BILL REQ. #:  Z-0228.4 

Read first time 01/12/2007.   Referred to Committee on Financial Institutions & Insurance.

     AN ACT Relating to adding enforcement provisions regarding fraud, deception, and unlicensed internet lending to the chapter governing check cashers and sellers; and adding a new section to chapter 31.45 RCW.

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

NEW SECTION.  Sec. 1   A new section is added to chapter 31.45 RCW to read as follows:
     (1) It is a violation of this chapter for any person subject to this chapter to:
     (a) Directly or indirectly employ any scheme, device, or artifice to defraud or mislead any borrower, to defraud or mislead any lender, or to defraud or mislead any person;
     (b) Directly or indirectly engage in any unfair or deceptive practice toward any person;
     (c) Directly or indirectly obtain property by fraud or misrepresentation; and
     (d) Make a small loan to any person physically located in Washington through use of the internet, facsimile, telephone, kiosk, or other means without first obtaining a small loan endorsement.
     (2) In addition to any other penalties, any transaction in violation of subsection (1) of this section is uncollectible and unenforceable.