West Virginia Code of State Rules Agency 108 - Lending And Credit Rate Board
Here’s a comprehensive overview of West Virginia Code of State Rules – Agency 108: Lending and Credit Rate Board, current through March 21, 2025:
📘 Title 108 – Procedural Rules: Lending & Credit Rate Board
Agency 108 comprises a single series—Series 108‑01, which lays out the procedural rules for the West Virginia Lending and Credit Rate Board (regulations.justia.com).
📄 Series 108‑01: Procedural Rules Overview
Covers four key sections:
108‑1‑1 – General
Defines the Board's jurisdiction and procedural authority. (regulations.justia.com)
108‑1‑2 – Scheduling of Regular and Emergency Meetings
Establishes requirements for semiannual meetings and what constitutes an emergency meeting. (regulations.justia.com)
108‑1‑3 – Establishing Alternative Maximum Rates
Authorizes the Board to set semiannual alternative maximum interest rates and finance charges. Creditors may choose to follow either these or rates permitted elsewhere in state law. (regulations.justia.com)
108‑1‑4 – Meeting Not Required
Clarifies cases when the Board may forego meetings (e.g., no changes in rates needed). (regulations.justia.com)
⚖️ Board Composition & Authority
The Board is composed of nine members, including representatives from the Division of Financial Institutions, public members, and institutional appointees (dfi.wv.gov).
Mandate: Authorized by WV Code § 47A‑1‑1 (1981) to prescribe optional maximum interest rates on loans, credit sales, and similar transactions, twice per year (wvlegislature.gov).
These rates serve as an alternative to other legal maximums; creditors are not required to use them if alternative provisions apply.
🚨 Effectiveness & Oversight
A 1996 performance audit called the Board “ineffective” due to federal preemption, outdated rate ceilings, and limited enforcement authority (wvlegislature.gov).
The audit noted that since credit is often provided across state lines and federal law can override state rate caps, the Board’s impact has diminished—and even some members suggested abolishing it.
✅ Summary Table
| Element | Details |
|---|---|
| Series | 108‑01 – Procedural rules |
| Sections | 108‑1‑1 to 108‑1‑4 |
| Board Role | Semiannual meetings; sets optional max interest/finance charge rates |
| Members | Nine, including financial regulators and public representatives |
| Authority | Authorized under WV Code § 47A‑1‑1 (1981) |
| Optional Nature | Rates serve as an alternative—creditors may choose other legal ceilings |
| Critiques | Limited impact due to inflation and federal law constraints |
🧭 Need More Detail?
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Exact text from any section (e.g. meeting scheduling or rate-setting procedures)
Information on current or recent maximum rates set by the Board
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