Fiscal Note, Bill 6250 SB — Small loans maximum amount (Department of Financial Institutions)

Summary

Individual State Agency Fiscal Note for Bill Number 6250 SB, titled Small loans maximum amount, from agency 102-Department of Financial Institutions, with OFM review dated 01/28/2026. Part I marks No Fiscal Impact, lists estimated cash receipts, operating expenditures and capital budget impact as NONE, and marks that new rule making is required. The narrative says the bill increases the maximum small loan limit from $700 to $1,200 and changes the limit each year based on an inflation adjusted maximum using the consumer price index for the Seattle area published by the U.S. Bureau of Labor Statistics. It states that costs will be absorbed by DFI and that rulemaking is necessary to establish the inflation adjusted maximum every year.

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“Fiscal Note, Bill 6250 SB — Small loans maximum amount (Department of Financial Institutions).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2026-02-04-a33831-d295215-6250-sb-fn-final-01-28-26-c438970016/, SHA-256 8eb719acf4c470ce88eee7ad99db1b4b44778d2fd3be1ba21d7c2eb12d636b81.

Full text

Individual State Agency Fiscal Note

Bill Number: 6250 SB Title: Small loans maximum amount Agency: 102-Department of Financial
Institutions

Part I: Estimates
X No Fiscal Impact

Estimated Cash Receipts to:

NONE

Estimated Operating Expenditures from:
NONE

Estimated Capital Budget Impact:

NONE

The cash receipts and expenditure estimates on this page represent the most likely fiscal impact. Factors impacting the precision of these estimates,
and alternate ranges (if appropriate), are explained in Part II.

Check applicable boxes and follow corresponding instructions:
If fiscal impact is greater than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete entire fiscal note
form Parts I-V.
If fiscal impact is less than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete this page only (Part I).

Capital budget impact, complete Part IV.

X Requires new rule making, complete Part V.

Legislative Contact: John Kim Phone: 360-786-7453 Date: 01/23/2026
Agency Preparation: Cale Zimmerman Phone: (360) 902-0507 Date: 01/27/2026
Agency Approval: Emily Fitzgerald Phone: (360) 902-8780 Date: 01/27/2026
OFM Review: Megan Tudor Phone: (360) 890-1722 Date: 01/28/2026

Form FN (Rev 1/00) 210,749.00 Request # 26-019-1
FNS063 Individual State Agency Fiscal Note 1 Bill # 6250 SB
Part II: Narrative Explanation
II. A - Brief Description Of What The Measure Does That Has Fiscal Impact
Significant provisions of the bill and any related workload or policy assumptions that have revenue or expenditure impact on the responding agency
by section number.

This bill amends RCW 31.45.073(2) to increase the maximum small loan limit from $700 to $1,200. Subsequently, this
changes the maximum small loan limit each year based on the inflation adjusted maximum principal amount. The bill
adds a new requirement requiring the Department of Financial Institutions (DFI) to annually calculate the
inflation-adjusted maximum principal amount of any small loan or the outstanding principal balances of all small loans
made by all licensees to a single borrower. “Outstanding principal balance” of a small loan means any of the principal
amount that has not been paid by the borrower RCW 31.45.010(16). The alternative calculation appears to require DFI to
do an inflation adjustment calculation for each borrower with an outstanding principal balance every year. DFI must do
the calculation beginning January 1, 2027, and each year thereafter. DFI must use the consumer price index for all
consumers in the Seattle area as published by the U.S. Bureau of Labor Statistics.

Costs of this legislation will be absorbed by DFI.
II. B - Cash receipts Impact
Cash receipts impact of the legislation on the responding agency with the cash receipts provisions identified by section number and when appropriate,
the detail of the revenue sources. Description of the factual basis of the assumptions and the method by which the cash receipts impact is derived.
Explanation of how workload assumptions translate into estimates. Distinguished between one time and ongoing functions.

II. C - Expenditures
Agency expenditures necessary to implement this legislation (or savings resulting from this legislation), with the provisions of the legislation that result
in the expenditures (or savings) identified by section number. Description of the factual basis of the assumptions and the method by which the
expenditure impact is derived. Explanation of how workload assumptions translate into cost estimates. Distinguished between one time and ongoing
functions.

Part III: Expenditure Detail
III. A - Operating Budget Expenditures
NONE
III. B - Expenditures by Object Or Purpose
NONE

III. C - Operating FTE Detail: FTEs listed by classification and corresponding annual compensation. Totals agree with total FTEs in Part I
and Part IIIA.
NONE

III. D - Expenditures By Program (optional)
NONE

Part IV: Capital Budget Impact
IV. A - Capital Budget Expenditures
NONE

IV. B - Expenditures by Object Or Purpose
NONE

IV. C - Capital Budget Breakout
Acquisition and construction costs not reflected elsewhere on the fiscal note and description of potential financing methods.

Small loans maximum amount 102-Department of Financial Institutions
Form FN (Rev 1/00) 210,749.00 Request # 26-019-1
FNS063 Individual State Agency Fiscal Note 2 Bill # 6250 SB
NONE

IV. D - Capital FTE Detail: FTEs listed by classification and corresponding annual compensation. Totals agree with total FTEs in Part IVB.

NONE

Part V: New Rule Making Required
Provisions of the bill that require the agency to adopt new administrative rules or repeal/revise existing rules.

Rulemaking is necessary to formally establish the inflation adjusted small loan maximum every year. Rulemaking costs will
be absorbed by DFI.

Small loans maximum amount 102-Department of Financial Institutions
Form FN (Rev 1/00) 210,749.00 Request # 26-019-1
FNS063 Individual State Agency Fiscal Note 3 Bill # 6250 SB

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Our copy: 2026-02-04_a33831_d295215_6250-sb-fn-final-01-28-26.pdf
Original: No public link identified.