WEST virginia Legislature

2016 regular session

Introduced

House Bill 4641

By Delegates Walters, Hamilton, Householder and Westfall

[Introduced February 22, 2016; Referred
to the Committee on Banking and Insurance then the Judiciary.]

A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §55-2-6b, relating to the limitation of action that applies to an action to recover the unpaid balance due upon a contract made by a consumer for the purchase of personal property, containing terms of financing the purchase price.

Be it enacted by the Legislature of West Virginia:

That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section designated §55-2-6b, to read as follows:

ARTICLE 2. LIMITATION OF ACTIONS AND SUITS.

§55-2-6b.  Actions to recover the unpaid balance due on a consumer contract to purchase personal property, containing terms of financing all or part of the purchase price.

No action upon a contract made by a consumer for the purchase of personal property, containing terms of financing all or part of the purchase price over a period of time, to recover the unpaid balance due and owing on the contract payable to the seller, an assignee or other holder of the contract, may be brought more than six years after the due date or dates stated in the contract, or if a due date is accelerated, more than six years after the accelerated due date.

NOTE: The purpose of this bill is to apply a six year statute of limitations to an action to recover the unpaid balance due and owing to the seller, assignee, or other holder of dealer paper made by a consumer, which is consistent with the statute of limitations that applies to an action to recover amounts due on a note.

Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.