West Virginia Code of State Rules Agency 112 - Treasurer
West Virginia Code of State Rules – Agency 112: Treasurer
Overview:
Agency 112 of the West Virginia Code of State Rules (CSR) outlines the administrative rules and regulations issued by the West Virginia State Treasurer’s Office. The Treasurer is a constitutional officer responsible for managing the state’s finances, including handling public funds, managing unclaimed property, overseeing state investment accounts, and administering various financial programs.
These rules are authorized by provisions in West Virginia Code Chapter 12 (Public Moneys and Securities) and related statutes.
Primary Responsibilities of the Treasurer’s Office:
Custody and Investment of State Funds
Administration of Unclaimed Property
College Savings and ABLE Programs
Debt and Cash Management
Earnings Distributions and Banking Contracts
Key Rule Areas Under Agency 112:
🔹 §112-1: General Operations and Fund Management
Procedures for receiving, disbursing, and investing public funds.
Ensures state funds are protected, efficiently managed, and yield appropriate returns.
Rules on bank collateralization and the selection of financial institutions.
🔹 §112-2: Unclaimed Property Program
Administration of the Uniform Unclaimed Property Act in West Virginia.
Governs:
Reporting and remittance of unclaimed financial assets (bank accounts, wages, insurance policies, etc.)
Procedures for owners to claim property
Audits and enforcement of reporting entities
Includes timelines and documentation requirements.
🔹 §112-3: SMART529 College Savings Program
Establishes rules for West Virginia's 529 college savings plan.
Covers:
Plan eligibility and enrollment
Investment options
Tax benefits and withdrawals
Aligns with Section 529 of the Internal Revenue Code.
🔹 §112-4: WVABLE (Achieving a Better Life Experience) Program
Rules for tax-advantaged savings accounts for individuals with disabilities.
Participants can save without affecting eligibility for SSI, Medicaid, or other public benefits.
Covers account contributions, eligible expenses, and withdrawals.
🔹 §112-5: Local Government Investment Pool (LGIP)
Allows local governments and agencies to pool funds with the state for investment.
Sets policies on fund access, interest allocation, and risk management.
Encourages transparency and accountability in local finance.
🔹 §112-6: Banking and Payment Services
Rules governing the Treasurer’s contracts with banks and vendors.
Covers:
Electronic payments (e.g., direct deposit, debit cards)
Credit card acceptance and transaction fees
Security standards for electronic transactions
Legal Authority:
West Virginia Code Chapter 12 – Governs public moneys and state investments
West Virginia Code §36-8 – Uniform Unclaimed Property Act
West Virginia Code §18-30 – SMART529 College Savings
West Virginia Code §18-30A – WVABLE
Resources:
Unclaimed property search and claim portal
SMART529 and WVABLE information
State financial reports and investment data
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