| Passed by the Senate March 7, 2007 YEAS 48 ________________________________________ President of the Senate Passed by the House April 5, 2007 YEAS 97 ________________________________________ Speaker of the House of Representatives | I, Thomas Hoemann, Secretary of the Senate of the State of Washington, do hereby certify that the attached is SENATE BILL 5199 as passed by the Senate and the House of Representatives on the dates hereon set forth. ________________________________________ Secretary | |
| Approved ________________________________________ Governor of the State of Washington | Secretary of State State of Washington |
| State of Washington | 60th Legislature | 2007 Regular Session |
Read first time 01/12/2007. Referred to Committee on Financial Institutions & Insurance.
AN ACT Relating to adding enforcement provisions regarding fraud, deception, and unlicensed internet lending to the chapter governing check cashers and sellers; and adding a new section to chapter 31.45 RCW.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1 A new section is added to chapter 31.45 RCW
to read as follows:
(1) It is a violation of this chapter for any person subject to
this chapter to:
(a) Directly or indirectly employ any scheme, device, or artifice
to defraud or mislead any borrower, to defraud or mislead any lender,
or to defraud or mislead any person;
(b) Directly or indirectly engage in any unfair or deceptive
practice toward any person;
(c) Directly or indirectly obtain property by fraud or
misrepresentation; and
(d) Make a small loan to any person physically located in
Washington through use of the internet, facsimile, telephone, kiosk, or
other means without first obtaining a small loan endorsement.
(2) In addition to any other penalties, any transaction in
violation of subsection (1) of this section is uncollectible and
unenforceable.