West Virginia 2024 Regular Session Status: Enacted 2 R cosponsors

SB 261 — WV Veterans' Home Loan Mortgage Program of 2024

Last action — Chapter 266, Acts, Regular Session, 2024

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed House of Delegates
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced January 11, 2024. Enacted.

Prognosis

Likely to advance 74% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 2 sponsors

    1 primary, 1 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (2 R).

  • Cleared a recorded vote

    Passed 2 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Bill Text

What changed in the latest version

1 added · 23 removed

Plain-language change summary

The amendment to Bill SB 261 involved changing its title to better reflect its purpose and contents. The bill now focuses on creating the West Virginia Veterans' Home Loan Mortgage Program for 2024, which will establish a fund to help veterans secure mortgage loans. This change is significant because it clarifies the intention behind the legislation and ensures that veterans have access to resources to support their housing needs.

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SB261 H FIN AM #1Chakmakian 3260 The Committee on Finance moved to amend the bill on page 1, following the enacting clause, by striking the remainder of the bill in its entirety and inserting in lieu thereof the following:
SB261 H FIN AMTChakmakian 3260 The Committee on Finance moved to amend the bill by striking out the title and substituting therefor a new title, to read as follows:Com.
“CHAPTER 31.
Sub.
corporations.
for S.B.
ARTICLE 18F.
261 -- “A Bill to amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated §31-18F-1, §31-18F-2, §31-18F-3, §31-18F-4, §31-18F-5, and §31-18F-6;
The West Virginia veterans’ home loan mortgage program of 2024.
and to amend and reenact §36-8-13 of said code, all relating generally to creating the West Virginia Veterans' Home Loan Mortgage Program of 2024;
§31-18F-1.
establishing a fund known as the West Virginia Veterans' Home Loan Mortgage Fund;
Short title.
declaring the purpose of the fund;
This article shall be known as the West Virginia Veterans' Home Loan Mortgage Program Act of 2024.
providing that the West Virginia Housing Development Fund shall administer the fund;
§31-18F-2.
setting forth terms of the program;
Definitions.
authorizing the West Virginia Housing Development Fund to make certain mortgage loans from the fund;
  As used in this section, the following definitions apply:
authorizing rulemaking;
(1) "Eligible veteran" means any veteran as defined in this section who:(A) is a West Virginia resident;(B) is a first-time home buyer;
and authorizing the unclaimed property administrator to transfer a certain amount from the Unclaimed Property Trust Fund to the fund.”   AdoptedRejected 
and(C) is establishing his or her primary residence in West Virginia.
(2) "Fund" means the West Virginia Veterans’ Home Loan Mortgage Fund created pursuant to the provisions of §31-18F-5 of this code.(3) "Mortgage loan" means a loan for the purchase of real property, and any improvements thereon, located within this state that is to be used for primary residential purposes by the eligible veteran and that is based upon a written instrument evidenced by a promissory note, and that is secured by a deed of trust.(4) "Participating financial institution" means a corporate lender or other loan originator approved by the West Virginia Housing Development Fund for originating loans pursuant to the provisions this article.(5) "Resident" or “West Virginia resident” means an individual who maintains, or will maintain after receiving a mortgage loan, a primary residence within West Virginia, and who has not established a residence elsewhere even though the individual may be temporarily absent from the state.(6) "Under honorable conditions" means a discharge or separation from military duty characterized by the armed forces as under honorable conditions.
The term includes honorable discharge and general discharge.
The term does not include a dishonorable discharge, or another administrative discharge characterized by military regulation as other than honorable.(7) “Veteran” means a person who satisfies one of the following requirements:(A) is a member of the West Virginia National Guard;
(B) is a member of the federal reserve forces of the armed forces of the United States, serving pursuant to Title 10 of the United States Code;(C) is a person serving on federal active duty pursuant to Title 10 of the United States Code;(D) is the unmarried spouse or child of an individual who otherwise met the requirements of paragraphs (A), (B), or (C) of this subdivision, but was killed in the line of duty;
(E) is a person who previously met the requirements of paragraphs (A), (B), or (C) of this subdivision, but has since been discharged under honorable conditions;
or(F) a person defined as a veteran by rule promulgated by the West Virginia Housing Development Fund pursuant to the provisions of this article.(8) "Veterans’ Home Loan Mortgage Program" or "program" means the program created pursuant to the provisions of this article.(9) “West Virginia Housing Development Fund” or “Housing Development Fund” means the West Virginia Housing Development Fund created and established by §31-18-4 of this code.
§31-18F-3.
