West Virginia Senate Bill 731 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on February 18 2008 - 25% progression, died in committee
Action: 2008-02-18 - To Government Organization
Pending: Senate Government Organization Committee

The purpose of this bill is to make it easier for banking institutions to maintain the collateral levels needed to serve as depositories of public moneys. This bill accomplishes this purpose in three ways: First, depositories for municipal and county deposits already have the ability to place municipal and county deposits in certificates of deposit meeting certain requirements, in lieu of providing a bond or security in lieu of bond and gives depositories of state moneys that same option; Second, this bill permits banking institutions that serve as depositories for public moneys to pool securities in lieu of other bonding and pledging requirements; Finally, this bill permits public depositories to insure public deposits in excess of FDIC limits though a bankers surety bond.

Relating to certain state, county and municipal depositories

Sen. Billy Bailey [D]

Sen. John Fanning [D]

Sen. Joseph Minard [D]

Date	Chamber	Action
2008-02-18		To Government Organization
2008-02-18		To Government Organization then Finance
2008-02-18		Introduced in Senate
2008-02-18		To Government Organization then Finance
2008-02-18		Filed for introduction

HB4692 (Same As) 2008-04-16 - Chapter 180, Acts, 2008

Type	Source
Summary	http://www.legis.state.wv.us/Bill_Status/Bills_history.cfm?input=731&year=2008&sessiontype=RS&btype=bill