West Virginia Credit Service Organization Surety Bond (also referred to as a West Virginia Credit Service Surety Bond) is a type of surety bond that is required for any individual or business that wants to act as a Credit Service Organization in the state of West Virginia. This bond guarantees that the Credit Service Organization will comply with all applicable state statutes and regulations, including the West Virginia Credit Service Business Act. The bond amount varies depending on the type of Credit Service Organization and the amount of credit extended. There are two types of West Virginia Credit Service Organization Surety Bonds: a $25,000 bond for a Credit Service Organization that extends credit to an individual consumer in an amount of $2,500 or more, and a $50,000 bond for a Credit Service Organization that extends credit to an individual consumer in an amount of more than $2,500.
West Virginia Credit Service Organization Surety Bond
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(a) When the condition of the bond has been satisfied or the forfeiture thereof has been set aside or remitted, the court or magistrate shall exonerate the surety and release any bail and, if the bail be in a form other than a recognizance, the deposit shall be returned to the person who made the same.
Credit Cards- 10 years If the debt is for the non-payment of an outstanding balance on a credit card, then the creditor has ten (10) years to file a collection lawsuit against the debtor.
LIMITATIONS PERIOD The statute of limitations is four years under the West Virginia Consumer Credit and Protection Act (W. Va. Code § 46A-5-101).
Collection agencies wishing to do business in West Virginia must post a $5,000 surety bond to the State Tax Department with their license application. The cost for your WV collection agency bond is $100 paid annually.
The West Virginia statute of limitations for personal injury claims is generally two years after the date of injury. Therefore, the best way to protect your legal rights is to file a lawsuit within two years after you were injured.
West Virginia has a comprehensive consumer protection law ? the West Virginia Consumer Credit and Protection Act ? that prohibits businesses from committing unfair or deceptive acts in consumer transactions. This law is a powerful weapon for consumers who have been the victims of abusive and fraudulent practices.
Unjust enrichment is an equitable cause of action not governed by any statute of limitations in West Virginia (Dunn, 689 S.E.2d at 266-67).
West Virginia surety bonds typically guarantee the performance of a contract or that an individual and/or their company complies with the rules and regulations that govern their particular industry.