H-1413              _______________________________________________

                                           SUBSTITUTE HOUSE BILL NO. 147

                        _______________________________________________

                                                                            C 130 L 87

State of Washington                              50th Legislature                              1987 Regular Session

By House Committee on Financial Institutions & Insurance (originally sponsored by Representatives Lux, Winsley, Nutley, Chandler, Day, P. King, Dellwo and Zellinsky)

Read first time 2/2/87 and passed to Committee on Rules.

AN ACT Relating to credit insurance; and amending RCW 48.34.060.

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

        Sec. 1.  Section 6, chapter 219, Laws of 1961 as last amended by section 23, chapter 32, Laws of 1983 1st ex. sess. and RCW 48.34.060 are each amended to read as follows:

          The initial amount of credit life insurance under a group policy shall at no time exceed the amount owed by the debtor which is repayable in installments to the creditor ((nor shall the amount repayable under the contract of indebtedness extend over a period in excess of ten years)).

                                                                                                                        Passed the House February 9, 1987.

                                                                                                                                         Speaker of the House.

                                                                                                                             Passed the Senate April 9, 1987.

                                                                                                                                       President of the Senate.