The West Virginia Division of Financial Institutions was created by Legislative enactment in 1901 and continues to function today under the authority of the West Virginia Code Chapter 31A as amended. The Division of Financial Institutions is a state regulatory agency responsible for the oversight of our state's financial services industry in order to foster and promote a sound and dynamic climate for the citizens and businesses of West Virginia.

The Division existed as an independent agency until 1989, when, as a result of reorganization of state government, the agency was made a part of the Department of Commerce, Labor and Environmental Resources. During the 1994 session of the West Virginia Legislature, the agency was granted the authority to transfer to the Department of Tax and Revenue and remains a part of that Department today.