The bill amends existing laws regarding pawnbroker fees and interest rates in Washington State, specifically updating RCW 19.60.060 and 19.60.061. Key changes include an increase in the maximum interest rate for loans of $100 or more from four percent to five percent per thirty-day period. Additionally, the bill modifies the fee structure for loan preparation and storage, raising the storage fee from $5.00 to $10.00 and establishing a new fee of $10.00 for storing firearms. The bill also simplifies the fee structure by removing previous percentage-based fees for larger loan amounts, consolidating them into a flat rate of fifteen percent for loans of $50 or more.

Furthermore, the bill reduces the loan term from ninety days to sixty days, allowing pawnbrokers to sell pledged items after this shorter period if they are not redeemed. It also mandates that all loan transactions be documented in writing, detailing the terms, fees, and the pledgor's rights. The process for rewriting loans has been updated to allow for payments to be made in person, by mail, or through online services, enhancing flexibility for borrowers. Overall, these amendments aim to modernize and clarify the regulations governing pawnbroker transactions in the state.

Statutes affected:
Original Bill: 19.60.060, 19.60.061