H. B. 4555
(By Delegates Kessler, Burdiss, Gall,
Ellis and Reynolds)
[Introduced February 14, 2008; 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 §47-6-5e, relating to
banks and other lending institutions not permitted to increase
loan interest rates due to the failure of the borrower in
paying any other nonrelated debt.
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 §47-6-5e, to read as
follows:
ARTICLE 6. MONEY AND INTEREST.
§47-6-5e. Rate of interest increase not permitted.
Banks or any form of lending institution may not increase
credit card or any sort of loan rate of interest due to the failure
of the borrower to pay any other nonrelated debt.
NOTE: The purpose of this bill is to prohibit banks or lending
institutions from increasing credit card or any sort of loan
interest rate due to the failure of the borrower to pay any other
nonrelated debt.
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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