Consumer Loan Act

Washington state “true lender” law signed, effective June 6, 2024

By Mindy Harris, John L. Culhane, Jr. & Ronald K. Vaske on April 16, 2024

Posted in State Licensing, State regulation

After its passage by the Washington state legislature, Substitute Senate Bill (SSB) 6025, the Washington “predatory loan prevention act”, was approved by Governor Jay Inslee on March 25, 2024, with an effective date of June 6, 2024.

Unlike the original version of this act proposed in Senate Bill 6025 and its identical companion bill, House Bill 1874, SSB 6025 as enacted does not include language expanding the definition of “loan” under the Washington Consumer Loan Act.… Continue Reading

Washington state “predatory loan” bills propose expanded coverage, “anti-evasion” language, licensing revisions, and other amendments to Consumer Loan Act

By Mindy Harris, John L. Culhane, Jr. & Ronald K. Vaske on January 9, 2024

Posted in State Licensing, State regulation

House Bill 1874 (H.B. 1874), denominated the “predatory loan prevention act”, was pre-filed for introduction in the Washington state legislature December 5, 2023, and referred to the House Committee on Consumer Protection and Business on January 8, 2024. H.B. 1874 is scheduled for public hearing on January 10, 2024 in the Washington House Committee on Consumer Protection & Business at 1:30 p.m.… Continue Reading