CERTIFICATION OF ENROLLMENT

SENATE BILL 5199

Chapter 81, Laws of 2007

60th Legislature
2007 Regular Session



SMALL LOAN PRACTICES



EFFECTIVE DATE: 07/22/07

Passed by the Senate March 7, 2007
  YEAS 48   NAYS 0

BRAD OWEN
________________________________________    
President of the Senate
Passed by the House April 5, 2007
  YEAS 97   NAYS 0

FRANK CHOPP
________________________________________    
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 SENATE BILL 5199 as passed by the Senate and the House of Representatives on the dates hereon set forth.

THOMAS HOEMANN
________________________________________    
Secretary
Approved April 18, 2007, 9:41 a.m.








CHRISTINE GREGOIRE
________________________________________    
Governor of the State of Washington
 
FILED
April 18, 2007







Secretary of State
State of Washington


_____________________________________________ 

SENATE BILL 5199
_____________________________________________

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

By Senators Berkey, Prentice, Benton, Hobbs, Hatfield, Schoesler, Parlette, Franklin and Keiser; by request of Department of Financial Institutions

Read first time 01/12/2007.   Referred to Committee on Financial Institutions & Insurance.



     AN ACT Relating to adding enforcement provisions regarding fraud, deception, and unlicensed internet lending to the chapter governing check cashers and sellers; and adding a new section to chapter 31.45 RCW.

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) It is a violation of this chapter for any person subject to this chapter to:
     (a) Directly or indirectly employ any scheme, device, or artifice to defraud or mislead any borrower, to defraud or mislead any lender, or to defraud or mislead any person;
     (b) Directly or indirectly engage in any unfair or deceptive practice toward any person;
     (c) Directly or indirectly obtain property by fraud or misrepresentation; and
     (d) Make a small loan to any person physically located in Washington through use of the internet, facsimile, telephone, kiosk, or other means without first obtaining a small loan endorsement.
     (2) In addition to any other penalties, any transaction in violation of subsection (1) of this section is uncollectible and unenforceable.


         Passed by the Senate March 7, 2007.
         Passed by the House April 5, 2007.
         Approved by the Governor April 18, 2007.
         Filed in Office of Secretary of State April 18, 2007.