Free CSO - West Virginia

Natalie E. Tennant Secretary of State State Capitol Bldg. 1900 Kanawha Blvd. East Charleston, WV 25305
www.wvsos.com

Penney Barker, Manager Corporations Division Tel: (304) 558-8000 Fax: (304) 558-8381 Hrs - 8:30-5:00pm

Credit Services Organization Registration Statement

[email protected]

FEE: $50

1. 2.

The name of the Credit Services Organization is: The address of the principal office of the organization: (address)

(city, state, zip) 3. The name and address to where Notice of Process may be sent:

(Name)

(address)

(city, state, zip) 4. Please check the statement that relates to your organization: No, our organization does not collect any money from prospective borrowers prior to completion of services rendered. Therefore, no bond is required to be filed with the Office of Secretary of State. Yes, our organization does collect money from prospective borrowers prior to completion of services rendered, therefore we are filing a $15,000 Surety Bond with the Office of Secretary of State. 5. List person(s) who own(s) or control(s) more than 10% of the outstanding shares of stock of this organization. (Attach additional pages if necessary)

Name

Address

Name 6.

Address

List a full and complete disclosure of any litigation or unresolved complaints filed with a governmental authority of this state relating to the operation of the credit service organization. If no litigation exists check the appropriate statement and have it notarized. (attach additional pages if necessary) Case Name or Agency: Location of Court: Decision/Results/or Complaint: Case Number:

FORM CSO

Issued by the WV Secretary of State

Rev. 1/09

Case Name or Agency: Location of Court: Decision/Results/or Complaint:

Case Number:

7.

If no litigation exists check the statement below, sign, and have it notarized I, , have the authority to represent the credit service organization filing this application and I do solemnly attest, under penalty of perjury, that this organization has never been involved in litigation involving its operations or that this organization has had no complaints filed with any government agency.
Signature Acknowledgement: State of: I, certify that day acknowledged the same before me in my said county. Given under my hand on this date: My commission expires: County of: , a Notary Public in and for the county and state aforesaid, do hereby whose name is signed to the foregoing, has this Type or print

(Signature of Notary)

8.

Signature of registrant and contact information:

(signature of person filing on behalf of organization)
(Optional; name of contact person to reach in case of problem with filing)

Date of signing

Phone number

9.

Business email address, if any:
Email address

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Certain WV Code Information relating to Credit Service Organizations (other code information is found in §46A-6C of the WV Code) §46A-6C-2. Credit services organization.
(a) A credit services organization is a person who, with respect to the extension of credit by others and in return for the payment of money or other valuable consideration, provides, or represents that the person can or will provide, any of the following services: (1) Improving a buyer's credit record, history or rating; (2) Obtaining an extension of credit for a buyer; or (3) Providing advice or assistance to a buyer with regard to subdivision (1) or (2) of this subsection. (b) The following are exempt from this article: (1) A person authorized to make loans or extension of credit under the law of this state or the United States who is subject to regulation and supervision by this state or the United States, or a lender approved by the United States secretary of housing and urban development for participation in a mortgage insurance program under the National Housing Act (12 U.S.C. Section 1701 et seq.); (2) A bank or savings and loan association whose deposit or accounts are eligible for insurance by the federal deposit insurance corporation or the federal savings and loan insurance corporation, or a subsidiary of such a bank or savings and loan association; (3) A credit union doing business in this state; (4) A nonprofit organization exempt from taxation under Section 501(c)(3) of the Internal Revenue Code of 1986; (5) A person licensed as a real estate broker or salesman under the Real Estate Brokers License Act acting within the course and scope of that license; (6) A person licensed to practice law in this state acting within the course and scope of the person's practice as an attorney; (7) A broker-dealer registered with the securities and exchange commission or the commodity future trading commission acting within the course and scope of that regulation; (8) A consumer reporting agency; (9) A person whose primary business is making loans secured by liens on real property; and (10)A person licensed to practice public accounting in this state acting within the course and scope of the person's practice as an accountant.

46A-6C-4. Bond; surety account.
(a) This section applies to a credit services organization required by section three of this article to obtain a surety bond or establish a surety account. (b) If a bond is obtained, a copy of it shall be filed with the secretary of state. If a surety account is established, notification of the depository, the trustee, and the account number shall be filed with the secretary of state. (c) The bond or surety account required must be in favor of the state of the benefit of any person who is damaged by any violation of this article. The bond or surety account must also be in favor of any person damaged by such a violation. (d) Any person claiming against the bond or surety account for a violation of this article may maintain an action at law against the credit services organization and against the surety or trustee. The surety or trustee shall be liable only for damages awarded under section nine of this article and not the punitive damages permitted under that section. The aggregate liability of the surety or trustee to all persons damaged by a credit services organization's violation of this chapter may not exceed the amount of the surety account or bond. (e) The bond or the surety account shall be in the amount of fifteen thousand dollars. (f) A depository holding money in a surety account under this chapter may not convey money in the account to the credit services organization that established the account or a representative of the credit services organization unless the credit services organization or representative presents a statement issued by the secretary of state indicating that section five of this article has been satisfied in relation to the account. The secretary of state may conduct investigations and require submission of information as necessary to enforce this subsection.

§46A-6C-5. Registration.
(a) A credit services organization shall file a registration statement with the secretary of state before conducting business in this state. The registration statement shall contain: (1) The name and address of the credit services organization; and (2) The name and address of any person who directly or indirectly owns or controls ten percent or more of the outstanding shares of stock in the credit services organization. (b) The registration statement shall also contain either: (1) A full and complete disclosure of any litigation or unresolved complaint filed with a governmental authority of this state relating to the operation of the credit services organization; or (2) A notarized statement that states that there has been no litigation or unresolved complaint filed with a governmental authority of this state relating to the operation of the credit services organization. (c) The credit services organization shall update the statement not later than the ninetieth day after the date on which a change in the information required in the statement occurs. (d) Each credit services organization registering under this section shall maintain a copy of the registration statement in the files of the credit services organization. The credit services organization shall allow a buyer to inspect the registration statement on request. (e) The secretary of state may charge each credit services organization that files a registration statement with the secretary of state a reasonable fee not to exceed one hundred dollars to cover the cost of filing. The secretary of state may not require a credit services organization to provide information other than that provided in the registration statement. All fees and moneys collected by the secretary of state pursuant to the provisions of this article shall be deposited by the secretary of state as follows: One-half shall be deposited in the state fund, general revenue and one-half shall be deposited in the service fees and collections account established by section two, article one, chapter fifty-nine of this code for the operation of the office of the secretary of state. The secretary of state shall dedicate sufficient resources from that fund or other funds to provide the services required in this article. (f) The bond or surety account shall be maintained until two years after the date that the credit services organization ceases operations.