The proposed bill establishes the State Bank of West Virginia as a depository for bullion and specie, creating a new article in the Code of West Virginia. It details the responsibilities and operational framework for the State Bank, including the appointment of a State Bank Administrator by the Treasurer, who will oversee its operations. The bill mandates the Treasurer to adopt necessary rules, maintain records, and set standards for deposits, withdrawals, and transfers. Notably, the State Bank will not pay interest on accounts, and the Treasurer is authorized to establish fees and penalties for account holders. Additionally, the bill emphasizes the confidentiality of transactions and allows the State Bank to enter into agreements with other entities while establishing liens on accounts to secure obligations.

Furthermore, the legislation outlines the management of State Bank accounts, permitting various entities to invest in these accounts by purchasing and depositing precious metals. It prohibits the State Bank from engaging in certain financial activities, such as entering into derivative transactions or extending credit, to ensure the safety of the precious metals held. The bill also mandates the Treasurer to create official exchange rates for transactions and requires regular reporting on the State Bank's operations. It allows the Treasurer to acquire real property necessary for the State Bank's operations and outlines the leasing of such properties, ultimately aiming to create a secure and regulated environment for managing precious metals within the state.

Statutes affected:
Introduced Version: 31A-9-1, 31A-9-2, 31A-9-3, 31A-9-4, 31A-9-5, 31A-9-6, 31A-9-7, 31A-9-8, 31A-9-9, 31A-9-10, 31A-9-11, 31A-9-12, 31A-9-13, 31A-9-14, 31A-9-15, 31A-9-16, 31A-9-17, 31A-9-18, 31A-9-19, 31A-9-20, 31A-9-21, 31A-9-22, 31A-9-23, 31A-9-24, 31A-9-25, 31A-9-26, 31A-9-27, 31A-9-28, 31A-9-29, 31A-9-30, 31A-9-31, 31A-9-32, 31A-9-33