6525 AMS .... BRUM 001

SB 6525 - S AMD 580

    By Senators Prentice and Deccio

                                                  ADOPTED 02/16/02

    On page 2, after line 9, insert the following:

NEW SECTION. Sec. 3.  A new section is added to chapter 48.30 RCW to read as follows:

    (1) The prohibition of section 2 of this act dos not apply to residential mortgage loans if:

    (a) The loan amount does not exceed ten thousand dollars, exclusive of fees; and

    (b) The repayment term of the loan does not exceed five years; and

    (c) The term of the credit insurance does not exceed the repayment term of the loan

NEW SECTION. Sec. 4.  A new section is added to chapter 48.30 RCW to read as follows:

    This act will become effective July 1, 2003.

C END C

EFFECT: Allows single premium credit insurance if the loan amount is small and the payment periods are limited.

ADOPTED 02/16/02

    On page 1, line 1 of the title, after Ainsurance;@ strike the remainder of the title and insert Aadding new section 5 to chapter 48.30 RCW; creating a new section; and providing an effective date.@