 Posted: Wed Oct 31, 2007 11:45 am Subject:
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| Quote: | Washington State Information
Legal Status: Legal (Lender must have a small loan endorsement to their check casher license in order to make payday loans)
Citation:
Wash. Rev. Code ยง 31.45.010 et seq.
Loan Terms:
Maximum Loan Amount: $700
Loan Term: Max: 45 days
Maximum Finance Rate and Fees: 15%: first $500; 10%: remaining portion of the loan in excess of $500 up to the $700 maximum
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: A company cannot hold a check or checks in an aggregate face amount of more than $700 plus allowable fees from any one borrower at any one time.
Rollovers Permitted: None (cannot repay loan with proceeds of another)
Cooling-off Period:
Repayment Plan: A company and a borrower may voluntarily enter a payment plan at any time. A borrower, however, has a right to convert a small loan to a statutory payment plan after four successive loans and prior to default on the last loan.
Collection Limits:
Collection Fees: $25 NSF fee (one time per instrument); collection costs (excluding attorney's fees, interest and damages)
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Washington Department of Financial Institutions
Address: Division of Consumer Services, PO Box 41200 Olympia WA 98504
Phone: (360) 902-8700
Fax: (360) 725-7827
Regulatory Contact: Chuck Cross,, Director of Consumer Services
Regulator Website
http://www.dfi.wa.gov/
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kashzan
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Joined: 11 Jul 2007
Posts: 5461
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