Credit Services Organizations - Exemptions to Registration

A Credit Service Organization (CSO), as defined under West Virginia Code §46A-6C, is a business or individual that, for payment, offers services to improve a consumer's credit record, history, or rating, or assists in obtaining an extension of credit. The following business categories are exempt from registering* as CSOs. However, this exemption does not release the company from the obligation to complete the required primary business registration with the Secretary of State. Special provisions and notes apply to some categories.

Regulated Lender

A person authorized to make loans or extension of credit under the law of this state or the United States who is subject to regulation and supervision by this state or the United States, or a lender approved by the United States secretary of housing and urban development for participation in a mortgage insurance program under the National Housing Act (12 U.S.C. Section 1701 et seq.).

SPECIAL NOTE: "To make loans" means "to lend", not to arrange for a loan with others.

FDIC Bank

A bank or savings and loan association whose deposit or accounts are eligible for insurance by the federal deposit insurance corporation or the federal savings and loan insurance corporation, or a subsidiary of such a bank or savings and loan association.

Credit Union

A credit union doing business in this state.

SPECIAL NOTE: Credit unions are defined in WV Code §31C-1-1.

Tax Exempt Non-profit

A nonprofit organization exempt from taxation under Section 501(c)(3) of the Internal Revenue Code of 1986.

Licensed Real Estate Broker

A person licensed as a real estate broker or salesman under the Real Estate Brokers License Act acting within the course and scope of that license;

SPECIAL NOTE: Real estate brokers are licensed under WV Code §47-12.

Attorney

A person licensed to practice law in this state acting within the course and scope of the person's practice as an attorney.

Registered Broker-Dealer

A broker-dealer registered with the securities and exchange commission or the commodity future trading commission acting within the course and scope of that regulation.

Consumer Reporting Agency

A consumer reporting agency.

SPECIAL NOTE: Consumer reporting agencies are defined in the Fair Credit Reporting Act (15 U.S.C. Section 1681a(f)).

Lender

A person whose primary business is making loans secured by liens on real property.

SPECIAL NOTE: "Making loans" means "Lending", not arranging for a loan with others.

Certified Public Accountant

A person licensed to practice public accounting in this state acting within the course and scope of the person's practice as an accountant.

For further assistance registering as a Credit Service Organization, contact the Business Division​