The proposed bill seeks to establish the State Bank of West Virginia as a state-managed depository specifically for bullion and specie, creating a new article within the Code of West Virginia. It details the operational framework, including the appointment of a State Bank Administrator by the State Treasurer, who will oversee the bank's management. The bill mandates the Treasurer to adopt necessary rules regarding deposits and withdrawals, specifies eligible entities for account openings, and includes provisions for record-keeping, confidentiality, and the establishment of fees and penalties. Notably, the State Bank is prohibited from paying interest on accounts, ensuring a clear operational guideline.

Key provisions of the bill include the requirement for the Treasurer to report annually to the governor and legislature, the creation of a lien on State Bank accounts to secure obligations, and the ability for various entities to invest in State Bank accounts through the purchase and deposit of precious metals. The bill also restricts the State Bank from engaging in certain financial transactions, such as entering into derivative contracts or extending credit, unless explicitly permitted. Additionally, it establishes confidentiality for account records, mandates the creation of official exchange rates for precious metals, and allows the Treasurer to acquire and lease real property necessary for the State Bank's operations, thereby ensuring state control over its assets.

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