Washington Legislative Session off to a Fast Start
Posted by Joe Adamack on January 12, 2024
The Washington State Legislature’s 2024 session got off to a quick start with limited time and a large number of significant issues to tackle before the scheduled adjournment on Mar. 8th. Lawmakers have already passed legislation off the floor that was carried over from the 2023 session and have held a full slate of public hearings on new or existing bills throughout policy committees.
The House Consumer Protection and Business Committee held public hearings on bills that would overhaul the maximum allowable charges that payday lenders could make in the state from a fee-based system to a maximum of 36% APR structure. They also reviewed potentially modernizing the definition of “loan” within the Consumer Lending Act to address some new types of bank-FinTech partnerships that appeared to be circumventing state lending laws.
The Senate Financial Institutions Committee reviewed bills that would limit new types of financial products called home equity sharing agreements (not HELOCs, home equity loans, or other products offered by credit unions) that had seen some concerning issues affecting Washington consumers.
Lawmakers have until Jan. 31st to hold public hearings and pass out of committee any policy bills they wish to move along in the process, which is quite a tight turnaround.