W. Va. Code R. § 112-20-7

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 112-20-7 - Refusal of application to open Account

7.1. The board may refuse to open an account for any of the following reasons:

7.1.1. The applicant is not an eligible account owner;

7.1.2. The applicant has not provided all the information required in the application;

7.1.3. The applicant has failed to execute the participation agreement, or any other instrument required by the board;

7.1.4. The applicant has failed to complete the minimum account opening deposit as required by the board;

7.1.5. The execution of a participation agreement violates any federal or state law; or

7.1.6. The board determines that the applicant has intentionally provided false information to the board or has violated any applicable state or federal law related to a savings or investment program currently or previously administered by the state.

7.2. The board shall provide written notice to an applicant of refusal to open an account and the reason for said refusal. If the applicant provides additional information credibly refuting the basis for the application refusal, the board shall reconsider the application.

W. Va. Code R. § 112-20-7