Veterans' Home Loan Mortgage Program created.
 (a) There is hereby created the West Virginia Veterans’ Home Loan Mortgage Program of 2024 to be administered by the West Virginia Housing Development Fund for eligible veterans who are first-time home buyers.(b) The West Virginia Housing Development Fund is authorized to make or purchase mortgage loans from participating financial institutions or through direct origination.
§31-18F-4.
Terms of program.
  (a) Interest.
 Interest on a home mortgage loan made pursuant to the provisions of this article shall be 1 percent less than the federal national mortgage association’s delivery rate or 1 percent less than the interest rate applicable to loans provided by the West Virginia Housing Development Fund's Homeownership Program, whichever is less.
If the federal national mortgage association’s delivery rate becomes unavailable, the Housing Development Fund shall provide another similar rate to use for the purposes of this section by rule promulgated pursuant to the provisions of this article.
(b) Loan amount.
 The maximum amount of a loan made pursuant to the provisions of this article is 100 percent of the value of the statewide allowable purchase price.(c) Required education program.
The West Virginia Housing Development Fund shall require, as a condition for a loan, that an eligible veteran participate in a first-time home buyer education program approved by the West Virginia Housing Development Fund.(d) Government guaranty.
 A loan made by the West Virginia Housing Development Fund must be secured by a government guaranty, unless the West Virginia Housing Development Fund makes a determination that the use of conventional mortgage insurance requirements and coverage will satisfy security requirements.
 (e) Minimum amount of veteran monetary payment.
 An eligible veteran shall participate in a loan by paying a minimum amount of $2,500, unless the West Virginia Housing Development Fund provides, by legislative rule promulgated pursuant to the provisions of this section, circumstances under which a smaller minimum amount may be allowed.
 An eligible veteran may use this minimum payment toward paying closing costs and may borrow from the program the maximum loan amount allowed by the mortgage insurer for the loan.(f) Income limitations.
 There is no limit on the maximum amount of income that may be earned by an eligible veteran in order to qualify for the program.(g) In order to allow small financial institutions to participate equitably in the program along with large financial institutions, the West Virginia Housing Development Fund may adopt rules to specify the maximum amount of mortgage loans that may be made by any one participating financial institution.(h) The Legislative Auditor shall have access to all documentation used for the purpose of the program.(i) The West Virginia Housing Development Fund shall annually submit to the Joint Committee on Government and Finance a report describing, at a minimum, the operation and use of this program.
This report shall be due no later than December 1 of each year and may be combined with other reports submitted by the West Virginia Housing Development Fund to the Legislature.
§31-18F-5.
West Virginia Veterans’ Home Loan Mortgage Fund.
  (a) The board of directors of the West Virginia Housing Development Fund shall create and establish the West Virginia Veterans' Home Loan Mortgage Fund.
 The fund shall be a special revolving fund of moneys made available by contribution or loan, and to be governed, administered and accounted for by the directors, officers and managerial staff of the Housing Development Fund as a public purpose trust account separate and distinct from any other moneys, funds or funds owned and managed by the Housing Development Fund.
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The purpose for organizing and operating the fund shall be to provide a source from which the Housing Development Fund may implement the provisions of this article.
(b) The Housing Development Fund shall administer the West Virginia Veterans’ Home Loan Mortgage Fund and service the mortgage loans made pursuant to the program.(c) The West Virginia Housing Development Fund shall receive all moneys transferred to the fund pursuant to §36-8-13(f) of this code, any other moneys to be deposited into the fund, and any repayments and interest paid to the fund.
(d) As a loan pursuant to this article is repaid, the principal payments on the loan must be redeposited in the fund until all the principal of the loan is repaid.
In the event of foreclosure, the proceeds from the sale of the foreclosed property must be deposited to the fund.
The fund may be used to cover the initial purchase of the mortgage loans from participating lenders as well as amounts determined by the Housing Development Fund, to pay for the origination and servicing release fees of a loan by a participating financial institution and to cover the holding costs of any foreclosed properties.
Interest received on the loans may be used by the Housing Development Fund to pay the reasonable costs for the administration of the program and servicing of the loans.
