West Virginia Senate Bill 562 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Republican 5-2)
Status: Introduced on February 3 2023 - 25% progression, died in chamber
Action: 2023-02-15 - Referred to Rules
Text: Latest bill text (Comm Sub) [HTML]

The purpose of this bill is to enact laws authorizing the formation and operation of licensed and unlicensed private trust companies under West Virginia law and to make substantive changes to West Virginia's rule against perpetuities by replacing its 90 year "wait and see" provision with a 1,000 "wait and see" provision to thereby permit dynastic, multigenerational trusts to be formed under West Virginia law, all in an effort to make West Virginia a more attractive situs for the formation and administration of trusts.

Relating to operation of private trust companies in WV

Sen. Glenn Jeffries [D]	Sen. Jason Barrett [R]	Sen. Mike Oliverio [R]	Sen. Ryan Weld [R]
Sen. Robert Plymale [D]	Sen. Charles Clements [R]	Sen. Michael Maroney [R]

Date	Chamber	Action
2023-02-15	Senate	Referred to Rules
2023-02-15	Senate	Committee substitute reported
2023-02-03	Senate	To Banking and Insurance
2023-02-03	Senate	Introduced in Senate
2023-02-03	Senate	To Banking and Insurance
2023-02-03	Senate	Filed for introduction

Chapter	Article	Section	Citation Type	Statute Text
31I	1	1	New Code	See Bill Text
31I	1	10	New Code	See Bill Text
31I	1	11	New Code	See Bill Text
31I	1	12	New Code	See Bill Text
31I	1	13	New Code	See Bill Text
31I	1	2	New Code	See Bill Text
31I	1	3	New Code	See Bill Text
31I	1	4	New Code	See Bill Text
31I	1	5	New Code	See Bill Text
31I	1	6	New Code	See Bill Text
31I	1	7	New Code	See Bill Text
31I	1	8	New Code	See Bill Text
31I	1	9	New Code	See Bill Text
36	1A	1	Amended Code	Citation Text

Type	Source
Summary	http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=562&year=2023&sessiontype=RS&btype=bill
Text	http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=sb562%20intr.htm&yr=2023&sesstype=RS&i=562
Text	http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=sb562%20sub1.htm&yr=2023&sesstype=RS&i=562
Supplement	http://www.wvlegislature.gov/Fiscalnotes/FN(2)/fnsubmit_recordview1.cfm?RecordID=861544803
Supplement	http://www.wvlegislature.gov/Fiscalnotes/FN(2)/fnsubmit_recordview1.cfm?RecordID=861544825