CERTIFICATION OF ENROLLMENT

HOUSE BILL 1231



60th Legislature
2007 Regular Session

Passed by the House January 29, 2007
  Yeas 97   Nays 0


________________________________________    
Speaker of the House of Representatives


Passed by the Senate April 5, 2007
  Yeas 46   Nays 0



________________________________________    
President of the Senate
CERTIFICATE

I, Richard Nafziger, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is HOUSE BILL 1231 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
FILED







Secretary of State
State of Washington


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HOUSE BILL 1231
_____________________________________________

Passed Legislature - 2007 Regular Session
State of Washington60th Legislature2007 Regular Session

By Representatives Kirby, Roach, Simpson, Strow and Santos

Read first time 01/15/2007.   Referred to Committee on Insurance, Financial Service & Consumer Protection.



     AN ACT Relating to pawnbrokers; and amending RCW 19.60.060 and 19.60.061.

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

Sec. 1   RCW 19.60.060 and 1995 c 133 s 2 are each amended to read as follows:
     All pawnbrokers are authorized to charge and receive interest and other fees at the following rates for money on the security of personal property actually received in pledge:
     (1) The interest for the loan period shall not exceed:
     (a) For an amount loaned up to $9.99 - interest at $1.00 for each thirty-day period to include the loan date.
     (b) For an amount loaned from $10.00 to $19.99 - interest at the rate of $1.25 for each thirty-day period to include the loan date.
     (c) For an amount loaned from $20.00 to $24.99 - interest at the rate of $1.50 for each thirty-day period to include the loan date.
     (d) For an amount loaned from $25.00 to $34.99 - interest at the rate of $1.75 for each thirty-day period to include the loan date.
     (e) For an amount loaned from $35.00 to $39.99 - interest at the rate of $2.00 for each thirty-day period to include the loan date.
     (f) For an amount loaned from $40.00 to $49.99 - interest at the rate of $2.25 for each thirty-day period to include the loan date.
     (g) For the amount loaned from $50.00 to $59.99 - interest at the rate of $2.50 for each thirty-day period to include the loan date.
     (h) For the amount loaned from $60.00 to $69.99 - interest at the rate of $2.75 for each thirty-day period to include the loan date.
     (i) For the amount loaned from $70.00 to $79.99 - interest at the rate of $3.00 for each thirty-day period to include the loan date.
     (j) For the amount loaned from $80.00 to $89.99 - interest at the rate of $3.25 for each thirty-day period to include the loan date.
     (k) For the amount loaned from $90.00 to $99.99 - interest at the rate of $3.50 for each thirty-day period to include the loan date.
     (l) For the amount loaned from $100.00 or more - interest at the rate of three percent for each thirty-day period to include the loan date.
     (2) The fee for the preparation of loan documents, pledges, or reports required under the laws of the United States of America, the state of Washington, or the counties, cities, towns, or other political subdivisions thereof, shall not exceed:
     (a) For the amount loaned up to $4.99 - the sum of $((.50;)) 1.50.
     (b) For the amount loaned from $5.00 to $9.99 - the sum of $((2.00;)) 3.00.
     (c) For the amount loaned from $10.00 to $14.99 - the sum of $((3.00;)) 4.00.
     (d) For the amount loaned from $15.00 to $19.99 - the sum of $((3.50)) 4.50.
     (e) For the amount loaned from $20.00 to $24.99 - the sum of $((4.00)) 5.00.
     (f) For the amount loaned from $25.00 to $29.99 - the sum of $((4.50)) 5.50.
     (g) For the amount loaned from $30.00 to $34.99 - the sum of $((5.00)) 6.00.
     (h) For the amount loaned from $35.00 to $39.99 - the sum of $((5.50)) 6.50.
     (i) For the amount loaned from $40.00 to $44.99 - the sum of $((6.00)) 7.00.
     (j) For the amount loaned from $45.00 to $49.99 - the sum of $((6.50)) 7.50.
     (k) For the amount loaned from $50.00 to $54.99 - the sum of $((7.00)) 8.00.
     (l) For the amount loaned from $55.00 to $59.99 - the sum of $((7.50)) 8.50.
     (m) For the amount loaned from $60.00 to $64.99 - the sum of $((8.00)) 9.00.
     (n) For the amount loaned from $65.00 to $69.99 - the sum of $((8.50)) 9.50.
     (o) For the amount loaned from $70.00 to $74.99 - the sum of $((9.00)) 10.00.
     (p) For the amount loaned from $75.00 to $79.99 - the sum of $((9.50)) 10.50.
     (q) For the amount loaned from $80.00 to $84.99 - the sum of $((10.00)) 11.00.
     (r) For the amount loaned from $85.00 to $89.99 - the sum of $((10.50)) 11.50.
     (s) For the amount loaned from $90.00 to $94.99 - the sum of $((11.00)) 12.00.
     (t) For the amount loaned from $95.00 to $99.99 - the sum of $((11.50)) 12.50.
     (u) For the amount loaned from $100.00 to $104.99 - the sum of $((12.00)) 13.00.
     (v) For the amount loaned from $105.00 to $109.99 - the sum of $((12.25)) 13.25.
     (w) For the amount loaned from $110.00 to $114.99 - the sum of $((12.75)) 13.75.
     (x) For the amount loaned from $115.00 to $119.99 - the sum of $((13.25)) 14.25.
     (y) For the amount loaned from $120.00 to $124.99 - the sum of $((13.50)) 14.50.
     (z) For the amount loaned from $125.00 to $129.99 - the sum of $((13.75)) 14.75.
     (aa) For the amount loaned from $130.00 to $149.99 - the sum of $((14.50)) 15.50.
     (bb) For the amount loaned from $150.00 to $174.99 - the sum of $((14.75)) 15.75.
     (cc) For the amount loaned from $175.00 to $199.99 - the sum of $((15.00)) 16.00.
     (dd) For the amount loaned from $200.00 to $224.99 - the sum of $((16.00)) 17.00.
     (ee) For the amount loaned from $225.00 to $249.99 - the sum of $((17.00)) 18.00.
     (ff) For the amount loaned from $250.00 to $274.99 - the sum of $((18.00)) 19.00.
     (gg) For the amount loaned from $275.00 to $299.99 - the sum of $((19.00)) 20.00.
     (hh) For the amount loaned from $300.00 to $324.99 - the sum of $((20.00)) 21.00.
     (ii) For the amount loaned from $325.00 to $349.99 - the sum of $((21.00)) 22.00.
     (jj) For the amount loaned from $350.00 to $374.99 - the sum of $((22.00)) 23.00.
     (kk) For the amount loaned from $375.00 to $399.99 - the sum of $((23.00)) 24.00.
     (ll) For the amount loaned from $400.00 to $424.99 - the sum of $((24.00)) 25.00.
     (mm) For the amount loaned from $425.00 to $449.99 - the sum of $((25.00)) 26.00.
     (nn) For the amount loaned from $450.00 to $474.99 - the sum of $((26.00)) 27.00.
     (oo) For the amount loaned from $475.00 to $499.99 - the sum of $((27.00)) 28.00.
     (pp) For the amount loaned from $500.00 to $524.99 - the sum of $((28.00)) 29.00.
     (qq) For the amount loaned from $525.00 to $549.99 - the sum of $((29.00)) 30.00.
     (rr) For the amount loaned from $550.00 to $599.99 - the sum of $((30.00)) 31.00.
     (ss) For the amount loaned from $600.00 to $699.99 - the sum of $((35.00)) 36.00.
     (tt) For the amount loaned from $700.00 to $799.99 - the sum of $((40.00)) 41.00.
     (uu) For the amount loaned from $800.00 to $899.99 - the sum of $((40.00)) 46.00.
     (vv) For the amount loaned from $900.00 to $999.99 - the sum of $((50.00)) 51.00.
     (ww) For the amount loaned from $1000.00 to $1499.99 - the sum of $((55.00)) 56.00.
     (xx) For the amount loaned from $1500.00 to $1999.99 - the sum of $((60.00)) 61.00.
     (yy) For the amount loaned from $2000.00 to $2499.99 - the sum of $((65.00)) 66.00.
     (zz) For the amount loaned from $2500.00 to $2999.99 - the sum of $((70.00)) 71.00.
     (aaa) For the amount loaned from $3000.00 to $3499.99 - the sum of $((75.00)) 76.00.
     (bbb) For the amount loaned from $3500.00 to $3999.99 - the sum of $((80.00)) 81.00.
     (ccc) For the amount loaned from $4000.00 to $4499.99 - the sum of $((85.00)) 86.00.
     (ddd) For the amount loaned from $4500.00 or more - the sum of $((90.00)) 91.00.
     (3) A pawnbroker may charge a storage fee of $3.00. An additional fee of $3.00 may be charged for storing a firearm.
     (4)
Fees under subsection (2) of this section may be charged one time only for each loan period; no additional fees, other than interest allowed under subsection (1) of this section, shall be charged for making the loan. Storage fees are allowed under subsection (3) of this section.
     A copy of this section, set in twelve point type or larger, shall be posted prominently in each premises subject to this chapter.

