HB 1269 — S COMM AMD by Committee on Business, Trade & Economic Development (Senator Kauffman)

Summary

This is 1269 AMS BTE S5577.1, by Senator Kauffman, labeled D, to HB 1269, offered by the Committee on Business, Trade & Economic Development. It strikes everything after the enacting clause and inserts new text beginning with Section 1, which amends RCW 19.60.060 on the interest and other fees pawnbrokers are authorized to charge and receive. Later text states that the pawnbroker shall not be required to account to the pledgor for the proceeds received from the disposition of that item.

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Full text

     1269 AMS BTE S5577.1

                                                                By Senator Kauffman
                                                                [D]
     HB 1269 - S COMM AMD
         By Committee on Business, Trade & Economic Development




1        Strike   everything   after   the       enacting   clause   and   insert   the
2    following:

 3       "Sec. 1.   RCW 19.60.060 and 2015 c 294 s 1 are each amended to
 4   read as follows:
 5       All pawnbrokers are authorized to charge and receive interest and
 6   other fees at the following rates for money on the security of
 7   personal property actually received in pledge:
 8       (1) The interest for the loan period shall not exceed((:
 9       (a) For an amount loaned up to $9.99 - interest at $1.00 for each
10   thirty-day period to include the loan date.
11       (b) For an amount loaned from $10.00 to $19.99 - interest at the
12   rate of $1.25 for each thirty-day period to include the loan date.
13       (c) For an amount loaned from $20.00 to $24.99 - interest at the
14   rate of $1.50 for each thirty-day period to include the loan date.
15       (d) For an amount loaned from $25.00 to $34.99 - interest at the
16   rate of $1.75 for each thirty-day period to include the loan date.
17       (e) For an amount loaned from $35.00 to $39.99 - interest at the
18   rate of $2.00 for each thirty-day period to include the loan date.
19       (f) For an amount loaned from $40.00 to $49.99 - interest at the
20   rate of $2.25 for each thirty-day period to include the loan date.
21       (g) For the amount loaned from $50.00 to $59.99 - interest at the
22   rate of $2.50 for each thirty-day period to include the loan date.
23       (h) For the amount loaned from $60.00 to $69.99 - interest at the
24   rate of $2.75 for each thirty-day period to include the loan date.
25       (i) For the amount loaned from $70.00 to $79.99 - interest at the
26   rate of $3.00 for each thirty-day period to include the loan date.
27       (j) For the amount loaned from $80.00 to $89.99 - interest at the
28   rate of $3.25 for each thirty-day period to include the loan date.
29       (k) For the amount loaned from $90.00 to $99.99 - interest at the
30   rate of $3.50 for each thirty-day period to include the loan date.



     Code Rev/AF:akl                         1                             S-5577.1/26
 1       (l) For loan amounts of $100.00 or more - interest at the rate of
 2   four)) five percent for each ((thirty)) 30-day period to include the
 3   loan date.
 4       (2) The fee for the preparation of loan documents, pledges, or
 5   reports required under the laws of the United States of America, the
 6   state of Washington, or the counties, cities, towns, or other
 7   political subdivisions thereof, shall not exceed:
 8       (a) For the amount loaned up to $4.99 - the sum of $1.50.
 9       (b) For the amount loaned from $5.00 to $9.99 - the sum of $3.00.
10       (c) For the amount loaned from $10.00 to $14.99 - the sum of
11   $4.00.
12       (d) For the amount loaned from $15.00 to $19.99 - the sum of
13   $4.50.
14       (e) For the amount loaned from $20.00 to $24.99 - the sum of
15   $5.00.
16       (f) For the amount loaned from $25.00 to $29.99 - the sum of
17   $5.50.
18       (g) For the amount loaned from $30.00 to $34.99 - the sum of
19   $6.00.
20       (h) For the amount loaned from $35.00 to $39.99 - the sum of
21   $6.50.
22       (i) For the amount loaned from $40.00 to $44.99 - the sum of
23   $7.00.
24       (j) For the amount loaned from $45.00 to $49.99 - the sum of
25   $7.50.
26       (k) For the amount loaned from $50.00 to $99.99 - ((fifteen)) 15
27   percent of the loan amount.
28       (l) For the amount loaned from $100.00 to $249.99 - ((thirteen))
29   13 percent of the loan amount.
30       (m) For the amount loaned from $250.00 to $499.99 - ((ten)) 10
31   percent of the loan amount.
32       (n) For the amount loaned from $500.00 to $999.99 - eight percent
33   of the loan amount.
34       (o) For the amount loaned from $1000.00 to $1499.99 - seven and
35   one-half percent of the loan amount.
36       (p) For the amount loaned from $1500.00 to $1999.99 - seven
37   percent of the loan amount.
38       (q) For the amount loaned of $2000.00 or more - six percent of
39   the loan amount.
40       (3) For each ((thirty)) 30-day period, a pawnbroker may charge:
     Code Rev/AF:akl                   2                       S-5577.1/26
 1       (a) A storage fee of (($5.00)) $7.50; and
 2       (b) An additional fee of (($5.00)) $7.50 for storing a firearm.
 3       (4) Fees under subsection (2) of this section may be charged one
 4   time only for each loan period; no additional fees, other than
 5   interest allowed under subsection (1) of this section and storage
 6   fees allowed under subsection (3) of this section, shall be charged
 7   for making the loan.
 8       A copy of this section, set in ((twelve)) 12 point type or
 9   larger, shall be posted prominently in each premises subject to this
10   chapter.


