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Can you summarize Chapter 46A WVCO?
West Virginia Code > WEST VIRGINIA CONSUMER CREDIT AND PROTECTION ACT.
Short Summary
The West Virginia Consumer Credit and Protection Act governs consumer credit sales, consumer leases, and consumer loans in West Virginia. It applies to natural persons who incur debt or other obligations in these transactions. The act provides definitions for various terms used in the document and establishes the legal framework for consumer credit and protection in West Virginia. It governs the powers of persons making consumer credit sales and consumer loans, as well as others involved in consumer protection. The act prescribes maximum charges for all creditors, except lessors and those excluded, making consumer credit sales and consumer loans. It also regulates debt collection practices, provides protections for consumers in relation to balloon payments, and establishes the consumer’s right to cure default. The act addresses various aspects of consumer credit sales, consumer leases, and consumer loans, including finance charges, collateral protection insurance, application of payments, delinquency charges, and prepayment penalties. It also provides guidelines for the negotiation and assignment of earnings, consolidation of consumer credit sales or consumer loans, and the imposition of charges for certain duties. The act further addresses the rights and obligations of creditors and consumers in relation to changes in terms and the repayment of insurance costs. Specific exemptions are mentioned for various entities, and no specific penalties are mentioned in the provided content.
Whom does it apply to?
The act applies to natural persons who incur debt or other obligations in consumer credit transactions.
What does it govern?
The provided legal document content pertains to the West Virginia Consumer Credit and Protection Act. This act governs consumer credit sales, consumer leases, and consumer loans in West Virginia.
What are exemptions?
Specific exemptions are mentioned for various entities, including government or governmental agencies or instrumentalities, licensed pawnbrokers, and certain transactions under public utility or common carrier tariffs.
What are the Penalties?
No specific penalties are mentioned in the provided content.
Jurisdiction
West Virginia