SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

1999 SESSION

  • | print version

HJ 735 Study; Consumer credit information.

Introduced by: Dwight Clinton Jones | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Consumer credit information. Requests the State Corporation Commission, the Department of Agriculture and Consumer Services, the State Council of Higher Education, and the Virginia Cooperative Extension Services to develop a plan for providing consumer credit information to college students, and for monitoring complaints regarding unsolicited offers of credit, and credit cards and incentives. The plan shall address providing information to college students and their parents, and institutions of higher education, upon request, regarding: (i) the rights of consumers, including the right to make inquiries concerning financial institutions and credit card companies; (ii) the maintenance of good credit; (iii) how to obtain and interpret credit history information; and (iv) how to file a consumer complaint. The plan shall establish a procedure and determine the cost of collecting data regarding consumer complaints by college students about credit offers and credit card companies.

This resolution is a recommendation of the Joint Subcommittee Studying the Status and Needs of African-American Males in Virginia.

SUMMARY AS INTRODUCED:

Consumer credit information. Requests the Department of Agriculture and Consumer Services to provide consumer credit information to college students, and to monitor complaints regarding unsolicited offers of credit, and credit cards and incentives. The Department is requested to provide information to college students and their parents, and institutions of higher education, upon request, regarding: (i) the rights of consumers, including the right to make inquiries concerning financial institutions and credit card companies; (ii) the maintenance of good credit; (iii) how to obtain and interpret credit history information; and (iv) how to file a consumer complaint. The Department is also requested to collect, analyze, and provide data regarding consumer complaints by college students about credit offers and credit card companies to the Joint Subcommittee Studying the Status and Needs of African-American Males in Virginia by December 1, 1999, which shall include such information in its report to the Governor and the 2000 Session of the General Assembly. The Department is further requested and encouraged to collaborate with institutions of higher education on the dissemination of this information on campus in the least intrusive and most cost-effective manner possible. Information gathered by the joint subcommittee indicates that college students receive many unsolicited offers for credit and credit cards, although many of them are unemployed. The problems created by mounting consumer debt affects the ability of students to seek financial assistance to complete their college education, pursue graduate education, or obtain housing, a car, or employment after graduation. Because minority students generally have less resources for college, they are generally more vulnerable to credit card messages, and are often among the number of students graduating with and hindered by substantial consumer debt.

This resolution is a recommendation of the Joint Subcommittee Studying the Status and Needs of African-American Males in Virginia.