WEST virginia legislature

2016 regular session

Committee Substitute

for

Senate Bill 635

By Senators Ashley, Carmichael and Gaunch

[Originating in the Committee on the Judiciary; reported on February 26, 2016]

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 statute of limitation period 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; establishing the statute of limitation period to be four years on claims upon a contract made by a consumer for the purchase of personal property which contains terms of financing all or part of the purchase price over a period of time; clarifying the start of the four-year statute of limitation period; and distinguishing the start of the statute of limitation period if the due date is accelerated.

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 four years after the due date or dates stated in the contract or, if a due date is accelerated, more than four years after the accelerated due date.