SENATE CONCURRENT RESOLUTION NO. 8
(By Senators Snyder, Chafin, Burnette, Bailey, Unger, Sharpe,
Ross, Caldwell and Hunter)
Urging the United States Congress take measures to ensure
protection of consumers who have charge cards and credit cards
from unconscionable interest rates and other charges by the
companies and businesses issuing those cards.
Whereas, Millions of consumers in this nation have and use
charge cards and credit cards for all types of consumer and
personal transactions; and
Whereas, The interest rates, some of which are 18 percent a
year or more, are unconscionable and border on being usurious in an
economy that is experiencing some of the lowest interest rates in
decades for other consumer, personal and business transactions; and
Whereas, Late charges and other charges on the balances owed
on these charge card and credit card accounts are in such large
amounts that when compared to the outstanding balances on these accounts they are also unconscionable and unreasonable; and
Whereas, The problem of these exorbitant and unconscionable
interest rates and other charges is nationwide and cannot
effectively be addressed or resolved by any one state and is the
type of consumer problem that can only be adequately dealt with by
Congress; therefore, be it
Resolved by the Legislature of West Virginia:
That the Legislature hereby urges the Congress to take
measures to ensure protection of consumers who have charge cards
and credit cards from unconscionable interest rates and other
charges
; and, be it
Further Resolved, That the Clerk of the Senate is hereby
directed to forward a copy of this resolution to the Clerk of the
United States House of Representatives, the Secretary of the United
States Senate, the President of the United States and the members
of West Virginia's congressional delegation.