Bill Amendment: WV HB5057 | 2024 | Regular Session

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: To raise the threshold for nominal referral fees from $25 to $100.

Status: 2024-04-22 - Chapter 170, Acts, Regular Session, 2024 [HB5057 Detail]

Download: West_Virginia-2024-HB5057-hb5057_h_b_i_am_1.html

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HB5057 H B&I AM #1

McMinn 3919

 

The Committee on Banking and Insurance moved to amend the bill on page 1, by striking out everything after the enacting clause and inserting in lieu thereof:

 

§33-11A-7. Referrals by unlicensed persons allowed.

(a) A person who is not licensed to sell insurance may refer a customer who seeks to purchase, or seeks an opinion or advice on, any insurance product to a person, or provide the phone number of a person, who sells or provides opinions or advice on such product, only if the person making the referral receives no fee or only a nominal fee for such referral and such fee is not based on the customer's application for or purchase of insurance.

(b) For purposes of this section "nominal fee" means a one time fee of $100 or less.

 

 

Adopted