CERTIFICATION OF ENROLLMENT

ENGROSSED SUBSTITUTE SENATE BILL 5506



59th Legislature
2005 Regular Session

Passed by the Senate March 3, 2005
  YEAS 49   NAYS 0


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President of the Senate
Passed by the House April 6, 2005
  YEAS 59   NAYS 39


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Speaker of the House of Representatives


CERTIFICATE

I, Thomas Hoemann, Secretary of the Senate of the State of Washington, do hereby certify that the attached is ENGROSSED SUBSTITUTE SENATE BILL 5506 as passed by the Senate and the House of Representatives on the dates hereon set forth.


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Secretary
Approved 









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Governor of the State of Washington
FILED







Secretary of State
State of Washington


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ENGROSSED SUBSTITUTE SENATE BILL 5506
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Passed Legislature - 2005 Regular Session
State of Washington59th Legislature2005 Regular Session

By Senate Committee on Financial Institutions, Housing & Consumer Protection (originally sponsored by Senators Kohl-Welles, Fairley, Regala and Thibaudeau)

READ FIRST TIME 02/03/05.   



     AN ACT Relating to the development of policies regarding the marketing or merchandising of credit cards to students at the state's institutions of higher education; and adding a new section to chapter 28B.10 RCW.

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

NEW SECTION.  Sec. 1   A new section is added to chapter 28B.10 RCW to read as follows:
     (1)(a) Subject to subsection (2) of this section, institutions of higher education shall develop policies regarding the marketing or merchandising of credit cards on institutional property to students, except as provided in newspapers, magazines, or similar publications or within any location of a financial services business regularly doing business on the institution's property.
     (b) "Merchandising" means the offering of free merchandise or incentives to students as part of the credit card marketing effort.
     (c) "Student" means any student enrolled for one or more credit hours at an institution of higher education.
     (2) Institutions of higher education shall each develop official credit card marketing policies. The process of development of these policies must include consideration of student comments. The official credit card marketing policies must, at a minimum, include consideration of and decisions regarding:
     (a) The registration of credit card marketers;
     (b) Limitations on the times and locations of credit card marketing; and
     (c) Prohibitions on material inducements to complete a credit card application unless the student has been provided credit card debt education literature, which includes, but is not limited to, brochures of written or electronic information.
     (3)(a) The policies shall include the following elements: A requirement for credit card marketers to inform students about good credit management practices through programs developed in concert with the institution of higher education; and
     (b) A requirement to make the official credit card marketing policy available to all students upon their request.

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