SENATE BILL REPORT

HB 1622

BYRepresentatives Chandler, Lux and Betrozoff

Providing for the publication of the maximum interest rate that may be charged on retail installment contracts for motor vehicles.

House Committe on Financial Institutions & Insurance

Senate Committee on Financial Institutions & Insurance

Senate Hearing Date(s):February 23, 1988

Senate Staff:Benson Porter (786-7470)

AS OF FEBRUARY 22, 1988

BACKGROUND:

The State Treasurer is required to compute the maximum service charge allowed under a retail installment contract for personal property and submit this rate to the Code Reviser for publication in the Washington State Register for each calendar year.

During the 1987 session, a bill passed describing the computation of the service charge for a retail installment contract for the purchase of a motor vehicle.  However, the publication of this rate is not provided for in the retail installment contract rate publication statute.

SUMMARY:

The State Treasurer is required to compute the maximum charge for a motor vehicle retail installment contract on a quarterly basis and submit this rate to the Code Reviser for publication in the Washington State Register.

Appropriation:    none

Revenue:    none

Fiscal Note:      none requested