New Rules on Loans Head to Washington Governor

By Peter Lewis, The Seattle Times

Two consumer-protection bills affecting loans are headed for the governor’s desk. Judging by the margins by which they passed, both are likely to be signed.

By a vote of 43-0, the Senate yesterday concurred with House amendments to both bills. One, Senate Bill 5415, is the only one of 14 payday-lending bills filed this session to clear the Legislature.

From the perspective of consumer advocates, the industry’s success in beating back bills it disliked reflects its growing political profile in Olympia.

Senate Bill 5415 would limit what payday lenders could do to collect on delinquent loans to active military personnel.

The other bill, Senate Bill 5692, is intended to protect borrowers who seek quick-turnaround loans tied to an expected federal income-tax refund. So-called “refund-anticipation loans” typically come with three-digit annual interest rates.

For this complete story, please visit New Rules on Loans Head to Washington Governor.