11       Sec. 2.   RCW 19.60.061 and 2007 c 125 s 2 are each amended to
12   read as follows:
13       (1) The term of the loan shall be for a period of ((ninety)) 90
14   days to include the date of the loan.
15       (2) A pawnbroker shall not sell any property received in pledge,
16   until a minimum of ((ninety)) 90 days has expired. However, if a
17   pledged article is not redeemed within the ((ninety)) 90-day period
18   of the term of the loan, the pawnbroker shall have all rights, title,
19   and interest of that item of personal property. The pawnbroker shall
20   not be required to account to the pledgor for the proceeds received
21   from the disposition of that item. Any provision of law relating to
22   the foreclosures and the subsequent sale of forfeited pledged items,
23   shall not be applicable to any pledge as defined under this chapter,
24   the title to which is transferred in accordance with this section.
25       (3) Every loan transaction entered into by a pawnbroker shall be
26   evidenced by a written document, a copy of which shall be furnished
27   to the pledgor. The document shall set forth the term of the loan;
28   the final date on which the loan is due and payable; the loan
29   preparation fee; the storage fee; the firearm fee, if applicable; any
30   other fee allowed under law that is charged; the amount of interest
31   charged every ((thirty)) 30 days; the total amount due including the
32   principal amount, the preparation fee, and all interest charges due
33   if the loan is outstanding for the full ((ninety)) 90 days allowed by
34   the term; and the annual percentage rate, and shall inform the
35   pledgor of the pledgor's right to redeem the pledge at any time
36   within the term of the loan.
37       (4) If a person who has entered into a loan transaction with a
38   pawnbroker in this state is unable to redeem and repay the loan on or
39   before the expiration of the term of the loan, and that person wishes
     Code Rev/AF:akl                   3                       S-5577.1/26
1    to retain his or her rights to use that item by rewriting the loan,
2    and if both parties mutually agree, an existing loan transaction may
3    be rewritten into a new loan, ((either in person or by mail)) and
4    payment may be accepted in person, by mail, or through an online
5    payment service. All applicable provisions of this chapter shall be
6    followed in rewriting a loan, except that where an existing loan is
7    rewritten by mail RCW 19.60.020(1) (a) and (g) shall not apply."


     HB 1269 - S COMM AMD
         By Committee on Business, Trade & Economic Development




 8       On page 1, line 1 of the title, after "rates;" strike the
 9   remainder of the title and insert "and amending RCW 19.60.060 and
10   19.60.061."


         EFFECT: Creates a uniform 5 percent interest rate for each 30-day
     period of a loan. Restores the schedule for documentation fees for
     loan amounts from $100 to more than $2,000. Reduces the storage fees
     from $10 to $7.50. Restores the 90-day loan period.



                                  --- END ---




     Code Rev/AF:akl                   4                          S-5577.1/26


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