WA People
BILL · 2009–10 SESSION · LATEST VERSION SSB 5920

SB 5920: Small loans underwriting

Increasing small loan borrower protections by restricting the underwriting of small loans by businesses with a small loan endorsement, including a cap on the combined outstanding principal balances of all small loans, providing for a payment plan, and creating a database.

Summary

  • At any time, the total balance of all small loans may not exceed 30 percent of the gross monthly income of the borrower. The licensee may rely on evidence of income that is not more than 12 months old.

From the Senate Bill Report (Orig.) (SB 5920), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · stalled on the Senate floor
  1. IntroducedFeb 6, 2009
  2. Out of committeeFeb 25, 2009
  3. Passed Senatestopped here
  4. Passed House
  5. Governor
  6. Law
Prime sponsor
Rosa Franklin (D-29)
Introduced
February 6, 2009 in the Senate
Last action
March 15, 2010
Budget
Has a fiscal note
Versions
SB 5920, SSB 5920

AN ACT Relating to increasing small loan borrower protections by restricting the underwriting of small loans by businesses with a small loan endorsement, including a cap on the combined outstanding principal balances of all small loans, providing for a payment plan, and creating a database;

Sponsors

Prime sponsor: Rosa Franklin (D-29)

5 co-sponsors (2 Democrats, 3 Republicans)

Jean Berkey D-38Mark Schoesler R-9Don Benton R-17Jerome Delvin R-8Paull Shin D-21

Votes

No recorded floor votes.

History

  1. By resolution, reintroduced and retained in present status. (SSB 5920)
  2. By resolution, reintroduced and retained in present status.
  3. By resolution, reintroduced and retained in present status. (SSB 5920)
  4. By resolution, reintroduced and retained in present status.
  5. Senate Rules "X" file. (SSB 5920)
  6. Senate Rules "X" file.
  7. Placed on second reading by Rules Committee. (SSB 5920)
  8. Placed on second reading by Rules Committee.
  9. Minority; without recommendation. (SSB 5920)
  10. Passed to Rules Committee for second reading. (SSB 5920)
  11. LCCP - Majority; 1st substitute bill be substituted, do pass. (SSB 5920)
  12. Minority; do not pass. (SSB 5920)
  13. Minority; do not pass.
  14. LCCP - Majority; 1st substitute bill be substituted, do pass.
  15. Passed to Rules Committee for second reading.
  16. Minority; without recommendation.
  17. First reading, referred to Labor, Commerce & Consumer Protection.

SB 5920 in other sessions

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

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