ESSB 5312 -
By Senator Nelson
NOT CONSIDERED
On page 6, beginning on line 8, strike all of subsection (7) and
insert the following:
"(7) The licensee may not accept any property, title to property,
or other evidence of ownership of property as collateral at the time of
loan origination or if the loan is in default, including a dated
instrument such as a check, preauthorized electronic fund transfer, or
automatic clearing house transaction; and"
EFFECT: A licensee may not require that the borrower provide title to real or personal property, or any other collateral, as a condition of originating a small consumer installment loan, or if the loan is in default.