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Can you summarize Chapter 32A WVCO?
West Virginia Code > LAND SALES; FALSE ADVERTISING; ISSUANCE AND SALE OF CHECKS, DRAFTS, MONEY ORDERS, ETC.
Short Summary
The provided legal document content covers three main areas. Firstly, it governs the sales of checks and money orders, money transmission services, transportation, and currency exchange. It applies to individuals or entities engaged in currency exchange, transportation, or transmission as a service or for profit. The document provides definitions for various terms and exemptions for certain transactions. Secondly, it governs the provision of check cashing services by merchants primarily engaged in retail consumer sales. Merchants can offer check cashing services as long as it is incidental to their main business and they collect a fee for the service. The document specifies the fees charged, conditions for licensing, and exemptions for certain entities. Lastly, it governs the sale or offer for sale of specific types of lands and properties situated outside the state. It prohibits such sales unless the seller files a detailed description and required information with the commissioner of securities and registers the property. Salespersons must also be registered. The document specifies that registration requirements, regulations, and penalties provided in chapter thirty-two of the West Virginia Code apply. However, bona fide owners can sell their own land or property without being subject to these requirements if it is not part of any promotion or development to the public. No specific penalties are mentioned in the document.
Whom does it apply to?
Persons engaged in currency exchange, currency transportation, or currency transmission as a service or for profit; merchants primarily engaged in retail consumer sales offering check cashing services; persons, partnerships, or corporations selling or offering for sale lands situated outside the state
What does it govern?
Sales of checks and money orders, money transmission services, transportation, and currency exchange; provision of check cashing services by merchants; sale or offer for sale of specific types of lands and properties
What are exemptions?
Issuance and sale of travelers checks denominated in a foreign currency; online or telecommunications services or network access; federally-insured depository institutions, foreign bank agencies, and certain governmental entities; other financial institutions licensed by the commissioner of banking with written approval; bona fide owners selling their own land or property without promotion or development to the public
What are the Penalties?
No penalties specified
Jurisdiction
West Virginia