FINAL BILL REPORT

SB 6412

                                   C 72 L 88

BYSenators von Reichbauer and Moore

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

Senate Committee on Financial Institutions & Insurance

House Committe on Financial Institutions & Insurance

SYNOPSIS AS ENACTED

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.

VOTES ON FINAL PASSAGE:

      Senate    48     0

      House 96   0

EFFECTIVE:March 15, 1988