Remaining interest received on the loan must be deposited into the fund.(e) Following the initial origination of loans, loan repayments and any interest earnings of the fund may be used by the Housing Development Fund to originate additional program loans or to assist in the development of affordable housing units for the benefit of veterans.(f) The West Virginia Housing Development Fund may invest and reinvest all moneys in the Veterans’ Home Loan Mortgage Fund in any investments authorized under §31-18-6 of this code pending the disbursement thereof in connection with the Veterans' Home Loan Mortgage Fund.(g) The West Virginia Housing Development Fund will operate the Veterans' Home Loan Mortgage Fund in accordance with customary practices of mortgage lending and loan servicing, including originating loans through qualified lending institutions, industry standard underwriting, minimum down payments, house purchase prices, mortgage lien position, loan origination, and loan servicing fees like the West Virginia Housing Development Fund’s Homeownership Program or similar program.
§31-18F-6.
Rules to be adopted by fund.
 The fund shall promulgate rules, including emergency rules, if necessary, in accordance with §29A-3-1 et seq.
of this code, including rules:(1) Specifying qualifications for financial institutions to participate in the program;(2) Specifying underwriting criteria for a program loan, such as minimum down payment, credit score, ratios of housing expense and of all reoccurring debt as a percentage of income of the borrower, and any exceptions to those criteria;(3) Specifying the statewide allowable purchase price of a home for the purposes of the program;(4) Specifying the security required for a mortgage loan financed by the program;(5) Specifying the qualifications of a first-time homebuyer;(6) Providing the Legislative Auditor with access to records of participating financial institutions regarding loans made pursuant to this program;(7) Governing the loan application process;(8) Specifying the maximum origination fee that may be charged by a participating financial institution;(9) Specifying the maximum servicing fees that may be charged by the fund;
and(10) Other loan conditions determined to be necessary by the fund.
CHAPTER 36.
Estates and property.
ARTICLE 8.
UNIFORM UNCLAIMED PROPERTY ACT.
  §36-8-13.
Deposit of funds.
  (a) The administrator shall record the name and last known address of each person appearing from the holders reports to be entitled to the property, and the name and last known address of each insured person or annuitant and beneficiary and with respect to each policy or annuity listed in the report of an insurance company, its number, the name of the company, and the amount due.
(b) The Unclaimed Property Fund is continued.
The administrator shall deposit all funds received pursuant to this article in the Unclaimed Property Fund, including the proceeds from the sale of abandoned property under §36-8-12 of this code.
The administrator may invest the Unclaimed Property Fund with the West Virginia Board of Treasury Investments, or the Investment Management Board, and all earnings shall accrue to the fund and are available for expenditure in accordance with the article.
In addition to paying claims of unclaimed property duly allowed, the administrator may deduct the following expenses from the Unclaimed Property Fund:(1) Expenses of the sale of abandoned property;(2) Expenses incurred in returning the property to owners, including without limitation the costs of mailing and publication to locate owners;(3) Reasonable service charge;
and(4) Expenses incurred in examining records of holders of property and in collecting the property from those holders.(c) The Unclaimed Property Trust Fund is continued within the State Treasury.
The administrator may invest the Unclaimed Property Trust Fund with the West Virginia Board of Treasury Investments and all earnings shall accrue to the fund and are available for expenditure in accordance with this article.
After deducting the expenses specified in subsection (b) of this section and maintaining a sum of money from which to pay claims duly allowed, the administrator shall transfer the remaining moneys in the Unclaimed Property Fund to the Unclaimed Property Trust Fund.
(d) On or before December 15 of each year, notwithstanding any provision of this code to the contrary, the administrator may transfer the sum of $1 million from the Unclaimed Property Trust Fund to the Jumpstart Savings Trust Fund, until an actuary certifies there are sufficient funds to satisfy all obligations and administrative expenses of the Jumpstart Savings Program.(e) Subject to a liquidity determination and cash availability, effective July 1, 2022, the unclaimed property administrator may transfer an amount in any fiscal year from the Unclaimed Property Trust Fund to the Military Authority Reimbursable Expenditure Fund:
Provided, That the aggregate amount that may be transferred under this subsection may not exceed $10,000,000.
(f) Subject to cash availability, on or before July 15, 2024, the unclaimed property administrator may transfer up to $8 million from the Unclaimed Property Trust Fund to the West Virginia Veterans' Home Loan Mortgage Fund, as provided in §31-18F-5 of this code.
(f)(g) After transferring any money required by subsections (e) and (f) of this section, the administrator shall transfer moneys remaining in the Unclaimed Property Trust Fund to the General Revenue Fund.”   AdoptedRejected
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How this bill changes current law

