H-965                _______________________________________________

                                                   HOUSE BILL NO. 1485

                        _______________________________________________

                                                                            C 166 L 89

State of Washington                               51st Legislature                              1989 Regular Session

By Representatives Jacobsen, Dellwo and Heavey

Read first time 1/25/89 and referred to Committee on Financial Institutions & Insurance.

AN ACT Relating to interest rates on postsecondary education loans; and adding a new section to chapter 24.03 RCW.

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

NEW SECTION. Sec. 1.  A new section is added to chapter 24.03 RCW to read as follows:

          A nonprofit corporation may charge interest upon any loan made under a program to finance postsecondary education at any rate or rates of interest which are permitted by state or federal law to be charged by any state or federally chartered bank, savings and loan association, or credit union.

                                                                                                                          Passed the House March 14, 1989.

                                                                                                                                         Speaker of the House.

                                                                                                                           Passed the Senate April 12, 1989.

                                                                                                                                       President of the Senate.