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SB468 SUB1 Senate Bill 468 History

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WEST virginia legislature

2016 regular session

Committee Substitute

for

Senate Bill 468

By Senators Gaunch and Ashley

[Originating in the Committee on the Judiciary; reported on February 23, 2016]

 

A BILL to amend and reenact §46A-6K-3 of the Code of West Virginia, 1931, as amended, relating to allowing the accrual of interest during the rescission period on a loan where a right of rescission applies, if the loan is not rescinded and providing an exclusion to the charging and payment of interest.

Be it enacted by the Legislature of West Virginia:


That §46A-6K-3 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:

ARTICLE 6K. GOOD FUNDS SETTLEMENT ACT.


§46A-6K-3. Duty of lender; accrual of interest.

The lender shall, at or before loan closing, cause disbursement of loan funds to the settlement agent; however, in the case of a refinancing, or any other loan where a right of rescission applies, the lender shall, within one business day after the expiration of the rescission period required under the federal Truth-in-Lending Act (15 U.S.C. §1601 et seq.), cause disbursement of loan funds to the settlement agent, unless the loan is rescinded by the customer. All funds disbursed by the lender to the settlement agent must be collected funds. The lender is not entitled to receive or charge any interest on the loan until disbursement of loan funds and loan closing has occurred. The lender may charge and receive interest on the loan during the rescission period required under the federal Truth-in-Lending Act (15 U.S.C. §1601 et seq.): Provided, That the lender may not receive any interest if the loan is rescinded by the customer: Provided, however That the lender may not charge or receive interest on the loan during the rescission period, if the loan is for the purpose of paying a prior loan made by the same lender in full.

 

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