5077-S AMS JAYA MURR 123

SSB 5077 - S AMD 353

By Senator Jayapal

WITHDRAWN 04/02/2015

    On page 17, line 33, increase the General Fund--State (FY 2016) appropriation by $50,000.

    On page 17, line 34, increase the General Fund--State (FY 2017) appropriation by $50,000.

    On page 18, strike line 25.

    Adjust the total appropriation accordingly.

    On page 23, line 16, strike everything down and through line 20, and insert:

    "(25) $50,000 of the general fund--state appropriation for fiscal year 2016 and $50,000 of the general fund--state appropriation for fiscal year 2017 is provided solely for a public information and awareness campaign to educate and inform the public of the regulations proposed and/or adopted by the consumer financial protection bureau of the department of financial institutions regarding payday loans, vehicle title loans, deposit advance products, and certain high-cost installment loans and open-end loans.  The campaign must emphasize the legal restrictions and prohibitions on the activities of small consumer licensees and their agents and inform the public of remedies available to report and seek relief when a licensee or its agents violate regulations or engage in prohibited acts.  If Substitute Senate Bill 5899 (small consumer loans) is not enacted by June 30, 2015, the amounts provided in this subsection shall lapse."

    On page 258, line 32, after "revenue." Insert "No funds may be expended from the fund for the purposes of implementing chapter ... (ESSB 5899), Laws of 2015. 

EFFECT: Provides $100,000 of general funds for a public information campaign to increase awareness of the regulations related to small consumer loans and available consumer protections.  All other funding for implementation of ESSB 5899 (small consumer loans) is eliminated.

FISCAL EFFECT: GF-S - $100,000

Total Funds - ($1,500,000)

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