W. Va. Code Ann. § 46A-2-105(2) requires the following:
“With respect to a consumer credit sale or consumer loan whenever any scheduled payment is at least twice as large as the smallest of all earlier scheduled payments other than any down payment, any writing purporting to contain the agreement of the parties shall contain the following language typewritten or printed in a conspicuous manner. THIS CONTRACT IS NOT PAYBLE IN INSTALLEMENTS OF EQUAL AMONUTS: Followed, if there is only one installment which is at least twice as large as the smallest of all earlier scheduled payments other than any down payment, by: AN INSTALLMENT OF $ . . . WILL BE DUE ON . . . or, if there is more than one such installment, by: LARGER INSTALLMENTS WILL BE DUE AS FOLLOWS: (The amount of every such installment and its due date shall be inserted).” (italicized text added)
Because a security instrument could be considered a “writing purporting to contain the agreement of the parties,” we will be adding the single installment text to our standard, conventional security instrument (Cx359 and Cx516; currently there are no loan programs which allow for more than one balloon payment in our system). The text will print when “Balloon Indicator” equals “Yes.”
This change will take effect on December 11, 2015. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
DR 187194