ENGROSSED
COMMITTEE SUBSTITUTE
FOR
Senate Bill No. 616
(By Senators Minard, Sharpe and Facemyer)
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[Originating in the Committee on Banking and Insurance;
reported February 22, 2006.]
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A BILL to amend and reenact §46A-4-104 of the Code of West
Virginia, 1931, as amended, relating to establishing annual
reporting requirements for regulated consumer lenders; and
providing safeguards for nonpublic personal information that
consumers disclose to regulated consumer lenders.
Be it enacted by the Legislature of West Virginia:
That §46A-4-104 of the Code of West Virginia, 1931, as
amended, be amended and reenacted to read as follows:
ARTICLE 4. REGULATED CONSUMER LENDERS.
§46A-4-104. Records; annual reports.
(1) (a) Every licensee shall maintain records in conformity
with generally accepted accounting principles and practices in a
manner which will enable the commissioner to determine whether the
licensee is complying with the provisions of this article. The
record-keeping system of a licensee shall be sufficient if he
or she makes the required information reasonably available. The
records need not be kept in the place of business where regulated
consumer loans are made, if the commissioner is given free access
to the records wherever located. The records pertaining to any
loan need not be preserved for more than two years after making the
final entry relating to the loan, but in the case of a revolving
loan account such two-year period is measured from the date of each
entry.
(2) On or before the fifteenth day of February each year,
every licensee shall file with the commissioner a composite annual
report in the form prescribed by the commissioner relating to all
regulated consumer loans made by him and showing in detail the
actual financial condition and the amount of the assets and
liabilities of such financial institution. The commissioner shall
consult with comparable officials in other states for the purpose
of making the kinds of information required in annual reports
uniform among the states. Information contained in annual reports
shall be confidential and may be published only in composite form.
(b) On or before the fifteenth day of February each year,
every licensee shall file with the commissioner a composite annual
report relating to all regulated consumer loans made by the
regulated consumer lender and showing in detail the actual
financial condition and the amount of the assets and liabilities of
the financial institutions, which may be published in composite
form only, and in addition may request from the consumer lenders
the following information:
(1) A statement of financial condition and the amount of
assets and liabilities of the regulated consumer lender;
(2) The total number and corresponding dollar amount of loans
secured by real estate, loans secured by personal property,
unsecured loans, installment sales contracts purchased and gross
loans for each licensed location by the same regulated consumer
lender;
(3) The nature and locations of all regulated consumer loan
records not maintained at a regulated consumer lender's place of
business;
(4) The date of the last audit of West Virginia offices for
compliance of consumer laws, whether internal or external, and
Internal Revenue Service currency reporting requirements,
identification of the auditor and any written policies relating to
each reporting requirement and procedure for West Virginia
operations;
(5) A list of Federal Trade Commission civil investigative
demands and a compilation of fines, penalties and adverse orders
issued by any other state or federal agency against the regulated
consumer lender;
(6) If applicable, any type of insurance products offered for
sale in West Virginia offices and, for each product listed, the
percentage of direct loans that were made with insurance;
(7) An explanation of any lending activity made outside of
West Virginia offices that are included in financial statements;
(8) A list of all other licences that are held;
(9) The number and total amount of loans transferred or sold
to affiliated companies;
(10) The number and total amount of loans transferred or sold
to nonaffiliated companies;
(11) The types of other products or services offered in West
Virginia offices;
(12) An organizational chart detailing the relationship
between the regulated consumer lender and its parent company in the
United States;
(13) A list of all litigation in which the regulated consumer
lender is a defendant that has been initiated in the last twelve
months, including the type of case and a description of the causes
of action; and
(14) Information, and any changes, relating to the name;
title; company name, if one other than a consumer lender; address;
telephone number; and fax number shall be reported promptly to the
Division of Banking for the following:
(A) The manager of the main office designated in West Virginia
and if the individual has responsibilities over other West Virginia
offices;
(B) The annual assessment contact;
(C) The financial reporting contact;
(D) The examination information contact;
(E) The state supervisor of West Virginia offices;
(F) The government relations representative;
(G) The licensing contact; and
(H) The parent company contact.
(c) Nothing contained in this section shall be construed to
prohibit the commissioner from requiring regulated consumer lenders
to provide access to the books and records necessary to determine
compliance with this chapter and other relevant state rules.
(d) The commissioner shall take steps to safeguard all nonpublic personal information obtained in the examination of
regulated consumer lender records to maintain its security.
Information contained in annual reports or obtained through this
section shall be confidential. Without limitation of the
provisions of this section, all personal information obtained by
the commissioner may not be published or released.
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