| Passed by the House February 7, 2006 Yeas 98 ________________________________________ Speaker of the House of Representatives Passed by the Senate February 27, 2006 Yeas 47 ________________________________________ President of the Senate | I, Richard Nafziger, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is SUBSTITUTE HOUSE BILL 2497 as passed by the House of Representatives and the Senate on the dates hereon set forth. ________________________________________ Chief Clerk | |
| Approved ________________________________________ Governor of the State of Washington | Secretary of State State of Washington |
| State of Washington | 59th Legislature | 2006 Regular Session |
READ FIRST TIME 01/30/06.
AN ACT Relating to assistance for business owners who are active duty national guard members; amending RCW 38.42.010; and adding a new section to chapter 38.42 RCW.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 38.42.010 and 2005 c 254 s 1 are each amended to read
as follows:
The definitions in this section apply throughout this chapter.
(1) "Business loan" means a loan or extension of credit granted to
a business entity that: (a) Is owned and operated by a service member,
in which the service member is either (i) a sole proprietor, or (ii)
the owner of at least fifty percent of the entity; and (b) experiences
a material reduction in revenue due to the service member's military
service.
(2) "Dependent" means:
(a) The service member's spouse;
(b) The service member's minor child; or
(c) An individual for whom the service member provided more than
one-half of the individual's support for one hundred eighty days
immediately preceding an application for relief under this chapter.
(((2))) (3) "Financial institution" means an institution as defined
in RCW 30.22.041.
(4) "Judgment" does not include temporary orders as issued by a
judicial court or administrative tribunal in domestic relations cases
under Title 26 RCW, including but not limited to establishment of a
temporary child support obligation, creation of a temporary parenting
plan, or entry of a temporary protective or restraining order.
(((3))) (5) "Military service" means a service member under a call
to active service authorized by the president of the United States or
the secretary of defense for a period of more than thirty consecutive
days.
(((4))) (6) "National guard" has the meaning in RCW 38.04.010.
(((5))) (7) "Service member" means any resident of Washington state
that is a member of the national guard or member of a military reserve
component.
NEW SECTION. Sec. 2 A new section is added to chapter 38.42 RCW
to read as follows:
(1) Upon the request of a service member with a qualifying business
loan, the financial institution must restructure the interest rate of
the loan to the equivalent provisions in the federal servicemembers
civil relief act (50 U.S.C. App. 501 et seq.). The service member must
notify the institution at least five days prior to the beginning of
military service and submit official documentation that substantiates
their eligibility for the protections of this chapter.
(2) This section applies only to loans with an outstanding balance
of less than one hundred thousand dollars at the time the service
member is called to military service.
(3) This section applies only to business loans executed on or
after January 1, 2007.