W. Va. Code R. § 108-1-3 - Establishing Alternative Maximum Rate of Interest and Finance Charges

3.1. Motion/Petition for Change in Rate. -- Any member of the Board, wishing to initiate a change in the alternative maximum rate of interest and finance charge, shall file a written motion, proposing the change in the alternative maximum rate of interest and finance charge, with the chairperson of the Board no later than the fifteenth day of February, in order for the motion to be considered and voted upon at the Board meeting to be held on the first Tuesday in April and no later than the fifteenth day of August in order for the motion to be considered and voted upon at the Board meeting to be held on the first Tuesday in October.

Any other petition requesting that the Board consider a change in the alternative maximum rate of interest and finance charge, must be filed in writing with the Commissioner of Banking no later than the fifteenth day of February in order for the petition for change to be considered and voted upon at the Board meeting to be held on the first Tuesday in April and no later than the fifteenth day of August in order for the petition for change to be considered and voted upon at the Board meeting to be held on the first Tuesday in October.

For purposes of this subsection, a motion or petition to consider a change in the alternative maximum rate of interest and finance charge is timely filed if actual delivery of the motion or petition is made to the chairperson of the Board at the offices of the West Virginia Division of Banking on or before the February or August deadline contained in this subsection. If the motion or petition is to be delivered by mail, it is timely filed if it is properly addressed to the chairperson of the Board, postage prepaid and postmarked on or before the February or August deadline contained in this subsection. The correct address of the chairperson of the Board is: Chairperson, West Virginia Lending and Credit Rate Board, West Virginia Division of Banking, Building 3, Room 311, State Capitol Complex, 1900 Kanawha Boulevard East, Charleston, West Virginia 25305-0240.

Should the February or August deadline for filing a motion or petition to change the alternative rate of interest and finance charge fall on a Saturday, Sunday or legal holiday, the following day not a Saturday, Sunday or legal holiday shall be the day intended to be the deadline.

3.2. Hearing Required. -- No change in the alternative maximum rate of interest and finance charge shall be effective unless a hearing is held on the matter, provided, that no hearing is required to be held in the case of a change in the alternative maximum rate of interest and finance charge made pursuant to an emergency interim meeting called in accordance with W. Va. Code '47A-1-1 et seq. and this rule. At a hearing called pursuant to this subsection, all interested parties shall be given an opportunity to be heard and testify and submit information relevant to the matter.

Upon receipt of a motion by a Board member or any other petition proposing a change in the alternative maximum rate of interest and finance charge, filed in accordance with W. Va. Code '47A-1-1 et seq. and this rule, the chairperson of the Board shall, except in the case of an emergency interim meeting, schedule a public hearing at least fifteen days prior to the Board meeting at which the proposed changes will be voted upon by the Board. The Commissioner shall give notice to all interested parties and allow for the presentation of evidence and testimony at the public hearing. Notice of the scheduled hearing shall be issued and disseminated to the public at least twenty days prior to the scheduled date of the hearing.

In the case of an emergency interim meeting, held in accordance with the provisions of W. Va. Code '47A-1-1(h) and this rule, the chairperson of the Board shall give ten days notice of the scheduled emergency interim meeting to the public. All interested parties shall have the opportunity to be heard and to submit relevant information at the emergency interim meeting.

3.3. Presentation of Information at Hearing. -- The chairperson of the Board has the authority to limit the amount of time each person may use to present information.

Notes

W. Va. Code R. § 108-1-3