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• Introduced by Sen. Margarita Prentice, (D-Renton) (D) on January 29, 2003, to modify Article 9A of the Uniform Commercial Code, as adopted by the State of Washington, applying restrictions on assignments to security interests related to claims for sickness or injury, or for benefits under a special needs trust.
  • Referred to the Senate Financial Services, Insurance and Housing Committee on January 30, 2003.
    • Testimony in support offered to the Senate Financial Services, Insurance and Housing Committee on February 21, 2003, by Gary Strannigan, Safeco, and Kim McSheridan, Safeco. They testified that structured settlements are created for the benefit of an injured victim. The Revised UCC 9 contains unintended language which may impact the ability of companies to provide structured settlements. Forty other states have taken steps to correct this error. The drafters of the Revised UCC 9 and the IRS support these changes.
    • Testimony in opposition offered to the Senate Financial Services, Insurance and Housing Committee on February 21, 2003, by Chris Wright, Metropolitan Mortgage. He testified that language must be prospective; otherwise there is a concern that current structured settlements which have been "cashed out" would not be paid. While the Revised UCC 9 may have created a gray area, the IRS has made no ruling on this particular issue.
  • Substitute offered to the Senate Financial Services, Insurance and Housing Committee on February 21, 2003, to have a hearing on the bill. The original bill was not considered. The substitute passed in the Senate by voice vote on February 21, 2003.
  • Referred to the Senate Rules Committee on February 21, 2003.
• Passed in the Senate (49 to 0) on March 11, 2003, to modify Article 9A of the Uniform Commercial Code. [Vote Details and Comments]
• Received to the House on March 13, 2003.
  • Referred to the House Financial Institutions & Insurance Committee on March 13, 2003.
  • Referred to the House Rules Committee on April 4, 2003.
• Passed in the House (95 to 0) on April 10, 2003, to modify Article 9A of the Uniform Commercial Code. [Vote Details and Comments]
• Signed by Gov. Gary Locke on April 24, 2003, to modify Article 9A of the Uniform Commercial Code.