West Virginia Credit Card Agreement and Disclosure Statement

Q: What are the debt collection laws in West Virginia?

West Virginia law, specifically WV Code 46A-2-127, states that debt collectors should not deceive, mislead, or perform fraudulent activities when collecting and attempting to collect a debt. Examples of these bad business practices include: Refusal to give their true name and hide behind the company&#039;s name.

Category:

Loans and Lending - Credit Cards

State:

Multi-State

Control #:

US-02563BG

Format:

Instant download

Description

A credit card is defined by the Federal Truth in Lending Act as "any card, plate, coupon book or other credit device existing for the purpose of obtaining money, property, labor, or services on credit." A credit card is most commonly used in relation to an open-end credit account, permitting the cardholder to purchase one or more items without paying cash or writing a check for the item or items at the time of purchase, deferring payment to some future date. When the issuer's acceptance of an applicant's request for a credit card operates as the opening of a new open-end consumer credit account in the applicant's name, in which the customer may be required to pay a finance charge or other deferred payment charge, the issuer, under the Federal Truth in Lending Act, must provide the customer with certain initial disclosures relative to the account; for example, an explanation of conditions under which a finance charge may be imposed and the method of determining the balance on which a finance charge may be imposed. Further, the Federal Truth in Lending Act requires the creditor under an open end credit account to make certain periodic disclosures to the customer.

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How to fill out Credit Card Agreement And Disclosure Statement?

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FAQ

Creditors have five (5) years to file their debt collection suit for the sum of money owed on an open account. If the debt is for the non-payment of an outstanding balance on a credit card, then the creditor has ten (10) years to file a collection lawsuit against the debtor.

Declaration of consideration or value. The declaration states the property's value or the payment, called consideration, made for the property. The current owner, new owner, or another responsible party must sign the declaration. The West Virginia Code suggests language for a declaration of consideration or value.

The West Virginia Consumers Credit and Protection Act requires every person engaging in this State in making consumer credit sales or consumer loans and every person having an office or a place of business in this State who takes assignments of and undertakes direct collection of payments from or enforcement or rights ...

The ?Statute of Limitations? for credit card debt is a law limiting the amount of time lenders and collection agencies have to sue consumers for nonpayment. That time frame is set by each state and varies from just three years (in 17 states) to 10 years (one state) with the other 23 states somewhere in between.

In most cases, the statute of limitations for a debt will have passed after 10 years. This means a debt collector may still attempt to pursue it (and you technically do still owe it), but they can't typically take legal action against you.

What Is the Statute of Limitations in WV? For most types of civil cases, the statute of limitations in West Virginia is two years. Most misdemeanor criminal charges must be filed within a year, while felonies have no statute of limitations.

West Virginia law, specifically WV Code §46A-2-127, states that debt collectors should not deceive, mislead, or perform fraudulent activities when collecting and attempting to collect a debt. Examples of these bad business practices include: Refusal to give their true name and hide behind the company's name.