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ENGROSSED HOUSE BILL NO. 1398
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C 060 L 86
State of Washington 49th Legislature 1986 Regular Session
By Representatives Zellinsky, West and Locke; by request of Attorney General
Read first time 1/14/86 and referred to Committee on Financial Institutions & Insurance.
AN ACT Relating to publication of interest rates; amending RCW 34.08.020; adding a new section to chapter 19.52 RCW; and adding a new section to chapter 63.14 RCW.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. A new section is added to chapter 19.52 RCW to read as follows:
Each month the state treasurer shall compute the highest rate of interest permissible under RCW 19.52.020(1) for the succeeding calendar month. The treasurer shall file this rate with the state code reviser for publication in the next available issue of the Washington State Register in compliance with RCW 34.08.020(8).
NEW SECTION. Sec. 2. A new section is added to chapter 63.14 RCW to read as follows:
On or before December 5th of each year the state treasurer shall compute the maximum service charge allowed under a retail installment contract or charge agreement under RCW 63.14.130(1)(a) for the succeeding calendar year. The treasurer shall file this charge with the state code reviser for publication in the first issue of the Washington State Register for the succeeding calendar year in compliance with RCW 34.08.020(8).
Sec. 3. Section 8, chapter 2, Laws of 1983 and RCW 34.08.020 are each amended to read as follows:
There is hereby created a state publication to be called the Washington State Register, which shall be published on no less than a monthly basis. The register shall contain, but is not limited to, the following materials received by the code reviser's office during the pertinent publication period:
(1) (a) The full text of any proposed new or amendatory rule, as defined in RCW 34.04.010, and the citation of any existing rules the repeal of which is proposed, prior to the public hearing on such proposal. Such material shall be considered, when published, to be the official notification of the intended action, and no state agency or official thereof may take action on any such rule except on emergency rules adopted in accordance with RCW 34.04.030, until twenty days have passed since the distribution date of the register in which the rule and hearing notice have been published or a notice regarding the omission of the rule has been published pursuant to RCW 34.04.050(3) as now or hereafter amended;
(b) The small business economic impact statement, if required by RCW 19.85.030, preceding the full text of the proposed new or amendatory rule;
(2) The full text of any new or amendatory rule adopted, and the citation of any existing rule repealed, on a permanent or emergency basis;
(3) Executive orders and emergency declarations of the governor;
(4) Public meeting notices of any and all agencies of state government, including state elected officials whose offices are created by Article III of the state Constitution or RCW 48.02.010;
(5) Rules of the state supreme court which have been adopted but not yet published in an official permanent codification;
(6)
Summaries of attorney general opinions and letter opinions, noting the number,
date, subject, and other information, and prepared by the attorney general for
inclusion in the register; ((and))
(7) Juvenile disposition standards and security guidelines proposed and adopted under RCW 13.40.030; and
(8) The maximum allowable rates of interest and retail installment contract service charges filed by the state treasurer under sections 1 and 2 of this act. In addition, the highest rate of interest permissible for the current month and the maximum retail installment contract service charge for the current year shall be published in each issue of the register. The publication of the maximum allowable interest rate established pursuant to section 1 of this act shall be accompanied by the following advisement: NOTICE: FEDERAL LAW PERMITS FEDERALLY INSURED FINANCIAL INSTITUTIONS IN THE STATE TO CHARGE THE HIGHEST RATE OF INTEREST THAT MAY BE CHARGED BY ANY FINANCIAL INSTITUTION IN THE STATE. THE MAXIMUM ALLOWABLE RATE OF INTEREST SET FORTH ABOVE MAY NOT APPLY TO A PARTICULAR TRANSACTION.