Sunday, October 12, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
SB104: Credit cards; prohibits issuer from increasing interest rate or imposing fee thereon.
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding a section numbered 11-33.4 as follows:
§ 11-33.4. Universal defaults prohibited.
An issuer shall not increase the rate of interest on a credit card account or impose any fee with respect to the credit card account, or remove or increase any introductory annual percentage rate of interest applicable to the credit card account, if such action is based on, attributable to, or triggered by (i) the cardholder's indebtedness, or failure to make timely payment, to any other issuer, (ii) any adverse information concerning a cardholder, including any information in any consumer report as defined in § 603 of the federal Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq., or (iii) any reason other than actions or omissions of the cardholder that are directly related to the cardholder's credit card account with the issuer.
Additional Data
Explanation
This is the actual text of the bill — the legislation itself. Generally this is amending existing law, proposing the addition or removal of words from laws that are already on the books.
Words that are highlighted in yellow are
proposed additions, and words that are crossed out in
red are proposed removals.
The numbers with the § symbol before them are references to existing laws, and if you click on them they’ll take you to that part of the law on the state's website.