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.