Washington Administrative Code
Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460)
Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders)
SMALL LOAN REQUIREMENTS (PAYDAY LENDING)
Section 208-630-490 - What information must the note or small loan agreement contain?
Current through Register Vol. 24-18, September 15, 2024
Each small loan made under a small loan endorsement pursuant to chapter 31.45 RCW must be evidenced by a written note or loan agreement which must contain at least the following:
(1) The origination date of the loan;
(2) The principal of the loan;
(3) The manner in which the loan is to be repaid, including a statement of whether any check held in connection with a small loan may be redeemed in cash and if so, a statement of the date and time after which the licensee may choose not to permit redemption;
(4) The termination date of the loan;
(5) The dollar amount of fees and the method of calculating fees;
(6) The annual percentage rate as defined in the federal Truth in Lending Act; and
(7) The signature or electronic signature of the borrower.
Statutory Authority: RCW 31.04.165, 43.320.040, 31.45.030, 31.45.050, 31.45.200. 05-22-009, § 208-630-490, filed 10/21/05, effective 11/21/05.
