HOUSE BILL REPORT

HB 1622

BYRepresentatives Chandler, Lux and Betrozoff

Providing for the publication of the maximum interest rate that may be charged on retail installment contracts for motor vehicles.

House Committe on Financial Institutions & Insurance

Majority Report:  Do pass.  (14)

      Signed by Representatives Lux, Chair; Zellinsky, Vice Chair; Anderson, Betrozoff, Chandler, Crane, Day, Dellwo, Dorn, Ferguson, P. King, Nutley, Silver and Winsley.

House Staff:John Conniff (786-7119)

AS PASSED HOUSE FEBRUARY 15, 1988

BACKGROUND:

The State Treasurer is required to compute the maximum service charge that may be charged under a retail installment contract or charge agreement and is required to file the information with the Code Reviser's Office for publication in the Washington State Register.

SUMMARY:

In addition to computing the permissible interest rate for retail charge agreements and retail installment contracts, the State Treasurer must compute the interest rate permitted for contracts for the purchase of motor vehicles and must file the information with the Code Reviser's Office for publication in the Washington State Register.

Fiscal Note:      Not Requested.

House Committee ‑ Testified For:    Bill Carbah, State Treasurer's Office.

House Committee - Testified Against:      None Presented.

House Committee - Testimony For:    The State Treasurer should compute and publish not only retail installment contract interest rates but also motor vehicle installment contract interest rates.

House Committee - Testimony Against:      None Presented.