Sec. 2   RCW 19.60.061 and 1995 c 133 s 3 are each amended to read as follows:
     (1) The term of the loan shall be for a period of ((thirty)) ninety days to include the date of the loan.
     (2) A pawnbroker shall not sell any property received in pledge, until ((both the term of the loan and a grace period of)) a minimum of ((sixty)) ninety days has expired. However, if a pledged article is not redeemed within the ninety-day period of the term of the loan ((and the grace period)), the pawnbroker shall have all rights, title, and interest of that item of personal property. The pawnbroker shall not be required to account to the pledgor for the proceeds received from the disposition of that item. Any provision of law relating to the foreclosures and the subsequent sale of forfeited pledged items, shall not be applicable to any pledge as defined under this chapter, the title to which is transferred in accordance with this section.
     (3) Every loan transaction entered into by a pawnbroker shall be evidenced by a written document, a copy of which shall be furnished to the pledgor. The document shall set forth the term of the loan; the final date on which the loan is due and payable; the loan preparation fee; the storage fee; the firearm fee, if applicable; any other fee allowed under law that is charged; the amount of interest charged every thirty days; the total amount due including the principal amount, the preparation fee, and all interest charges due if the loan is outstanding for the full ninety days allowed by the term ((and minimum grace period)); and the annual percentage rate, and shall inform the pledgor of the pledgor's right to redeem the pledge at any time within the term of the loan ((or the minimum sixty-day grace period)).
     (4) If a person who has entered into a loan transaction with a pawnbroker in this state is unable to redeem and repay the loan on or before the expiration of the term of the loan ((plus the minimum sixty-day grace period)), and that person wishes to retain his or her rights to use that item by rewriting the loan, and if both parties mutually agree, an existing loan transaction may be rewritten into a new loan, either in person or by mail. All applicable provisions of this chapter shall be followed in rewriting a loan, except that where an existing loan is rewritten by mail RCW 19.60.020(1) (a) and (g) shall not apply.

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