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Compared against the W. Va. Code as published AI-generated reading aid — verify against the official bill.

The bill establishes the West Virginia Veterans' Home Loan Mortgage Program and introduces new provisions regarding loan terms, eligibility, and fund administration.

  • §31-18F-3

    (a) There is hereby created the West Virginia Veterans’ Home Loan Mortgage Program of 2024 to be administered by the West Virginia Housing Development Fund for eligible veterans who are first-time home buyers.(b) The West Virginia Housing Development Fund is authorized to make or purchase mortgage loans from participating financial institutions or through direct origination.

    Creates the West Virginia Veterans' Home Loan Mortgage Program to provide mortgage loans to eligible veterans.

  • §31-18F-4

    (a) Interest. Interest on a home mortgage loan made pursuant to the provisions of this article shall be 1 percent less than the federal national mortgage association’s delivery rate or 1 percent less than the interest rate applicable to loans provided by the West Virginia Housing Development Fund's Homeownership Program, whichever is less. If the federal national mortgage association’s delivery rate becomes unavailable, the Housing Development Fund shall provide another similar rate to use for the purposes of this section by rule promulgated pursuant to the provisions of this article. (b) Loan amount. The maximum amount of a loan made pursuant to the provisions of this article is 100 percent of the value of the statewide allowable purchase price. (c) Required education program. The West Virginia Housing Development Fund shall require, as a condition for a loan, that an eligible veteran participate in a first-time home buyer education program approved by the West Virginia Housing Development Fund. (d) Government guaranty. A loan made by the West Virginia Housing Development Fund must be secured by a government guaranty, unless the West Virginia Housing Development Fund makes a determination that the use of conventional mortgage insurance requirements and coverage will satisfy security requirements. (e) Minimum amount of veteran monetary payment. An eligible veteran shall participate in a loan by paying a minimum amount of $2,500, unless the West Virginia Housing Development Fund provides, by legislative rule promulgated pursuant to the provisions of this section, circumstances under which a smaller minimum amount may be allowed. An eligible veteran may use this minimum payment toward paying closing costs and may borrow from the program the maximum loan amount allowed by the mortgage insurer for the loan. (f) Income limitations. There is no limit on the maximum amount of income that may be earned by an eligible veteran in order to qualify for the program. (g) In order to allow small financial institutions to participate equitably in the program along with large financial institutions, the West Virginia Housing Development Fund may adopt rules to specify the maximum amount of mortgage loans that may be made by any one participating financial institution. (h) The Legislative Auditor shall have access to all documentation used for the purpose of the program. (i) The West Virginia Housing Development Fund shall annually submit to the Joint Committee on Government and Finance a report describing, at a minimum, the operation and use of this program. This report shall be due no later than December 1 of each year and may be combined with other reports submitted by the West Virginia Housing Development Fund to the Legislature.

