Bill-Banking, Consumer Credit
H. B. 2320
(By Delegates Douglas, Hunt, Compton,
Faircloth, Linch and Riggs)
[Introduced March 3, 1997; referred to the
Committee on Banking and Insurance
then the Judiciary.]
A BILL to amend and reenact section one, article seven,
chapter sixty-four of the code of West Virginia, one
thousand nine hundred thirty-one, as amended, relating
to authorizing the division of banking to promulgate
a legislative rule relating to the WV consumer credit
and protection act and the money and interest article
of chapter forty-seven.
Be it enacted by the Legislature of West Virginia:
That section one, article seven, chapter sixty-four of
the code of West Virginia, one thousand nine hundred
thirty-one, as amended, be amended and reenacted, to read
as follows:
ARTICLE 7. AUTHORIZATION FOR DEPARTMENT OF TAX AND REVENUE TO PROMULGATE LEGISLATIVE RULES.
§64-7-1. Division of banking.
(a) The legislative rules rule filed in the state
register on the thirty-first day of July, one thousand nine
hundred ninety-five, authorized under the authority of
section twenty-six, article four, chapter thirty-one-a of
this code, modified by the division of banking to meet the
objections of the legislative rule-making review committee
and refiled in the state register on the first day of
December, one thousand nine hundred ninety-five, relating
to the division of banking (legal lending limit, 106 CSR
9), are is authorized.
(b) The legislative rules rule filed in the state
register on the twenty-eighth day of July, one thousand
nine hundred ninety-five, authorized under the authority of
section four, article two, chapter thirty-one-a of this
code modified by the division of banking to meet the
objections of the legislative rule-making review committee
and refiled in the state register on the first day of
December, one thousand nine hundred ninety-five, relating
to the division of banking (permissible additional charges
in connection with a consumer credit sale, 106 CSR 11), are
is authorized.
(c) The legislative rules rule filed in the state register on the twenty-eighth day of July, one thousand
nine hundred ninety-five, authorized under the authority of
section twenty-six, article seven, chapter thirty-one of
this code, modified by the division of banking to meet the
objections of the legislative rule-making review committee
and refiled in the state register on the first day of
December, one thousand nine hundred ninety-five, relating
to the division of banking (West Virginia industrial bank
and industrial loan company act, 106 CSR 5), are is
authorized.
(d) The legislative rules rule filed in the state
register on the twenty-eighth day of July, one thousand
nine hundred ninety-five, authorized under the authority of
section four, article two, chapter thirty-one-a of this
code, modified by the division of banking to meet the
objections of the legislative rule-making review committee
and refiled in the state register on the first day of
December, one thousand nine hundred ninety-five, relating
to the division of banking (West Virginia consumer credit
and protection act, 106 CSR 4), are is authorized.
(e) The legislative rules rule filed in the state
register on the twenty-eighth day of July, one thousand
nine hundred ninety-five, authorized under the authority of section twenty-six, article seven, chapter thirty-one of
this code, modified by the division of banking to meet the
objections of the legislative rule-making review committee
and refiled in the state register on the first day of
December, one thousand nine hundred ninety-five, relating
to the division of banking (West Virginia consumer credit
and protection act and the industrial bank and industrial
loan company act, 106 CSR 2), are is authorized.
(f) The legislative rule filed in the state register
on the twenty-eighth day of August, one thousand nine
hundred ninety-six, authorized under the authority of
section four, article two, chapter thirty-one-a, of this
code, modified by the division of banking to meet the
objections of the legislative rule-making review committee
and refiled in the state register on the twenty-first day
of February, one thousand nine hundred ninety-seven,
relating to the division of banking (regulations pertaining
to the WV consumer credit and protection act and the money
and interest article of chapter forty-seven, 106 CSR 1), is
authorized.
NOTE: The purpose of this bill is to authorize the
Division of Banking to a promulgate legislative rule
relating to the WV consumer Credit and Protection Act and the Money and Interest Article of Chapter Forty-seven.
Strike-throughs indicate language that would be
stricken from the present law, and underscoring indicates
new language that would be added.