This bill proposes amendments to West Virginia Code §31A-4-33, specifically regarding joint accounts in banking institutions. The primary change is the elimination of the requirement for the commissioner of financial institutions to approve the forms used by banking institutions for joint accounts. This change is reflected in the deletion of the phrase "on a form to be approved by the banking commissioner," and "approval of forms and" from the existing legal language. Additionally, the bill clarifies the rights and responsibilities of banking institutions and joint account holders. It maintains that payments made to any joint depositor are valid and releases the banking institution from liability unless written notice is received from any joint tenant prohibiting such payments. The bill also outlines the conditions under which a banking institution may respond to legal processes, such as garnishment, regarding joint accounts, ensuring that the entire balance may be paid to a creditor of any one joint tenant without prior notice. Overall, the bill aims to streamline the management of joint accounts by reducing regulatory oversight.

Statutes affected:
Introduced Version: 31A-4-33