West Virginia Code § 61-10-23

Debt pooling; definition; offenses; penalty; jurisdiction; pleading and
Open in Lexace · Ask the AI about this section
proof.
"Debt pooling" shall mean the rendering in any manner of advice or services of any and
every kind in the establishment or operation of a plan pursuant to which a debtor would
deposit or does deposit funds for the purpose of distributing such funds among his creditors.
It shall be unlawful for any person to solicit in any manner a debt pooling. Ite shall further be
unlawful for any person, except licensed attorneys, to make any charge for a debt pooling by
way of fee, reimbursement of costs, or otherwise, in excess of an amounrt equal to two
percent of the total amount of money actually deposited pursuant to a debt pooling:
Provided, That any nonprofit firm, corporation or voluntary association may make an
additional charge not exceeding five percent of the total amount of money actually deposited
pursuant to a debt pooling, to defray costs of counseling sertvices furnished for the benefit of
its clientele of debtors generally with respect to personal money management. Any person,
whether acting as agent or otherwise, who violates any provision of this section shall be
guilty of a misdemeanor, and, upon conviction, shall be fined not less than $100 nor more
than $250 or confined in jail not less than thirty nor more than sixty days or both. Justices of
the peace and other competent courts shall have concurrent jurisdiction of offenses under
this section. It shall not be necessary in any warrant issued or indictment returned under
this section to allege exceptions or provisos contained in this section but in the trial of an
offense subject thereto it shall be the duty of the state to negative such exceptions and
provisos.

‹ Prev All West Virginia sections Next ›


Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.