WV HB2346 | 2013 | Regular Session

Status

Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on February 13 2013 - 25% progression, died in committee
Action: 2013-02-13 - To House Banking and Insurance
Pending: House Banking & Insurance Committee
Text: Latest bill text (Introduced) [HTML]

Summary

This bill creates The Uniform Debt Management Services Act. The bill regulates debt management services providers. The bill provides for the registration of debt management service providers with the Division of Banking. The bill defines terms. The bill provides exemptions for certain agreements and persons. The bill establishes the application information and fees required for registration. The bill requires applicants and registrants to provide the Commissioner of Banking with certain updated information provided as part of the application. The bill establishes the grounds under which the commissioner may deny a registration. The bill requires the commissioner to act on a registration application within one hundred-twenty days of receipt of the complete application. The bill requires an annual renewal of all registrations. The bill requires periodic report by providers. The bill requires a surety bond for registered providers. The bill requires providers of debt management services to act in good faith and maintain customer service access during ordinary business hours. The bill establishes the prerequisites for providing debt management services. The bill requires certain provisions in all contracts to provide debt management services. The bill provides for the ability to terminate a debt management services agreement upon notice. The bill provides that all money paid to a debt management services provider shall be held in trust in an insured bank account. The bill prohibits the imposition of a fee or other charge for debt management services until the provider and customer have signed an agreement. The bill provides that an individual may void an agreement and recover a refund of any moneys paid. The bill provides a five-year period for retention of records. The bill establishes prohibited acts and practices of a debt management service provider. The bill requires a provider to provide the commissioner with notice of any civil litigation against it relating to violation of this article. The bill requires certain disclosures in advertising by debt management services providers. The bill authorizes the Division of Banking to examine providers for compliance. The bill requires background investigation of principals of providers. The bill authorizes the Division of Banking and the office of the Attorney General to enforce the act. The bill provides for private enforcement remedies. The bill establishes statutes of limitations. This article is new; therefore, it has been completely underscored.

Tracking Information

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Title

The Uniform Debt Management Services Act

Sponsors


History

DateChamberAction
2013-02-13HouseTo House Banking and Insurance
2013-02-13HouseIntroduced in House
2013-02-13HouseTo Banking and Insurance then Judiciary
2013-02-13HouseFiled for introduction

Subjects


Code Citations

ChapterArticleSectionCitation TypeStatute Text
47261New CodeSee Bill Text
472610New CodeSee Bill Text
472611New CodeSee Bill Text
472612New CodeSee Bill Text
472613New CodeSee Bill Text
472614New CodeSee Bill Text
472615New CodeSee Bill Text
472616New CodeSee Bill Text
472617New CodeSee Bill Text
472618New CodeSee Bill Text
472619New CodeSee Bill Text
47262New CodeSee Bill Text
472620New CodeSee Bill Text
472621New CodeSee Bill Text
472622New CodeSee Bill Text
472623New CodeSee Bill Text
472624New CodeSee Bill Text
472625New CodeSee Bill Text
472626New CodeSee Bill Text
472627New CodeSee Bill Text
472628New CodeSee Bill Text
472629New CodeSee Bill Text
47263New CodeSee Bill Text
472630New CodeSee Bill Text
472631New CodeSee Bill Text
472632New CodeSee Bill Text
472633New CodeSee Bill Text
472634New CodeSee Bill Text
472635New CodeSee Bill Text
472636New CodeSee Bill Text
472637New CodeSee Bill Text
472638New CodeSee Bill Text
472639New CodeSee Bill Text
47264New CodeSee Bill Text
47265New CodeSee Bill Text
47266New CodeSee Bill Text
47267New CodeSee Bill Text
47268New CodeSee Bill Text
47269New CodeSee Bill Text

West Virginia State Sources


Bill Comments

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