House Bill 1269 — Pawnbroker Fees and Interest Rates (Washington, 2025 Regular Session)

Summary

This is House Bill 1269 (H-0248.1), State of Washington, 69th Legislature, 2025 Regular Session, by Representatives Hackney, McClintock, and Leavitt, read first time 01/14/25 and referred to Committee on Consumer Protection & Business. The act relates to pawnbroker fees and interest rates and amends RCW 19.60.060 and 19.60.061. Section 1 authorizes pawnbrokers to charge and receive interest and other fees at stated rates for money on the security of personal property, with the interest for the loan period tied to amounts loaned and each thirty-day period. Section 2 amends RCW 19.60.061 and sets the term of the loan at 60 days to include the date of the loan.

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Full text

     H-0248.1

                                HOUSE BILL 1269


     State of Washington       69th Legislature           2025 Regular Session

     By Representatives Hackney, McClintock, and Leavitt

     Read first time 01/14/25.       Referred     to   Committee    on   Consumer
     Protection & Business.




1        AN ACT Relating to pawnbroker fees        and   interest    rates;   and
2    amending RCW 19.60.060 and 19.60.061.


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


 4       Sec. 1.   RCW 19.60.060 and 2015 c 294 s 1 are each amended to
 5   read as follows:
 6       All pawnbrokers are authorized to charge and receive interest and
 7   other fees at the following rates for money on the security of
 8   personal property actually received in pledge:
 9       (1) The interest for the loan period shall not exceed:
10       (a) For an amount loaned up to $9.99 - interest at $1.00 for each
11   thirty-day period to include the loan date.
12       (b) For an amount loaned from $10.00 to $19.99 - interest at the
13   rate of $1.25 for each thirty-day period to include the loan date.
14       (c) For an amount loaned from $20.00 to $24.99 - interest at the
15   rate of $1.50 for each thirty-day period to include the loan date.
16       (d) For an amount loaned from $25.00 to $34.99 - interest at the
17   rate of $1.75 for each thirty-day period to include the loan date.
18       (e) For an amount loaned from $35.00 to $39.99 - interest at the
19   rate of $2.00 for each thirty-day period to include the loan date.
20       (f) For an amount loaned from $40.00 to $49.99 - interest at the
21   rate of $2.25 for each thirty-day period to include the loan date.
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 1       (g) For the amount loaned from $50.00 to $59.99 - interest at the
 2   rate of $2.50 for each thirty-day period to include the loan date.
 3       (h) For the amount loaned from $60.00 to $69.99 - interest at the
 4   rate of $2.75 for each thirty-day period to include the loan date.
 5       (i) For the amount loaned from $70.00 to $79.99 - interest at the
 6   rate of $3.00 for each thirty-day period to include the loan date.
 7       (j) For the amount loaned from $80.00 to $89.99 - interest at the
 8   rate of $3.25 for each thirty-day period to include the loan date.
 9       (k) For the amount loaned from $90.00 to $99.99 - interest at the
10   rate of $3.50 for each thirty-day period to include the loan date.
11       (l) For loan amounts of $100.00 or more - interest at the rate of
12   ((four)) five percent for each thirty-day period to include the loan
13   date.
14       (2) The fee for the preparation of loan documents, pledges, or
15   reports required under the laws of the United States of America, the
16   state of Washington, or the counties, cities, towns, or other
17   political subdivisions thereof, shall not exceed:
18       (a) For the amount loaned up to $4.99 - the sum of $1.50.
19       (b) For the amount loaned from $5.00 to $9.99 - the sum of $3.00.
20       (c) For the amount loaned from $10.00 to $14.99 - the sum of
21   $4.00.
22       (d) For the amount loaned from $15.00 to $19.99 - the sum of
23   $4.50.
24       (e) For the amount loaned from $20.00 to $24.99 - the sum of
25   $5.00.
26       (f) For the amount loaned from $25.00 to $29.99 - the sum of
27   $5.50.
28       (g) For the amount loaned from $30.00 to $34.99 - the sum of
29   $6.00.
30       (h) For the amount loaned from $35.00 to $39.99 - the sum of
31   $6.50.
32       (i) For the amount loaned from $40.00 to $44.99 - the sum of
33   $7.00.
34       (j) For the amount loaned from $45.00 to $49.99 - the sum of
35   $7.50.
36       (k) For the amount loaned ((from)) of $50.00 ((to $99.99)) or
37   more - fifteen percent of the loan amount.
38       (((l) For the amount loaned from $100.00 to $249.99 - thirteen
39   percent of the loan amount.


