CERTIFICATION OF ENROLLMENT

 

                        HOUSE BILL 1225

 

 

 

 

 

                        53rd Legislature

                      1993 Regular Session

Passed by the House February 17, 1993

  Yeas 96   Nays 1

 

 

 

Speaker of the

     House of Representatives

 

Passed by the Senate April 15, 1993

  Yeas 48   Nays 0

         CERTIFICATE

 

I, Alan Thompson, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is HOUSE BILL 1225 as passed by the House of Representatives and the Senate on the dates hereon set forth.

 

 

 

President of the Senate

                  Chief Clerk

 

 

Approved Place Style On Codes above, and Style Off Codes below.

                        FILED

          

 

 

Governor of the State of Washington

           Secretary of State

          State of Washington


          _______________________________________________

 

                          HOUSE BILL 1225

          _______________________________________________

 

             Passed Legislature - 1993 Regular Session

 

 

State of Washington      53rd Legislature     1993 Regular Session

 

By Representatives Zellinsky, Dellwo, Anderson and Mielke

 

Read first time 01/20/93.  Referred to Committee on Financial Institutions & Insurance.

 

Concerning the collection of allowable fees in connection with delinquent debts, repossessions, and foreclosures.


    AN ACT Relating to the collection of allowable fees in connection with delinquent debts, repossessions, and foreclosures; and amending RCW 31.04.105.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

 

    Sec. 1.  RCW 31.04.105 and 1991 c 208 s 11 are each amended to read as follows:

    Every licensee may:

    (1) Lend money at a rate that does not exceed twenty-five percent per annum as determined by the simple interest method of calculating interest owed;

    (2) In connection with the making of a loan, charge the borrower a nonrefundable, prepaid, loan origination fee not to exceed four percent of the first twenty thousand dollars and two percent thereafter of the principal amount of the loan advanced to or for the direct benefit of the borrower, which fee may be included in the principal balance of the loan;

    (3) Agree with the borrower for the payment of fees for title insurance, appraisals, recording, reconveyance, and releasing when such fees are actually paid by the licensee to a third party for such services or purposes and may include such fees in the amount of the loan.  However, no charge may be collected unless a loan is made, except for reasonable fees properly incurred in connection with the appraisal of property by a qualified, independent, professional, third-party appraiser selected by the borrower and approved by the lender or in the absence of borrower selection, selected by the lender;

    (4) Charge and collect a penalty of ten cents or less on each dollar of any installment payment delinquent ten days or more;

    (5) Collect from the debtor reasonable attorneys' fees, actual expenses, and costs incurred in connection with the collection of a delinquent debt, a repossession, or a foreclosure when a debt is referred for collection to an attorney who is  not a salaried employee of the licensee;

    (6) Make open-end loans as provided in this chapter;

    (((6))) (7) Charge and collect a fee for dishonored checks in an amount approved by the supervisor; and

    (((7))) (8) In accordance with Title 48 RCW, sell insurance covering real and personal property, covering the life or disability or both of the borrower, and covering the involuntary unemployment of the borrower.

 


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