    Introduces detailed terms for the program, including loan interest rates, amounts, education requirements, and funding conditions.

  • §31-18F-6

    The fund shall promulgate rules, including emergency rules, if necessary, in accordance with §29A-3-1 et seq. of this code, including rules:(1) Specifying qualifications for financial institutions to participate in the program;(2) Specifying underwriting criteria for a program loan, such as minimum down payment, credit score, ratios of housing expense and of all reoccurring debt as a percentage of income of the borrower, and any exceptions to those criteria;(3) Specifying the statewide allowable purchase price of a home for the purposes of the program;(4) Specifying the security required for a mortgage loan financed by the program;(5) Specifying the qualifications of a first-time homebuyer;(6) Providing the Legislative Auditor with access to records of participating financial institutions regarding loans made pursuant to this program;(7) Governing the loan application process;(8) Specifying the maximum origination fee that may be charged by a participating financial institution;(9) Specifying the maximum servicing fees that may be charged by the fund; and(10) Other loan conditions determined to be necessary by the fund.

    Establishes regulatory authority for the fund to create rules governing program participation and loan conditions.

Action History

  1. Chapter 266, Acts, Regular Session, 2024

  2. Approved by Governor 3/27/24

  3. To Governor 3/19/2024

  4. Approved by Governor 3/27/24 - House Journal

  5. Approved by Governor 3/27/24 - Senate Journal

  6. To Governor 3/19/24 - House Journal

  7. To Governor 3/19/2024 - Senate Journal

  8. House received Senate message

  9. Completed legislative action

  10. Communicated to House

  11. Senate concurred in House amendments and passed bill (Roll No. 467)

  12. House Message received

  13. Communicated to Senate

  14. Title amendment adopted (Voice vote)

  15. Passed House (Roll No. 546)

  16. Read 3rd time

  17. On 3rd reading, Special Calendar

  18. Committee amendment adopted (Voice vote)

  19. Read 2nd time

  20. On 2nd reading, Special Calendar

  21. Read 1st time

  22. On 1st reading, Special Calendar

  23. With amendment, do pass

  24. To House Finance

  25. Introduced in House

  26. Ordered to House

  27. Passed Senate (Roll No. 73)

  28. Read 3rd time

  29. On 3rd reading

  30. Read 2nd time

  31. On 2nd reading

  32. Read 1st time

  33. On 1st reading

  34. 2nd reference dispensed

  35. Committee substitute reported, but first to Finance

  36. To Military

  37. Introduced in Senate

  38. To Military then Finance

  39. Filed for introduction

Sponsors

Sponsorship breakdown

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1 sponsors · 1 co-sponsors · 150 not signed on

Sponsors (1)

Co-sponsors (1)

Not signed on (150)

