SENATE BILL REPORT

SB 6548

BYSenators Nelson and Rinehart

Concerning credit agreements.

Senate Committee on Law & Justice

Senate Hearing Date(s):January 29, 1990

Senate Staff:Vicki E. Schur (786-7415)

AS OF JANUARY 26, 1990

BACKGROUND:

The statute of frauds requires that certain contracts are void unless in writing and signed.

SUMMARY:

Commercial credit agreements, excluding credit cards, are specifically included in the statute of frauds, and must be in writing and signed by the creditor to be enforceable.  The creditor must provide notice to the debtor stating that oral agreements to lend money are unenforceable in Washington.

Appropriation:  none

Revenue:   none

Fiscal Note:    none requested