H. B. 3201
(By Delegates Hutchins, Campbell, Ellem, Frazier,
Moore,
Sobonya and Varner)
[Introduced January 13, 2010; 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 §46A-2-140, relating
to requiring credit card companies to include, on the monthly
bill, the amount of time and money it would take to pay off a
personal or business credit card bill, if they only make the
minimum monthly payments.
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. Minimum monthly payments on credit card statements.
All monthly credit card statements must include a section
which clearly states the total length of time stated in days and
months and total amount of money stated in dollars and cents it would cost for the entire amount owed to be paid off if the debtor
only made the minimum payment each month. This section of the
statement must be printed in bold type and a font which is one
hundred percent larger than the print on the page excluding titles
and headings.
NOTE: The purpose of this bill is to inform all debtors how
long and how much it would cost to simply make the minimum monthly
payments in paying off their credit cards.
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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