Creating offense of theft by conversion

SB 705 creates a new criminal offense called "theft by conversion" in West Virginia, targeting individuals who unlawfully use funds or property they were entrusted with under an agreement. It directly affects people handling others' assets (like rental companies, contractors, or anyone with a legal obligation to manage property), such as leased equipment or payments. The bill sets penalties: misdemeanors for amounts under $2,500 (up to 1 year in jail or $1,000 fine), and felonies for $2,500 or more (1-10 years in prison or fines up to $2,500). It requires courts to order restitution to victims and specifies where cases can be prosecuted (e.g., defendant’s, victim’s, or property location county). The law applies to property valued over $100, excluding late fees.