CERTIFICATION OF ENROLLMENT

 

                        SENATE BILL 5078

 

 

 

 

                        54th Legislature

                      1995 Regular Session

Passed by the Senate March 7, 1995

  YEAS 49   NAYS 0

 

 

 

President of the Senate

 

Passed by the House April 5, 1995

  YEAS 96   NAYS 0

             CERTIFICATE

 

I, Marty Brown, Secretary of the Senate of the State of Washington, do hereby certify that the attached is SENATE BILL 5078 as passed by the Senate and the House of Representatives on the dates hereon set forth.

 

 

 

Speaker of the

      House of Representatives

                            Secretary

 

 

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

                                FILED

          

 

 

Governor of the State of Washington

                   Secretary of State

                  State of Washington

          _______________________________________________

 

                         SENATE BILL 5078

          _______________________________________________

 

             Passed Legislature - 1995 Regular Session

 

State of Washington      54th Legislature     1995 Regular Session

 

By Senators Fraser, Prentice, Newhouse and Sellar

 

Read first time 01/10/95.  Referred to Committee on Financial Institutions & Housing.

 

Concerning premium finance agreements.


    AN ACT Relating to delinquency and cancellation charges on premium finance agreements; and amending RCW 48.56.100.

 

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

 

    Sec. 1.  RCW 48.56.100 and 1969 ex.s. c 190 s 10 are each amended to read as follows:

    A premium finance agreement may provide for the payment by the insured of a delinquency charge of one dollar to a maximum of five percent of the delinquent installment ((but not to exceed five dollars on any installment which)) that is in default for a period of five days or more except that if the loan is primarily for personal, family, or household purposes the delinquency charge shall not exceed five dollars.

    If the default results in the cancellation of any insurance contract listed in the agreement, the agreement may provide for the payment by the insured of a cancellation charge equal to the difference between any delinquency charge imposed with respect to the installment in default and five dollars.

 

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