The House Banking and Insurance Committee met Thursday advancing a bill relating to medical cannabis banking.
The bill, House Bill 2538 seeks to provide banking services for services provided under the West Virginia Medical Cannabis Act. The State Treasurer’s office found that BB&T along with other banks were unwilling to accept medical cannabis funds. This bill would encourage credit unions to accept these funds. After some brief discussion over the bill, the committee advanced the bill, which next heads to the Judiciary Committee.
The committee also took up House Bill 2608, which would repeal the requirement of printing the date a consumer deposit account was opened on paper checks.
Currently, state code requires all checks, drafts or similar negotiable or nonnegotiable instruments or orders of withdrawal used for drawing against funds held in a consumer deposit account by a supervised financial institution shall have printed on the face thereof a four- or five-digit combination of numbers and letters showing the date the account was opened. This bill would repeal this section of the code, thereby removing this requirement. The committee advanced the bill, which next heads to the House Judiciary Committee.
The committee also advanced House Bill 2609, which relates to presumptions of abandonment and indication of ownership in property.
This law establishes when certain property is presumed to be abandoned and therefore subject to disposition by the State Treasurer under the Uniform Unclaimed Property Act. The section establishes time periods after which various types of property is presumed to be abandoned by the apparent owner thereof. After the applicable time period passes, the property is presumed unclaimed if the owner has not indicated an interest in the property. The bill next heads to House Judiciary for review.
The committee also advanced House Bill 2647, which relates to the Self-Storage Limited License Act. The purpose of this bill is to create a limited lines insurance license for owners of self-service facilities to issue self-service storage insurance to storage facility occupants who lease or rent storage units.
The limited lines license is limited to authorizing the license licensee and the licensees employees to sell self-service storage. The bill provides that owners of self-storage facilities that offer or sell self-service storage property insurance to renters or lessees must hold a limited lines license.
The new section establishes several requirements for licensees, their employees and authorized representatives that sell the insurance and for the sale of the insurance. The bill now heads before the House Judiciary Committee.
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