Setting new maximum annual interest rate for regulated consumer lenders on certain loans

SB 702 sets new maximum annual interest rates for regulated consumer lenders on loans up to $35,000 in West Virginia. It establishes tiered rate caps: 36% for most loans, 31% for unsecured loans of $3,500 or less, 27% for loans between $3,500 and $15,000 or secured by real property, and 18% for loans over $15,000. The bill also removes a previous cap on nonrevolving loans when calculating finance charges and limits origination fees to 2% (non-real estate) or 5% (real estate-secured) of the loan amount. This directly affects borrowers taking small consumer loans and regulated lenders operating in West Virginia.