Reese 3382


The Committee on the Judiciary moved to amend the bill by striking out the title and substituting therefor a new title, to read as follows:


House Bill No. 3143 – A BILL to amend and reenact §46A-4-101 and §46A-4-107 of the Code of West Virginia, 1931, as amended, all relating to requirements for making consumer loans in West Virginia; modifying the authority to make regulated consumer loans; providing that a person must first obtain a license from the Commissioner of Banking authorizing him or her to make regulated consumer loans before engaging in the business of making regulated consumer loans, taking assignments of or undertaking direct collection of payments from or enforcement of rights against consumers arising from regulated consumer loans; providing that the licensing  provisions do not pertain to any collection agencies as defined and licensed by the West Virginia Collection Agency Act of 1973; and,, adjusting threshold amounts of consumer loans for which certain finance charges can be imposed.