| Passed by the Senate April 19, 2009 YEAS 46 ________________________________________ President of the Senate Passed by the House April 8, 2009 YEAS 95 ________________________________________ Speaker of the House of Representatives | I, Thomas Hoemann, Secretary of the Senate of the State of Washington, do hereby certify that the attached is SUBSTITUTE SENATE BILL 5468 as passed by the Senate and the House of Representatives on the dates hereon set forth. ________________________________________ Secretary | |
| Approved ________________________________________ Governor of the State of Washington | Secretary of State State of Washington |
| State of Washington | 61st Legislature | 2009 Regular Session |
READ FIRST TIME 02/11/09.
AN ACT Relating to permitting an exemption for nonprofit housing organizations from the consumer loan act; and amending RCW 31.04.025.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
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.