Current through Register Vol. 24-18, September 15, 2024
(1) It is a violation of this chapter for any
person subject to this chapter to:
(a)
Directly or indirectly employ any scheme, device, or artifice to defraud or
mislead any borrower, to defraud or mislead any lender, or to defraud or
mislead any person;
(b) Directly or
indirectly engage in any unfair or deceptive practice toward any
person;
(c) Directly or indirectly
obtain property by fraud or misrepresentation;
(d) Make a small loan to any person
physically located in Washington through use of the internet, facsimile,
telephone, kiosk, or other means without first obtaining a small loan
endorsement;
(e) Accept
applications or referrals from an agent or pay for any services provided on
your behalf by an agent without first verifying that the agent is licensed
under the act;
(f) Directly or
indirectly refer a borrower, or encourage a borrower, to use the services of
more than one payday lending business that results in an amount outstanding
that exceeds the loan limit in
RCW
31.45.073;
(g) Directly or indirectly structure a loan
transaction in order to exceed the loan limit in
RCW
31.45.073;
(h) Directly or indirectly pressure a
borrower to not enter into an installment plan;
(i) Directly or indirectly pressure an
applicant or borrower to borrow more money than they state they want; provided,
it is not a violation of this subsection for a licensee to inform a borrower as
to his or her maximum loan amount or that he or she is subject to a limit of
eight loans per twelve-months period;
(j) Cash a postdated check before the date
written on the check except as permitted by
RCW
31.45.070(2);
(k) Make a loan without processing it through
the data base system except as specifically allowed in law or rule;
(l) Refuse to provide an installment plan to
a borrower who has notified you before the due date of the small loan that they
cannot pay the small loan; and
(m)
Engage in any device or subterfuge to evade the requirements of the
act.
(2) In addition to
any other penalties, any transaction in violation of subsection (1)(d) of this
section is uncollectible and unenforceable.
Statutory Authority: Chapter 43.320 RCW and
RCW
31.45.200. 13-05-005, §
208-630-8201, filed 2/6/13,
effective 3/9/13. Statutory Authority:
RCW
43.320.040,
31.45.200, and
2009 c
510. 09-24-089, §
208-630-8201, filed 12/1/09,
effective 1/1/10. Statutory Authority:
RCW
43.320.040. 07-23-094, §
208-630-8201, filed 11/20/07,
effective 12/21/07.
