Bill > HB4687

This bill establishes the State Bank of West Virginia as a state agency within the State Treasurer's office, designed to act as a depository for precious metals like gold and silver, in the form of bullion (refined bars or ingots) or specie (coins). The bank will be managed by a State Bank administrator appointed by the Treasurer, and it can utilize "State Bank agents," which are financial institutions that provide retail locations for State Bank services. The bill outlines how individuals and entities can open "State Bank accounts" by depositing precious metals, which are then recorded in troy ounces. These accounts are not interest-bearing, and the State Bank has a lien on them to cover any fees or obligations owed by the account holder. The bill also details procedures for withdrawals, transfers, and account contracts, and specifies that certain actions by external governmental authorities to seize or control these assets are void. Finally, it addresses reporting requirements, confidentiality of records, and the Treasurer's authority to acquire and manage property for the State Bank's operations.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=4687&year=2026&sessiontype=RS&btype=bill