WA People
BILL · 2009–10 SESSION · LATEST VERSION SSB 5195

SB 5195: Life settlements model act

Adopting the life settlements model act.

Summary

  • Requires licensing of any person who buys or brokers a life insurance policy from the owner if the owner is a resident of this state.
  • Establishes prohibited practices, disclosure requirements, and contractual provisions for life settlements.
  • Establishes sanctions for violations of the chapter.

From the Substitute House Bill Report (SSB 5195), written by the Legislature's nonpartisan staff. Read the full report ↗

Enacted Enacted · Chapter 104, Laws of 2009
  1. IntroducedJan 16, 2009
  2. Out of committeeFeb 11, 2009
  3. Passed SenateMar 2, 2009
  4. Passed HouseApr 7, 2009
  5. GovernorApr 16, 2009
  6. LawApr 16, 2009
Prime sponsor
Jean Berkey (D-38)
Introduced
January 16, 2009 in the Senate
Last action
April 16, 2009
Session law
Chapter 104, Laws of 2009
Budget
Has a fiscal note
Versions
SB 5195, SSB 5195

AN ACT Relating to adopting the life settlements model act;

Sponsors

Prime sponsor: Jean Berkey (D-38)

10 co-sponsors (6 Democrats, 4 Republicans)

Dan Swecker R-20Claudia Kauffman D-47Steve Hobbs D-44Curtis King R-14Chris Marr D-6Mary Margaret Haugen D-10Rosa Franklin D-29Linda Evans Parlette R-12Mark Schoesler R-9Paull Shin D-21

Votes

Senate · 3rd Reading & Final Passage

Passed March 2, 2009
Version voted on: SSB 5195
46 Yea 1 Nay 0 Absent 2 Excused
PartyYeaNayAbsentExcused
Democrat31000
Republican15102
How each member voted

Yea (46)

Excused (2)

Permalink to this vote

House · Final Passage

Passed April 7, 2009
Version voted on: SSB 5195
98 Yea 0 Nay 0 Absent 0 Excused
PartyYeaNayAbsentExcused
Democrat62000
Republican36000
How each member voted

Yea (98)

Permalink to this vote

History

  1. Effective date 7/26/2009. (SSB 5195)
  2. Chapter 104, 2009 Laws. (SSB 5195)
  3. Governor signed. (SSB 5195)
  4. Delivered to Governor. (SSB 5195)
  5. President signed. (SSB 5195)
  6. Speaker signed. (SSB 5195)
  7. Third reading, passed; yeas, 98; nays, 0; absent, 0; excused, 0. (SSB 5195)
  8. Rules suspended. Placed on Third Reading. (SSB 5195)
  9. Placed on second reading by Rules Committee. (SSB 5195)
  10. Passed to Rules Committee for second reading. (SSB 5195)
  11. APPG - Executive action taken by committee. (SSB 5195)
  12. Minority; without recommendation. (SSB 5195)
  13. APPG - Majority; do pass. (SSB 5195)
  14. Referred to General Government Appropriations. (SSB 5195)
  15. FII - Executive action taken by committee. (SSB 5195)
  16. FII - Majority; do pass. (SSB 5195)
  17. First reading, referred to Financial Institutions & Insurance. (SSB 5195)
  18. Third reading, passed; yeas, 46; nays, 1; absent, 0; excused, 2. (SSB 5195)
  19. Rules suspended. Placed on Third Reading. (SSB 5195)
  20. 1st substitute bill substituted. (SSB 5195)
  21. 1st substitute bill substituted.
  22. Placed on second reading by Rules Committee. (SSB 5195)
  23. Placed on second reading by Rules Committee.
  24. Passed to Rules Committee for second reading. (SSB 5195)
  25. FIHI - Majority; 1st substitute bill be substituted, do pass. (SSB 5195)
  26. FIHI - Majority; 1st substitute bill be substituted, do pass.
  27. Passed to Rules Committee for second reading.
  28. First reading, referred to Financial Institutions, Housing & Insurance.

SB 5195 in other sessions

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

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