H. B. 4555


(By Delegates Kessler, Burdiss, Gall,
Ellis and Reynolds)
[Introduced February 14, 2008; 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 §47-6-5e, relating to banks and other lending institutions not permitted to increase loan interest rates due to the failure of the borrower in paying any other nonrelated debt.

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 §47-6-5e, to read as follows:
ARTICLE 6. MONEY AND INTEREST.
§47-6-5e. Rate of interest increase not permitted.
Banks or any form of lending institution may not increase credit card or any sort of loan rate of interest due to the failure of the borrower to pay any other nonrelated debt.


NOTE: The purpose of this bill is to prohibit banks or lending institutions from increasing credit card or any sort of loan interest rate due to the failure of the borrower to pay any other nonrelated debt.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.