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Committee advances bill raising some pawnbroker rates and shortening loan terms
Summary
Senators recommended House Bill 1269 for passage after staff summarized changes that increase certain pawnbroker fees and interest, reduce pawnbroker loan terms from 90 to 60 days, and expand options for borrowers and pawnbrokers to rewrite loans; no fiscal note was requested.
The Washington State Senate Business, Financial Services & Trade Committee on March 26 gave House Bill 1269 a due-pass recommendation after committee staff summarized changes to pawnbroker fees, interest, and loan terms.
Staff told the committee HB 1269 increases certain rates and fees pawnbrokers may charge and receive interest on, shortens the maximum term for pawnbroker loans from 90 days to 60 days, and expands payment options for borrowers unable to repay a loan before its expiration by permitting mutually agreed rewritten loans. Staff said the bill was heard on March 13, passed the House 91-3, and that no fiscal note was requested.
A committee member moved that the bill receive a due-pass recommendation and be sent to the rules committee; the committee approved the motion by voice vote. The chair announced the bill passed the committee "subject to signature."
No committee amendments were proposed at the March 26 meeting and staff noted that no fiscal note had been requested for the bill in committee materials.
