Bill > HB1269

This bill modifies Washington state laws governing pawnbroker fees and interest rates by making several key changes. The legislation reduces the loan term from 90 to 60 days, allowing pawnbrokers to sell pledged items after 60 days if not redeemed. It increases the maximum interest rate for loans of $100 or more from four to five percent per 30-day period and raises storage fees from $5 to $10, including an additional $10 fee for storing firearms. The bill also simplifies the fee structure for loan preparation, establishing a uniform 15 percent fee for loans of $50 or more, eliminating the previous tiered percentage system that had different rates for various loan amounts. Additionally, the bill expands payment methods for loan renewals, now allowing payments to be made in person, by mail, or through online payment services. These changes aim to provide clearer guidelines for pawnbrokers while potentially adjusting the economic dynamics of short-term lending in the state. The bill requires that all loan transactions be documented with specific details, including the loan term, fees, interest rates, and the borrower's right to redeem the pledged item.