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MEDICAL CANNABIS BANKING


Location
West Virginia
Publication Date
05/01/2019 03:23 PM EDT
Closing Date
06/05/2019 12:00 AM EDT
Issuing Organization
West Virginia State Treasurer's Office
Solicitation Number
Description

Specifications include, but are not limited to: The STO workstations currently use Windows 7. The STO anticipates moving workstations to Windows 10. Typical hardware configuration is 4 gig of RAM and an i5 processor or better. All applications must work properly with normal user rights on Windows workstations. Resultant data files must be compatible with Microsoft Office applications (i.e. Word and Excel). Administrative rights for application compatibility within the West Virginia State Treasurer’s Office is disallowed. 4.1.1 Vendor must be a bank, national banking association, a non-bank financial institution, a bank and trust company, a trust company, a savings and loan association, a building and loan association, a mutual savings bank, a credit union or a savings bank that is designated or will become a State approved depository prior to the Contract award as provided by W.Va. Code §12-1-3. 4.1.2 Vendor must provide one of the following as it relates to collateralizing of state funds in accordance with W. Va. Code §12-1-4 and W. Va. Code §12-1-14, depending on the type of institution: (1) be insured by the Federal Deposit Insurance Corporation (FDIC) and collateralize total state deposits at 102% over and above any share insurance; or (2) be insured by National Credit Union Share Insurance Fund (NCUSIF), National Credit Union Administration (NCUA) insurance or similar share insurance and collaterize total state deposits at 102% over and above any share insurance; or (3) as a non-bank financial institution, collaterize total state deposits at 125% . 4.1.3 Vendor must provide collateral at the requisite percentage specified in West Virginia Code depending on type of institution for all deposit balances according to the STO collateral policy attached as Exhibit H. 4.1.4 Vendor must comply with all federal and state laws and regulations as it relates to accepting and disbursing funds related to state-sanctioned medical cannabis programs, including filing of all required reports to federal and state government agencies. a. Vendor must provide the STO a detailed listing of required information to file the proper reports.

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