Senate Bill No. 156
(By Senators Ross, Anderson,
Macnaughtan
,
Boley and Buckalew)
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[Introduced March 3, 1997; referred to the
Committee on Banking and Insurance;
and then to the Committee on the Judiciary.]
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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 West Virginia regulated
consumer lenders.
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 August, one
thousand nine hundred ninety-five 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 first twentieth day of
December, one thousand nine hundred ninety-five ninety-
six, relating to the division of banking (West Virginia
consumer credit and protection act West Virginia
regulated consumer lenders, 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.
NOTE: The purpose of this bill is to authorize the
Division of Banking to promulgate a legislative rule
relating to West Virginia Regulated Consumer Lenders
.
Strike-throughs indicate language that would be
stricken from the present law, and underscoring
indicates new language that would be added.