Pawnbroker fees, int. rates

AN ACT Relating to pawnbroker fees and interest rates; and 1
amending RCW 19.60.060 and 19.60.061. 2
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:3
Sec. 1. RCW 19.60.060 and 2015 c 294 s 1 are each amended to 4
read as follows: 5
All pawnbrokers are authorized to charge and receive interest and 6
other fees at the following rates for money on the security of 7
personal property actually received in pledge: 8
(1) The interest for the loan period shall not exceed:9
(a) For an amount loaned up to $9.99 - interest at $1.00 for each 10
thirty-day period to include the loan date. 11
(b) For an amount loaned from $10.00 to $19.99 - interest at the 12
rate of $1.25 for each thirty-day period to include the loan date.13
(c) For an amount loaned from $20.00 to $24.99 - interest at the 14
rate of $1.50 for each thirty-day period to include the loan date.15
(d) For an amount loaned from $25.00 to $34.99 - interest at the 16
rate of $1.75 for each thirty-day period to include the loan date.17
(e) For an amount loaned from $35.00 to $39.99 - interest at the 18
rate of $2.00 for each thirty-day period to include the loan date.19
(f) For an amount loaned from $40.00 to $49.99 - interest at the 20
rate of $2.25 for each thirty-day period to include the loan date.21
H-0248.1
HOUSE BILL 1269
State of Washington 69th Legislature 2025 Regular Session
By Representatives Hackney, McClintock, and Leavitt
Read first time 01/14/25. Referred to Committee on Consumer
Protection & Business.
p. 1 HB 1269
(g) For the amount loaned from $50.00 to $59.99 - interest at the 1
rate of $2.50 for each thirty-day period to include the loan date.2
(h) For the amount loaned from $60.00 to $69.99 - interest at the 3
rate of $2.75 for each thirty-day period to include the loan date.4
(i) For the amount loaned from $70.00 to $79.99 - interest at the 5
rate of $3.00 for each thirty-day period to include the loan date.6
(j) For the amount loaned from $80.00 to $89.99 - interest at the 7
rate of $3.25 for each thirty-day period to include the loan date.8
(k) For the amount loaned from $90.00 to $99.99 - interest at the 9
rate of $3.50 for each thirty-day period to include the loan date.10
(l) For loan amounts of $100.00 or more - interest at the rate of 11
((four)) five percent for each thirty-day period to include the loan 12
date. 13
(2) The fee for the preparation of loan documents, pledges, or 14
reports required under the laws of the United States of America, the 15
state of Washington, or the counties, cities, towns, or other 16
political subdivisions thereof, shall not exceed: 17
(a) For the amount loaned up to $4.99 - the sum of $1.50.18
(b) For the amount loaned from $5.00 to $9.99 - the sum of $3.00.19
(c) For the amount loaned from $10.00 to $14.99 - the sum of 20
$4.00. 21
(d) For the amount loaned from $15.00 to $19.99 - the sum of 22
$4.50. 23
(e) For the amount loaned from $20.00 to $24.99 - the sum of 24
$5.00. 25
(f) For the amount loaned from $25.00 to $29.99 - the sum of 26
$5.50. 27
(g) For the amount loaned from $30.00 to $34.99 - the sum of 28
$6.00. 29
(h) For the amount loaned from $35.00 to $39.99 - the sum of 30
$6.50. 31
(i) For the amount loaned from $40.00 to $44.99 - the sum of 32
$7.00. 33
(j) For the amount loaned from $45.00 to $49.99 - the sum of 34
$7.50. 35
(k) For the amount loaned ((from)) of $50.00 ((to $99.99 )) or 36
more - fifteen percent of the loan amount. 37
(((l) For the amount loaned from $100.00 to $249.99 - thirteen 38
percent of the loan amount.39
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(m) For the amount loaned from $250.00 to $499.99 - ten percent 1
of the loan amount.2
(n) For the amount loaned from $500.00 to $999.99 - eight percent 3
of the loan amount.4
(o) For the amount loaned from $1000.00 to $1499.99 - seven and 5
one-half percent of the loan amount.6
(p) For the amount loaned from $1500.00 to $1999.99 - seven 7
percent of the loan amount.8
(q) For the amount loaned of $2000.00 or more - six percent of 9
the loan amount.))10
(3) For each thirty-day period, a pawnbroker may charge:11
(a) A storage fee of (($5.00)) $10.00; and 12
(b) An additional fee of (($5.00)) $10.00 for storing a firearm.13
(4) Fees under subsection (2) of this section may be charged one 14
time only for each loan period; no additional fees, other than 15
interest allowed under subsection (1) of this section and storage 16
fees allowed under subsection (3) of this section, shall be charged 17
for making the loan. 18
A copy of this section, set in twelve point type or larger, shall 19
be posted prominently in each premises subject to this chapter.20
Sec. 2. RCW 19.60.061 and 2007 c 125 s 2 are each amended to 21
read as follows: 22
(1) The term of the loan shall be for a period of ((ninety)) 60 23
days to include the date of the loan. 24
(2) A pawnbroker shall not sell any property received in pledge, 25
until a minimum of ((ninety)) 60 days has expired. However, if a 26
pledged article is not redeemed within the ((ninety)) 60-day period 27
of the term of the loan, the pawnbroker shall have all rights, title, 28
and interest of that item of personal property. The pawnbroker shall 29
not be required to account to the pledgor for the proceeds received 30
from the disposition of that item. Any provision of law relating to 31
the foreclosures and the subsequent sale of forfeited pledged items, 32
shall not be applicable to any pledge as defined under this chapter, 33
the title to which is transferred in accordance with this section.34
(3) Every loan transaction entered into by a pawnbroker shall be 35
evidenced by a written document, a copy of which shall be furnished 36
to the pledgor. The document shall set forth the term of the loan; 37
the final date on which the loan is due and payable; the loan 38
preparation fee; the storage fee; the firearm fee, if applicable; any 39
p. 3 HB 1269
other fee allowed under law that is charged; the amount of interest 1
charged every thirty days; the total amount due including the 2
principal amount, the preparation fee, and all interest charges due 3
if the loan is outstanding for the full ((ninety)) 60 days allowed by 4
the term; and the annual percentage rate, and shall inform the 5
pledgor of the pledgor's right to redeem the pledge at any time 6
within the term of the loan. 7
(4) If a person who has entered into a loan transaction with a 8
pawnbroker in this state is unable to redeem and repay the loan on or 9
before the expiration of the term of the loan, and that person wishes 10
to retain his or her rights to use that item by rewriting the loan, 11
and if both parties mutually agree, an existing loan transaction may 12
be rewritten into a new loan, ((either in person or by mail )) and 13
payment may be accepted in person, by mail, or through an online 14
payment service . All applicable provisions of this chapter shall be 15
followed in rewriting a loan, except that where an existing loan is 16
rewritten by mail RCW 19.60.020(1) (a) and (g) shall not apply.17
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