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 1       (m) For the amount loaned from $250.00 to $499.99 - ten percent
 2   of the loan amount.
 3       (n) For the amount loaned from $500.00 to $999.99 - eight percent
 4   of the loan amount.
 5       (o) For the amount loaned from $1000.00 to $1499.99 - seven and
 6   one-half percent of the loan amount.
 7       (p) For the amount loaned from $1500.00 to $1999.99 - seven
 8   percent of the loan amount.
 9       (q) For the amount loaned of $2000.00 or more - six percent of
10   the loan amount.))
11       (3) For each thirty-day period, a pawnbroker may charge:
12       (a) A storage fee of (($5.00)) $10.00; and
13       (b) An additional fee of (($5.00)) $10.00 for storing a firearm.
14       (4) Fees under subsection (2) of this section may be charged one
15   time only for each loan period; no additional fees, other than
16   interest allowed under subsection (1) of this section and storage
17   fees allowed under subsection (3) of this section, shall be charged
18   for making the loan.
19       A copy of this section, set in twelve point type or larger, shall
20   be posted prominently in each premises subject to this chapter.


21       Sec. 2.   RCW 19.60.061 and 2007 c 125 s 2 are each amended to
22   read as follows:
23       (1) The term of the loan shall be for a period of ((ninety)) 60
24   days to include the date of the loan.
25       (2) A pawnbroker shall not sell any property received in pledge,
26   until a minimum of ((ninety)) 60 days has expired. However, if a
27   pledged article is not redeemed within the ((ninety)) 60-day period
28   of the term of the loan, the pawnbroker shall have all rights, title,
29   and interest of that item of personal property. The pawnbroker shall
30   not be required to account to the pledgor for the proceeds received
31   from the disposition of that item. Any provision of law relating to
32   the foreclosures and the subsequent sale of forfeited pledged items,
33   shall not be applicable to any pledge as defined under this chapter,
34   the title to which is transferred in accordance with this section.
35       (3) Every loan transaction entered into by a pawnbroker shall be
36   evidenced by a written document, a copy of which shall be furnished
37   to the pledgor. The document shall set forth the term of the loan;
38   the final date on which the loan is due and payable; the loan
39   preparation fee; the storage fee; the firearm fee, if applicable; any
                                     p. 3                          HB 1269
 1   other fee allowed under law that is charged; the amount of interest
 2   charged every thirty days; the total amount due including the
 3   principal amount, the preparation fee, and all interest charges due
 4   if the loan is outstanding for the full ((ninety)) 60 days allowed by
 5   the term; and the annual percentage rate, and shall inform the
 6   pledgor of the pledgor's right to redeem the pledge at any time
 7   within the term of the loan.
 8       (4) If a person who has entered into a loan transaction with a
 9   pawnbroker in this state is unable to redeem and repay the loan on or
10   before the expiration of the term of the loan, and that person wishes
11   to retain his or her rights to use that item by rewriting the loan,
12   and if both parties mutually agree, an existing loan transaction may
13   be rewritten into a new loan, ((either in person or by mail)) and
14   payment may be accepted in person, by mail, or through an online
15   payment service. All applicable provisions of this chapter shall be
16   followed in rewriting a loan, except that where an existing loan is
17   rewritten by mail RCW 19.60.020(1) (a) and (g) shall not apply.

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