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 208-630-520 - If a borrower and licensee enter into an installment plan, what are the terms of the installment plan?
Current through Register Vol. 24-18, September 15, 2024
An installment plan under RCW 31.45.084 must contain the following terms:
(1) The plan must be in writing;
(2) If the small loan is four hundred dollars or less the term must be for a period of at least ninety days;
(3) If the small loan is over four hundred dollars the term must be for a period of at least one hundred eighty days;
(4)
(5) The borrower may pay off the total amount due at any time without additional penalty, fee, or charge for prepayment; and
(6) You may enter into a written installment plan with a borrower on terms other than these as long as the terms are not less favorable to the borrower and there is no charge to the borrower.
Statutory Authority: RCW 43.320.040, 31.45.200, and 2009 c 510. 09-24-089, § 208-630-520, filed 12/1/09, effective 1/1/10. Statutory Authority: RCW 31.04.165, 43.320.040, 31.45.030, 31.45.050, 31.45.200. 05-22-009, § 208-630-520, filed 10/21/05, effective 11/21/05.
