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Can you summarize WVCO 46A-2-106?
CONSUMER CREDIT PROTECTION. > Notice of consumer's right to cure default; cure; acceleration.
Short Summary
This legal document, part of the West Virginia Consumer Credit and Protection Act, governs the consumer’s right to cure default, cure, and acceleration. It applies to consumers and creditors in West Virginia. After a consumer defaults on an installment obligation or any other secured obligation, the creditor may give notice to the consumer, stating the amount and date by which the default must be cured. The notice must also be provided to any cosigner of the obligation. The consumer has the right to cure the default within ten days by tendering the unpaid sums due and any other necessary performance. However, if the consumer has been in default three or more times on the same obligation and has received notice three or more times, they do not have the right to cure the default. The document prohibits the acceleration of the unpaid balance or any action or possession of collateral until after the notice period. There are no specific penalties mentioned in this document.
Whom does it apply to?
Consumers and creditors in West Virginia
What does it govern?
Consumer's right to cure default; cure; acceleration
What are exemptions?
A consumer who has been in default three or more times on the same obligation and who has been given notice of such fact three or more times shall not have the right to cure a default under this section
What are the Penalties?
No specific penalties mentioned
Jurisdiction
West Virginia