ENROLLED
COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 556
(Senator Minard, original sponsor, By Request)
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[Passed March 13, 2004; in effect ninety days from passage.]
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AN ACT to amend and reenact §46A-6C-2 of the code of West Virginia,
1931, as amended, relating to credit services organizations;
and exempting retailers of automobiles and trucks from the
definition of credit services organizations.
Be it enacted by the Legislature of West Virginia:
That §46A-6C-2 of the code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 6C. CREDIT SERVICES ORGANIZATIONS.
§46A-6C-2. Credit services organization.
(a) A credit services organization is a person who, with
respect to the extension of credit by others and in return for the
payment of money or other valuable consideration, provides, or
represents that the person can or will provide, any of the
following services:
(1) Improving a buyer's credit record, history or rating;
(2) Obtaining an extension of credit for a buyer; or
(3) Providing advice or assistance to a buyer with regard to
subdivision (1) or (2) of this subsection.
(b) The following are exempt from this article:
(1) A person authorized to make loans or extension of credit
under the law of this state or the United States who is subject to
regulation and supervision by this state or the United States, or
a lender approved by the United States secretary of housing and
urban development for participation in a mortgage insurance program
under the National Housing Act (12 U. S. C. Section 1701, et
seq.);
(2) A bank or savings and loan association whose deposit or
accounts are eligible for insurance by the federal deposit
insurance corporation or the federal savings and loan insurance
corporation or a subsidiary of such a bank or savings and loan
association;
(3) A credit union doing business in this state;
(4) A nonprofit organization exempt from taxation under
Section 501(c)(3) of the Internal Revenue Code of 1986;
(5) A person licensed as a real estate broker or salesman
under the Real Estate Brokers License Act acting within the course
and scope of that license;
(6) A person licensed to practice law in this state acting
within the course and scope of the person's practice as an
attorney;
(7) A broker-dealer registered with the securities and
exchange commission or the commodity future trading commission acting within the course and scope of that regulation;
(8) A consumer reporting agency;
(9) A person whose primary business is making loans secured by
liens on real property;
(10) A person whose primary business is the retail sale of
automobiles and trucks: Provided, That the person is not extending
credit for a buyer, excluding assignments; and
(11) A person licensed to practice public accounting in this
state acting within the course and scope of the person's practice
as an accountant.