150 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

PASSAGE

Passed 98 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Republican 66000
Democrat 6002
Unaffiliated 26000
Total 98002
% of votes cast 98%0%0%2%
How each member voted (100)
Member Party Vote
Kirby — Yea
Ross — Yea
Kump — Yea
Rowe — Yea
Forsht — Yea
Foster — Yea
Linville — Yea
Longanacre — Yea
Smith — Yea
Steele — Yea
Griffith — Yea
Martin — Yea
Hamilton — Yea
Summers — Yea
Hardy — Yea
Tully — Yea
Nestor — Yea
Warner — Yea
Phillips — Yea
Westfall — Yea
Devault — Yea
Householder — Yea
Winzenreid — Yea
Espinosa — Yea
Jeffries — Yea
Fast — Yea
Evan Hansen Democrat Yea
Hollis Lewis Democrat Yea
Joey Garcia Democrat Yea
John Williams Democrat Yea
Kayla Young Democrat Not Voting
Mike Pushkin Democrat Yea
Sean Hornbuckle Democrat Not Voting
Shawn Fluharty Democrat Yea
Adam Burkhammer Republican Yea
Adam Vance Republican Yea
Andy Shamblin Republican Yea
Betsy Kelly Republican Yea
Bill Ridenour Republican Yea
Bob Fehrenbacher Republican Yea
Bryan Ward Republican Yea
Charles Sheedy Republican Yea
Christopher W. Toney Republican Yea
Chuck Horst Republican Yea
Clay Riley Republican Yea
D. Rolland Jennings Republican Yea
Dana Ferrell Republican Yea
Darren Thorne Republican Yea
Dave Foggin Republican Yea
David Green Republican Yea
Elias Coop-Gonzalez Republican Yea
Eric Brooks Republican Yea
Erica Moore Republican Yea
Evan Worrell Republican Yea
Gary G. Howell Republican Yea
Geno Chiarelli Republican Yea
George Miller Republican Yea
George Street Republican Yea
Henry Dillon Republican Yea
James Robert "JB" Akers II Republican Yea
Jarred Cannon Republican Yea
Jeff Campbell Republican Yea
Jeffrey Stephens Republican Yea
Jim Butler Republican Yea
Jimmy Willis Republican Yea
Joe Ellington Republican Yea
Joe Statler Republican Yea
John Paul Hott Republican Yea
Jonathan Pinson Republican Yea
Jordan Bridges Republican Yea
Jordan Maynor Republican Yea
Josh Holstein Republican Yea
Kathie Hess Crouse Republican Yea
Keith Marple Republican Yea
Laura Kimble Republican Yea
Lori Dittman Republican Yea
Margitta Mazzocchi Republican Yea
Mark Dean Republican Yea
Mark Zatezalo Republican Yea
Marty Gearheart Republican Yea
Matthew Rohrbach Republican Yea
Michael Hite Republican Yea
Michael Hornby Republican Yea
Mickey Petitto Republican Yea
Pat McGeehan Republican Yea
Patrick Lucas Republican Yea
Phil Mallow Republican Yea
Rick Hillenbrand Republican Yea
Roger Hanshaw Republican Yea
Roy Cooper Republican Yea
Scot C. Heckert Republican Yea
Stanley Adkins Republican Yea
Trenton Barnhart Republican Yea
Vacant1 Republican Yea
Vacant1 Republican Yea
Vernon Criss Republican Yea
Walter Hall Republican Yea
Wayne Clark Republican Yea
Wayne Clark Republican Yea
William Anderson Republican Yea

Official roll call →

Passage

Passed 32 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Republican 16000
Unaffiliated 15002
Democrat 1000
Total 32002
% of votes cast 94%0%0%6%
How each member voted (34)
Member Party Vote
MARONEY — Not Voting
STOVER — Yea
MARTIN — Yea
STUART — Yea
BOLEY — Yea
SWOPE — Yea
CAPUTO — Yea
NELSON — Yea
PHILLIPS — Yea
PLYMALE — Yea
TRUMP — Yea
HAMILTON — Not Voting
HUNT — Yea
JEFFRIES — Yea
SMITH — Yea
MR PRESIDENT — Yea
KARNES — Yea
Mike Woelfel Democrat Yea
Amy Grady Republican Yea
Ben Queen Republican Yea
Charles H. Clements Republican Yea
Eric Tarr Republican Yea
Jack Woodrum Republican Yea
Jason Barrett Republican Yea
Jay Taylor Republican Yea
Laura Wakim Chapman Republican Yea
Mark R. Maynard Republican Yea
Mike Azinger Republican Yea
Mike Oliverio Republican Yea
Patricia Rucker Republican Yea
Rollan A. Roberts Republican Yea
Ryan Weld Republican Yea
Tom Takubo Republican Yea
Vince Deeds Republican Yea

Official roll call →

Subjects

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Frequently asked questions

Who sponsors SB 261?
SB 261 is sponsored by Ryan Weld (Republican) and Randy E. Smith (Republican).
What is the current status of SB 261?
This bill has been enacted into law. Introduced January 11, 2024. Enacted.
Where can I track SB 261?
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