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Introduced Version House Concurrent Resolution 31 History

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Key: Green = existing Code. Red = new code to be enacted
H C. R. 31


(By Mr. Speaker, Mr. Thompson, and Delegates Ashley, Barker, Beach, Boggs, Brown, Butcher, Campbell, Caputo, Craig, Crosier, Doyle, Eldridge, Ennis, Ferro, Fleischauer, Fragale, Frazier, Givens, Guthrie, Hall, Hartman, Hatfield, Hunt, Hutchins, Iaquinta, Ireland, Kominar, Longstreth, Louisos, Mahan, Manchin, Manypenny, Marshall, Martin, Miley, Moore, Morgan, Moye, Paxton, Perdue, Perry, Pethtel, Phillips, D. Poling, M. Poling, Poore, Reynolds, Rodighiero, Ross, Shaver, Skaff, Smith, Spencer, Staggers, Stephens, Stowers, Sumner, Susman, Talbott, Varner, D. Walker, T. Walker, Wells, White and Williams)




Expressing the will of the Legislature in supporting the legislation enacted by Congress in May of 2009 called the Credit Card Act of 2009 and supporting further measures that encourage stronger consumer protection against credit card companies, and requesting that West Virginia's congressional delegation also support stronger consumer protection policies.

Whereas, The passage of the Credit Card Act of 2009 will have serious financial benefits for the citizens of West Virginia and all citizens across the Nation; and
Whereas, The protections established in the Credit Card Act of 2009 started to be phased in over fifteen months since August of 2009, with additional protections going into effect February 22, 2010; and
Whereas, The Act limits when credit card interest rates can be increased on existing balances, there will be no interest rate increases in most cases for the first year that any account is open, payments are to be due on the same date each month, issuers cannot in most cases raise the rate on existing balances only on new charges, allows consumers whose interest rates have been increased to reduce their annual percentage rates to previous levels if they have paid their bills on time for six months, and bans double-cycle billing which is the practice of basing finance charges on the current and previous balance even though part of the debt was paid in the previous month, among other benefits; and
Whereas, This legislation was a great first step in consumer protection for the citizens of West Virginia and the United States but does not go as far as placing a cap on interest rates or fees; and
Whereas, Credit card companies are beginning to create new fees, such as inactivity fees, or charging annual fees on existing credit card accounts to counter the protections that have been put into effect by the Credit Card Act of 2009; and
Whereas, West Virginia's congressional delegation must work to ensure that the financial security of West Virginia's citizens are safeguarded from unfair business practices not only during tough economic conditions but at all times; therefore, be it
Resolved by the Legislature of West Virginia:
That the Legislature of West Virginia supports the Credit Card Act of 2009 as it provides protections to our citizens from high interest rates, unpredicted rate hikes, odd billing practices, and outrageous fees; and, be it
Further Resolved, That the Legislature of West Virginia supports further measures that encourage consumer protection from credit card companies such as a cap on interest rates and fees, among other protections; and, be it
Further Resolved, That the Legislature of West Virginia requests that West Virginia's congressional delegation support similar and stronger legislation to protect the citizens in our state; and, be it
Further Resolved, That the Clerk of the House of Delegates forward a certified copy of this resolution to United States Senators Robert C. Byrd and John D. Rockefeller, IV and Representatives Nick J. Rahall, Alan B. Mollohan and Shelley M. Capito.
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