This bill amends the Code of West Virginia to eliminate the requirement for the commissioner of financial institutions to approve joint account forms used by banking institutions. Specifically, it removes the language that mandates the approval of such forms, thereby streamlining the process for financial institutions in managing joint accounts. The bill also clarifies the rights and responsibilities of banking institutions regarding joint accounts, including provisions for payments to creditors and the handling of multiple-fiduciary accounts.

Key changes include the deletion of the requirement for commissioner approval of joint account forms and the establishment of clearer guidelines for how joint accounts can be managed, including the conditions under which payments can be made to creditors and the responsibilities of banking institutions in the absence of written notice from joint tenants. Overall, the bill aims to simplify the regulatory framework surrounding joint accounts in West Virginia's banking system.

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