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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 208-630-530. If a borrower and licensee enter into an installment plan, how must the payments be structured?
Latest version.
- 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. WSR 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. WSR 05-22-009, § 208-630-530, filed 10/21/05, effective 11/21/05.]
RCW 43.320.040, 31.45.200, and 2009 c 510. WSR 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. WSR 05-22-009, § 208-630-530, filed 10/21/05, effective 11/21/05.