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 208-630-530 - If a borrower and licensee enter into an installment plan, how must the payments be structured?
Current through Register Vol. 24-18, September 15, 2024
All installment plans under RCW 31.45.084 must:
(1) Be in writing and acknowledged by both the borrower and licensee; and
(2) Provide for at least three payments; and
(3) Provide for an installment plan length of not less than ninety days for a loan amount of up to and including four hundred dollars; or
(4) Provide for an installment plan length of not less than one hundred eighty days for a loan amount over four hundred dollars; and
(5) Be equal to the total amount of the installment plan balance divided by the number of payments subject to reasonable rounding.
Statutory Authority: RCW 43.320.040, 31.45.200, and 2009 c 510. 09-24-089, § 208-630-530, 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, § 208-630-530, filed 10/21/05, effective 11/21/05.
