W. Va. Code R. § 91-6-8 - Vehicle Leasing Companies Lessor License

8.1. The lessor of any vehicle which is subject to the tax on monthly payments in lieu of the privilege tax pursuant to W. Va. Code §17-3-4(b)(6), shall make application to the Commissioner for a lessor license on a form prescribed by the Commissioner. However, a lessor whose business consists of less than five motor vehicle leases a year to residents of West Virginia is not subject to this rule if he or she chooses to pay the privilege tax in lieu of the monthly payments.

8.2. The application shall include:

8.2.a. A non-refundable fee of two hundred and fifty ($250) dollars;

8.2.b. An application completed in a manner prescribed by the Commissioner and sworn to by the lessor, or if the lessor is a corporation by an officer authorized to execute the documents;

8.2.c. A financial statement reported on the form prescribed by the Commissioner showing a net worth of at least seventy-five thousand ($75,000) dollars;

8.2.d. A bond in the penal sum of twenty-five thousand ($25,000.00) dollars, payable to the State, from a corporate surety authorized to do business in this state, to ensure that the applicant will not, in the conduct of his or her business, made any fraudulent representation which causes a financial loss to any purchaser, seller, financial institution, agency, or the state of West Virginia. The bond shall be effective on the date the license certificate is issued. A licensee shall keep the bond in full force and effect at all times. The surety on the bond may cancel the bond upon giving thirty days notice to the commissioner and thereafter is relieved of liability for any breach or condition occurring after the effective date of the cancellation; and

8.2.e. Any other documents or records as the Commissioner may require to verify the information provided on the application, and/or the financial condition of the applicant or its leasing business.

8.3. The Commissioner shall either approve the application for a lessor license and issue the necessary permits or shall deny the application. The denial of any application shall be accompanied by a statement in writing of the reasons the application was denied. The applicant may request an administrative hearing in accordance with the provisions of Section 8 of this rule on any refusal to approve an application for a lessor license.

8.4. All lessor licenses expire September 30 of each year, unless previously suspended or revoked.

8.5. A lessor license certificate may be renewed each year, on a form prescribed by the Commissioner, for a fee of one hundred ($100) dollars. All applications for the renewal of any license certificate shall be filed with the Commissioner at least thirty (30) days before the expiration of the license A licensee who fails to file an application for renewal at least thirty days before the expiration of the dealer license is required to pay the original license fee prescribed in subdivision 6.2.a of this rule.

8.6. One licensee certificate shall be issued to each licensee. The licensee may request additional certificates for additional business locations in accordance with the provisions of W. Va. Code §17A-6-8(b).

8.7. The lessor is subject to any audit which the Commissioner determines is necessary to ensure that all revenue due the State is being calculated and remitted to the State in the proper amount and manner.

8.8. The lessor shall complete an application for title on each leased vehicle transaction as well as any additional forms or information, which the Commissioner may require to ascertain that the proper fees are remitted, and proper procedures are followed.

8.9. The Commissioner may suspend the processing of a lessor licensee's titling documents upon noncompliance with any statute rule, policy or procedure.

8.10. Any lessor license certificate issued under this section may be suspended or revoked upon failure of the licensee to comply with any provision of law or this rule. Any motor vehicle title and or registration plate issued under the provisions of W. Va. Code §17A-3-4(b)(6) may be cancelled or revoked upon the failure of the lessor licensee to timely remit the paper fees and taxes in the required amount. The cancellation or revocation of these types of title or registration documents shall be pursuant to W. Va. Code §17A-9-7.

8.11. Any publication for a lessor license issued under the provisions of this section and any information submitted with the application is confidential for the use of the Division. No person shall divulge any information contained in the application or any information submitted with the application except in response to a valid subpoena or subpoena ducestecum issued pursuant to law.

Notes

W. Va. Code R. § 91-6-8