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Introduced Version Senate Bill 258 History

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sb258 intr
Senate Bill No. 258

(By Senator Hunter)

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[Introduced February 23, 2005; referred to the Committee

on the Judiciary.]

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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 that the required monthly minimum payment on credit card debt be set at an amount equal to the monthly interest accrued on the outstanding balance.

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. Credit card minimum monthly payments required to be equal monthly interest accrued.

Minimum monthly payments required on credit card debt shall be set at an amount equal to the monthly interest accrued on outstanding balance of the account.



NOTE: The purpose of this bill is to require
that the required monthly minimum payment on credit card debt be set at an amount equal to the monthly interest accrued on the outstanding balance , thus protecting the person from going further into debt when paying only the minimum payment.

This section is new; therefore, strike-throughs and underscoring have been omitted.
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