Washington SB5993 lowers the interest rate on new and unpaid medical debt to nine percent.
Washington SB5993 amends the state's interest rate laws to cap the interest on new and unpaid medical debt at nine percent. The bill defines medical debt as specified in RCW 19.16.100 and prohibits interest rates higher than nine percent on such debt. This change aims to provide relief to individuals burdened with medical debt by reducing the financial strain of accruing interest.
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