West Virginia Code of State Rules › Agency 142 - Attorney General › Title 142 - PROCEDURAL RULE ATTORNEY GENERAL › Series 142-22 - Legislative Rule Pertaining To The WV Consumer Goods Rental Protection Act › Section 142-22-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
2.1. "Consumer" --
				To be a consumer for the purposes of the definition of "consumer" in the West
				Virginia Consumer Goods Rental Protection Act, W. Va. Code '46B-1-5(2),
				the consumer does not have to have entered into a rent-to-own
				agreement.
2.2. "Financial
				Organization" -- The term "financial organization" in the West Virginia
				Consumer Goods Rental Protection Act, W. Va. Code '46B-1-5(8),
				is limited to banks or savings and loan associations.
2.3. "Market area" means the geographic are
				around the dealer's place of business at which the dealer enters into rent-to-
				own agreements with consumers from which consumers usually travel for the
				purpose of doing business with a dealer or other retailer of consumer goods and
				is presumed to include the county in which the dealer is located and any
				contiguous counties.
2.4. "Price"
				-- The term "price" in the disclosure provisions of the West Virginia Consumer
				Goods Rental Protection Act, W. Va. Code '46B-3-7(c)(4)
				means the amount of the periodic payment.
2.5. "Increased Periodic Payments" -- The
				prohibition in the West Virginia Consumer Goods Rental Protection Act against
				charging a fee other than a fee specifically allowed by the code at the time
				ownership of the goods passes to the consumer W. Va. Code '46B-3-8(2)
				means that a rent-to-own transaction is prohibited from having one or more
				periodic payments either at the end of the transaction or at any time after the
				first regular periodic payment which is larger than any other periodic
				payment.
2.6. "Limitation on
				Re-Signed Agreement" -- The limitation on the total of payments in any
				rent-to-own transaction in the West Virginia Consumer Goods Rental Protection
				Act, W. Va. Code '46B-3-9(d)
				means that the total of payments of a rent-to-own agreement between the same
				consumer, or one of the same consumers, and the same dealer, or the dealer's
				successor, for the same goods as in a previous agreement shall not be greater
				than A) The unpaid total of payments for the previous transaction; plus B) Any
				other charges due as lawfully provided by the previous agreement and unpaid;
				plus C) The amount of one additional periodic payment as provided in the
				previous agreement.
2.7. "Retailer"
				-- The term "retailer" means a person or firm in the business of making
				substantial bona fide sales of goods to consumers for cash, check, or other
				legal tender, or for which the purchaser uses a credit card of a firm which is
				not a person related to the retailer and which is not an individual who is a
				person related to the retailer: Provided, That a person or firm is not a
				"retailer" if the person or firm is a person related to a dealer or an
				individual related to a person related to a dealer as the term "person related
				to" is defined in W. Va. Code '46B-1-5(13).