Ask Reggi Your Question Now
Can you summarize Chapter 31C WVCO?
West Virginia Code > CREDIT UNIONS.
Short Summary
The provided legal document content covers various aspects of credit unions in West Virginia. It governs authorized investments, reserve funds, loan limits and collateral requirements, accounts, corporate credit unions, voluntary liquidation, merger and conversion, direction of credit union affairs, powers of credit unions, membership requirements and regulations, formation and operation of credit unions, and supervision and regulation of credit unions. The documents apply to credit unions, credit union officers, directors, employees, agents, members, beneficiaries, minors, incorporators, board of directors, supervisory committee, credit committee, loan officers, shareholders, and depositors. The documents provide guidelines and regulations regarding investments, reserve funds, loan limits, collateral requirements, accounts, corporate credit unions, voluntary liquidation, merger and conversion processes, direction of credit union affairs, powers of credit unions, membership requirements and regulations, formation and operation of credit unions, and supervision and regulation of credit unions. The penalties for non-compliance or violation of the provisions include fines of up to $10,000, imprisonment for up to five years, and civil penalties ranging from $50 to $5,000 for each violation.
Whom does it apply to?
Credit unions, credit union officers, directors, employees, agents, members, beneficiaries, minors, incorporators, board of directors, supervisory committee, credit committee, loan officers, shareholders, depositors
What does it govern?
Authorized investments, reserve funds, loan limits and collateral requirements, accounts, corporate credit unions, voluntary liquidation, merger and conversion, direction of credit union affairs, powers of credit unions, membership requirements and regulations, formation and operation of credit unions, supervision and regulation of credit unions
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
Fines of up to $10,000, imprisonment for up to five years, civil penalties ranging from $50 to $5,000 for each violation
Jurisdiction
West Virginia