CERTIFICATION
OF ENROLLMENT
SUBSTITUTE
SENATE BILL 5406
Chapter
249, Laws of 1995
54th
Legislature
1995
Regular Session
MARKET
INTEREST RATES‑-CONSUMER CREDIT TRANSACTIONS
EFFECTIVE
DATE: 5/5/95
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Passed by the Senate April 19, 1995
YEAS 41 NAYS 3
JOEL PRITCHARD
President of the Senate
Passed by the House April 4, 1995
YEAS 94 NAYS 2
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CERTIFICATE
I, Marty Brown, Secretary of the Senate of the State
of Washington, do hereby certify that the attached is SUBSTITUTE SENATE
BILL 5406 as passed by the Senate and the House of Representatives on the
dates hereon set forth.
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CLYDE BALLARD
Speaker of the
House of Representatives
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MARTY BROWN
Secretary
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Approved May 5, 1995 Place
Style On Codes above, and Style Off Codes below.
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FILED
May 5, 1995 - 10:19 a.m.
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MIKE LOWRY
Governor of the State of
Washington
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Secretary of State
State of Washington
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_______________________________________________
SUBSTITUTE SENATE BILL 5406
_______________________________________________
AS AMENDED BY THE HOUSE
Passed Legislature - 1995 Regular Session
State of Washington 54th Legislature 1995
Regular Session
By
Read first time 02/23/95.
Continuing
market interest rates for consumer credit transactions.
AN ACT Relating to
continuing market interest rates for consumer credit transactions; adding a new
section to chapter 63.14 RCW; creating new sections; repealing RCW 63.14.135; repealing
1992 c 193 s 4 (uncodified); and declaring an emergency.
BE IT ENACTED BY THE
LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec.
1. The following acts or
parts of acts are each repealed:
(1) 1992 c 193 s 4
(uncodified); and
(2) RCW 63.14.135 and 1992 c
193 s 2, 1989 c 112 s 2, 1988 c 72 s 1, & 1986 c 60 s 2.
NEW SECTION. Sec.
2. This act applies
prospectively only and not retroactively. It applies only to retail
installment transactions entered into on or after the effective date of this
act.
NEW SECTION. Sec.
3. The repeals in section 1
of this act shall not be construed as affecting any existing right acquired or
liability or obligation incurred under the statutes repealed or under any rule
or order adopted pursuant to those statutes; nor as affecting any proceeding
instituted under them.
NEW SECTION. Sec.
4. A new section is added to chapter 63.14 RCW to
read as follows:
(1) With respect to a
retail installment transaction, as defined in RCW 63.14.010(8), if the court as
a matter of law finds the agreement or contract, or any clause in the agreement
or contract, to have been unconscionable at the time it was made, the court may
refuse to enforce the agreement or contract, may enforce the remainder of the
agreement or contract, or may limit the application of any unconscionable
clause to avoid an unconscionable result.
(2) If it is claimed
or it appears to the court that the agreement or contract, or any clause in the
agreement or contract, may be unconscionable, the parties shall be given a
reasonable opportunity to present evidence as to its setting, purpose, and
effect to assist the court in making a determination regarding
unconscionability.
(3) For the purpose of
this section, a charge or practice expressly permitted by this chapter is not
in itself unconscionable.
NEW SECTION. Sec.
5. This act is necessary for
the immediate preservation of the public peace, health, or safety, or support
of the state government and its existing public institutions, and shall take
effect immediately.
Passed
the Senate April 19, 1995.
Passed
the House April 4, 1995.
Approved by the Governor May 5, 1995.
Filed in Office of
Secretary of State May 5, 1995.