West Virginia Code of State Rules Agency 106 - Banking
Here’s a comprehensive summary of West Virginia Code of State Rules — Agency 106: Banking:
🏦 Agency 106 – Commissioner of Financial Institutions
Overview:
Agency 106 sets forth regulations overseen by the Commissioner of Financial Institutions, implementing provisions of the WV Consumer Credit and Protection Act, the Money and Interest Article, and various banking statutes (e.g., WV Code §31A, §47-6). (law.cornell.edu)
🔍 Key Series within Title 106
Series 106‑01 – Consumer Credit & Protection (106‑1‑1)
Establishes baseline provisions for consumer credit and interest regulations.
Covers scope, authority, and codification details.
Filed May 8, 1997; effective June 2, 1997. (law.cornell.edu)
Series 106‑04 to 106‑06 – Consumer & Regulated Lenders
106‑04 includes rules for regulated consumer lenders (active from June 2, 1997). (apps.sos.wv.gov)
106‑05 governs residential mortgage lenders, brokers, and loan originators, with key updates as of May 1, 2012. (apps.sos.wv.gov)
Also covers industrial loan companies and related acts (historical versions from 1981–1996) (apps.sos.wv.gov)
Series 106‑09 – Legal Lending Limits (106‑096‑01)
Implements loan exposure caps for banks to prevent concentration risk, under WV Code §31A‑4‑26. (apps.sos.wv.gov)
Series 106‑07 to 106‑08 – Banking Operations
106‑07/075: Regulates installation and sharing of bank communication terminals under §31A‑8‑12b. (apps.sos.wv.gov)
Historic rules also address community reinvestment and financial access topics.
Series 106‑102 – Procedural Rules
Defines hearing and procedural rules for the Commissioner, pursuant to WV Administrative Procedures Act (§29A‑4‑1). (apps.sos.wv.gov)
Series 106‑18 – Acquisition & Valuation of Real Estate
Regulates foreclosure practices, property valuation, and prohibited conduct by banking personnel. (casetext.com)
Series 106‑21 – Fintech Regulatory Sandbox
Establishes a sandbox framework allowing financial innovation under controlled conditions, per CSR §106‑21‑3. Introduced around 2020. (energy.wvu.edu)
⚖️ Authority & Purpose
Implements WV Code §31A‑2‑4(c) and related provisions governing interest rates, lender qualifications, and consumer protection. (law.cornell.edu)
Each series may adopt unique authority citations, e.g., §§31‑17 for mortgage licensing or §29A for procedural rules.
✅ What This Means for You
Consumers: Understand protections, interest ceilings, and lender obligations.
Lenders and Brokers: Follow licensing, loan limit, disclosure, and procedural mandates.
Banks: Comply with foreclosure conduct, terminal operations, and regulatory examinations.
Fintech Firms: May engage through the regulatory sandbox under defined oversight.
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