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SB 5899 - Establishes Small Loans and Small Consumer Installment Loans - Washington Key Vote

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NOTE: AFTER PASSING THE CHAMBER OF ORIGIN, THE OPPOSING CHAMBER, BY RESOLUTION, RETURNED THE LEGISLATION TO THE CHAMBER OF ORIGIN, WHICH AGAIN VOTED ON PASSAGE OF THE LEGISLATION. ALTHOUGH, ADDITIONAL AMENDMENTS MAY HAVE BEEN ADOPTED SINCE THE FIRST PASSAGE VOTE.

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

See How Your Politicians Voted

Title: Establishes Small Loans and Small Consumer Installment Loans

Vote Smart's Synopsis:

Vote to pass a bill that repeals "small loans" and establishes "small consumer installment loans," effective July 1, 2016.

Highlights:

  • Repeals the authorization of a licensed lender to offer a “small loan” of up to $700 with a term of up to 45 days (Sec. 16).
  • Authorizes a licensed lender to offer a “small consumer installment loan” under certain conditions, including, but not limited to, the following conditions (Sec. 26):
    • The loan interest rate does not exceed 36 percent per year;
    • The loan does not exceed $700; and
    • The loan term is between 180 and 190 days.
  • Defines “small consumer installment loan” as a loan for personal, family, or household purposes made to an individual in a single advance (Sec. 20).

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

Full Bill Text

Title: Establishes Small Loans and Small Consumer Installment Loans

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

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