5600-S AMS KLIN MEND 151

SSB 5600 - S AMD TO S-AMD 220 231

By Senator Kline

NOT CONSIDERED 05/25/2011

    On page 2, line 2, after "or" strike "thirty" and insert "((thirty)) fifteen"

    On page 2, line 11, after (4) strike "(A borrower is prohibited from receiving more than eight small loans from all licensees in any twelve-month period.  A licensee is prohibited from making a small loan to a borrower if making that small loan would result in a borrower receiving more than eight small loans from all licensees in any twelve-month period. (5)))” and insert "A borrower is prohibited from receiving more than eight small loans from all licensees in any twelve-month period.  A licensee is prohibited from making a small loan to a borrower if making that small loan would result in a borrower receiving more than eight small loans from all licensees in any twelve-month period."

    On page 2, line 20, after "charge" strike "interest or" and insert "((interest or))"

    On page 2, line 24, after "charge" strike "interest or" and insert "((interest or))"

    On page 2, line 27, after "dollars." insert "Interest on small loans is not to exceed twelve percent per annum."

Renumber the remaining subsections consecutively and correct any internal references accordingly.

SSB 5600 - S AMD TO S-AMD 220 231

By Senator Kline

NOT CONSIDERED 05/25/2011

    On page 3, beginning with line 18 of the title amendment, strike all material through line 20, and insert the following, "An act relating to small loans; and amending RCW 31.45.073."

EFFECT:   The current 8 loan cap on the number of small loans a borrower may take in one year is restored. A borrower may borrow up to seven hundred dollars or up to fifteen percent of the borrower's gross monthly income, whichever is lower, per small loan.  Interest on small loans is capped at twelve percent.

--- END ---