WV SB741

Authorizes the State Auditor, acting as Securities Commissioner, to conduct fairness hearings for corporate reorganizations, recapitalizations, or refinancings involving the exchange of securities for outstanding securities, claims, property interests, or cash

Applies to corporations or limited liability companies organized in West Virginia or with their principal place of business in the state, when plans are proposed by the entity or its shareholders, members, or creditors

Requires the Commissioner to hold a hearing within 30 days of application filing and issue approval or denial within 10 business days after the hearing

Securities issued under a Commissioner-approved plan are exempt from state registration requirements and may qualify for federal exemption under Section 3(a)(10) of the Securities Act

Applicants must pay a $100 filing fee plus up to $1,000 deposit to cover hearing and investigation costs, and provide at least 10 days notice to all persons receiving securities in the exchange