Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Committee OKs bill to let state auditor hold 'fairness hearings' to lower costs for small-bank transactions
Summary
The Senate Banking and Insurance Committee voted to report Engrossed Committee Substitute for House Bill 2889 as amended to the full Senate, creating a state-administered fairness-hearing process under the West Virginia Uniform Securities Act.
The Senate Banking and Insurance Committee voted to report Engrossed Committee Substitute for House Bill 2889 as amended to the full Senate with the recommendation that it do pass.
Committee counsel said the bill amends West Virginia's Uniform Securities Act to create a process by which the state auditor, in the auditor’s role as Commissioner of Securities, may hold a fairness hearing and issue a statement of findings when a plan of reorganization, recapitalization or refinancing proposes to issue securities in exchange for outstanding securities, claims or property interests. The bill sets application requirements, allows a filing fee of up to $500 and requires the commissioner…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
