WA People
BILL · 2013–14 SESSION · LATEST VERSION ESSB 5312

SB 5312: Small consumer loans

Authorizing small consumer installment loans.

Summary

  • Creates a new small consumer installment loan regulated by the Department of Financial Institutions.
  • Permits a loan of up to $1,500 for a minimum of six months and a maximum of 12 months.
  • Allows an origination fee of 15 percent of the loaned amount. A portion of the fee is refunded upon early repayment.
  • Allows an interest rate of 36 percent per annum.
  • Allows a maintenance fee of 7.5 percent of the total loaned amount per month with a maximum fee of $90 a month.
  • Provides for a repayment plan prior to any civil action upon a loan in default.

From the Engrossed Substitute House Bill Report (ESSB 5312), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · passed Senate, stalled in House
  1. IntroducedJan 25, 2013
  2. Out of committeeFeb 11, 2013
  3. Passed SenateFeb 20, 2013
  4. Passed Housestopped here
  5. Governor
  6. Law
Prime sponsor
Steve Hobbs (D-44)
Introduced
January 25, 2013 in the Senate
Last action
March 3, 2014
Companion bill
HB 1657
Budget
Has a fiscal note
Versions
SB 5312, ESSB 5312

AN ACT Relating to small consumer installment loans;

Sponsors

Prime sponsor: Steve Hobbs (D-44)

8 co-sponsors (5 Democrats, 3 Republicans)

Nick Harper D-38Tracey Eide D-30Don Benton R-17Brian Hatfield D-19Mark Schoesler R-9Pam Roach R-31Karen Keiser D-33Rodney Tom D-48

Votes

Senate · 3rd Reading & Final Passage

Passed February 20, 2013
Version voted on: ESSB 5312
30 Yea 18 Nay 0 Absent 1 Excused
PartyYeaNayAbsentExcused
Democrat81701
Republican22100
How each member voted

Excused (1)

Permalink to this vote

History

  1. Senate Rules "X" file. (ESSB 5312)
  2. By resolution, reintroduced and retained in present status. (ESSB 5312)
  3. Referred to Rules. (ESSB 5312)
  4. Placed on third reading by Rules Committee. (ESSB 5312)
  5. By resolution, reintroduced and retained in present status. (ESSB 5312)
  6. By resolution, returned to Senate Rules Committee for third reading. (ESSB 5312)
  7. Referred to Appropriations Subcommittee on General Government. (ESSB 5312)
  8. Minority; do not pass. (ESSB 5312)
  9. BFS - Majority; do pass with amendment(s). (ESSB 5312)
  10. BFS - Executive action taken by committee. (ESSB 5312)
  11. First reading, referred to Business & Financial Services. (ESSB 5312)
  12. Third reading, passed; yeas, 30; nays, 18; absent, 0; excused, 1. (ESSB 5312)
  13. Rules suspended. Placed on Third Reading. (ESSB 5312)
  14. Floor amendment(s) adopted. (ESSB 5312)
  15. 1st substitute bill substituted. (ESSB 5312)
  16. 1st substitute bill substituted.
  17. Placed on second reading by Rules Committee. (ESSB 5312)
  18. Placed on second reading by Rules Committee.
  19. Passed to Rules Committee for second reading. (ESSB 5312)
  20. Passed to Rules Committee for second reading.
  21. FIHI - Majority; 1st substitute bill be substituted, do pass. (ESSB 5312)
  22. Minority; do not pass. (ESSB 5312)
  23. Minority; do not pass.
  24. FIHI - Majority; 1st substitute bill be substituted, do pass.
  25. First reading, referred to Financial Institutions, Housing & Insurance.

SB 5312 in other sessions

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

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