S-4868               _______________________________________________

                                         SUBSTITUTE SENATE BILL NO. 5737

                        _______________________________________________

State of Washington                              50th Legislature                              1988 Regular Session

By Senate Committee on Financial Institutions & Insurance (originally sponsored by Senator Rasmussen)

Read first time 2/5/88.

AN ACT Relating to banking; and creating a new section.

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

NEW SECTION. Sec. 1.     (1) The senate standing committee on financial institutions shall conduct a thorough study to determine the appropriate fee, if any, for the cashing of state and federal government benefit checks.  The committee shall consider the risk associated with the cashing of government checks, the cost to financial institutions to cash government checks, and other components related to this issue including, but not limited to, a comparison between the current practices of state and federally chartered financial institutions.

          (2) Not later than December 31, 1988, the committee shall submit a report including its recommendations for legislation if needed to the chairman of the senate financial institutions committee and the chairman of the house financial institutions committee.