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Can I collect financial information from participants in West Virginia? What are the requirements?

Collection of Financial Information in West Virginia

Based on the provided documents, there are several regulations in West Virginia that govern the collection of financial information from participants.

If you are collecting financial information in the context of a crowdfunding campaign, you must comply with the West Virginia Crowdfunding Portal Requirements [1.1]. This requires that the offering must be made exclusively through an internet-based crowdfunding portal that is incorporated or organized under the laws of West Virginia and authorized to do business in West Virginia and registered with the commissioner. The crowdfunding portal must contain a conspicuous disclaimer that reflects that access to securities offerings on the website is limited to West Virginia residents and offers and sales of the securities on the website are limited to persons that are West Virginia residents. There must be an affirmative representation by a visitor to the crowdfunding portal that the visitor is a resident of West Virginia before the visitor can view securities-related offering materials on the crowdfunding portal website. The crowdfunding portal must take reasonable steps to verify that all prospective purchasers are West Virginia residents.

If you are collecting nonpublic personal financial information, you must comply with the Other Exceptions to Notice and Opt-Out Requirements for Disclosure of Nonpublic Personal Financial Information [3.1]. This document outlines several exceptions to the notice and opt-out requirements for disclosing nonpublic personal financial information, including disclosing information with the consent or at the direction of the consumer, to protect against or prevent actual or potential fraud or unauthorized transactions, or to comply with federal, state or local laws, rules and other applicable legal requirements.

If you are not collecting financial information in the context of a crowdfunding campaign or for nonpublic personal financial information, further research may be necessary to determine the specific regulations that apply to your situation.

Additionally, if you are collecting financial information in the context of investments made by the Investment Committee, you must comply with the Computation of income; audits; annual report [2.1]. This document outlines the requirements for computing the net income of the Investment Committee’s investments annually, conducting combined annual financial and compliance audits of the assets in the West Virginia Impact Fund, and publishing an annual report of the Investment Committee investments.

Therefore, to answer your question, the collection of financial information in West Virginia is subject to specific regulations depending on the context in which it is collected. Please ensure that you comply with the relevant regulations for your situation.

[List of relevant documents]

  • [1.1]: West Virginia Crowdfunding Portal Requirements
  • [2.1]: Computation of income; audits; annual report
  • [3.1]: Other Exceptions to Notice and Opt-Out Requirements for Disclosure of Nonpublic Personal Financial Information
Source(s):
Jurisdiction

West Virginia