SSB 5468 -
By Committee on Financial Institutions & Insurance
ADOPTED 04/08/2009
Strike everything after the enacting clause and insert the following:
"Sec. 1 RCW 31.04.025 and 2008 c 78 s 1 are each amended to read
as follows:
(1) Each loan made to a resident of this state by a licensee is
subject to the authority and restrictions of this chapter, unless such
loan is made under the authority of chapter 63.14 RCW.
(2) This chapter shall not apply to any person doing business under
and as permitted by any law of this state or of the United States
relating to banks, savings banks, trust companies, savings and loan or
building and loan associations, or credit unions, nor to any
pawnbroking business lawfully transacted under and as permitted by any
law of this state regulating pawnbrokers, nor to any loan of credit
made pursuant to a credit card plan.
(3) This chapter does not apply to nonprofit housing organizations
making loans, or loans made, under housing programs that are funded in
whole or in part by federal or state programs if the primary purpose of
the programs is to assist low-income borrowers with purchasing or
repairing housing or the development of housing for low-income
Washington state residents."
Correct the title.
EFFECT: (1) Limits the exemption to the Consumer Loan Act to
certain nonprofit housing organizations and removes other persons
making loans from the exemption.
(2) Limits the exemption to the Consumer Loan Act to nonprofit
housing organizations that are funded by federal and state programs
rather than those funded by federal, state, or private programs.