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SB 6025 Protecting Consumers from Predatory Loans — Clint McCarthy (January 15, 2024)

Summary

This slide for SB 6025, Protecting consumers from predatory loans, is dated January 15, 2024 and names Clint McCarthy and the Business Financial Services Gaming & Trade Committee. It sets the current definition of loan in RCW 31.04.015 (14), a sum of money lent at interest or for a fee or other charge that includes open-end and closed-end loan transactions, beside the proposed change. The proposed definition covers money or credit provided to a borrower in exchange for agreement to a set of terms, including finance charges, interest or other charges, and any transaction conducted via any medium whatsoever. A transaction that satisfies the definition is subject to the chapter regardless of the lender's means of collection, legal recourse against the borrower, or required charges.

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Issuer
Congressional materials
Document type
Report
Date
2024-01-16
Case
2024 01 16 A31644 D264603 Scs Clint Mccarthy 6025 Bill Report Slide

Cite this document

“SB 6025 Protecting Consumers from Predatory Loans — Clint McCarthy (January 15, 2024).” Original at app.leg.wa.gov, dated 2024-01-16. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-01-16-2024-01-16-a31644-d264603-scs-clint-mccarthy-6025-bill-report-slide/, SHA-256 5571dbea823363959ba35e244e10ab0a204690fe62a0e9a6ccca09555ab92688.

Full text

SB 6025
Protecting consumers
from predatory loans.
                            Business
                        Financial Services
                            Gaming
                                &
Clint McCarthy               Trade
                           Committee
January 15, 2024
Proposed change to the definition of the term “loan” in SB 6025


• Current definition of “loan” in RCW 31.04.015 (14):

   o "Loan" means a sum of money lent at interest or for a fee or other charge and includes
     both open-end and closed-end loan transactions.

• Proposed change in 6025:

   o “Loan" means money or credit provided to a borrower in exchange for the borrower's
     agreement to a certain set of terms including, but not limited to, any finance charges,
     interest, or other charges, conditions, or considerations. "Loan" includes open-end and
     closed-end credit, and any transaction conducted via any medium whatsoever including,
     but not limited to, paper, facsimile, internet, or telephone. Any transaction that satisfies
     the definition of a "loan" is subject to this chapter without regard to the lender's means of
     collection, whether the lender has legal recourse against the borrower in the event of
     nonrepayment, and whether the transaction carries required charges or payments.

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2024-01-16_a31644_d264603_scs-clint-mccarthy-6025-bill-report-slide.pdf
Size
221,026 bytes
SHA-256
5571dbea823363959ba35e244e10ab0a204690fe62a0e9a6ccca09555ab92688
Our copy
2024-01-16_a31644_d264603_scs-clint-mccarthy-6025-bill-report-slide.pdf
Original
app.leg.wa.gov
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