Title: An act relating to mortgage lenders and credit card issuers.

Brief Description: Regulating mortgage lenders and credit card issuers.

Sponsors: Senators Kohl-Welles, Benton, Fairley, Keiser and Kline.

Brief History:

Committee Activity: Financial Institutions, Housing & Consumer Protection: 1/25/06; 2/1/06.

SENATE COMMITTEE ON FINANCIAL INSTITUTIONS, HOUSING & CONSUMER PROTECTION

Staff: Joanne Conrad (786-7472)

Background: Some consumers report being unable to determine the correct contact information of some businesses, when looking at their invoice or statement. This can be especially troubling for persons who are acting as executors, or who are attempting to assist aging or disabled persons with their business affairs.

Summary of Bill: Mortgage lenders and credit card issuers doing business in Washington State must prominently display on their statements a valid mailing address, as well as a telephone number that enables a consumer to talk to a live person, under certain conditions.

Appropriation: None.

Fiscal Note: Not requested.

Committee/Commission/Task Force Created: No.

Effective Date: Ninety days after adjournment of session in which bill is passed.

Testimony For: It is difficult for people to settle estates and do business if some companies do not provide sufficient contact information on their invoices.

Testimony Against: Most businesses already provide adequate contact information. People should switch companies if not satisfied.

Who Testified: PRO: Sen Kohl-Welles, prime sponsor. CON: Mark Johnson, WA Retail Assn.