WV SB702

Establishes a maximum annual interest rate of 36% for regulated consumer lenders 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 for charging origination fees, points, or investigation fees on nonrevolving loans, allowing lenders to charge up to 2% of the amount financed on all such loans

Eliminates the alternative financing option that allowed lenders to charge 31% interest plus a 2% nonrefundable processing fee on loans of $3,500 or less

Maintains the existing 5% cap on origination fees, points, or investigation fees for loans secured by real estate