West Virginia Code 31I-1-2 – Purposes; findings
(a) The purpose of the article is to establish requirements for licensing private trust companies, to regulate persons who provide fiduciary services to family members of no more than three families and their related interests as a private trust company, and to establish the degree of regulatory oversight required of the State Auditor over such companies. The public interest served by this article is to ensure that fiduciary activities performed by a private trust company are restricted to family members and their related interests and as otherwise provided in this article.
Terms Used In West Virginia Code 31I-1-2
- Family: means a designated relative and family members of that designated relative. See West Virginia Code 31I-1-3
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means executor, administrator, conservator, guardian, committee, or trustee. See West Virginia Code 31I-1-3
- Licensed private trust company: means a private trust company that operates in accordance with this article and has been issued a license that has not been revoked or suspended by the State Auditor. See West Virginia Code 31I-1-3
- Oversight: Committee review of the activities of a Federal agency or program.
- Private trust company: means a corporation or limited liability company that:
(A) Is exclusively owned by one or more family members. See West Virginia Code 31I-1-3
- State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
- State Auditor: means the West Virginia State Auditor. See West Virginia Code 31I-1-3
(b) The Legislature finds that:
(1) A private trust company is not a financial institution, and licensure of such a company is not required.
(2) A private trust company may elect to be a licensed private trust company under this article if the company desires to be subject to the regulatory oversight of the State Auditor, as provided in this article, notwithstanding that the company restricts its services to family members.
(3) With respect to a licensed private trust company, the State Auditor is responsible for regulating, supervising, and examining the company as provided under this article.
(4) With respect to a private trust company that does not elect to be licensed, the State Auditor’s role is limited to ensuring that fiduciary services provided by the company are restricted to family members and authorized related interests and not to the general public. The State Auditor is not responsible for examining a private trust company regarding the safety or soundness of its operations.