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Washington Administrative Code (Last Updated: November 23, 2016) |
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Title 208. Financial Institutions, Department of (See Titles 50, 419, and 460) |
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Chapter 208-630. Regulation of check cashers and sellers and small loans (payday lenders). |
Section 208-630-490. What information must the note or small loan agreement contain?
Latest version.
- 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. WSR 05-22-009, § 208-630-490, filed 10/21/05, effective 11/21/05.]
RCW 31.04.165, 43.320.040, 31.45.030, 31.45.050, 31.45.200. WSR 05-22-009, § 208-630-490, filed 10/21/05, effective 11/21/05.