AFSA Backs Rate Cap Boost
Last week, AFSA’s State Government Affairs team submitted a comment letter in support for WV SB 702.
SB 702 is an important step toward modernizing West Virginia’s consumer credit laws by replacing an outdated tiered rate structure with a clear, 36% APR cap, improving both simplicity and access to responsible credit. This reform will help more consumers qualify for safe, well structured installment loans while reducing reliance on unregulated, higher risk lending options. While very small dollar loans remain challenging under the new framework, continued dialogue will be essential to ensuring all West Virginians can access transparent and affordable credit.
This letter, along with SGA’s other recent letters, can be found on the direct advocacy section of AFSA’s website.
February 19th, 2026
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