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Introduced Version Senate Bill 98 History

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Key: Green = existing Code. Red = new code to be enacted
Senate Bill No. 98

(By Senators Edgell and Rowe)

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[Introduced January 14, 2004; referred to the Committee on Banking and Insurance; and then to the Committee on Finance.]

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A BILL to amend the code of West Virginia, 1931, as amended, by adding thereto a new section, designated §46A-2-140, relating to prohibiting engaging in the business of brokering cash advances or loans using checks or account debits for security for loan or cash advances made for personal, family or household purposes.

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 §46A-2-140, to read as follows:
ARTICLE 2. CONSUMER CREDIT PROTECTION.
§46A-2-140. Use of checks, drafts or debit authorizations as security prohibited.

(a) No person may engage in the business of making, arranging, acting as a middleman or brokering cash advances or loans to persons for a personal, family or household purpose pursuant to agreements under which checks, share drafts or any authorization to debit accounts of consumers are used as security or as any direct or indirect part of the transaction for the advances, loans or extensions of credit, and the payment of the checks, share drafts or the debit of the accounts is deferred.
(b) Acting in violation of this section is unconscionable conduct within the meaning of article five of this chapter and is an unfair and deceptive practice under article six of this chapter. Any agreement in violation of this section is void and unenforceable.


NOTE: The purpose of this bill is to prevent the taking of checks or similar instruments to guarantee loans or cash advances for personal, family or household purposes
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This section is new; therefore, strike-throughs and underscoring have been omitted.

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