West Virginia Code 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:
Terms Used In West Virginia Code 31A-8E-6
- Bank: has the meaning set forth in 12 U. See West Virginia Code 31A-8E-2
- Bank supervisory agency: means :
(1) Any agency of another state with primary responsibility for chartering and supervising banks. See West Virginia Code 31A-8E-2
- Board: means the West Virginia Board of Banking and Financial Institutions. See West Virginia Code 31A-1-2
- Branch: has the meaning set forth in subsection (f), section two, article one of this chapter. See West Virginia Code 31A-8E-2
- Commissioner: means the West Virginia commissioner of banking then in office and, where appropriate, all of his or her successors and predecessors in office. See West Virginia Code 31A-8E-2
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Home state: means :
(1) With respect to a state bank, the state by which the bank is chartered. See West Virginia Code 31A-8E-2
- in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
- Out-of-state bank: means a bank whose home state is a state other than West Virginia. See West Virginia Code 31A-8E-2
- State: means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, the Virgin Islands and American Samoa. See West Virginia Code 31A-8E-2
(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.