WV HB2889

Authorizes the West Virginia Commissioner of Securities to conduct "fairness hearings" to evaluate and approve transactions where securities are exchanged for outstanding securities, claims, property interests, or cash as part of corporate reorganizations, recapitalizations, or refinancings.

Securities issued through transactions approved at a fairness hearing are exempt from state securities registration requirements under the Uniform Securities Act.

Applies to corporations and LLCs organized under West Virginia law or with a principal place of business in the state, when shareholders, members, or creditors propose plans involving securities issuance.

Requires applicants to file an application with supporting documents and a filing fee not exceeding $500, with the commissioner required to hold a hearing within 30 days of receiving a complete application.

Mandates that affected parties receive at least 10 days notice before the hearing, and the commissioner must issue findings within 10 business days after the hearing, with authority to invoice applicants for hearing costs.