Provides that, in addition to all other fees authorized by law, each licensee shall pay to the director a fee equal to ten cents per small loan made by the licensee during the previous calendar year. This fee is due upon the annual assessment fee due date as established in rule. Each licensee shall begin collecting the fee on all loans made on or after July 1, 2007.

Creates the small loan financial literacy account in the custody of the state treasurer. All receipts from the fee imposed by RCW 31.45.050(4) must be deposited into this account. Expenditures from the account must be made in the following manner: (1) Not more than ten percent of all funds deposited during the year for administering the account;

(2) Not more than twenty percent of all funds in the account for investigation of licensees regulated under this act; and

(3) Not less than seventy percent of all funds in the account for training consumers in the appropriate use of small loans by the department of financial institutions or by grants to accredited consumer credit counseling agencies. The training program shall be jointly developed by the department of financial institutions and industry-designated representatives of licensees.