Terms Used In West Virginia Code > Chapter 46B > Article 1 - General Provisions; Purpose and Intent; Definitions

• Agricultural products: include agricultural, horticultural, viticultural and dairy products, livestock, wildlife, poultry, bees, forest products, fish and shellfish and any products thereof, including processed and manufactured products, and any and all products raised or produced on farms and any processed or manufactured products thereof. See West Virginia Code 46B-1-5
• Consumer: means a natural person who acquires, or seeks to acquire, the right to possession and use of consumer goods from a dealer. See West Virginia Code 46B-1-5
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Debt collection: means any action, conduct or practice of soliciting claims for collection or the collection of a claim or claims owed or due or alleged to be owed or due to a dealer by a consumer under a rent-to-own agreement. See West Virginia Code 46B-1-5
• Financial organization: means a corporation, partnership, cooperative or association which:

  (A) Is organized, chartered or holding an authorization certificate under the laws of this state or of the United States which authorizes the organization to make consumer loans. See West Virginia Code 46B-1-5

• goods: means goods intended to be used primarily for personal, family or household purposes. See West Virginia Code 46B-1-5
• Judgment: includes decrees and orders for the payment of money, or the conveyance or delivery of land or personal property, or some interest therein, or any undertaking, bond or recognizance which has the legal effect of a judgment. See West Virginia Code 2-2-10
• Lineal descendant: Direct descendant of the same ancestors.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Ownership: means the right to enjoy, possess and use consumer goods to the exclusion of other persons, including the right to transfer legal title to such consumer goods or to otherwise control, handle or dispose of such consumer goods, whether or not indicia of such ownership is established by, or otherwise required to be evidenced by, a title-paper, letter, receipt or other document or instrument. See West Virginia Code 46B-1-5
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• party: includes a natural person or an individual, an organization, partnership or corporation. See West Virginia Code 46B-1-5
• Periodic payment: means a payment required to be made by a consumer to have the right to possession and use of consumer goods during a specified time period. See West Virginia Code 46B-1-5
• Rent-to-own agreement: means a rental agreement which:

  (i) Transfers the right to possession and use of the rental property from the dealer to the consumer. See West Virginia Code 46B-1-5

• rent-to-own dealer: means a person who, in the ordinary course of business, transfers or offers to transfer the right to possession and use of consumer goods to a consumer or acts as an agent to transfer or offer to transfer the right to possession and use of consumer goods to a consumer, pursuant to a rental agreement. See West Virginia Code 46B-1-5
• Rental agreement: means the bargain, with respect to the rental of consumer goods under a rent-to-own agreement, of the dealer and the consumer as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this chapter. See West Virginia Code 46B-1-5
• State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
• Termination: means the cancellation of a rental agreement when the consumer determines that he or she no longer desires to pay periodic payments and retain the right to possession and use of the consumer goods or either party puts an end to the rental agreement for default by the other party in accordance with the provisions of this chapter. See West Virginia Code 46B-1-5
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}
• Willing buyer: means a person who:

  (A) Buys consumer goods at retail for his or her personal use or for the use of his or her family or household. See West Virginia Code 46B-1-5

• Willing seller: means a person other than a rent-to-own dealer who:

  (A) In the ordinary course of business regularly sells or offers for sale consumer goods at retail. See West Virginia Code 46B-1-5

• Written agreement: means a written document containing or evidencing the terms of a rent-to-own transaction, reduced to a tangible and legible form by printing, typewriting, computer print-out or any other intentional reduction. See West Virginia Code 46B-1-5