Engrossed Version
Senate Bill 193 History
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ENGROSSED
Senate Bill No. 193
(By Senators Minard, Sharpe, Jenkins, Rowe and Sprouse)
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[Introduced January 21, 2003; referred to the Committee on
Banking and Insurance; and then to the Committee on Finance.]
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A BILL to amend and reenact section one hundred fifteen, article
seven, chapter forty-six-a of the code of West Virginia, one
thousand nine hundred thirty-one, as amended, relating to
required registration with the commissioner of banking of
persons involved in consumer lending; commissioner to
prescribe the registration form; registration fee; and
entities to whom this section does not apply.
Be it enacted by the Legislature of West Virginia:
That section one hundred fifteen, article seven, chapter
forty-six-a of the code of West Virginia, one thousand nine hundred
thirty-one, as amended, be amended and reenacted to read as
follows:
ARTICLE 7. ADMINISTRATION.
§46A-7-115. Notification.
(1) Every person engaged in this state in making consumer
credit sales or consumer loans, including any person subject to the provisions of section five-a, article twenty-three, chapter eleven
of this code as a result of their consumer lending or any person
who regularly purchases retail installment contracts or other
consumer paper from a business with which it is affiliated, and
every person having an office or place of business in this state
who takes assignments of and undertakes direct collection of
payments from or enforcement of rights against debtors arising from
such the sales or loans shall file notification register with the
state tax department commissioner within thirty days after
commencing business in this state and, thereafter, on or before the
thirty-first day of January of each year. A notification shall be
deemed to be in compliance with this section if the information
hereinafter required is given in an application for a business
registration certificate provided for in section four, article
twelve, chapter eleven of this code. The state tax commissioner
shall make any registration information required by this section
available to the attorney general or commissioner upon request.
The notification registration shall be in a form prescribed by the
commissioner, accompanied by a registration fee of one hundred
fifty dollars and shall contain any information as the commissioner
may require and, in addition, shall state:
(a) Name The name of the person;
(b) Name The name in which business is transacted if different
from subdivision (a) of this subsection;
(c) Address of The address of the principal office, which may
be outside this state;
(d) Address The address of all of its offices, if any, in this
state at which consumer loans are made, or in the case of a lender
credit card, a description of its affiliation to any store chain,
or national or regional credit card acceptance system, or in the
case of a person taking assignments of obligations, the offices or
places of business within this state at which business is
transacted;
(e) If consumer credit sales or consumer loans, including
loans secured by real property, are made otherwise than at its
retail store or office in this state, a brief description of the
manner in which they are made; and
(f) Address of The address of the designated agent upon whom
service of process may be made in this state. and
(g) Whether regulated consumer loans are made
(2) If information in a notification registration becomes
inaccurate after filing, accurate information must shall be filed
within thirty days.
(3) The provisions of this section are not applicable to a
seller whose credit sales consist entirely of sales made pursuant
to a seller's credit card so as long as the issuer of the card has
fully complied with the provisions of this section, nor are the
provisions of this section applicable to a person whose consumer
lending in West Virginia is incidental and confined to access
through a nonproprietary automatic teller machine or similar
electronic communication terminal. The provisions of this section
are not applicable to federally insured depository institutions or to other persons licensed, regulated or chartered by the
commissioner pursuant to article four of this chapter, article
seventeen, chapter thirty-one of this code or chapters thirty-one-a
and thirty-one-c of this code.
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