BILL REQ. #: H-0480.2
| State of Washington | 60th Legislature | 2007 Regular Session |
Read first time 01/15/2007. Referred to Committee on Insurance, Financial Service & Consumer Protection.
AN ACT Relating to pawnbrokers; and amending RCW 19.60.060 and 19.60.061.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 19.60.060 and 1995 c 133 s 2 are each amended to read
as follows:
All pawnbrokers are authorized to charge and receive interest and
other fees at the following rates for money on the security of personal
property actually received in pledge:
(1) The interest for the loan period shall not exceed:
(a) For an amount loaned up to $9.99 - interest at $1.00 for each
thirty-day period to include the loan date.
(b) For an amount loaned from $10.00 to $19.99 - interest at the
rate of $1.25 for each thirty-day period to include the loan date.
(c) For an amount loaned from $20.00 to $24.99 - interest at the
rate of $1.50 for each thirty-day period to include the loan date.
(d) For an amount loaned from $25.00 to $34.99 - interest at the
rate of $1.75 for each thirty-day period to include the loan date.
(e) For an amount loaned from $35.00 to $39.99 - interest at the
rate of $2.00 for each thirty-day period to include the loan date.
(f) For an amount loaned from $40.00 to $49.99 - interest at the
rate of $2.25 for each thirty-day period to include the loan date.
(g) For the amount loaned from $50.00 to $59.99 - interest at the
rate of $2.50 for each thirty-day period to include the loan date.
(h) For the amount loaned from $60.00 to $69.99 - interest at the
rate of $2.75 for each thirty-day period to include the loan date.
(i) For the amount loaned from $70.00 to $79.99 - interest at the
rate of $3.00 for each thirty-day period to include the loan date.
(j) For the amount loaned from $80.00 to $89.99 - interest at the
rate of $3.25 for each thirty-day period to include the loan date.
(k) For the amount loaned from $90.00 to $99.99 - interest at the
rate of $3.50 for each thirty-day period to include the loan date.
(l) For the amount loaned from $100.00 or more - interest at the
rate of three percent for each thirty-day period to include the loan
date.
(2) The fee for the preparation of loan documents, pledges, or
reports required under the laws of the United States of America, the
state of Washington, or the counties, cities, towns, or other political
subdivisions thereof, shall not exceed:
(a) For the amount loaned up to $4.99 - the sum of $((.50;)) 1.50.
(b) For the amount loaned from $5.00 to $9.99 - the sum of
$((2.00;)) 3.00.
(c) For the amount loaned from $10.00 to $14.99 - the sum of
$((3.00;)) 4.00.
(d) For the amount loaned from $15.00 to $19.99 - the sum of
$((3.50)) 4.50.
(e) For the amount loaned from $20.00 to $24.99 - the sum of
$((4.00)) 5.00.
(f) For the amount loaned from $25.00 to $29.99 - the sum of
$((4.50)) 5.50.
(g) For the amount loaned from $30.00 to $34.99 - the sum of
$((5.00)) 6.00.
(h) For the amount loaned from $35.00 to $39.99 - the sum of
$((5.50)) 6.50.
(i) For the amount loaned from $40.00 to $44.99 - the sum of
$((6.00)) 7.00.
(j) For the amount loaned from $45.00 to $49.99 - the sum of
$((6.50)) 7.50.
(k) For the amount loaned from $50.00 to $54.99 - the sum of
$((7.00)) 8.00.
(l) For the amount loaned from $55.00 to $59.99 - the sum of
$((7.50)) 8.50.
(m) For the amount loaned from $60.00 to $64.99 - the sum of
$((8.00)) 9.00.
(n) For the amount loaned from $65.00 to $69.99 - the sum of
$((8.50)) 9.50.
(o) For the amount loaned from $70.00 to $74.99 - the sum of
$((9.00)) 10.00.
(p) For the amount loaned from $75.00 to $79.99 - the sum of
$((9.50)) 10.50.
(q) For the amount loaned from $80.00 to $84.99 - the sum of
$((10.00)) 11.00.
(r) For the amount loaned from $85.00 to $89.99 - the sum of
$((10.50)) 11.50.
(s) For the amount loaned from $90.00 to $94.99 - the sum of
$((11.00)) 12.00.
(t) For the amount loaned from $95.00 to $99.99 - the sum of
$((11.50)) 12.50.
(u) For the amount loaned from $100.00 to $104.99 - the sum of
$((12.00)) 13.00.
(v) For the amount loaned from $105.00 to $109.99 - the sum of
$((12.25)) 13.25.
(w) For the amount loaned from $110.00 to $114.99 - the sum of
$((12.75)) 13.75.
(x) For the amount loaned from $115.00 to $119.99 - the sum of
$((13.25)) 14.25.
(y) For the amount loaned from $120.00 to $124.99 - the sum of
$((13.50)) 14.50.
(z) For the amount loaned from $125.00 to $129.99 - the sum of
$((13.75)) 14.75.
(aa) For the amount loaned from $130.00 to $149.99 - the sum of
$((14.50)) 15.50.
(bb) For the amount loaned from $150.00 to $174.99 - the sum of
$((14.75)) 15.75.
(cc) For the amount loaned from $175.00 to $199.99 - the sum of
$((15.00)) 16.00.
