This bill amends West Virginia's Code regarding regulated consumer lenders, specifically focusing on the maximum annual interest rates they can charge on loans. It establishes a new maximum interest rate of 36 percent per year for installment loans up to $35,000, which must have a repayment term of between six and 120 months. The bill also removes the previous cap on nonrevolving loans when calculating finance charges, allowing for more flexibility in how lenders can structure their loan agreements.

Additionally, the bill modifies existing provisions related to finance charges, including the removal of specific percentage caps for loans over $3,500 and the introduction of new language that clarifies the calculation of finance charges for revolving loan accounts. It also allows lenders to charge certain fees related to loan origination and investigation, while ensuring that these charges do not constitute "charging interest on interest." Overall, the bill aims to modernize the regulations governing consumer lending in West Virginia, providing both lenders and borrowers with clearer guidelines.

Statutes affected:
Introduced Version: 46A-4-107