Washington HB1269 sets new interest rates and fees for pawnbrokers.

Washington HB1269 establishes new interest rates and fees for pawnbrokers. It allows pawnbrokers to charge interest based on the loan amount, with rates ranging from $1.00 to $3.50 per thirty-day period. Additionally, pawnbrokers can charge a storage fee of $10.00 and an extra $10.00 for storing a firearm. The loan term is set at 60 days, and pawnbrokers must wait 60 days before selling pledged property. The bill also mandates that loan terms and fees be clearly documented and provided to the borrower.

Washington HB1269 sets new interest rates and fees for pawnbrokers.

Washington HB1269 establishes new interest rates and fees for pawnbrokers. It allows pawnbrokers to charge interest based on the loan amount, with rates ranging from $1.00 to $3.50 per thirty-day period. Additionally, pawnbrokers can charge a storage fee of $10.00 and an extra $10.00 for storing a firearm. The loan term is set at 60 days, and pawnbrokers must wait 60 days before selling pledged property. The bill also mandates that loan terms and fees be clearly documented and provided to the borrower.