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ENGROSSED
SUBSTITUTE HOUSE BILL 2036
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Passed
Legislature - 1995 Regular Session
State of Washington 54th
Legislature 1995 Regular Session
By
Read first time 03/01/95.
Concerning the sale
of consumer credit unemployment insurance.
AN ACT
Relating to credit involuntary unemployment insurance; and amending RCW
48.17.060 and 48.17.190.
BE IT ENACTED BY THE LEGISLATURE
OF THE STATE OF WASHINGTON:
Sec.
1. RCW
48.17.060 and 1975 1st ex.s. c 266 s 7 are each amended to read as follows:
(1) No
person shall in this state act as or hold himself out to be an agent, broker,
solicitor, or adjuster unless then licensed therefor by this state.
(2) No
agent, solicitor, or broker shall solicit or take applications for, procure, or
place for others any kind of insurance for which he is not then licensed.
(3)
This section shall not apply with respect to any person securing and forwarding
information required for the purposes of group credit life ((and credit
disability insurance in connection with an extension of credit and such other
credit life or disability insurance lines)) and credit disability
insurance or credit casualty insurance against loss or damage resulting from
failure of debtors to pay their obligations in connection with an extension of
credit and such other credit life and disability insurance or credit casualty
insurance against loss or damage resulting from failure of debtors to pay their
obligations as the commissioner shall determine, and where no commission or
other compensation is payable on account of the securing and forwarding of such
information((: PROVIDED, That)). However, the reimbursement of
a creditor's actual expenses for securing and forwarding information required
for the purposes of such group insurance shall not be considered a commission
or other compensation if such reimbursement does not exceed three dollars per
certificate issued, or in the case of a monthly premium plan extending beyond
twelve months, not to exceed three dollars per loan transaction revision per
year.
(4)
Any person violating this section shall be liable to a fine of not to exceed
five hundred dollars and imprisonment for not to exceed six months for each
instance of such violation.
Sec.
2. RCW
48.17.190 and 1979 c 138 s 1 are each amended to read as follows:
The
commissioner may issue limited licenses to the following:
(1)
Persons selling transportation tickets of a common carrier of persons or
property who shall act as such agents only as to transportation ticket policies
of disability insurance or baggage insurance on personal effects.
(2)
Compensated master policyholders of credit life ((and credit accident and
health insurance)) and credit accident and health insurance and credit
casualty insurance against loss or damage resulting from failure of debtors to
pay their obligations, retail dealers compensated by any such master
policyholders, or the authorized representative(s) of either.
(3)
Persons selling special or unique policies of insurance covering goods sold or
leased from a primary business or activity other than the transaction of
insurance or covering collateral securing loans from a primary business or
activity other than the transaction of insurance if, in the commissioner's
discretion, such limited license would safeguard and promote the public
interest.
