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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 208-630-542. What fees may I charge or collect when a borrower defaults on a small loan?
Latest version.
- If the small loan is not in an installment plan, you may charge or collect a fee equal to or less than twenty-five dollars for a check returned unpaid by the bank drawn upon. Only one fee may be collected with respect to a particular check even if it has been redeposited and returned more than once. See WAC 208-630-549 for allowable default fees charged on small loans in an installment plan. On any one loan you can only charge the borrower twenty-five dollars. The fee will either be in the form of a returned check fee or an installment plan default fee, or some combination thereof; but in no event can you charge the borrower more than twenty-five dollars over the life of one loan.[Statutory Authority: RCW 43.320.040, 31.45.200, and 2009 c 510. WSR 09-24-089, § 208-630-542, filed 12/1/09, effective 1/1/10.]
RCW 43.320.040, 31.45.200, and 2009 c 510. WSR 09-24-089, § 208-630-542, filed 12/1/09, effective 1/1/10.
Rules
208-630-549,