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 208-630-546 - What is the limit on the number of checks I may hold from one borrower?
Universal Citation: WA Admin Code 208-630-546
Current through Register Vol. 24-18, September 15, 2024
You may not hold more than one check per small loan unless the loan is in an installment plan.
(1) If you have made multiple loans to a single borrower, you may not hold checks that total more than the lower of:
(a) Seven hundred dollars plus the allowable
fees; or
(b) Thirty percent of the
borrower's gross monthly income plus allowable fees.
(2) For purposes of this section, to "hold a check" does not include a check that has been deposited in your bank and subsequently returned unpaid by the borrower's bank.
Statutory Authority: RCW 43.320.040, 31.45.200, and 2009 c 510. 09-24-089, § 208-630-546, filed 12/1/09, effective 1/1/10.
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