SENATE
HOUSE
JOINT
BILL STATUS
STATE LAW
REPORTS
EDUCATIONAL
CONTACT
home
home
Introduced Version Senate Bill 537 History

   |  Email
Key: Green = existing Code. Red = new code to be enacted


Senate Bill No. 537

(By Senators Mitchell, Redd, Rowe, McCabe, Prezioso,

Ross, Sprouse, Bowman, Kessler, Wooton, Edgell,

Caldwell, Hunter, Unger, Love and Snyder)


____________

[Introduced February 7, 2002; referred to the Committee

on Banking and Insurance; and then to the Committee on the Judicairy.]

____________


A BILL to amend article two, chapter forty-six-a of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section one hundred forty, relating to the use of checks or account debits for loans or cash advances made for personal, family or household purposes.

Be it enacted by the Legislature of West Virginia:
That article two, chapter forty-six-a of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended by adding thereto a new section, designated section one hundred forty, to read as follows:
ARTICLE 2. CONSUMER CREDIT PROTECTION.
§46A-2-140. No use of checks, drafts or debit authorizations as security.

(a) No person may engage in the business of making, arranging, acting as a middleman or brokering cash advances or loans to persons for a personal, family or household purpose pursuant to agreements under which checks, share drafts or any authorization to debit accounts of consumers are used as security or as any direct or indirect part of the transaction for the advances, loans or extensions of credit, and the payment of the checks, share drafts or the debit of the accounts is deferred.
(b) Acting in violation of this section is unconscionable conduct within the meaning of article five of this chapter and is an unfair and deceptive practice under article six of this chapter. Any agreement in violation of this section is void and unenforceable.



NOTE: The purpose of this bill is to prevent the taking of checks or similar instruments to guarantee loans or cash advances.

This section is new; therefore, strike-throughs and underscoring have been omitted.

This Web site is maintained by the West Virginia Legislature's Office of Reference & Information.  |  Terms of Use  |   Email WebmasterWebmaster   |   © 2024 West Virginia Legislature **


X

Print On Demand

Name:
Email:
Phone:

Print