West Virginia Code 46A-6C-6 – Disclosure statement
(a) Before executing a contract or agreement with a buyer or receiving money or other valuable consideration, a credit services organization shall provide the buyer with a statement in writing, containing:
Terms Used In West Virginia Code 46A-6C-6
- Contract: A legal written agreement that becomes binding when signed.
- Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
- in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
- Trustee: A person or institution holding and administering property in trust.
(1) A complete and detailed description of the services to be performed by the credit services organization for the buyer and the total cost of the services;
(2) A statement explaining the buyer's right of proceed against the bond or surety account required by section three of this article;
(3) The name and address of the surety company that issued the bond, or the name and address of the depository and the trustee, and the account number of the surety account;
(4) A complete and accurate statement of the buyer's right to review any file on the buyer maintained by a consumer reporting agency, as provided by the Fair Credit Reporting Act. (15 U.S.C. § 1681 et seq.);
(5) A statement that the buyer's file is available for review at no charge on request made to the consumer reporting agency within thirty days after the date of receipt of notice that credit has been denied, and that the buyer's file is available for a minimal charge at any other time;
(6) A complete and accurate statement of the buyer's right to dispute directly with the consumer reporting agency the completeness or accuracy of any item contained in a file on the buyer maintained by that consumer reporting agency;
(7) A statement that accurate information cannot be permanently removed from the files of a consumer reporting agency;
(8) A complete and accurate statement of when consumer information becomes obsolete, and of when consumer reporting agencies are prevented from issuing reports containing obsolete information; and
(9) A complete and accurate statement of the availability of nonprofit credit counseling services.
(b) The credit services organization shall maintain on file, for a period of two years after the date the statement is provided, an exact copy of the statement, signed by the buyer, acknowledging receipt of the statement.