Bill Text: WV HB5057 | 2024 | Regular Session | Enrolled
Bill Title: To raise the threshold for nominal referral fees from $25 to $100.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2024-04-22 - Chapter 170, Acts, Regular Session, 2024 [HB5057 Detail]
Download: West_Virginia-2024-HB5057-Enrolled.html
WEST virginia legislature
2024 regular session
ENROLLED
Committee Substitute
for
House Bill 5057
By Delegates Hall and Green
[Passed February 23, 2024; in effect ninety days from passage.]
AN ACT to amend and reenact §33-11A-7 of the Code of West Virginia, 1931, as amended, relating to defining the term "nominal fee" for providing a referral to an insurance company or producer.
Be it enacted by the Legislature of West Virginia:
§33-11A-7. Referrals by unlicensed persons allowed.
(a) A person who is not licensed to sell insurance may refer a customer who seeks to purchase, or seeks an opinion or advice on, any insurance product to a person, or provide the phone number of a person, who sells or provides opinions or advice on such product, only if the person making the referral receives no fee or only a nominal fee for such referral and such fee is not based on the customer's application for or purchase of insurance.
(b) For purposes of this section "nominal fee" means a one-time fee of $100 or less.
The Clerk of the House of Delegates and the Clerk of the Senate hereby certify that the foregoing bill is correctly enrolled.
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Clerk of the House of Delegates
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Clerk of the Senate
Originated in the House of Delegates.
In effect ninety days from passage.
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Speaker of the House of Delegates
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President of the Senate
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The within is ................................................ this the...........................................
Day of ..........................................................................................................., 2024.
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Governor
