Current through Register Vol. XLI, No. 50, December 13, 2024
Section 112-7-3 - Qualification of Depositories for Receipt Accounts3.1. In order to qualify as a depository, a depository shall: 3.1.1. Be a financial institution registered, operating and doing business in the State of West Virginia;3.1.2. Be insured by an agency of the federal government;3.1.3. For deposits of state funds in excess of any amount insured by an agency of the federal government, be insured by: 3.1.3.a. A deposit guaranty bond issued by a valid bankers' surety company acceptable to the Treasurer; and/or3.1.3.b. A collaterally secured bond, first approved by the Treasurer, in an amount of not less than Ten Thousand Dollars ($10,000.00);3.1.4. Provide collateral of at least one hundred two percent (102%) of the amount of state funds on deposit with that financial institution in excess of the amount insured by an agency of the federal government. The Treasurer shall determine the value of the collateral; and3.1.5. Meet all other requirements and provisions of the W. Va. Code.3.2. A state depository for receipt accounts shall submit proposed fee schedules for the types of services rendered by the state depository for receipt accounts, including, but not limited to, services such as wire transfers, returned checks and cash handling. The proposed fee schedules are subject to review and approval by the Treasurer. If the fee schedules are approved by the Treasurer, then the Treasurer may enter into a contract with the state depository for receipt accounts to furnish the required services. If the fee schedules are not approved by the Treasurer, then the Treasurer may negotiate satisfactory revised fee schedules with that state depository for receipt accounts or select another state depository for receipt accounts.