(dd) For the amount loaned from $200.00 to $224.99 - the sum of
$((16.00)) 17.00.
(ee) For the amount loaned from $225.00 to $249.99 - the sum of
$((17.00)) 18.00.
(ff) For the amount loaned from $250.00 to $274.99 - the sum of
$((18.00)) 19.00.
(gg) For the amount loaned from $275.00 to $299.99 - the sum of
$((19.00)) 20.00.
(hh) For the amount loaned from $300.00 to $324.99 - the sum of
$((20.00)) 21.00.
(ii) For the amount loaned from $325.00 to $349.99 - the sum of
$((21.00)) 22.00.
(jj) For the amount loaned from $350.00 to $374.99 - the sum of
$((22.00)) 23.00.
(kk) For the amount loaned from $375.00 to $399.99 - the sum of
$((23.00)) 24.00.
(ll) For the amount loaned from $400.00 to $424.99 - the sum of
$((24.00)) 25.00.
(mm) For the amount loaned from $425.00 to $449.99 - the sum of
$((25.00)) 26.00.
(nn) For the amount loaned from $450.00 to $474.99 - the sum of
$((26.00)) 27.00.
(oo) For the amount loaned from $475.00 to $499.99 - the sum of
$((27.00)) 28.00.
(pp) For the amount loaned from $500.00 to $524.99 - the sum of
$((28.00)) 29.00.
(qq) For the amount loaned from $525.00 to $549.99 - the sum of
$((29.00)) 30.00.
(rr) For the amount loaned from $550.00 to $599.99 - the sum of
$((30.00)) 31.00.
(ss) For the amount loaned from $600.00 to $699.99 - the sum of
$((35.00)) 36.00.
(tt) For the amount loaned from $700.00 to $799.99 - the sum of
$((40.00)) 41.00.
(uu) For the amount loaned from $800.00 to $899.99 - the sum of
$((40.00)) 46.00.
(vv) For the amount loaned from $900.00 to $999.99 - the sum of
$((50.00)) 51.00.
(ww) For the amount loaned from $1000.00 to $1499.99 - the sum of
$((55.00)) 56.00.
(xx) For the amount loaned from $1500.00 to $1999.99 - the sum of
$((60.00)) 61.00.
(yy) For the amount loaned from $2000.00 to $2499.99 - the sum of
$((65.00)) 66.00.
(zz) For the amount loaned from $2500.00 to $2999.99 - the sum of
$((70.00)) 71.00.
(aaa) For the amount loaned from $3000.00 to $3499.99 - the sum of
$((75.00)) 76.00.
(bbb) For the amount loaned from $3500.00 to $3999.99 - the sum of
$((80.00)) 81.00.
(ccc) For the amount loaned from $4000.00 to $4499.99 - the sum of
$((85.00)) 86.00.
(ddd) For the amount loaned from $4500.00 or more - the sum of
$((90.00)) 91.00.
(3) A pawnbroker may charge a storage fee of $3.00. An additional
fee of $3.00 may be charged for storing a firearm.
(4) Fees under subsection (2) of this section may be charged one
time only for each loan period; no additional fees, other than interest
allowed under subsection (1) of this section, shall be charged for
making the loan. Storage fees are allowed under subsection (3) of this
section.
A copy of this section, set in twelve point type or larger, shall
be posted prominently in each premises subject to this chapter.
Sec. 2 RCW 19.60.061 and 1995 c 133 s 3 are each amended to read
as follows:
(1) The term of the loan shall be for a period of ((thirty)) ninety
days to include the date of the loan.
(2) A pawnbroker shall not sell any property received in pledge,
until ((both the term of the loan and a grace period of)) a minimum of
((sixty)) ninety days has expired. However, if a pledged article is
not redeemed within the ninety-day period of the term of the loan ((and
the grace period)), the pawnbroker shall have all rights, title, and
interest of that item of personal property. The pawnbroker shall not
be required to account to the pledgor for the proceeds received from
the disposition of that item. Any provision of law relating to the
foreclosures and the subsequent sale of forfeited pledged items, shall
not be applicable to any pledge as defined under this chapter, the
title to which is transferred in accordance with this section.
(3) Every loan transaction entered into by a pawnbroker shall be
evidenced by a written document, a copy of which shall be furnished to
the pledgor. The document shall set forth the term of the loan; the
final date on which the loan is due and payable; the loan preparation
fee; the storage fee; the firearm fee, if applicable; any other fee
allowed under law that is charged; the amount of interest charged every
thirty days; the total amount due including the principal amount, the
preparation fee, and all interest charges due if the loan is
outstanding for the full ninety days allowed by the term ((and minimum
grace period)); and the annual percentage rate, and shall inform the
pledgor of the pledgor's right to redeem the pledge at any time within
the term of the loan ((or the minimum sixty-day grace period)).
(4) If a person who has entered into a loan transaction with a
pawnbroker in this state is unable to redeem and repay the loan on or
before the expiration of the term of the loan ((plus the minimum sixty-day grace period)), and that person wishes to retain his or her rights
to use that item by rewriting the loan, and if both parties mutually
agree, an existing loan transaction may be rewritten into a new loan,
either in person or by mail. All applicable provisions of this chapter
shall be followed in rewriting a loan, except that where an existing
loan is rewritten by mail RCW 19.60.020(1) (a) and (g) shall not apply.