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2000 SESSION

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HOUSE JOINT RESOLUTION NO. 14 Requesting the Bureau of Financial Institutions of the State Corporation Commission to compile information regarding the fees and charges assessed by revolving credit card issuers doing business within the Commonwealth.

Agreed to by the House of Delegates, January 24, 2000 Agreed to by the Senate, February 23, 2000

WHEREAS, many issuers of consumer credit cards currently conduct business on a national scale, with Virginia-based card issuers operating across the country and card issuers domiciled in other states operating within Virginia; and

WHEREAS, the rates of interest, late fees, grace periods and other terms and conditions under which card issuers conduct business vary widely; and

WHEREAS, Virginia and most other states no longer regulate the interest rates, late fees, and other terms of consumer credit card agreements; and

WHEREAS, in order to realize the potential advantages of an unregulated market for credit card business, information about the terms offered by credit card issuers should be readily accessible to consumers; and

WHEREAS, the governments of several states, including Iowa, Minnesota, and New York, prepare and distribute periodic compilations of the rates, fees, and other terms of credit card agreements offered by lending institutions operating within the state; and

WHEREAS, the compilation and distribution of information that permits consumers to compare credit card terms and conditions may simultaneously foster competition among card issuers and lead to reductions in the rates and fees charged; now, therefore, be it

RESOLVED by the House of Delegates, the Senate concurring, That the Bureau of Financial Institutions of the State Corporation Commission be requested to compile information regarding the fees and charges assessed by revolving credit card issuers doing business within the Commonwealth. The Bureau shall make the information collected available to the public by, such means as it deems reasonable, posting the information on the State Corporation Commission's Internet Web site.

The Bureau shall complete its work in time to submit its findings and recommendations to the Governor and the 2001 Session of the General Assembly as provided in the procedures of the Division of Legislative Automated Systems for the processing of legislative documents.