process all checks issued
				by the Treasurer in accordance with the requirements of the contract for the
				disbursement account. The disbursement bank shall provide the Treasurer a daily
				listing of all checks paid. Also, the disbursement bank shall provide the
				Treasurer the total dollar amount of checks paid by the bank each day. Each
				day, the Treasurer shall transfer to the disbursement account from his or her
				receipt account, an amount sufficient to cover all checks paid.
3.3. Reconciliation of the Disbursement Bank
				Account - The disbursement bank shall reconcile the disbursement account in
				accordance with the requirements of the disbursement account
				contract.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-10 - Reporting Debt › Section 112-10-1 - General

Current through Register Vol. XLI, No. 28, July 12, 2024
1.1. Scope. -- This
				rule establishes the reporting requirements for debt issued by the State and
				its spending units.
1.2. Authority.
				- W. Va. Code §
									12-6A-7.
1.3. Filing Date. - April 7, 2022
1.4. Effective Date. - April 7,
				2022
1.5. Sunset Provision. - This
				rule shall terminate and have no further force or effect on August 1,
				2027.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-10 - Reporting Debt › Section 112-10-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
For the purpose of this rule, unless a different meaning is
				  clearly required by the context:
2.1
				"Lease" means the definition as stated by the Government Accounting Standards
				Board (GASB), which states: a lease is a contract that conveys control of the
				right to use another entity's nonfinancial asset as specified in the contract
				for a period of time in an exchange or exchange-like transaction. Examples of
				nonfinancial assets include buildings, land, vehicles, and equipment. Any
				contract that meets this definition should be accounted for under the lease
				guidance.
2.2. "Certificates of
				participation" means a method of financing or refinancing the purchase of
				assets, involving a lease in which certificates are issued to evidence the
				holders' rights and interest in lease payments.
2.3. "Division" means the Division of Debt
				Management in the office of the State Treasurer.
2.4. "General obligation bonds" means bonds
				backed by the full faith and credit and the taxing power of the issuer. The
				issuance of general obligation bonds by the state requires a constitutional
				amendment approved by two-thirds of both houses of the Legislature and a
				majority vote of qualified voters.
2.5. "Installment purchase" means a lease
				agreement, in excess of one year, providing for the application of payments
				toward the purchase price of the assets financed and for which the payments are
				expressly subject to legislative appropriation.
2.6. "Lease purchase" means a lease
				agreement, in excess of one year, providing for the application of payments, in
				whole or in part, toward the purchase price for the assets financed or
				providing a specified purchase option price for the assets financed, and which
				payments are subject to legislative appropriation.
2.7. "Mortgage" means a debt instrument for
				financing the purchase of real property by which the borrower gives the lender
				a lien on the property as security for the repayment of the loan.
2.8. "Revenue bonds and notes" means bonds or
				notes issued to finance a project from which a revenue stream is created and
				dedicated toward debt service payments.
2.9. "State" means the State of West
				Virginia.
2.10. "Treasurer" means
				the West Virginia State Treasurer or his or her designee.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-10 - Reporting Debt › Section 112-10-3 - Quarterly Report

Current through Register Vol. XLI, No. 28, July 12, 2024
3.1.
				Timeframe - A spending unit that has debt shall submit a report to the Division
				and the Legislative Auditor for each calendar quarter by the 15th day of the
				following month, with the report containing the information and in the format
				specified by the Treasurer.
3.2. A
				spending unit having no debt shall only submit an annual report.
3.3. A spending unit shall immediately notify
				the Division of any change in its outstanding debt or financial
				condition.
3.4. The quarterly
				report of a spending unit with debt shall contain the following information, as
				applicable:
3.4.1. The name of the spending
				unit;
3.4.2. The amount and type of
				debt outstanding at the end of the quarter;
3.4.3. The total debt service on the debt for
				the quarter;
3.4.4. The true
				interest cost on the debt per bond series issued;
3.4.5. The maturity of each bond series
				issued;
3.4.6. The dollar amount of
				debt repayment during the quarter;
3.4.7. The amount and type of debt incurred
				during the quarter, if not already reported;
3.4.8. The source of funds used for repayment
				of debt issued during the quarter, and a schedule, by year, for the collection
				of the funds, if not already reported;
3.4.9. All costs and expenses incurred in the
				issuance of debt during the quarter, if not already reported;
3.4.10. A copy of the transcript, including
				the official or offering statement or circular, setting forth both the terms
				and conditions of debt issued during the quarter, if not already
				reported;
3.4.11. The repayment or
				amortization schedule of all debt issued during the quarter, if not already
				reported;
3.4.12. The security for
				the debt, if not already reported; and
3.4.13. All other information specified by
				the Treasurer.
West Virginia Code of State Rules › Agency 112 - Treasurer › Title 112 - PROCEDURAL RULE STATE TREASURER'S OFFICE › Series 112-10 - Reporting Debt › Section 112-10-4 - Proposed Debt Issuance Report

Current through Register Vol. XLI, No. 28, July 12, 2024
4.1.
				Each spending unit intending to incur debt shall submit a report to the
				Division no later than 30 days prior to the debt closing. The report shall
				contain the information and be in the format specified by the
				Treasurer.
4.2. The proposed debt
				issuance report shall contain the following information, as applicable:
4.2.1 The name and address of the
				issuer;
4.2.2. The proposed sale
				date;
4.2.3. The estimated amount
				and type of debt to be issued;
4.2.4. Whether the sale is to be competitive
				or negotiated;
4.2.5. Whether the
				interest is exempt from federal and state taxation and the applicability of
				alternative minimum taxation;
4.2.6. The amount for refunding;
4.2.7. The repayment sources;
4.2.8. The purposes of the
				financing;
4.2.9. The names of the
				principal parties to the transaction, including, without limitation:
4.2.9.a. The bond counsel;
4.2.9.b. The tax counsel;
4.2.9.c. The trustee;
4.2.9.d. The financial advisor;
4.2.9.e. The auditor;
4.2.9.f. The underwriter, placement agent or
				purchaser;
4.2.9.g. The
				underwriter's counsel;
4.2.9.h. The
				name and contact information of person completing form; and
4.2.9.i. The name and information for contact
				person of issuer;
4.2.10. The terms and conditions of the debt
				if they are not set forth in the preliminary offering statement;
4.2.11. A preliminary copy of the offering
				statement;
4.2.12. The source of
				funds used for repayment of debt and a schedule, by year, for the collection of
				the funds. A schedule is not required if the source of revenue is the General
				Revenue Fund; and
4.2.13. All other
				information specified by the Treasurer.