BILL REQ. #:  H-4286.1 

Read first time 01/18/2006.   Referred to Committee on Financial Institutions & Insurance.

     AN ACT Relating to creating a training program for payday lending employees; adding a new section to chapter 31.45 RCW; and making an appropriation.

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

NEW SECTION.  Sec. 1   A new section is added to chapter 31.45 RCW to read as follows:
     (1) The director shall develop an internet-based education program for the employees of a licensee that has a small loan endorsement. The program must instruct employees about applicable state laws that pertain to payday lending.
     (2) This section applies only to those employees who make small loans and are involved in the making, approval, or collection of a small loan. New employees must complete the program within six months after the date they are hired. All employees must complete the program at least once every two years.
     (3) All required materials must be available via the internet.
     (4) The department must create an online system to track employee compliance with the requirements in this section.
     (5) The director may adopt rules to implement this section.

NEW SECTION.  Sec. 2   The sum of forty thousand dollars, or as much thereof as may be necessary, is appropriated for the fiscal year ending June 30, 2007, from the general fund to the department of financial institutions for the purposes of section 1 of this act.