H-1043              _______________________________________________

                                                    HOUSE BILL NO. 610

                        _______________________________________________

State of Washington                              50th Legislature                              1987 Regular Session

By Representatives Silver, Vekich, Schoon, Kremen, B. Williams, Doty and P. King

Read first time 2/4/87 and referred to Committee on Trade & Economic Development.

AN ACT Relating to economic development loans; and adding a new section to chapter 43.63A RCW.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION. Sec. 1.  A new section is added to chapter 43.63A RCW to read as follows:

          Whenever the department provides assistance to businesses  in obtaining federal funds through small business administration loans, it shall:

          (1) Require private certified development companies through which the loans are processed to reimburse the department for its efforts in preparing the loan documents.  This reimbursement shall be made by splitting equally any loan fee charged.

          (2) Ensure that utilization of private certified development companies is on a basis which will provide an equal opportunity for all companies in the state to participate.

          (3) Monitor the jobs created by the federal funds by requiring the private certified development companies to send the department copies of the reports to the small business administration.