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Can you summarize WVCO 46A-2-119a?
CONSUMER CREDIT PROTECTION. > Secured transaction; use of price guide value in calculating deficiency or surplus.
Short Summary
This section of the West Virginia Consumer Credit and Protection Act applies to secured transactions involving collateral primarily purchased for personal, family, household, or agricultural purposes. It also applies to transactions where collateral was previously used for such purposes or when a debt primarily incurred for such purposes is secured by collateral. The section allows a secured creditor, after a default by the debtor, to send a written proposal to the debtor setting forth a value for the collateral. If the debtor agrees to the proposal, the value of the collateral, less any expenses, will be credited against the debtor’s obligation. The proposal must explain the debtor’s rights if they do not agree to the proposal. The section also provides guidelines for determining the value of different types of collateral, such as motor vehicles and manufactured homes. The written agreement of the debtor must be signed and received within a specified time period. The section also addresses the obligations of the secured creditor and the rights of multiple debtors or other persons with an ownership interest in the collateral.
Whom does it apply to?
Transactions in which a purchase money security interest is taken in collateral primarily for personal, family, household, or agricultural purposes; transactions in which a security interest is taken in collateral previously used for personal, family, household, or agricultural purposes; transactions in which a security interest is taken in collateral for a debt primarily incurred for personal, family, household, or agricultural purposes.
What does it govern?
Secured transaction; use of price guide value in calculating deficiency or surplus.
What are exemptions?
Not specified.
What are the Penalties?
Not specified.
Jurisdiction
West Virginia