WV SB729

Allows regulated consumer lenders to charge up to 36% annual interest on installment loans up to $35,000, replacing the current tiered system that caps rates at 31% for loans under $3,500, 27% for loans $3,500-$15,000, and 18% for loans over $15,000

Requires installment loans to have terms between 6 and 120 months with substantially equal consecutive payments

Removes the $3,500 threshold requirement for charging a 2% origination fee, points, or investigation fee on nonrevolving loans, allowing the charge on all nonrevolving loans regardless of amount

Eliminates the alternative loan processing fee structure that previously allowed a 2% nonrefundable processing fee on loans of $3,500 or less