Washington § 48.22.125 - Vendor single-interest or collateral protection coverage — Cancellation when borrower has obtained insurance — Interest rate for financing.

Full text of Washington Revised Code of Washington § 48.22.125 — Vendor single-interest or collateral protection coverage — Cancellation when borrower has obtained insurance — Interest rate for financing., with citation guidance and answers to common questions.

§ 48.22.125. Vendor single-interest or collateral protection coverage — Cancellation when borrower has obtained insurance — Interest rate for financing.

(1) The secured party shall cancel vendor single interest or collateral protection coverage charged to the borrower effective the date of receipt of proper evidence from the borrower that the borrower has obtained insurance to protect the secured party's interest. Proper evidence includes an insurance binder that is no older than ninety days from the date of issuance and that contains physical damage coverage as provided in the borrower's loan agreement with respect to the motor vehicle or vessel.
(2) If the underlying loan or extension of credit for the underlying loan is satisfied, the secured party may not require the borrower to maintain vendor single interest or collateral protection coverage that has been purchased.
(3) The interest rate for financing the cost of vendor single interest or collateral protection coverage may not exceed the interest rate applied to the underlying loan obligation.
[ 1994 c 186 s 4.]

Notes

Effective date—1994 c 186 ss 1-5: See note following RCW 48.22.110.

Source: official Washington text · Last verified 2026-08-27

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Frequently Asked Questions About Washington § 48.22.125

What does Revised Code of Washington § 48.22.125 cover?

Section 48.22.125 ("Vendor single-interest or collateral protection coverage — Cancellation when borrower has obtained insurance — Interest rate for financing.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Washington § 48.22.125?

A common citation format is "Revised Code of Washington § 48.22.125" (Washington). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

How does Washington § 48.22.125 apply to my situation?

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