West Virginia Senate Bill 542 (found here) was enacted on March 14, 2015 and became effective on June 12, 2015. W. Va. SB 542 amended Sections 46A-3-112 and 46A-3-113 of the Code of West Virginia to increase the maximum late fee amount allowed on precomputed and nonprecomputed consumer loans including loans secured by an interest in land or a factory-built home. The previously allowed maximum late fee amount of $15 has now been increased to $30. These changes will be applied to both conventional and government loans.
These changes will take effect immediately. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
June 15, 2015
TW 113320 & 119090