HOUSE BILL NO. 1239
C 138 L 89
State of Washington 51st Legislature 1989 Regular Session
By Representatives P. King, Schmidt and Scott
Read first time 1/18/89 and referred to Committee on Judiciary. Referred to Committee on Financial Institutions & Insurance 1/25/89.
AN ACT Relating to a pension plan exemption to the usury statutes; adding a new section to chapter 19.52 RCW; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. A new section is added to chapter 19.52 RCW to read as follows:
This chapter does not apply to any loan permitted under applicable federal law and regulations from a tax-qualified retirement plan to a person then a participant or a beneficiary under the plan.
This section affects loans being made, negotiated, renegotiated, extended, renewed, or revised on or after the effective date of this act.
NEW SECTION. Sec. 2. This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and shall take effect immediately.