Senate Bill No. 263

(By Senators Minard and Kessler)

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[Introduced January 21, 2002; referred to the Committee

on Banking and Insurance.]

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A BILL to amend and reenact section one hundred twelve, article four, chapter forty-six-a of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to references to supervised lenders and industrial loan companies.

Be it enacted by the Legislature of West Virginia:
That section one hundred twelve, article four, chapter forty- six-a of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended and reenacted to read as follows:
ARTICLE 4. REGULATED CONSUMER LENDERS.
ยง46A-4-112. Code reference to supervised lenders and industrial loan companies; authority of the commissioner.

All references in other chapters in this code to supervised loans, supervised lenders, industrial loans, industrial loan companies and licensees thereof, as well as to article seven, chapter thirty-one of this code, shall, after the operative date of this chapter and despite the repeal of said statute, be read, construed and understood to mean and to have reference, respectively, to regulated consumer loans, regulated consumer lenders, regulated consumer lender licensees and to this article.
All authority vested by this chapter in the commissioner shall be deemed considered to be in addition to, and not in limitation of, the authority vested in the commissioner of banking by provisions contained in other chapters of this code.
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( NOTE: The purpose of this bill is to clarify that all references in the code to supervised loans, supervised lenders, industrial loans, industrial loan companies and licensees thereof shall be read, construed and understood to mean and have reference, respectively, to regulated consumer loans, regulated consumer lenders and regulated consumer lender licensees.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.)


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BANKING AND INSURANCE COMMITTEE AMENDMENT


On page one, by striking out the title and substituting therefor a new title, to read as follows:
Eng. Senate Bill No. 263--A Bill to amend and reenact section one hundred twelve, article four, chapter forty-six-a of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to regulated consumer lenders; and clarifying the construction of certain terms.