OLYMPIA – After hearing reports of predatory practices by some payday lenders, Sen. Darlene Fairley, D-Lake Forest Park, sponsored a trio of bills aimed at protecting consumers who seek payday loans. All were unanimously approved Wednesday, Feb. 16, by the Senate Financial Institutions, Housing &Consumer Protection Committee.
“Some of these companies charge interest rates that are simply outrageous,” said Fairley, the commitee chair. “The bad actors prey on people when they’re most vulnerable and start them on a downward spiral of debt.”
The three bills are:
• Senate Bill 5415, requiring payday loans made to military borrowers to follow certain established “military best practices” as defined in the bill.
• Senate Bill 5484, requiring payday lenders to provide business practice, demographic and legal compliance data to the Department of Financial Institutions.
• Senate Bill 5486, requiring payday lending transactions conducted on the Internet for Washington residents to be governed by state law.
The proposals await approval by the full Senate. If these bills make their way through the Legislature and are signed by the governor, they would take effect July 1.
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