WA People
BILL · 2015–16 SESSION · LATEST VERSION ESSB 5899

SB 5899: Small loans

Addressing small loans and small consumer installment loans.

Summary

  • Creates a new small consumer installment loan regulated by the Department of Financial Institutions.
  • Eliminates traditional payday loan product.
  • Permits a loan of up to $700 for a six month term.
  • Allows an origination fee of 15 percent of the loaned amount, spread over the life of the loan.
  • 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 $45 a month.

From the Engrossed Substitute House Bill Report (ESSB 5899), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · passed Senate, stalled in House
  1. IntroducedFeb 9, 2015
  2. Out of committeeFeb 20, 2015
  3. Passed SenateMar 10, 2015
  4. Passed Housestopped here
  5. Governor
  6. Law
Prime sponsor
Marko Liias (D-21)
Introduced
February 9, 2015 in the Senate
Last action
March 10, 2016
Companion bill
HB 1922
Budget
Has a fiscal note
Versions
SB 5899, ESSB 5899

AN ACT Relating to small loans and small consumer installment loans;

Sponsors

Prime sponsor: Marko Liias (D-21)

10 co-sponsors (3 Democrats, 7 Republicans)

Karen Keiser D-33Jan Angel R-26Steve Hobbs D-44Senator D-35Joe Fain R-47Senator R-18Pam Roach R-31Curtis King R-14Doug Ericksen R-42Senator R-15

Votes

Senate · 3rd Reading & Final Passage

Passed March 10, 2015
Version voted on: ESSB 5899
30 Yea 18 Nay 0 Absent 1 Excused
PartyYeaNayAbsentExcused
Democrat61701
Republican24100
How each member voted

Excused (1)

Permalink to this vote

History

  1. By resolution, reintroduced and retained in present status. (ESSB 5899)
  2. Senate Rules "X" file. (ESSB 5899)
  3. By resolution, reintroduced and retained in present status. (ESSB 5899)
  4. Referred to Rules. (ESSB 5899)
  5. By resolution, reintroduced and retained in present status. (ESSB 5899)
  6. Placed on third reading. (ESSB 5899)
  7. By resolution, reintroduced and retained in present status. (ESSB 5899)
  8. By resolution, reintroduced and retained in present status. (ESSB 5899)
  9. By resolution, returned to Senate Rules Committee for third reading. (ESSB 5899)
  10. Referred to General Government & Information Technology. (ESSB 5899)
  11. Minority; without recommendation. (ESSB 5899)
  12. Minority; do not pass. (ESSB 5899)
  13. BFS - Majority; do pass with amendment(s). (ESSB 5899)
  14. First reading, referred to Business & Financial Services (Not Officially read and referred until adoption of Introduction report). (ESSB 5899)
  15. Third reading, passed; yeas, 30; nays, 18; absent, 0; excused, 1. (ESSB 5899)
  16. Rules suspended. Placed on Third Reading. (ESSB 5899)
  17. Floor amendment(s) adopted. (ESSB 5899)
  18. 1st substitute bill substituted. (ESSB 5899)
  19. 1st substitute bill substituted.
  20. Placed on second reading by Rules Committee. (ESSB 5899)
  21. Placed on second reading by Rules Committee.
  22. Made eligible to be placed on second reading. (ESSB 5899)
  23. Made eligible to be placed on second reading.
  24. Minority; do not pass. (ESSB 5899)
  25. FI - Majority; 1st substitute bill be substituted, do pass. (ESSB 5899)
  26. Passed to Rules Committee for second reading. (ESSB 5899)
  27. Passed to Rules Committee for second reading.
  28. FI - Majority; 1st substitute bill be substituted, do pass.
  29. Minority; do not pass.
  30. First reading, referred to Financial Institutions & Insurance.

SB 5899 in other sessions

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

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