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Introduced Version House Bill 3201 History

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Key: Green = existing Code. Red = new code to be enacted
H. B. 3201


(By Delegates Hutchins, Campbell, Ellem, Frazier,


Moore,

Sobonya and Varner)

[Introduced March 18, 2009; referred to the

Committee on Banking and Insurance then the Judiciary.]




A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §46A-2-140, relating to requiring credit card companies to include, on the monthly bill, the amount of time and money it would take to pay off a personal or business credit card bill, if they only make the minimum monthly payments.

Be it enacted by the Legislature of West Virginia:

That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §46A-2-140, to read as follows:

ARTICLE 2. CONSUMER CREDIT PROTECTION.
§46A-2-140. Minimum monthly payments on credit card statements.
All monthly credit card statements must include a section which clearly states the total length of time stated in days and months and total amount of money stated in dollars and cents it would cost for the entire amount owed to be paid off if the debtor only made the minimum payment each month. This section of the statement must be printed in bold type and a font which is one hundred percent larger than the print on the page excluding titles and headings.




NOTE: The purpose of this bill is to inform all debtors how long and how much it would cost to simply make the minimum monthly payments in paying off their credit cards.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.
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