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Rep. Troy Kelley, serving the 28th District Serving DuPont, Fircrest, University Place, Lakewood, Steilacoom, Tillicum, West Tacoma, and Anderson, Ketron and McNeil Islands. |
Rep. Kelley’s exchange facilitator bill heads to Governor’s desk
Law will provide better oversight, protect consumers in property exchange deals
April 3, 2009
OLYMPIA -- The Senate on Thursday passed a bill to address loopholes in
the financial sector.
Sponsored by Rep. Troy Kelley, D-Tacoma, the
bill would protect consumers engaging in the exchange of property by
defining prohibited practices for the facilitators of the exchange. Some of
those practices include fraud, misrepresentation, and failing to fulfill the
contractual duties of a client.
Having previously worked for the
Securities and Exchange Commission, Kelley saw a need for better regulation
in the exchange facilitator market. He introduced this bipartisan
legislation, House Bill 1078, after seeing how unchecked financial sectors
contributed to the current recession.
“The nation’s economic downturn
was a wake-up call that we must do more to make our financial system secure
and transparent,” Kelley said. “A free market is a great thing, but
consumers need protections too.”
After passing both the House and
Senate chambers unanimously, the bill will now go before Gov. Gregoire.
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