S-3396.2 _______________________________________________
SENATE BILL 6477
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State of Washington 52nd Legislature 1992 Regular Session
By Senator Williams
Read first time 02/04/92. Referred to Committee on Financial Institutions & Insurance.
AN ACT Relating to delinquent payment charges on credit cards; and amending RCW 63.14.090.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 63.14.090 and 1984 c 280 s 2 are each amended to read as follows:
(1) The holder of any retail installment contract, retail charge agreement, or lender credit card agreement may not collect any delinquency or collection charges, including any attorney's fee and court costs and disbursements, unless the contract, charge agreement, or lender credit card agreement so provides. In such cases, the charges shall be reasonable, and no attorney's fee may be recovered unless the contract, charge agreement, or lender credit card agreement is referred for collection to an attorney not a salaried employee of the holder.
(2) The contract, charge agreement, or lender credit card agreement may contain other provisions not inconsistent with the purposes of this chapter, including but not limited to provisions relating to refinancing, transfer of the buyer's equity, construction permits, and title reports.
(3) Notwithstanding subsection (1) of this section, delinquency charges or collection charges for the late payment of a retail charge agreement or lender credit card agreement may not be more than ten percent of the average balance of the delinquent account for the prior thirty-day period when the average balance of the account for the prior thirty-day period is less than one hundred dollars.