Source: https://sos.wv.gov/business/Pages/CSO.aspx
Timestamp: 2020-04-09 01:17:41
Document Index: 664434948

Matched Legal Cases: ['§46', '§46', '§46', '§46', '§46', '§46', '§46']

Secretary of State > Business > Credit Service Organizations
The following types of companies must register with Secretary of State as a Credit Service Organization (CSO) per WV Code §46A-6C:
Businesses that offer to arrange, extend or repair credit in West Virginia are required to register as a Credit Service Organization (CSO) per WV Code §46A-6C. Certain categories of companies are exempt. See CSO Exemptions to Registration for detailed information.
All credit companies must comply with the disclosure statement, broker contract, and notice of cancellation provisions of WV Code §46A-6C-6 and §46A-6C-7. Once registered, the Secretary of State will provide the appropriate disclosure form for CSOs to provide each customer. A copy of the disclosure, signed by the customer, must be kept on file by the CSO for one year.
All loan brokers who do not fall within one of the exemptions in WV Code §46A-6C-2, such as lenders actually providing the funds, nonprofit corporations, licensed real estate brokers, attorneys, accountants, must register as a CSO with the Secretary of State. See CSO Exemptions to Registration for detailed information.
Registration as a Broker
Legislation requires licensing as a broker with the West Virginia Division of Banking. This legislation does not exempt mortgage brokers from CSO registration and disclosure requirements. Details and application forms for the new mortgage broker and lender license are available online with the West Virginia Division of Banking.
Although loan brokers must obtain a bond from the banking commissioner under H.B. 4139, they need not obtain a bond from the Secretary of State unless they accept money from prospective borrowers prior to closing.
All brokers must comply with the disclosure statement, broker contract, and notice of cancellation provisions of WV Code §46A-6C-6 and §46A-6C-7. Once registered, the Secretary of State will provide the appropriate disclosure form for CSOs to provide each customer. A copy of the disclosure, signed by the customer, must be kept on file by the CSO for one year.
Registration as a CSO is in addition to the regular required Secretary of State and State Tax Department business registrations.
For example, a foreign (out-of-state) corporation arranging loans or credit repair must file the following:
A Certificate of Authority Registration with Secretary of State as a foreign (out-of-state) corporation,
A CSO Registration Statement (Form CSO-1) (see Surety Bond below for additional registration information),
A West Virginia State Tax Department Business Registration Certificate (i.e, application for business license).
CSO-1 Registration Statement
CSO-2 Surety Bond Application
CSO-3 Without Surety (Trust Account)
CSO-4 With Surety
CSO-6 Receipt for Security & Directions to Pay Earnings
Select CSO Registration
For further assistance registering as a Credit Service Organization, contact the Business Division