Bill > SB375

This bill authorizes a specific legislative rule filed by the State Auditor regarding private trust companies. The rule, which was originally filed on August 13, 2024, and then modified to address concerns raised by the Legislative Rule-Making Review Committee before being refiled on October 17, 2024, is officially approved. The rule falls under section 155 CSR 12 and is authorized under the statutory authority of §31I-1-13 of the state code. A private trust company is typically a financial institution established by a family or individual to manage their own family's assets and provide specialized trust services, and this bill allows the State Auditor to establish regulatory guidelines for such entities. The bill essentially serves as a formal legislative approval of the State Auditor's proposed rule after it has undergone review and modification.

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http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=375&year=2025&sessiontype=RS&btype=bill