2944‑S AMS SELL PORT 01

SHB 2944 - S AMD TO FII COMM AMD (S‑4415.1/92)

    BySenators Sellar and Vognild

    On page 4, line 1, after "NEW SECTION. Sec. 3." strike everything through "1995." on line 10 and insert:

    "(1)  The joint select committee on consumer credit is created.  Membership of the committee shall consist of four members from the senate, two from each caucus, appointed by the president of the senate, and four members from the house of representatives, two from each caucus, appointed by the speaker of the house of representatives.

    (2)  The committee shall review state and federal statutes governing consumer credit transactions and shall prepare a report:

    (a)  Summarizing federal and state statutes governing consumer credit transactions;

    (b)  Identifying any state statutes preempted or superseded by federal law or judicial interpretation;

    (c)  Identifying any duplication or inconsistency among federal and state laws;

    (d)  Discussing the beneficial and detrimental effects of state interest rate regulation and deregulation upon the state consumer credit market; and

    (e)  Containing legislation that to the greatest extent possible adopts a single, comprehensive statutory title regulating consumer credit transactions including any regulation of interest rates, services charges, and other fees on consumer credit.

    (3)  The committee shall review the professional and academic literature addressing the impact of interest rate regulation on retail credit markets.  The committee also shall consult with representatives of labor, consumer, retail, financial, and legal organizations possessing a working knowledge of consumer credit transactions.

    (4)  The committee shall submit its report to the legislature by December 1, 1994."