BILL REQ. #: H-3238.1
| State of Washington | 59th Legislature | 2006 Regular Session |
Prefiled 1/6/2006. Read first time 01/09/2006. Referred to Committee on Financial Institutions & Insurance.
AN ACT Relating to assistance for business owners who are active duty national guard members; adding a new section to chapter 30.04 RCW; adding a new section to chapter 31.12 RCW; adding a new section to chapter 32.04 RCW; adding a new section to chapter 33.24 RCW; creating a new section; and providing an effective date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1 A new section is added to chapter 30.04 RCW
to read as follows:
(1) Upon the request of a person serving in the national guard, a
bank or trust company that has made a business loan or extension of
credit for the person's business must suspend payments and accrual of
interest if the person qualifies under this subsection. In order to
qualify for payment and interest suspension, the person must: (a) Be
on active duty; (b) own a business with five or fewer employees; (c) be
actively deployed for at least six months internationally or at least
one year domestically; and (d) submit official documentation that
substantiates membership within the national guard and his or her
deployment status.
(2) The suspension of payments and interest accrual shall cease
three months from the last date of active duty. A member of the
national guard may only qualify for payment and interest suspension
twice in a ten-year period.
NEW SECTION. Sec. 2 A new section is added to chapter 31.12 RCW
to be codified between RCW 31.12.418 and 31.12.436 to read as follows:
(1) Upon the request of a credit union member serving in the
national guard, a credit union that has made a business loan or
extension of credit must suspend payments and accrual of interest on
the business loan or extension of credit if the member qualifies under
this subsection. In order to qualify for payment and interest
suspension, the member must: (a) Be on active duty; (b) own a business
with five or fewer employees; (c) be actively deployed for at least six
months internationally or at least one year domestically; and (d)
submit official documentation that substantiates membership within the
national guard and his or her deployment status.
(2) The suspension of payments and interest accrual shall cease
three months from the last date of active duty. A member of the
national guard may only qualify for payment and interest suspension
twice in a ten-year period.
NEW SECTION. Sec. 3 A new section is added to chapter 32.04 RCW
to read as follows:
(1) Upon the request of a person serving in the national guard, a
mutual savings bank that has made a business loan or extension of
credit must suspend payments and accrual of interest on the business
loan or extension of credit if the person qualifies under this
subsection. In order to qualify for payment and interest suspension,
the person must: (a) Be on active duty; (b) own a business with five
or fewer employees; (c) be actively deployed for at least six months
internationally or at least one year domestically; and (d) submit
official documentation that substantiates membership within the
national guard and his or her deployment status.
(2) The suspension of payments and interest accrual shall cease
three months from the last date of active duty. A member of the
national guard may only qualify for payment and interest suspension
twice in a ten-year period.
NEW SECTION. Sec. 4 A new section is added to chapter 33.24 RCW
to read as follows:
(1) Upon the request of a person serving in the national guard, an
association that has made a business loan to the person must suspend
payments and accrual of interest on the business loan if the person
qualifies under this subsection. In order to qualify for payment and
interest suspension, the person must: (a) Be on active duty; (b) own
a business with five or fewer employees; (c) be actively deployed for
at least six months internationally or at least one year domestically;
and (d) submit official documentation that substantiates membership
within the national guard and his or her deployment status.
(2) The suspension of payments and interest accrual shall cease
three months from the last date of active duty. A member of the
national guard may only qualify for payment and interest suspension
twice in a ten-year period.
NEW SECTION. Sec. 5 This act applies only to loans, or other
agreements of indebtedness covered by this act, that are executed on or
after July 1, 2006.
NEW SECTION. Sec. 6 This act takes effect July 1, 2006.