WA People
BILL · 2005–06 SESSION · LATEST VERSION SSB 5692

SB 5692: Tax refund loans

Regulating tax refund anticipation loans.

Summary

  • Requires registration of facilitators with the Department of Financial Institutions.
  • Allows a borrower to rescind the loan by the close of business the next day.
  • Prohibits certain practices by a facilitator.
  • Requires certain disclosures in connection with tax refund anticipation loans.
  • Imposes penalties for violations.
  • Preempts, retroactively and prospectively, any local government actions on tax refund anticipation loans.

From the Substitute House Bill Report (SSB 5692), written by the Legislature's nonpartisan staff. Read the full report ↗

Enacted Enacted · Chapter 471, Laws of 2005
  1. IntroducedFeb 2, 2005
  2. Out of committeeFeb 25, 2005
  3. Passed SenateMar 8, 2005
  4. Passed HouseApr 15, 2005
  5. GovernorMay 13, 2005
  6. LawMay 13, 2005
Prime sponsor
Jean Berkey (D-38)
Introduced
February 2, 2005 in the Senate
Last action
May 13, 2005
Session law
Chapter 471, Laws of 2005
Companion bill
HB 1251
Versions
SB 5692, SSB 5692

AN ACT Relating to tax refund anticipation loans;

Sponsors

Prime sponsor: Jean Berkey (D-38)

3 co-sponsors (2 Democrats, 1 Republican)

Don Benton R-17Margarita Prentice D-11Karen Keiser D-33

Votes

Senate · 3rd Reading & Final Passage

Passed March 8, 2005
Version voted on: SSB 5692
48 Yea 0 Nay 0 Absent 1 Excused
PartyYeaNayAbsentExcused
Democrat25001
Republican23000
How each member voted

Yea (48)

Excused (1)

Permalink to this vote

House · Final Passage as Amended by the House

Passed April 15, 2005
Version voted on: SSB 5692
94 Yea 0 Nay 0 Absent 4 Excused
PartyYeaNayAbsentExcused
Democrat54002
Republican40002
How each member voted

Yea (94)

Permalink to this vote

Senate · Final Passage as Amended by the House

Passed April 18, 2005
Version voted on: SSB 5692
43 Yea 0 Nay 0 Absent 6 Excused
PartyYeaNayAbsentExcused
Democrat24002
Republican19004
How each member voted

Excused (6)

Permalink to this vote

History

  1. Effective date 7/24/2005. (SSB 5692)
  2. Chapter 471, 2005 Laws. (SSB 5692)
  3. Governor signed. (SSB 5692)
  4. Delivered to Governor. (SSB 5692)
  5. Speaker signed. (SSB 5692)
  6. President signed. (SSB 5692)
  7. Senate concurred in House amendments. (SSB 5692)
  8. Passed final passage; yeas, 43; nays, 0; absent, 0; excused, 6. (SSB 5692)
  9. Third reading, passed; yeas, 94; nays, 0; absent, 0; excused, 4. (SSB 5692)
  10. Rules suspended. Placed on Third Reading. (SSB 5692)
  11. Floor amendment(s) adopted. (SSB 5692)
  12. Committee amendment not adopted. (SSB 5692)
  13. Placed on second reading by Rules Committee. (SSB 5692)
  14. Passed to Rules Committee for second reading. (SSB 5692)
  15. FII - Majority; do pass with amendment(s). (SSB 5692)
  16. FII - Executive action taken by committee. (SSB 5692)
  17. First reading, referred to Financial Institutions & Insurance. (SSB 5692)
  18. Third reading, passed; yeas, 48; nays, 0; absent, 0; excused, 1. (SSB 5692)
  19. Rules suspended. Placed on Third Reading. (SSB 5692)
  20. 1st substitute bill substituted. (SSB 5692)
  21. 1st substitute bill substituted.
  22. Placed on second reading by Rules Committee. (SSB 5692)
  23. Placed on second reading by Rules Committee.
  24. Passed to Rules Committee for second reading. (SSB 5692)
  25. FHC - Majority; 1st substitute bill be substituted, do pass. (SSB 5692)
  26. FHC - Majority; 1st substitute bill be substituted, do pass.
  27. Passed to Rules Committee for second reading.
  28. First reading, referred to Financial Institutions, Housing & Consumer Protection.

SB 5692 in other sessions

Bill numbers restart every two years, so the same number is a different bill in each session.

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