Senate Bill No. 258
(By Senator Hunter)
____________
[Introduced February 23, 2005; referred to the Committee
on the Judiciary.]
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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 that the required monthly minimum payment on
credit card debt be set at an amount equal to the monthly
interest accrued on the outstanding balance.
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. Credit card minimum monthly payments required to be
equal monthly interest accrued.
Minimum monthly payments required on credit card debt shall be
set at an amount equal to the monthly interest accrued on
outstanding balance of the account.
NOTE: The purpose of this bill is to require
that the required
monthly minimum payment on credit card debt be set at an amount
equal to the monthly interest accrued on the outstanding balance
,
thus protecting the person from going further into debt when paying
only the minimum payment.
This section is new; therefore, strike-throughs and
underscoring have been omitted.
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