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 208-630-5401 - What duties and restrictions must a licensee comply with when making loans to military borrowers?
Universal Citation: WA Admin Code 208-630-5401
Current through Register Vol. 24-18, September 15, 2024
(1) For purposes of this section, "military borrower" means any active duty member of the armed forces of the United States, or any member of the National Guard or the reserves of the armed forces of the United States who has been called to active duty.
(2) A licensee must:
(a) Comply with the restrictions on loans to
military borrowers and their dependents as required by Section 670 of the John
Warner National Defense Authorization Act for Fiscal Year 2007 and 32 C.F.R.
Part 232, as amended.
(b) Honor the
terms of any repayment agreement, including any repayment agreement negotiated
through military counselors or third party credit counselors.
(c) Defer all collection activity against a
military borrower who has been deployed to a combat or combat support posting,
for the duration of the posting.
(3) A licensee must not:
(a) Garnish any wages or salary paid to a
military borrower for service in the armed forces when collecting any
delinquent small loan.
(b) Contact
a military borrower's chain of command in an effort to collect a delinquent
small loan.
(c) Make a loan to a
person known to the licensee to be a military borrower from a specific location
when the military borrower's commander has notified the licensee in writing
that the specific location is designated off-limits to military personnel under
their command.
Statutory Authority: RCW 43.320.040. 07-23-094, § 208-630-5401, filed 11/20/07, effective 12/21/07.
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