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Introduced Version Senate Bill 432 History

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


Senate Bill No. 432

(By Senator Minard, Sharpe, Minear, Caldwell, Kessler, Mitchell, Hunter, Rowe, Burnette and Unger)

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[Introduced January 28, 2002; referred to the Committee

on the Judiciary; and then to the Committee on Finance.]

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A BILL to amend article fourteen, chapter eighteen-b of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section ten, relating to credit cards for college students; providing definitions; requiring registration of persons soliciting applications for credit cards; requiring institutions of higher education to propose a rules policy for legislative approval to regulate the marketing practices used on campuses by credit card companies; and requiring colleges provide personal financial education including credit education.

Be it enacted by the Legislature of West Virginia:
That article fourteen, chapter eighteen-b of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended by adding thereto a new section, designated section ten, to read as follows:
ARTICLE 14. MISCELLANEOUS.
§18B-14-10. Credit card solicitation on college campuses; and regulation of credit card marketing.

(a) Definitions. -- For the purposes of this section the following terms have the following meanings:
(1) "Board" means the institutional boards of governors created pursuant to subsection (b), section one, article two-a of this chapter;
(2) "College campus" includes the premises and grounds of an institution of higher education;
(3) "Credit card debt education brochure" means the information developed by a college or university, by a registered nonprofit corporation or by other sources as identified and approved by the institution of higher education that details the appropriate use, benefits and risks of incurring debt through the use of credit cards;
(4) "Credit card marketer" includes a person, corporation, financial institution or business entity that promotes, offers or accepts applications for a credit card;
(5) "Institution of higher education" means any of the following:
(i) A community college or technical college as defined in section two (e), article one of this chapter; and
(ii) Bluefield State College, Concord College, Glenville State College, Fairmont State College, Marshall University, West Virginia Northern Community College, Potomac State College of West Virginia, Shepherd College, Southern West Virginia Community Institute of Technology, West Virginia University at Parkersburg, West Virginia School of Osteopathic Medicine, West Virginia State College, West Virginia University and all branch campuses of these institutions of higher education; and
(6) "Student" means a person who is at least eighteen years of age and who attends an institution of higher education whether on a full-time or part-time basis.
(b) The board shall require that the president or other administrative head of each institution of higher education propose rules for legislative approval in accordance with the provisions of article three, chapter twenty-nine of this code to regulate the marketing practices used on campuses by credit card companies. In proposing these rules, the institutions of higher education shall consider the following requirements:
(1) Registering on-campus credit card marketers;
(2) Limiting credit card marketers to specific institutional campus sites designated by the president or administrative head of the institution;
(3) Prohibiting credit card marketers from offering gifts to students in exchange for completing a credit card application unless the student has been provided a credit card debt education brochure;
(4) Requiring that no application for the extension of debt through a credit card may be made available to a student unless the application is accompanied by a credit card debt education brochure; and
(5) Developing a credit card debt education presentation to be incorporated into orientation programs offered to new students.



NOTE: The purpose of this bill is to
regulate credit cards for college students. It provides definitions and requires registration of persons soliciting applications for credit cards. It also requires institutions of higher education to propose a rules policy for legislative approval to regulate the marketing practices used on campuses by credit card companies and requires colleges to provide personal financial education to include credit education.

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