While the Credit Act generally follows the Uniform Consumer Credit Code, it also contains many significantly different and additional provisions. The Credit Act applies generally to consumer credit sales, consumer leases and consumer loans. For purposes of the Credit Act, a consumer purpose is primarily for personal, family, household or agricultural purposes. A creditor is subject to the Credit Act if it induces a resident to enter into a consumer credit sale made pursuant to a revolving charge account, a revolving charge account, a consumer loan made pursuant to a revolving loan account, a consumer lease or if the creditor delivers goods, services or proceeds to a customer in West Virginia and payment on such account is to be made from West Virginia. The Credit Act subjects to the regulation of the West Virginia Commissioner of Banking any non-regulated business which regularly engages in the making of consumer loans.
Financial institutions are exempt.
The Credit Act contains various restrictions on the collection of debts. For purposes of the Credit Act, a debt collector consists not only of a third party, but also of a creditor collecting its own debts. Debt collectors may not use threats, coercion, oppression or abuse in debt collection, nor may they use fraudulent, deceptive or misleading representations or any other unfair or unconscionable means. A debt collector may not publish any information relating to the consumer's indebtedness to any person other than a credit reporting agency. Generally, a consumer may not authorize another person to confess judgment on a claim arising out of a consumer credit sale, consumer lease or consumer loan.