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Can you summarize WVCO Chapter 31A, Article 2?
BANKS AND BANKING. > DIVISION OF BANKING.
Short Summary
The legal document content reviewed pertains to the Division of Banking in West Virginia. It covers various aspects of the division, including the appointment, tenure, qualifications, and duties of the commissioner and deputy commissioner of banking. The document also grants the commissioner supervision and jurisdiction over state banks, regulated consumer lenders, residential mortgage lenders, credit unions, and other entities subject to the commissioner’s supervision or jurisdiction. It outlines the powers and duties of the commissioner, including the ability to issue orders, conduct investigations, and enforce compliance with banking laws and regulations. The document also governs the collection of assessments, examination fees, and other expenses by the commissioner from financial institutions and bank holding companies. It addresses the correction of violations, irregularities, and unsound practices in financial institutions, as well as the acquisition and merger of depository institutions in the state. The document requires the commissioner to prepare and submit an annual report to the Governor. No specific exemptions or penalties are mentioned in the document.
Whom does it apply to?
The legal document content applies to the Division of Banking in West Virginia, the commissioner of banking, the deputy commissioner of banking, state banks, regulated consumer lenders, residential mortgage lenders, credit unions, and other entities subject to the commissioner's supervision or jurisdiction.
What does it govern?
The legal document content covers various aspects of the Division of Banking in West Virginia, including the appointment, tenure, qualifications, and duties of the commissioner and deputy commissioner of banking. It also grants the commissioner supervision and jurisdiction over state banks, regulated consumer lenders, residential mortgage lenders, credit unions, and other entities subject to the commissioner's supervision or jurisdiction. The document further outlines the powers and duties of the commissioner, including the ability to issue orders, conduct investigations, and enforce compliance with banking laws and regulations. It also governs the collection of assessments, examination fees, and other expenses by the commissioner from financial institutions and bank holding companies. Additionally, the document addresses the correction of violations, irregularities, and unsound practices in financial institutions, as well as the acquisition and merger of depository institutions in the state. It also requires the commissioner to prepare and submit an annual report to the Governor.
What are exemptions?
No specific exemptions are mentioned in the document.
What are the Penalties?
The document does not specify penalties for non-compliance or violation.
Jurisdiction
West Virginia